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Author: Mrs. Anjum Shahnawaz

  • Instagram account of Pak Embassy hacked, recovered

    Instagram account of Pak Embassy hacked, recovered

    ISLAMABAD: The Instagram account of the Embassy of Pakistan Buenos Aires, Argentina hacked and recovered within few minutes, said a statement on Wednesday.

    “In the early hours of today, the Instagram account of the Embassy of Pakistan Buenos Aires Argentina was hacked by unauthorized outside elements for a few minutes,” according to the statement.

    The account was recovered quickly with the help of the Instagram team. The unauthorized posts by the hackers were deleted.

    Pakistan and Argentina relations are based on solid foundations. Such sinister attempts cannot derail the upward trajectory of our bilateral relations, it added.

  • Dollar tops new record high at Rs178.15

    Dollar tops new record high at Rs178.15

    KARACHI: The deterioration in Pak Rupee (PKR) rupee continued on Wednesday as the dollar topped another record high at Rs178.15.

    The rupee lost 10 paisas against the dollar to end at the fresh low of Rs178.15 as compared with last day’s closing of Rs178.05, the previous low of the rupee, in the interbank foreign exchange market.

    READ MORE: Dollar advances to new historic high of Rs178.05

    Currency experts believed that the high dollar demand for import and corporate payments was due to year-end.

    They said that by every quarter end entities operating in Pakistan repatriate profit and dividend to their parent companies abroad.

    READ MORE: SBP sets limits for sale of foreign exchange to individuals

    The experts said that current account deficit and trade deficit had kept pressure for dollar demand.

    Pakistan’s current account deficit has ballooned to $7 billion during the first five months (July – November) 2021/2022.

    The trade deficit widened by 112 per cent to $20.65 billion during the period under review as compared with $the deficit of 9.72 billion in the same period of the last fiscal year.

  • Prize bond (bearer) holders given 3 months to document

    Prize bond (bearer) holders given 3 months to document

    ISLAMABAD: The holders of unregistered or bearer prize bonds have been given three months to exchange or covert with the documented ways otherwise the bills will have no worth after the deadline.

    Through different notifications, the Finance Division has notified extension to exchange or conversion of high denomination unregistered/bearer prize bonds up to March 31, 2022, from the existing date of December 31, 2021.

    READ MORE: History of Prize Bonds in Pakistan

    The government allowed to exchange the bearer prize bonds with denominations including Rs7,500, Rs15,000, Rs25,000, and Rs40,000.

    In June 2019, the government decided to discontinue high denomination bearer bonds in a phased manner. The government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.

    The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of SBP Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.

    READ MORE: Income tax on prize bonds, lottery winning

    The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.

    The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP Banking Services Corporation as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.

    READ MORE: Sale of Prize Bonds Rs7,500, Rs15,000 stopped forthwith

    The State Bank of Pakistan (SBP) data showed that bearer bonds worth Rs28 billion were still in the possession of the investors by the end of October 2021.

    However, the bondholders surrendered these bills worth Rs437.59 billion during the last one year. The stock of these bearer bonds is Rs465.59 billion by October 2020.

    READ MORE: Date extended for exchanging bearer prize bonds

  • SBP sets limits for sale of foreign exchange to individuals

    SBP sets limits for sale of foreign exchange to individuals

    KARACHI: State Bank of Pakistan (SBP) has issued instructions to exchange companies and set limits for the sale of foreign currency to individuals.

    The SBP issued a circular dated December 19, 2021 and revised instructions in Exchange Companies Manual.

    The central bank said that exchange companies may sell foreign currency to individuals while ensuring the following limits:

    Maximum limit per person per day for buying foreign currency (in the form of cash or outward remittance) from all ECs/ECs-B, is $10,000 or equivalent in other foreign currencies.

    Maximum limit per person per calendar year for buying foreign currency (in the form of cash or outward remittance) from all ECs/ECs-B, is $100,000 or equivalent in other foreign currencies.

    READ MORE: SBP revises manual on remittances for petroleum sector

    For this purpose, the Exchange Companies shall obtain an undertaking from individual customer at the time of each sale transaction exceeding $1,000/- (or equivalent in other currencies) that they have not already reached the limit of $100,000/- per calendar year or $10,000/- per day from all ECs/ ECs-B and these limits will not be breached after the current transaction.

    In order to enhance documentation and transparency and to further strengthen the regulatory regime for ECs/ECs-B, the SBP decided to amend the applicable regulations relating to the business of ECs/ECs-B. Accordingly, the relevant instructions in the following Paras of Exchange Companies Manual stand amended as under:

    READ MORE: State Bank reduces retention period for foreign exchange

    For all foreign currency sale transactions equivalent to $500/- or above Exchange Companies will retain copies of identification documents i.e., Computerized National Identity Card (CNIC) /National Identity Card for Overseas Pakistanis (NICOP)/ Pakistan Origin Card (POC) / Passport (having valid visa on it or any other proof of legal stay of a foreigner in Pakistan) after having seen the document in original.

    In addition, Exchange Companies shall also carry out biometric verification of Pakistani Nationals for all such transactions and maintain the record thereof. Exchange Companies will also obtain supporting documents related to the purpose (as stated by the customer) of FCY sale transactions, exceeding USD 1,000 or equivalent in other currencies.

    READ MORE: SBP revises manual to facilitate cross border payments

  • IMF intervention to add economic miseries of Pakistan

    IMF intervention to add economic miseries of Pakistan

    Business leaders have raised serious concerns over the continuous intervention of the International Monetary Fund (IMF), warning that its influence is exacerbating Pakistan’s economic struggles.

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  • Prices of essential items surge by 19.5% in Pakistan

    Prices of essential items surge by 19.5% in Pakistan

    ISLAMABAD: The prices of essential items have surged by 19.5 per cent during past one year by week ended December 16, 2021, Pakistan Bureau of Statistics (PBS) said.

    The year on year trend depicts increase of 19.49 per cent when compared with the week ended December 17, 2020.

    READ MORE: Headline inflation surges by 11.5% in November 2021

    The PBS issued Sensitive Price Indicator (SPI) to gauge inflation on weekly / short term basis. The SPI is computed on weekly basis to assess the price movements of essential commodities at shorter interval of time so as to review the price situation in the country. SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country.

    The prices of following essential items registered growth on year on year basis:

    READ MORE: Comparing inflation target not correct: State Bank

    Electricity for Q1 (83.95 per cent), LPG (65.26 per cent), Cooking Oil 5 litre (60.37 per cent), Vegetable Ghee 1 Kg (57.56 per cent), Vegetable Ghee 2.5 Kg (55.62 per cent), Mustard Oil (55.60 per cent), Washing Soap (45.75 per cent), Petrol (35.42 per cent), Chilies Powdered (32.24 per cent), Pulse Masoor (29.52 per cent) and Diesel (26.72 per cent), while major decrease observed in the prices of Onions (28.72 per cent), Pulse Moong (24.87 per cent), Chicken (16.09 per cent), Tomatoes (14.76 per cent), Potatoes (14.58 per cent) and Eggs (9.86 per cent).

    READ MORE: Inflation is core issue in Pakistan: PM Imran

    The SPI for the current week ended on December 16, 2021 recorded an increase of 0.55 per cent. Increase in the prices of food items Pulse Masoor (4.11 per cent), Salt (3.70 per cent), Pulse Gram (2.08 per cent), Bananas (1.69 per cent), Mustard Oil (1.35 per cent), Pulse Mash (1.32 per cent), non-food items Electricity for Q1 (10.37 per cent) and Washing Soap (1.23 per cent) was observed with joint impact of (1.55 per cent) into the overall SPI for combined group of (0.55 per cent).

     On the other hand, decrease observed in the prices of Potatoes (15.52 per cent), Tomatoes (12.65 per cent), Chicken (5.94 per cent), Onions (3.94 per cent), Diesel (3.48 per cent), Petrol (3.40 per cent), Eggs (1.69 per cent), Gur (1.34 per cent), Sugar (1.29 per cent), Chilies Powdered (0.57 per cent), Beef (0.54 per cent), Pulse Moong (0.37 per cent), Rice Basmati Broken (0.20 per cent), Mutton (0.15 per cent) and Wheat Flour (0.04 per cent).

    During the week, out of 51 items, prices of 17 (33.34 per cent) items increased,15 (29.41 per cent) items decreased and 19 (37.25 per cent) items remained stable.

    READ MORE: Consumer confidence declines sharply on high inflation

  • Tarin assures car importers of maximum support

    Tarin assures car importers of maximum support

    ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, assured an association of car dealers and importers of maximum support in resolving their issues during a meeting held on Friday.

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  • Dr. Alvi rejects banker’s plea in woman harassment case

    Dr. Alvi rejects banker’s plea in woman harassment case

    ISLAMABAD: The President of Pakistan, Dr. Arif Alvi, has rejected a petition filed by a banker for reinstatement into service, who was sacked for harassing a woman.

    The petitioner filed the appeal before the president against the decision of the Federal Ombudsman for Protection against Harassment of Women at Workplace which had modified the punishment of “dismissal from service” into “removal from service”.

    READ MORE: President Alvi rejects MCB Bank’s appeal in fraud case

    The President upheld the orders of the ombudsman noting that the petitioner was awarded the penalty of dismissal from service after inquiry wherein allegations of harassment stood established against him and the petitioner had failed to point out any illegality with the order of the learned ombudsman.

    According to the background of the case, Naeem Iqbal was appointed as Bank Cashier Grade-1 at Bank Alfalah Ltd, on February 01, 2006, and he was later promoted to Operation Officer, Counter Services Manager and Branch Operation Manager in 2010, 2014 and 2016 respectively.

    READ MORE: President Alvi orders two banks to pay victims of fraud

    Ms Habiba Rauf had filed a complaint before the management of the bank alleging acts of harassment against the accused.

    After inquiry, Iqbal was found guilty and, consequently, dismissed from the service by Bank Alfalah Ltd.

    After making a representation before the competent authority, he filed an appeal before the Woman Ombudsman who ordered that the appeal of the accused deserves outright dismissal, yet, on considering his long service and the fact that he has a large family, consisting of small kids and aged parents, leniency in punishment looks more appropriate and nearer to justice and fair play.

    READ MORE: President Alvi orders State Life to pay death insurance

    The ombudsman, therefore, modified the punishment of “dismissal from service” into “removal from service” and disposed of his appeal.

    Subsequently, Naeem Iqbal filed a representation with the President for reinstatement into service. While disposing of his appeal, the President noted that the petitioner was seeking setting aside of the order of the bank, dated March 18, 2019, and reinstatement into service purely on humanitarian grounds.

    The learned Ombudsman had already converted the penalty of dismissal to removal from service on such grounds.

    The President observed that since the petitioner had failed to point out any illegality with the order and no justification existed to interfere with the order of the Ombudsman, therefore, the instant representation is dismissed.

    READ MORE: Dr. Alvi opens property exhibition for UAE based NRPs

  • FBR notifies increase in sales tax on petrol, HSD

    FBR notifies increase in sales tax on petrol, HSD

    The Federal Board of Revenue (FBR) has announced an increase in sales tax on the supply of petrol and high-speed diesel (HSD), as outlined in the recently issued SRO 1640(I)/2021.

    (more…)
  • Old currency notes can be exchanged till December 2022

    Old currency notes can be exchanged till December 2022

    ISLAMABAD: The federal cabinet chaired by Prime Minister Imran Khan on Tuesday approved the extension in exchanging old Pakistani currency notes.

    The cabinet approved the extension of the period for the exchange of old Pakistani 10, 50, 100, and 1000 currency notes till 31st December 2022.

    At the meeting, Special Assistant to the Prime Minister Dr. Faisal Sultan gave a briefing on the preventive measures regarding the new type of Corona variant, Omicron.

    The cabinet emphasized the need to increase vaccinations, maintain social distance, and wearing masks.

    It was informed that at present 20 million people in Pakistan have not been vaccinated with the second dose of Corona Vaccine.

    READ MORE: Cabinet renews aviation licenses of four airlines

    The cabinet appealed to all such citizens to take the second dose as soon as possible to prevent the spread of COVID.

    The meeting was also informed that Immunity increases 17-folds after the second dose of the vaccine.

    The Prime Minister directed the Federal Ministers Asad Umar and Ms. Zubeida Jalal to visit Gwadar as soon as possible so that recommendations could be formulated for quick resolution of the problems of the people of Gwadar.

    The meeting was briefed regarding the introduction of electronic voting machines and voting rights for overseas Pakistanis. The Cabinet welcomed the ECP’s decision to use an electronic voting machine in the local body elections in Islamabad. The Cabinet was given a detailed briefing on the schedule regarding delivery and use of electronic voting machines at all polling stations in the country and training of staff.

    READ MORE: Pakistan abolishes visa fee for Afghans

    The Cabinet expressed its firm resolve to hold the next elections through electronic voting machines after the implementation of laws regarding electronic voting machines and voting rights for overseas Pakistanis.

    Advisor Finance presented a comparative review of the prices of essential commodities to the Federal Cabinet. The weekly inflation rate has come down by 0.07 per cent. Prices of Sugar, flour and household items have decreased. Collectively, prices of 09 items decreased. Prices of 23 items remained stable. The Cabinet was informed that apart from the prices of Banaspati Ghee and tea leaves in the region, prices of all other essential items are lower in Pakistan.

    These items include flour, grams, dal mash, dal mung, tomato, onion, chicken, and petrol. Concerns were raised over higher prices of essential commodities in Sindh including flour, sugar, milk, ghee, and pulses.

    The Cabinet approved the amendment in the bilateral air route between Pakistan and Tajikistan. This decision will reduce both air distance and travel costs.

    The Cabinet allowed Kazakh Air Company (SCAT) to operate in Pakistan to start air travel between Pakistan and Kazakhstan. The decision will enable direct air travel between Pakistan and Kazakhstan and help boost bilateral trade.

    READ MORE: Pandora papers: PM says returning taxpayers’ money

    To promote trade between Pakistan and Central Asian countries, the Cabinet directed the Aviation Division to start work on finalizing air travel agreements with all Central Asian countries.

    The Cabinet approved an amendment to the air travel agreement between Pakistan and Iraq. This decision will increase the number of commercial flights between Pakistan and Iraq.

    The Cabinet was informed that there is no shortage of urea in the country at present. However, to ensure the supply of urea fertilizer for the Rabi crop in the country, the following approvals were given.

    Sui Northern Gas Company will supply gas to urea plants by January 2022. Gas supply to Pak Arab and Fatima Fertilizer Plants will be ensured. The process of importing additional 50,000 tons of urea should be completed expeditiously. The cabinet was also informed that the price of urea per sack in Pakistan is about Rs. 1864 while in other countries it is being sold at Rs. 10,000 per sack.

    The present government has taken huge and significant steps for the development of agriculture in the country and the welfare of farmers.

    READ MORE: Prime Minister issues directives for reducing burden of indirect taxes

    The Cabinet was given a detailed briefing on sugar production and sugar prices in the country. The Cabinet expressed satisfaction over the current stock and price of sugar. The Prime Minister directed that the strategic reserves of sugar be maintained so that prices remain stable. The Cabinet also approved the issuance of the recommendations of the report of the Special Committee on Sugar Sector Reforms for public opinion.

    On the basis of humanitarian grounds, the process of obtaining Pakistani visas for Afghans has been further eased. After this decision, the security clearance required for obtaining a visa has been reduced from 30 days to 15 days.

    It was also decided to further facilitate the registration process of international NGOs working for the welfare and assistance of the Afghan people.

    This decision has been made on humanitarian grounds and to aid the people of Afghanistan.

    The facility for Afghans immigrating to other countries through Pakistan has been extended for another 60 days. This facility includes travel by land and air routes.

    It was also decided to make the process of obtaining a Pakistani visa easier for the officials of international NGOs working for the welfare of the Afghan people.

    READ MORE: Authorities seal 192 illegal pumps selling smuggled petroleum products

    This decision has been made on humanitarian grounds and for helping the people of Afghanistan. OGRA’s annual report for the year 2019-20 was presented to the Cabinet.

    The report comprises recommendations regarding the performance of Pakistan’s petroleum industry, production, supply and demand, and improvement of the petroleum industry.

    The Cabinet was informed that at present there is a 27-days stock of petrol and diesel. About 75 Exploration licenses generated revenue of Rs. 29 billion. Safety standards for LPG cylinders are being improved and a public awareness campaign is underway. 10 licenses were issued to LPG companies. An audit is being carried out to prevent gas theft. Action is being taken against those selling petrol at illegal petrol pumps and in plastic containers.

    The Cabinet endorsed the decisions taken at the meeting of the Committee on Institutional Reforms held on November 24, 2021.

    CCIR Decisions – Merger of National Research Institute for Fertility Care Karachi with National Institute of Population Studies, Islamabad.

    The Cabinet ratified the decisions taken in the meeting of the Committee on Energy held on 02 December 2021.

    CCOE Decision – Tariff Protection (Deemed Duty) for Refineries – Report by Implementation Committee for renegotiation with IPPs under 2002 Power Policy (Rs. 134 billion paid to IPPs) The Cabinet ratified the decisions taken at the meeting of the Economic Coordination Committee (ECC) held on December 10, 2021.

    ECC decisions

    Small and Medium Enterprises (SMEs) Policy 2021-25

    Commercial Gas allocation from M/S United Energy Pakistan’s Fields.

    The mechanism for Granting Concessionary Tariff to the eligible Consumers of Zero-Rated Industrial Consumers of Lahore and Sundar Industrial Estate and for prospective Industrial Estates.

    Cabinet approved giving the additional charge of CEO, Central Power Purchasing Agency to Chief Financial Officer, CPPA.

    Cabinet approved NDMA’s assistance to Afghanistan on humanitarian grounds. The government of Pakistan has already provided 200,000 tons of wheat under the World Food Program and has provided an additional 50,000 tons of wheat as aid to the Afghan people.