Category: National

  • President Alvi rejects Habib Bank plea, orders to pay victims

    President Alvi rejects Habib Bank plea, orders to pay victims

    ISLAMABAD: The President of Pakistan, Dr. Arif Alvi has rejected plea in six different cases filed by Habib Bank Limited (HBL) and ordered to pay victims.

    A statement issued on stated that the President ordered the HBL to compensate the victims of online banking fraud as justifications presented by the bank were not sufficient.

    READ MORE: HBL ordered to compensate bank fraud victim

    Dr. Alvi directed HBL to refund and compensate the 6 defrauded customers with their stolen money and observed that since the bank failed to prove observance of relevant provision of laws, rules and regulations, therefore, its representations were devoid of any merit and deserved to be rejected.

    The President rejected HBL’s six representations involving a total amount of Rs. one million and observed that victims were deprived of their hard earned deposits when the bank unilaterally activated the electronic funds transfer (EFT) facility without the request/consent of account holders and failed to put in place necessary safeguards against online exploitation of the account holders by the fraudsters.

    READ MORE: FBR directed to bring entire sugar supply chain into tax net

    In all six cases, the President found the bank negligent of its duty to inform the account holders about the pros and cons of activating the electronic funds transfer (EFT) as required by the mandatory guidelines of the State Bank of Pakistan (SBP).

    Had the bank not opened EFT facility without customers’ consent, the account holders could have avoided the financial loss, he added.

    The President rejected the bank’s claim that all transactions were 3D secured, being a secondary step, by observing that the State Bank of Pakistan (SBP), required all banks to register its customers for internet banking prior to offering them internet based products and services and putting in place all necessary safety measures to safeguard its clients from fraudsters.

    READ MORE: President Alvi directs bank to refund unfair recovery

    In his decisions, the President concluded that since the bank could not produce any evidence to the effect that it had complied with the provisions of relevant laws, rules and regulations, therefore, its representations were devoid of any merit and deserved to be rejected.

    According to details, the account holders were called by fraudsters who lured them in their trap by providing them information regarding their names, CNIC, dates of birth, ATM Card numbers and obtained from them the names of their mothers and used this information to deprive the account holders of their deposits by making multiple e-commerce transactions, even though the bank customers were not using any mobile app and they were also in possession of their ATM Cards.

    The victims approached their respective bank branches to freeze their accounts and seek refund, however, they were not provided any relief by the bank on the grounds that they themselves had shared their personal banking credentials with unknown callers.

    READ MORE: President Alvi rejects FBR plea in maladministration cases

    Feeling aggrieved, the account holders approached the Banking Mohtasib of Pakistan (BMP), after hearing arguments on account of banking malpractices, maladministration, wrong doings, the fraudulent transactions, the corrupt and malafide practices by the Bank officials, it decided the cases in favor of the applicants.

    The Bank, however, chose to further escalate the matter and filed separate representations with the President which were rejected and the Bank was directed to comply with the directions of the Banking Ombudsman.

  • FBR revises property valuation for Gwadar areas

    FBR revises property valuation for Gwadar areas

    In a strategic initiative aimed at enhancing tax collection and ensuring fair market valuation, the Federal Board of Revenue (FBR) has revised the valuation of properties in the Gwadar region. The move, outlined in the SRO 1271(I)/2022 dated August 01, 2022, represents a crucial step in aligning property valuations with current market dynamics.

    (more…)
  • FBR issues new property valuation for Islamabad from August 01, 2022

    FBR issues new property valuation for Islamabad from August 01, 2022

    The Federal Board of Revenue (FBR) has introduced new valuations for immovable properties in Islamabad, effective from August 01, 2022.

    (more…)
  • Essential items witness inflation above 42%: Pakistan Bureau

    Essential items witness inflation above 42%: Pakistan Bureau

    ISLAMABAD: Pakistan Bureau of Statistics (PBS) on Friday disclosed that prices of essential items have recorded inflation above 42 per cent on year on year (YoY) basis by week ended August 18, 2022.

    The bureau stated that Sensitive Price Indicator (SPI) of essential items depicts an increase of 42.31 per cent.

    READ MORE: High inflation may force further monetary tightening

    The essential items that recorded increase in prices during this period are included: Pulse Masoor (111.02 per cent), Diesel (108.77 per cent), Petrol (94.53 per cent), Onions (94.43 per cent), Cooking Oil 5 litre (72.96 per cent), Mustard Oil (71.08 per cent), Chicken (69.04 per cent), Vegetable Ghee 1 Kg (68.56 per cent), Vegetable Ghee 2.5 Kg (67.05 per cent), Electricity for Q1 (63.03 per cent), Washing Soap (61.92 per cent), Pulse Gram (58.93 per cent), Gents Sponge Chappal (52.21 per cent), Pulse Mash (51.51 per cent) and Garlic (36.59 per cent).

    While a decrease observed in the prices of Chilies Powder (43.42 per cent), Sugar (16.55 per cent) and Gur (1.96 per cent).

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

    The SPI for the week ended on August 18, 2022 recorded an increase of 3.35 per cent.

    Increase is observed in the prices of food items, Tomatoes (20.28 per cent), Chicken (7.57 per cent), Onions (2.30 per cent), Powdered Milk (2.03 per cent), Eggs (1.63 per cent), Pulse Moong (1.42 per cent) and Potatoes (1.07 per cent), non-food items, Electricity for Q1 (6.83 per cent), Petrol (2.96 per cent) and Cigarette (1.69 per cent).

    On the other hand, a decrease observed in the prices of LPG (3.46 per cent), Vegetable Ghee 1Kg (1.16 per cent), Garlic (0.94 per cent), Mustard Oil (0.71 per cent), Pulse Masoor (0.42 per cent), Pulse Gram (0.36 per cent), Vegetable Ghee 2.5Kg (0.33 per cent), Cooking Oil 5 litre (0.31 per cent), Diesel (0.18 per cent), Firewood Whole (0.16 per cent) and Sugar (0.03 per cent).

    READ MORE: Pakistan hikes key policy rate by 125 basis points to 15%

    During the week, out of 51 items, prices of 25 (49.01 per cent) items increased, 11 (21.57 per cent) items decreased and 15 (29.42 per cent) items remained stable.

    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.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

  • Pakistan lifts ban on import of cars, phones, luxury items

    Pakistan lifts ban on import of cars, phones, luxury items

    ISLAMABAD: Pakistan on Friday lifted ban on all import of luxury and non-essential items amid serious foreign exchange crisis.

    The ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items, including motor vehicles, mobile phones and home appliances.

    The government on May 19, 2022 through a circular No. 598 (I)/2022 imposed the complete ban on import of such items in the wake of serious balance of payment crisis and to prevent fall in rupee value.

    Despite the ban, the rupee fell to the historic low of Rs239.94 against the dollar on July 28, 2022.

    It is worth mentioning that the foreign exchange reserves were drastically decreased despite imposition of ban on imported luxury items.

    READ MORE: Pakistan decides to lift ban on imported goods

    Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022. The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.615 billion.

    The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.

    READ MORE: 15% surcharge imposed for clearance of banned items

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.249 billion.

    The country has taken the decision in order to fulfil the condition of International Monetary Fund (IMF) to get loans.

    Addressing a press conference a day earlier alongside members of the government’s economic team, Miftah Ismail said that the import ban on non-luxury items was placed in line with the IMF’s demands.

    Miftah said that after much back-and-forth, the IMF has finally announced that its board meeting will take place on August 29 — for considering Pakistan’s request for the release of the $1.17 billion tranche.

    The finance minister noted that the government has also fulfilled all the pre-requisites of the lender, while the funding gap of $4 billion has also been met — after friendly countries agreed to help Pakistan financially.

    He said that after the import ban, it became easier for the government to import necessary commodities, which were essential for the masses. “When we have limited dollars and we have to feed a huge population, our priority automatically becomes [the nation]. We had to choose between importing cars and wheat — that’s why we imposed a ban.”

    READ MORE: Pakistan allows release of banned items stuck up at ports

    The finance minister said the government was scrapping the import ban as it was an international requirement, but noted that the regulatory duty that will be imposed on the non-essential imported items will be three times higher than the current levels.

  • PHF stresses on focusing humanitarian crisis

    PHF stresses on focusing humanitarian crisis

    ISLAMABAD:  Pakistan Humanitarian Forum (PHF) on Friday stressed need to focus on climate change and humanitarian crisis.

    PHF also called for tangible steps and actions at program and policy level to deal with humanitarian crisis.

    The forum along with its member organizations is actively monitoring the situation and fully engaged with the government of Pakistan to provide a timely response and to conduct the need assessment of the affected population.

    PHF member organizations are Islamic Relief, HHRD, Muslim Hands, Human Appeal, WHH, Concern, ACF, Save the children, AKAH, Care International, Muslim Aid, International Rescue Committee, Mercy Corps, IMC, Tearfund, ACTED, CESVI and Qatar Charity are fully present in affected districts of Balochistan Quetta, Pishin, Kachi, Mach, Lasbela, Killa Abdullah, Kalat, Sibi, Jhal Magsi, Kot Magsi, Kalaat, Noshki, and Killa Saifullah), KP (Peshawar, Laki Marwat, Shangla), Punjab (D.G. Khan, Tounsa Shareef, Rajanpur, Jhang, Mianwali, Rajanpur, Lahore, and Rahimyar Khan), Sindh (Karachi, Keemari, Hyderabad, Dadu, Thatta, Badin, Mirpur Khas, Jamshoro, and Soomar Goth), and GB ( Gilgit-Baltistan and Chitral and providing relief and rescue operation in full zeal.

    Collectively these organizations have reached out to around 109,441 beneficiaries and 15,635 households by providing cooked meals, dry fruit parcels, filtered water, NFIs, Shelter, and Health & hygiene support.

    While visiting the affected part of Balochistan, the Country Director of Islamic Relief, Asif Sherazi mentioned that “The areas of Noshki and Panjpai haven’t seen such rains for decades, resulting in damages that require urgent attention. Even the partially damaged houses are not livable forcing people to spend days and nights in open under extremely hot weather conditions.”

    He further added “Keeping in mind the scale of damages and losses, we need to work in close collaboration to create long-term impact. As we are in the early recovery phase, there is a dire need to focus more on disaster preparedness at national and provincial levels to minimize the risks in the years to come.”

    While visiting Balochistan during ongoing flood situation, we have realized that people are in dire need of shelter, food, and non-food items. Though Muslim Hands provided immediate response and reached out to 27,000 people by providing food staples, cooked meals, clean drinking water and NFIs.

    However, the situation is still worst, and an integrated approach is required to cater the needs of flood affectees said, Javed Gillani, Country Director, Muslim Hands.

    To better provide the response services, Dr. Farah Naureen, Country Director, Mercy Corps shared, that $40,000 will be invested in District Quetta to cater the needs of 300 families 1950 individuals by providing food and non-food items.

    While responding to the situation and holding the meeting with provincial and national authorities to provide coordination support to mobilize resources at all levels for the ongoing flood emergency, Shahid Kazmi, Country Coordinator, PHF shared that “PHF and NHH (National Humanitarian Network) are rapidly providing the response services and are speeding up the efforts for resource mobilization to provide extensive relief operations to and meet the people’s needs at all levels”.

    “He further added that the only challenge that INGOs, and NGOs have faced is the lack of emergency appeal and formal request for assistance for scaling up the flood response at different levels”.

    “He also shared that on World Humanitarian Day, we must reaffirm our commitment to take tangible steps to combat climate change and focus on the initiatives that help to make this country resilient and prosperous”.

    World Humanitarian Day, commemorated every year to advocate for the survival, well-being, and dignity of people affected by crises, and for the safety and security of aid workers.

    This year World Humanitarian Day is celebrated at a crucial time, especially in the countries that are suffering from the visible impact of climate change.

    The monsoon emergency and the post-COVID-19 situation in many South Asian countries are giving a very tough time. Pakistan is on the top list of those countries that are quite vulnerable to climate change.

    Pakistan Humanitarian Forum along with its member organizations is always at the forefront to provide support in any kind of humanitarian crisis in the country.

    The forum along with its member organizations played a substantial role during COVID-19 by reaching out to 11.1 million people in Pakistan through intervention in different sectors including food security, water, sanitation and hygiene, and health and education with a total investment of Rs9.7 billion.

    This year, unlike recent years, devastating monsoon floods gave a stark reminder that Pakistan is bearing the consequences of the climate emergency.

    Increased casualty rate, economic losses, and damage to infrastructure and livelihood causing a huge impact on vulnerable populations calls for an immediate yet coordinated humanitarian relief and response.

    According to the latest statistics, over 1 million people are badly affected by heavy rains and floods in Pakistan, mostly in Sindh (436,000 people), Balochistan (360,000 people), and Punjab (119,000 people) provinces. As per the updated statistics of NDMA, a total of 635 people died and 1016 people were injured.

    More than 1800 houses were badly damaged, and 110,440 livestock perished. People in the affected region are in higher need of shelter, food, and non-food items along with services required for health, education, and protection.

  • KIA Motors maintains prices in Pakistan

    KIA Motors maintains prices in Pakistan

    KARACHI: KIA Motors has announced to maintain car prices in Pakistan.

    Lucky Motor Corporation (LMC) is a Pakistani automobile manufacturer which is a part subsidiary of South Korean automobile manufacturer Kia Motors.

    The press release issued by Lucky Motors stated that LMC has always believed in being fair and transparent in our pricing policy; being a customer centric company we took the unprecedented decision to maintain our vehicle prices for over 2 years since the launch of our flagship models; revising the same at an average of only once over the past 4 years.

    READ MORE: KIA Motors introduce new Executive variant of Carnival in Pakistan

    While companies have been forced to take a wait and watch strategy to monitor the fluctuation in the exchange rate to see where prices will go, the increase was inevitable.

    To help sustain our business, we recently increased the price by 14 per cent on the July 18, 2022; which we feel was a reasonable increase given the significant devaluation of the Pakistani Rupee against US Dollar; whereas during the same period, other industry players had taken the decision to increase prices between 19 per cent and 23 per cent, which has very recently been corrected to bring the increase of parity with Kia, as can be seen in the table below.

    Price IncreaseKiaIndustry
    July, 202214 per cent19-23 per cent
    CorrectionNo Change6-9 per cent
    After Correction14 per cent15 per cent

    READ MORE: Prices of KIA Motors raised up to 19.3% amid rupee devaluation

    We are happy to see that in the greater interest of the market and its customers the price have been corrected to bring them at a fair level and we feel great pride in creating a precedent and setting the benchmark for everyone in terms of price setting.

    Keeping the above in mind, we will be maintaining our prices at this time.

  • TVET SSP provides electrician toolkits to promote self-employment

    TVET SSP provides electrician toolkits to promote self-employment

    ISLAMABAD: TVET Sector Support Programme (TVET SSP) has provided toolkits at a ceremony which was organized in Islamabad to provide electrician toolkits to more than 60 returning migrants and local people of Pakistan.

    TVET Sector Support Programme (TVET SSP) is facilitating the reintegration of returnees under its component, ‘Reintegration of Returnees in Pakistan’, which is funded by the German Federal Ministry for Economic Cooperation and Development (BMZ).

    Olaf Handloegten, Head of TVET Sector Support Programme and Cluster Coordinator Sustainable Economic Development, Training and Employment (CASEDTE) GIZ Pakistan, expressed his views while addressing the beneficiaries,

    “The German Development Cooperation has always considered skills development in Pakistan to be essential and the impact it can create on the social and economic development of this country is potentially immense.

    “A steady economy depends on the economic stability of its workers, specifically in the informal sector. Supporting small businesses and self-employment through the provision of in-kind support is definitely a step in the right direction.

    “We are hopeful that our intervention areas related to Career & Entrepreneurship Advisory Services, and Employment Promotion will continue to be fruitful for the beneficiaries in Pakistan.”

    TVET Sector Support Programme is being implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH in partnership with the National Vocational and Technical Training Commission (NAVTTC), and in close collaboration with the provincial Technical Education and Vocational Training Authorities (TEVTAs) and several not-for-profit, public, and private sector organisations.

    The beneficiaries were trained in a full-day workshop on Career & Entrepreneurship Advisory prior to the in-kind support handover ceremony. Beneficiaries from Punjab and KP, who participated in the workshop, will now be able to start their own businesses upon their return to their hometowns.

    Muhammad Nazir Khan, a returnee from Oman, while collecting his electrician toolkit at the event said, “Whenever people like us come back to Pakistan, we struggle – there aren’t too many opportunities or support services available for returning migrants. This initiative sounds promising and the toolkits we are receiving today will enable us to run businesses and become financially stable.”

    Director General National Vocational & Technical Training Commission, Mujeeb ur Rehman also partook in the event and addressed the beneficiaries.

    “The support we have received from German Development Cooperation is substantial and it is an absolutely satisfying sight to see practical measures being taken to reintegrate returnees. Training people on how to start new businesses and providing them with toolkits as a follow-up measure will ensure that the beneficiaries become independent in the long run,” he said. 

    The ‘Reintegration of Returnees in Pakistan’ component of TVET SSP, aims to facilitate the socio-economic development of Pakistani returnees and the locals by offering them quick and effective start-up opportunities, especially in Punjab, as it is one of the regions most affected by return migration.

    The component will support 15,000 individuals, including 6,500 returnees from Germany and Gulf Cooperation Council (GCC) countries through various support measures including Career and Entrepreneurship Advisory Services, Competency-based Training & Assessments (CBT&A), Recognition of Prior Learning, and Employment Promotion.

  • Pakistan makes currency declaration must at air ticket booking

    Pakistan makes currency declaration must at air ticket booking

    KARACHI: Pakistan has made it must for all international air passengers to declare foreign currency at the time of ticket booking.

    The country has taken the decision to comply with the conditions of Financial Action Task Force (FATF) for preventing money laundering and terror financing.

    READ MORE: Pakistan launches online currency declaration

    Sources in Civil Aviation Authority of Pakistan (CAA) told PkRevenue.com on Thursday that all the passengers intending to go abroad are required to declare currency at the time of booking the international air ticket.

    For outbound flights, airlines may also direct their staff/travel agents to ensure that they provide a copy of the declaration at the time of booking of ticket.

    READ MORE: FPCCI suggests amnesty for cryptocurrency declaration

    “At check-in counters, airlines are directed to issue boarding pass only once the passengers have deposited the declaration with them,” according to a statement issued by the CAA.

    It further said that Pakistan Customs are required to deploy their staff along with airline staff to supervise/assist the passengers at the dedicated facilitation counter inside the check-in hall.

    The airline staff will collect the declarations and hand over the same to the customs staff after the closure of the flight along with the passenger’s manifest.

    READ MORE: FPCCI demands reducing income tax slabs to five

    For Inbound Flights, airlines are required to ensure in-flight announcement by the flight crew for every inbound flight for submission of subject declaration wherein the passengers will mention the currency under the regulatory requirements of FATF.

    The airline crew will distribute the declaration during the flight to all the passengers, irrespective of their nationality. The said declaration will be deposited at the customs counter before the immigration desks at International Arrival.

    CAA will provide space and counters for the collection of all declaration forms.

    READ MORE: FBR tightens monitoring to prevent currency smuggling

  • AVALON – The Most Tech-Enable Real Estate Project In Islamabad

    AVALON – The Most Tech-Enable Real Estate Project In Islamabad

    ISLAMABAD: With so many real estate projects in Pakistan on the rise, it’s close to impossible to find the most futuristic & tech-enabled, sustainable, and state-of-the-art project that’s worth investing without breaking the bank while also being trust-worthy.

    Having said that, we’ve recently spotted a project that’s taking Islamabad by storm. Their streamers and outdoor billboard are literally everywhere we go.

    Avolon hoarding

    We did a little digging and found out about this real estate giant, namely AVALON City. The masterplan is in development as Pakistan’s first technological city. This is a state-of-the-art infrastructure designed and idealised as the Future of Real State in Pakistan. Embracing their tagline, they truly want you to ‘Envision Your Lifestyle’.

    We found out this project sits at an ideal location of Chakri Road, adjacent to M2 Motorway, ensuring a convenient residence and commercial success for its residents and investors. Have you ever thought about having Smart Homes, Wi-Fi trees, 3D and Virtual Theatres, Electric Bikes, Automated Traffic Control? Well, AVALON City has got it all.

    We know what you’re thinking. With all these offerings, they must be expensive as anything but after doing a thorough price comparison, we found out that their prices are very affordable compared to other projects in the vicinity.

    The hashtag #AvalonCityIslamabad was trending on social media for the past couple of days.

    Don’t believe us? Well, Netizens on social media are going nuts about this.

    Tweet 01

    Some people are comparing it to Saudi Arabia’s The Line project.

    Tweet 02

    While others are just excited that something progressive is coming to Pakistan.

    Tweet 03

    If you’re interested in investing or just getting to know about them, we recommend getting in touch with them directly @ [email protected], +92 (51) 6120517 or www.theavaloncity.com