KARACHI: Builders and developers have announced to stop construction work on all their projects from Friday, November 26, 2021 against the declaration of null and void to approved projects.
“Despite the approvals of the buildings and projects from all the government agencies they stand null and void,” he said.
He urged the government to tell the builders and developers, who are the final authority from the get approval.
Shekhani said that ABAD is against the illegal encroachments and illegal constructions. “Illegal projects if constructed it is a duty of government agencies to check and give NoC,” he added.
ABAD is following approvals strictly. But despite approvals and getting permission the moves to shatter the confidence of the people, he added.
“We are backstabbing the overseas Pakistani and local investors who have invested millions of rupees,” he said. Confidence of Overseas and local investors would be perturbed, he added.
From Friday work at projects in Karachi, Hyderabad and other cities will be halted, he announced.
Slowly the work in other parts of the countries will also be stopped, Shekhani added.
KARACHI: Pakistan’s foreign exchange reserves have declined by $776 million during a week owing to external debt repayment, the State Bank of Pakistan (SBP) said on Thursday.
The country’s foreign exchange reserves fell to $22.774 billion by the week ended November 19, 2021 as compared with $23.55 billion a week ago.
The reserves held by the SBP fell by $691 million to $16.254 billion by the week ended November 19, 2021 as compared with $16.945 billion a week ago. The central bank attributed the decline in its reserves to external debt repayment.
The foreign exchange reserves held by the commercial banks also came down by $85 million to $6.52 billion as compared with $6.605 billion a week ago.
ISLAMABAD: President of Pakistan, Dr. Arif Alvi has rejected an appeal filed by MCB Bank against a decision by the Banking Mohtasib (Ombudsman) in a case where a banking customer lost huge money due to fraudulent activity.
President Dr Arif Alvi has upheld the decision of the Banking Mohtasib directing a private bank to credit the lost amount of Rs 800,000 (eight hundred thousand rupees) to the account of bank fraud victim.
While rejecting the representation of the bank against the decision of the Mohtasib, he observed that the bank was at fault for having incorporated the wrong contact numbers of the account holder in the bank system, thereby, preventing the complainant from taking any remedial step to avert the loss after receiving SMS alerts about the fraudulent transactions.
As per the details, Ms. Naveera (the complainant) had been maintaining an account with Muslim Commercial Bank’s (MCB) Gulshan-e-Ravi Branch, Lahore. She had to lose her money after her account was debited by using an ATM Card at four different ATM terminals.
She claimed that those transactions were unauthorized as those had not been conducted by her and the ATM Card was throughout in her possession. She also reported that no SMS alerts about the withdrawal of funds were conveyed to her except one received on 24-01-2019 intimating the withdrawal of Rs 200,000 from her account.
On receiving the SMS, she lodged a complaint with the bank, however, she was not provided with any relief. Subsequently, she approached the Banking Mohtasib to get a refund of Rs 800,000 withdrawn from her account fraudulently.
The Banking Mohtasib in its decision observed that additional contact numbers of the complainant had been added in the bank’s record without any authorization from the account holder, therefore, SMS regarding cash withdrawal transactions could not be received by the complainant.
Moreover, the bank had changed her PIN Code on 21.01.2019, just three days before the transactions, after receiving a phone call from an imposter as the Phone Banking Officer did not probe the caller.
The bank admitted during the hearing that the voice of the caller was different from the voice of the lady complainant. Additionally, the legible CCTV footage and snapshots of disputed transactions with date and time were not visible as the bank was found negligent to implement the State Bank of Pakistan’s guidelines regarding the installation of cameras in ATM cabins/rooms to have secondary evidence and to monitor all activities in the ATM vicinity.
The Mohtasib in its decision stated that the bank was under obligation to prove with cogent reasonable evidence that transactions were conducted by the complainant or were conducted by any person under her mandate.
The Ombudsman, therefore, ordered the bank to make good the loss by crediting the account of the complainant with a sum of Rs 800,000.
Later, the bank filed a representation with the Honorable President, which he rejected observing that the bank miserably failed to fulfil its statutory liability and rebut the claim of the complainant by failing to provide any justification to set aside the orders of the Banking Ombudsman. He noted that as per the law, the Banking Mohtasib is to inquire into the complaints about banking malpractices, maladministration, wrongdoings, fraudulent transactions, the corrupt and mala fide practices by the bank officials and pass appropriate orders on conclusion of the inquiry.
The President rejected the representation of the private bank as no fault could be found with the Banking Mohtasib’s approach to the matter.
The incentive program namely Sohni Dharti Remittance Program (SDRP) offered jointly by the State Bank of Pakistan (SBP), Ministry of Finance and financial institutions.
SDRP is an innovative program designed to incentivize Pakistani workers abroad to send remittances to Pakistan through banks and exchange companies and earn reward points.
These reward points could then be used to avail of different benefits offered by partner organizations. SDRP can be accessed conveniently from anywhere in the world through a mobile application.
In his address as the Chief Guest, the Prime Minister thanked the overseas Pakistanis for posing confidence in the bright future of their homeland by sending record high remittances of over $29 billion in the last fiscal year 2020/2021 and continuing the trend in FY22.
The Prime Minister noted that his Government has always encouraged and appreciated the efforts of Overseas Pakistanis through various initiatives and programs.
He especially mentioned the incentives like making remittances transfer free of cost, providing free airtime for remittances received through mobile wallets and covering the marketing cost of remittance service providers.
The Prime Minister congratulated the State Bank of Pakistan (SBP), Ministry of Finance (MoF), financial institutions, participating public sector entities (PSEs) and all other stakeholders as without their efforts the launch of this remittance incentive program would not have been possible.
He termed the launch of SDRP as a tribute to the Pakistani workers abroad who have been contributing in the development of the country by sending their hard-earned money back to Pakistan.
He also appreciated the concept of giving incentives through a digital application for sending remittances via official channels.
Governor SBP, Dr. Reza Baqir in his welcome address expressed heartfelt gratitude to the Prime Minister for his continuous interest and guidance in developing ways to facilitate the Overseas Pakistanis and workers abroad.
Dr. Baqir elaborated that SohniDharti Remittance Program is another outcome of the PM’s vision. Referring to earlier initiatives, he said that Roshan Digital Account and the Naya PakistanCertificates have been huge successes and the PM’s support has played an instrumental role in it.
Adding further, he said that another initiative like the Mera Pakistan MeraGhar scheme providing low-cost housing finance for first-time homeowners is another example where the PM’s vision and support have led to a significant takeoff of housing finance in the country, which had otherwise been negligible.
Dr. Reza Baqirsaid that he was delighted and privileged to announce the launch of SDRP, which is an excellent combined effort of the Government of Pakistan, SBP, financial institutions and other organizations.
Divulging the details, he disclosed that all home remittances sent from anywhere in the world through legal channels are eligible for inclusion in the SDRP. Besides, funds received in Roshan Digital Accounts which are consumed locally through conversion, and thus become non-repatriable, also qualify for inclusion in the program.
The Governor termed the launch of SDRP another step towards digitalization and financial inclusion that would play a significant role in the digital onboarding of Overseas Pakistanis and their beneficiaries in Pakistan. The mobile application of SDRPis available at both Google android and Apple IOS platforms. He took the opportunity to appreciate the participating banks, PSEsand other stakeholders in this regard as it was due to their hard work that this initiative finally saw the light of the day.
Adviser to the Prime Minister on Finance and Revenue Mr. Shaukat Tareen congratulated SBP, PSEs and other relevant stakeholders for implementing the SDRP as a technology-based solution. He observed that the establishment of Pakistan Remittance Initiative in 2009 was a decision that has worked quite effectively to integrate country’s financial institutions with the ones abroad to help the Pakistani diaspora in sending remittance to their families in Pakistan in a very efficient and cost-effective manner.
Under the SDRP, if an individual sends remittance to the limit of USD10,000 or equivalent in one fiscal year, then he/she will be awarded one percent as a reward and allotted a green card category. Similarly, for remittances sent by an individual between USD10,000 and USD30,000 or equivalent, the remitter would be given 1.25 percent as reward and classified into gold card category. Lastly, for remittances of more than USD30,000 or equivalent, he/she will be awarded 1.5 percent as reward and allotted a platinum card category.
The reward points can be redeemed by remitters and their beneficiaries for availing free of cost services from eight (08) participating PSEs at the moment. The services offered include international tickets by Pakistan International Airlines (PIA) and the provision to pay for extra luggage on international flights of PIA.
Along with this, Federal Board of Revenue (FBR) has allowed Overseas Pakistanis to pay duty on import of mobile phone and vehicles. The National Database & Registration Authority (NADRA) will provide services related to the renewal of CNIC/NICOP and along with this, they can renew their passports without any hassle. Overseas Pakistanis can avail life insurance premium payment through state life insurance services and a facility to pay schools’ fee of Overseas Pakistanis Foundation schools.
Moreover, overseas Pakistanis will be able to make purchases through a network of utility stores across the country. Federal Investigation Agency (FIA) will provide preferential services to overseas Pakistanis under the umbrella of this program by installing separate counters and provide priority clearance whereas Civil Aviation Authority (CAA) will ensure the placement of standees and banners for the promotion of this initiative.
FPCCI President Mian Nasser Hyatt Maggo in a statement expressed his deep concerns over the approach of the government for not taking the apex business, industry, and trade body of Pakistan into the consultative process over mini-budget; and, what will it entail!
This effectively keeps all the stakeholders out of the loop, he added.
FPCCI President said that there are strong rumors that the government will also facilitate only the selected vested interests in the planned mini-budget next week. If all measures demanded by IMF are implemented, the people of Pakistan and the SMEs will have to endure an enormous burden of Rs. 800 billion, he added.
The FPCCI chief, referring to the announcement made by Finance Minister Shaukat Tarin, said that there is no way the current state of the economy can withstand an additional burden of Rs. 350 billion in taxes and the economy will collapse; and, the government would have to take the stakeholders into the consultative process to rekindle the process of economic growth after much damage.
Maggo said that the Finance Minister should immediately start the consultative process with FPCCI over the planned mini-budget. FPCCI has always kept the doors of the apex representative trade body of Pakistan open; but, the government has never paid any heed to the mutually-beneficial proposals we have put forward, he added.
The FPCCI chief said that the apex body had sent proposals on taxation reforms and broadening of the tax base, way back in February 2021; instead, the government has incompetently and insensitively has embarked on the path of tax pyramiding.
He reiterated that no more taxes can be extracted from the existing taxpayers. We should reach out to alternative multilateral financing sources and friendly countries for bilateral financing, he added.
Analysts at Arif Habib Limited said that bears ruled over the bulls for the fourth consecutive session in a week due to concerns over the devaluation of the Pak rupee and the last leg of foreign selling spree.
Roll-over week continued to remain under pressure despite attractive valuations in terms of low P/E multiples and high dividend yields.
Technology stocks remained in the limelight throughout the day as traders placed the bet on high-beta stocks to mark quick trading gains. On the flip-side, Institutional investors fetched for value hunting in the last trading hour.
Sectors contributing to the performance include Commercial Banks (-140 points), Power (-59 points), Fertilizer (-50 points), Cement (-48 points) and Pharmaceuticals (-432 points).
Volumes decreased from 310.4 million shares to 195.2 million shares (-37.1 per cent DoD). Traded value also decreased by 35.2 per cent to reach US$ 48.0 million as against US$ 74.0 million.
Stocks that contributed significantly to the volumes include TPLP, BYCO, HUBC, WTL and TRG.
KARACHI, November 25, 2021 – The State Bank of Pakistan (SBP) has disclosed the official exchange rates for November 25, 2021, reflecting the weighted average rates of commercial banks.
The Pakistan Rupee (PKR) witnessed a gain of six paisas against the US dollar on Thursday, closing at Rs174.98 in the interbank foreign exchange market.
ISLAMABAD: Prime Minister Imran Khan has said that Pakistan offered huge potential for e-commerce which will generate employment opportunities and help in economic growth.
The prime minister expressed these views in a meeting with Group CEO of Daraz (online E-Commerce platform) Bjarke Mikkelsen.
The Prime Minister Imran said that the government is providing full support to foreign investors under the ‘ease-of-doing-business’ policy.
CEO Daraz Bjarke Mikkelsen expressed interest in further investment and expansion of e-commerce in Pakistan.
Advisor Finance Shaukat Tarin, Chairman Special Technology Zones Authority Amir Hashmi, Senator Aon Abbas Bappi, MD Daraz Ehsan Saya and Emmad Khan from Daraz were present during the meeting.
About Daraz
Daraz is the leading online marketplace in South Asia, empowering tens of thousands of sellers to connect with millions of customers. Daraz provides immediate and easy access to 10 million products in more than 100 + categories and delivers more than 2 million packages every month to all corners of its countries.
KARACHI: Pakistan Stock Exchange (PSX) on Thursday announced a temporary change in duration for closing price determination and market timings.
The PSX said that in the context of the reclassification of Pakistan from MSCI Emerging Market Index to MSCI Frontier Market Index, all Market Participants are hereby informed that the following temporary changes in ‘Market Timings’ and ‘Closing Price Determination’ shall be implemented for the period mentioned hereunder:
1. CHANGE IN DURATION FOR CLOSING PRICE DETERMINATION:
The ‘Closing Price’ of Securities shall be determined over the last 120 minutes of the regular market session on the basis of Volume Weighted Average Price (VWAP) as against the current practice of last 30 minutes.
2. CHANGE IN MARKET TIMINGS:
Revised timing for Post Close Session, Trade Rectification/Modification session and Negotiated Deals Market shall be as under:
Market State:
Monday to Thursday
Post Close Session: 16:00 to 16:30
Trade Rectification / Modification: 16:30 to 18:15
Negotiated Deals Market (NDM): 09:15 to 18:15
Friday
Post Close Session: First session – Second Session 17:00 to 17:30
Trade Rectification / Modification: first Session – Second Session 17:30 to 18:45
Negotiated Deals Market (NDM): First Session 09:15 to 12:00 Second Session 14:30 to 18:45
The above changes shall remain effective from Friday, November 26th 2021 till Friday, December 3rd 2021. The timings shall be reverted back to the existing DTS w.e.f. Monday, December 6th 2021, the PSX said.
