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  • State Bank, NBP to withdraw petitions in Riba case: Ishaq Dar

    State Bank, NBP to withdraw petitions in Riba case: Ishaq Dar

    ISLAMABAD: Finance Minister Senator Muhammed Ishaq Dar Wednesday said that State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) will withdraw their petitions from the Supreme Court of Pakistan against the judgment of Federal Shariat Court in which the Court had ordered implementation of interest-free (Riba free) banking system in the country.

    READ MORE: KCCI demands implementation of Riba free banking

    He said that in this regard he held several meetings and detailed discussions with the SBP Governor and under the special directives of Prime Minister, it was decided that both the SBP and NBP would withdraw their petitions against the decision.

    He said that the government would also expedite its efforts to introduce Shariah compliant banking system in the country for rapid growth and promotion of Islamic bank and finance.

    READ MORE: SBP seeks Supreme Court guidance on Riba case judgement

    He further informed that during 2013-2018 several steps were being taken to promote Islamic economic system and a special committee comprising on Islamic scholars were also formed, adding that Islamic Banking system also observed significant growth and progress at that time.

    READ MORE: IPS demands implementation of court judgment on Riba

    However, he said that from last few years the sector was completely neglected and no further progress was witnessed, adding that promotion of Islamic economic system and interest free banking was the top priority of incumbent government

    He said that government was also determined to overcome all the challenges faced for introducing interest free banking system and it will take all possible measures to take forward the interest free banking and economy for the prosperity of nation.

    READ MORE: Court judgment: Riba is Haram in any form

  • T20 World Cup 2022: Pakistan make comprehensive win against New Zealand

    T20 World Cup 2022: Pakistan make comprehensive win against New Zealand

    Pakistan Cricket Team secured a comprehensive victory against the New Zealand in the semi-final of T20 World Cup 2022 on Wednesday.

    The Babar Azam Eleven chased 153 runs in a comfortable manner. The team completed the innings in 115 balls on losing three wickets.

    The New Zealand scored 152 runs in 120 balls, losing four wickets.

    Muhammad Rizwan was declared the man of the match on scoring 57 runs of 43 balls.

    The journey of Pakistan to the semi-final of T20 World Cup had been unbelievable. Pakistan lost hopes when it got defeated from India and Zimbabwe in the first to matches.

    However Pakistan secured victory against South Africa and Netherlands, which created some chances for Pakistan to qualify for semi-finals. All the expectations for Pakistan had fallen on Netherlands and South Africa match.

    The victory of Netherlands against the South Africa proved to be a clear way for Pakistan to the semi-final.

    Babar Azam, the captain of Pakistan Cricket Team said that the team played really well and he thanked the crowd for the support they have given them. The team had a plan to go hard in the power play and they wanted to make most of the 6 overs.

    The captain gave credit to Haris Rauf for being an aggressive player. He added that they will enjoy the win but are focused on the finals and they are looking forward to it.

    The captain of New Zealand, Kane Williamson said that they were put under pressure but they managed to get back the momentum. He states that they were outplayed but they are disappointed, because they did not make Pakistan work hard for their runs.

    He admitted that their fielding was not that great, Azam and Rizwan put them under pressure, they could have been more disciplined but Pakistan are deserved winners.

  • Supreme Court of Pakistan to observe normal working day on November 9, 2022

    Supreme Court of Pakistan to observe normal working day on November 9, 2022

    ISLAMABAD: Supreme Court of Pakistan will observe normal working day on November 9, 2022, which has been declared as public holiday by the federal government.

    “It is informed to all concerned that the Supreme Court of Pakistan will remain open on November 9, 2022 (Wednesday) due to fixation of some important part-heard cases,” a statement said.

    “All the Benches will function normally as per the cause list,” it added.

    Earlier the federal government issued a circular restoring the holiday on occasion of Iqbal Day.

    According to the circular, in continuation of Cabinet Division’s circular No. 10-01/2021-Min-II dated December 17, 2021, it is for information that the Prime Minister is pleased to restore the public holiday on occasion of Allama Iqbal Day i.e. November 9, 2022.

    “Therefore, Wednesday November 09, 2022 shall be observed as public holiday throughout the country,” the circular stated.

  • SBP limits cash up to USD 5,000 taking out of Pakistan

    SBP limits cash up to USD 5,000 taking out of Pakistan

    KARACHI: State Bank of Pakistan (SBP) on Tuesday restricted the amount of foreign currency in cash up to equivalent to USD 5,000 from USD 10,000.

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  • Bank holiday restored on November 09, 2022

    Bank holiday restored on November 09, 2022

    KARACH: The State Bank of Pakistan (SBP) on Tuesday announced bank holiday on November 09, 2022.

    Therefore all commercial banks and financial institutions will remain closed on November 09, 2022 on the occasion of Iqbal Day.

    Earlier the federal government issued a circular restoring the holiday on occasion of Iqbal Day.

    In continuation of Cabinet Division’s circular No. 10-01/2021-Min-II dated December 17, 2021, it is for information that the Prime Minister is pleased to restore the public holiday on occasion of Allama Iqbal Day i.e. November 9, 2022. Therefore, Wednesday November 09, 2022 shall be observed as public holiday throughout the country.

  • SBP, FIA jointly take action against illegal exchange companies

    SBP, FIA jointly take action against illegal exchange companies

    KARACHI: State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA) have decided to jointly take action against illegal exchange companies.

    A statement issued on Tuesday stated that a high-level meeting was held between the SBP governor and the Director General, FIA on November 8, 2022.

    READ MORE: US Dollar falls by 26 paisas to PKR 221.66 in interbank market

    The meeting took stock of illicit foreign exchange activities and chalked out a comprehensive plan of action against illegal foreign exchange businesses being carried out in the country.

    It was agreed during the meeting that concerted joint effort is required to apprehend and implicate the illegal foreign exchange operators and speculators across the country.

    READ MORE: Faysal Bank enables donations through WhatsApp

    Accordingly, SBP and FIA have jointly initiated action against illegal foreign exchange operators in Pakistan. To this effect, joint teams from SBP and FIA shall identify and take penal/legal action against the perpetrators so as to curb speculation and the grey market.

    The teams, while remaining within the legal mandate allowed to them by the relevant laws, would crack down on all illegal foreign exchange operators and businesses across Pakistan.

    READ MORE: Pakistan should ban trade in cash dollars: forex association

    Banks and Exchange Companies are authorized by the SBP to carry out Foreign Exchange business in Pakistan. Involvement of any person or entity, other than banks and Exchange Companies, in foreign exchange business is illegal under the Foreign Exchange Regulation Act, 1947.

    The illegal foreign exchange business also adversely affects the open market exchange rate and increases the gap between the interbank and open market exchange rate.

    READ MORE: Pakistan, China sign agreement for RMB clearance

  • Sindh exempts sales tax on services provides for floods relief by customs agents, port operators

    Sindh exempts sales tax on services provides for floods relief by customs agents, port operators

    The Sindh government has taken a significant step in supporting flood relief operations by exempting sales tax on services provided by customs agents and terminal operators.

    (more…)
  • ECC approves raising petroleum levy to Rs50 per liter on RON 95

    ECC approves raising petroleum levy to Rs50 per liter on RON 95

    ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Friday approved increasing petroleum levy to Rs50 per liter on RON 95.

    Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the ECC at Finance Division.

    READ MORE: Petroleum sales decrease by 22% in four months of 2022-2023

    Federal Board of Revenue (FBR) presented a summary on increase in rate of Sales Tax on HOBC. It was conveyed that the rates of Sales Tax on POL products were reduced to zero from February 01, 2022, that put pressure on FBR’s efforts to achieve its revenue targets.

    Therefore, the ECC after deliberation allowed to increase petroleum levy from Rs 30 up to Rs. 50/Liter on RON 95 and above with effect from November 16, 2022, which is a luxury good being consumed by wealthy consumers in expensive vehicles.

    READ MORE: K-Electric posts huge losses despite 144% jump in tariff adjustment revenue

    Federal Minister of Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Power Khurram Dastgir Khan, Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.

    READ MORE: OGDCL announces huge oil discovery at Attock

    Ministry of energy (Petroleum Division) submitted a summary on High Speed Diesel/ Gas oil premium and informed that due to difference of premium on import of HSD for importing OMCs and PSO, there is an unsustainable position for importing OMCs and smooth supply of HSD in the country. In order to ensure sustained supply/import security, the ECC after detailed discussion allowed premium on HSD subject to maximum capping at US$ 15/BBL for importing OMCs other than PSO for the months of November and December, 2022.

    The ECC also approved Technical Supplementary Grants of Rs. 5 billion for conduct of 7th population census.

    READ MORE: Electricity withholding tax not applicable on ATL domestic consumers

  • Faysal Bank enables donations through WhatsApp

    Faysal Bank enables donations through WhatsApp

    KARACHI: Faysal Bank Limited as part of its digital transformation journey has introduced a new innovative feature of Donation Payments via its WhatsApp banking channel.

    Faysal Islami WhatsApp Banking enables its subscribers to make real-time donation payments to over 25 reputable charitable organizations such as SKMT, TCF, SIUT, Indus Hospital, Alamgir Welfare Trust and Pink Ribbon to mention only a few.

    The launch of the Donations Payments services through WhatsApp banking channel of Faysal Bank could not have come at a more opportune time as October is the month of breast cancer awareness and major donation drives towards this cause.

    Speaking on the occasion of the launch, Shaheryar Saeed Khan, Chief Digital Officer, Faysal Bank Limited said, “With the wide-spread use of the Faysal Islami WhatsApp channel, the Bank intends to better serve its diverse customers by introducing more and more innovative features to it.”

    Present at the occasion Omer Aftab, Chief Executive Officer, Pink Ribbon said, “The launch of this innovative feature by Faysal Bank Limited will enable us to promote the cause of breast cancer awareness and facilitating quick and easy donation payments by all.”

    The event was attended by other senior team members of both organizations.

  • Headline inflation surges by 26.6% in October 2022

    Headline inflation surges by 26.6% in October 2022

    ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) registered an increase of 26.6 per cent in the month of October 2022, according to data released by Pakistan Bureau of Statistics (PBS) on Tuesday.

    The details showed that CPI inflation general increased to 26.6 per cent on a year-on-year basis in October 2022 as compared to an increase of 23.2 per cent in the previous month and 9.2 per cent in October 2021. On a month-on-month basis, it increased to 4.7 per cent in October 2022 as compared to a decrease of 1.2 per cent in the previous month and an increase of 1.9 per cent in October 2021.

    READ MORE: Pakistan’s headline inflation rises 23.2% in September 2022

    CPI inflation Urban, increased to 24.6 per cent on year-on-year basis in October 2022 as compared to an increase of 21.2 per cent in the previous month and 9.6 per cent in October 2021. On month-on-month basis, it increased to 4.5 per cent in October 2022 as compared to a decrease of 2.1 per cent in the previous month and an increase of 1.7 per cent in October 2021.

    CPI inflation Rural, increased to 29.5 per cent on year-on-year basis in October 2022 as compared to an increase of 26.1 per cent in the previous month and 8.7 per cent in October 2021. On month-on-month basis, it increased to 5.0 per cent in October 2022 as compared to an increase of 0.2 per cent in the previous month and an increase of 2.2 per cent in October 2021.

    READ MORE: Pakistan’s headline inflation hits 47-year high in August 2022

    Sensitive Price Indicator (SPI) inflation on YoY increased to 24.0 per cent in October 2022 as compared to an increase of 28.6 per cent a month earlier and an increase of 15.3 per cent in October 2021. On MoM basis, it decreased by 1.5 per cent in October 2022 as compared to a decrease of 1.4 per cent a month earlier and an increase of 2.1 per cent in October 2021.

    READ MORE: Pakistan inflation hits 14-year high at 25% in July

    Wholesale Price Index (WPI) inflation on YoY basis increased to 32.6 per cent in October 2022 as compared to an increase of 38.9 per cent a month earlier and an increase of 21.2 per cent in October 2021. On MoM basis, it decreased by 0.5 per cent in October 2022 as compared to an increase of 1.4 per cent a month earlier and an increase of 4.2 per cent in corresponding month i.e. October 2021.

    READ MORE: Pakistan inflation crosses 33% on high petroleum prices