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  • Bank Alfalah tops in house financing under MPMG

    Bank Alfalah tops in house financing under MPMG

    KARACHI: Bank Alfalah has secured the top position in house financing under the government’s flagship Mera Pakistan Mera Ghar (MPMG).

    According to a statement issued by the State Bank of Pakistan (SBP), Bank Alfalah secured the top position followed by Meezan Bank Limited and Standard Chartered Bank Limited.

    A ceremony was held on Friday at Prime Minister House, Islamabad to mark Rs 100 billion in home finance approvals of the Governments flagship Mera Pakistan Mera Ghar (MPMG) program under the theme “ Khawab ke tabeer ab tez ter”.

    READ MORE: Financing for Mera Pakistan Mera Ghar gains momentum

    The Prime Minister lauded the leading role of the State Bank of Pakistan and the efforts of the banking industry in the implementation of MPMG. He also witnessed ceremonial keys being handed over to six beneficiaries of MPMG who were from different regions and represented a variety of segments of Pakistan.

    Over 20 other beneficiaries of MPMG also participated in the ceremony. The Prime Minister expressed his pleasure to see that low and middle-income citizens who were completely ignored earlier are now being served by the banks in obtaining home finance. While distributing awards among top-performing banks with respect to approvals and disbursements, he urged banks to accelerate their efforts to help realize the dream of every Pakistani to own their own homes.

    The ceremony was attended by Ali Amin Gandhapur-Federal Minister for Kashmir Affairs & Gilgit Baltistan, Dr. Shahbaz Gill-Special Assistant to Prime Minister on Political Communication, Senator Shaukuat Tareen-Adviser to Prime Minister on Finance & Revenue, Governor State Bank of Pakistan, Chairman NAPHDA, Dr. Amjad Ali-Minister for Housing Khyber Pakhtunkhwa and Presidents/CEOs of banks.

    READ MORE: SBP launches webpage for promoting house financing

    Dr. Reza Baqir, Governor State Bank of Pakistan, shared the progress of MPMG since inception, highlighting that all stakeholders are taking steps in the right direction to translate the Prime Minister’s vision of increasing homeownership into reality. Till December 20, 2021, banks have received applications of Rs. 263 billion while approvals of Rs. 109 billion have already been made. Over the last nine months, the approved amount increased by Rs. 98 billion. Disbursement has also increased from almost zero in March 2021 to Rs. 32 billion by December 20, 2021. While shedding light on the theme of the event, he mentioned that during the last month, banks on average approved Rs. 4 billion and disbursed Rs. 1.6 billion on weekly basis. He underscored the need to maintain and accelerate this momentum. There are six banks that disbursed over Rs. 2 billion each and seven banks have disbursed over Rs. 1 billion each in the span of 9 months under MPMG.

    The Governor said that growth in MPMG is attributed to various measures taken by the Government, SBP, and NAPHDA to provide a conducive environment for the banking industry to enter the untapped market of housing and construction finance. He mentioned the simplification of complex procedures, a significant reduction in documentation requirement, development of a model to assess informal income, effective redressal mechanism as examples of this support. Communication initiatives like Mera Pakistan Mera Ghar Meri Kahani –a series of testimonials of MPMG beneficiaries have also been instrumental in encouraging others to apply.

    READ MORE: PM launches house financing scheme for NRPs

    Earlier, in a meeting of the National Coordination Committee on Housing, Construction, and Development (NCCHCD), Governor SBP apprised the Prime Minister on developments in housing and construction finance. He recalled that in July 2020, in line with the Government’s vision of boosting economic activity, SBP mandated banks to increase their housing and construction finance to at least 5 percent of their domestic private sector advances by December 31, 2021. Five banks have already achieved their December 2021 targets. The best performing banks in this regard were Albaraka Bank followed by Meezan Bank and Dubai Islamic Bank. He highlighted that as of December 17, 2021, banks have lent Rs. 321 billion which is Rs. 173 billion more than their financing as of June 30, 2020, reflecting a growth of 117 percent since June 2020. He praised Bank Al Habib, National Bank, and Bank Alfalah for a significant increase in their housing and construction finance portfolio since June 2020 till date.

    In conclusion, Governor Baqir expressed SBPs confidence that the banking industry will continue to pace up its performance rapidly to meet the objectives of Mera Pakistan Mera Ghar and to reach targets mandated for Housing and Construction Finance.

    READ MORE: Meezan Bank becomes pioneer in Sharia financing for low cost housing

    The MPMG event also witnessed speeches from Senator Shaukat Tareen, Adviser to Prime Minister on Finance & Revenue, and Lt Gen Anwar Ali Hyder, Chairman NAPHDA. The Finance Adviser reiterated the Government commitment to MPMG and assured banks to provide all needed support. Chairman NAPHA requested banks to demonstrate commitment in providing housing finance to individuals in NAPHDAs LDA City and Peri Urban projects.

  • 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.

  • 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…)
  • Petrol price reduces to Rs140.82 per liter

    Petrol price reduces to Rs140.82 per liter

    ISLAMABAD: The government on Wednesday decided to reduce the prices of petroleum products for next fortnight considering the fall in international oil prices.

    The government has not passed on the all the benefit of fall in international oil prices as it enhanced sales tax rates. However, the government kept the petroleum levy unchanged. The prices are applicable from December 16, 2021.

    Price on petrol cut by Rs 5 to Rs 140.82/ltr

    Price on diesel cut by Rs 5 to Rs 137.62/ltr

    Petroleum levy on petrol and diesel remained unchanged at Rs 13.62 and Rs 13.14.

    Sales tax on petrol raised from 1.63 per cent to 4.77 per cent. Ssles tax on diesel raises from 7.37 per cent to 9.08 per cent

    FBR hikes sales tax rates on petroleum products
  • 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.

  • 4th draw of Rs25,000 premium prize bonds announced

    4th draw of Rs25,000 premium prize bonds announced

    Central Directorate of National Savings (CDNS) has held Fourth draw of Rs25,000 denomination prize bonds (premium or registered) and announced Rs30 million as first prize to the bond number (016253) and (067408).

    The prize bond draw was held at Quetta on December 10, 2021.

    Five bonds i.e. (038203), (171265), (551833), (655804) and (916353) have been awarded Rs10 million each as the second prize.

    Whereas 700 prizes of Rs300,000 each to the following numbers of prize bonds:

    Please click the link to check the numbers.

  • 19th draw of Rs40,000 premium prize bonds announced

    19th draw of Rs40,000 premium prize bonds announced

    Central Directorate of National Savings (CDNS) has held 19th draw of Rs40,000 denomination prize bonds (premium or registered) and announced Rs80 million as first prize to the bond number (953829).

    The prize bond draw was held at Lahore on December 10, 2021.

    Three bonds i.e. (366951), (599135) and (629631) have been awarded Rs30 million each as the second prize.

    Whereas 660 prizes of Rs500,000 each to the following numbers of prize bonds:

    Please click the link to check the numbers.

  • Prize Bonds (bearer) expire by this month

    Prize Bonds (bearer) expire by this month

    National prize bonds (bearer or unregistered) are expiring this month and the bills will become a useless piece of paper after December 31, 2021.

    The government has set a deadline of December 31, 2021, to withdraw bearer bonds with denominations of Rs7,500, Rs15,000, Rs25,000, and Rs40,000.

    READ MORE: History of Prize Bonds in Pakistan

    The holders of these bonds have been asked to exchange or convert those bills before the cutoff date.

    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.

    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.

    READ MORE: Income tax on prize bonds, lottery winning

    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.

    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.

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

    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.

    Following the announcement to discontinue the bearer bonds the investments in premium prize bonds recorded a phenomenal surge.

    The investment in premium prize bonds increased to Rs54.5 billion by the end of October 2021 as compared with Rs20.54 billion in the same month of the last year, showing an increase of 169 per cent.

    READ MORE: Date extended for exchanging bearer prize bonds

  • PM Imran launches landmark Karachi BRTS project

    PM Imran launches landmark Karachi BRTS project

    KARACHI: Prime Minister Imran Khan on Friday launched Green Line Bus Rapid Transport System (BRTS) project, which will facilitate around 135,000 commuters of Karachi city.

    The BRTS is a landmark project worth Rs.35.5 billion as it will provide facility to Karachi’s Western and Central Districts commuters.

    The Green Line BRTS system, which included 21 stations along with ticketing rooms, escalators and stairs, also had the facility of backup generators to ensure uninterrupted supply of electricity.

    Ministry of Planning, Development and Special Initiatives got this federal government project through Sindh Infrastructure Development Company (SIDCL).

    Prime Minister Imran Khan while addressing the inaugural ceremony said that as any modern city cannot be successfully run without a modern transport system, the Green Line project will help fulfill modern day transportation requirements of the residents of Karachi.

    Describing Karachi as an “engine of growth” for the country, he said, the prosperity of Karachi was considered as the prosperity of Pakistan.

    The Prime Minister said that with every country having a city including London in UK, Paris in France and New York in the United States contributed in country’s development and prosperity, the success Karachi will also help Pakistan achieve progress and prosperity.

    He described the federal government’s Green Line project as first step towards the modernization of Karachi in terms of transport, adding, governments in the past did not focus on modern transportation system for the mega city.

    Prime Minister Imran Khan said that since he was seeing Karachi for the last 50 years, he had also seen this mega city transforming from “a city of lights” to “ruins” due to lack of management support system.

    He said that despite sanctions on Iran, its capital Tehran had become a modern and prosperous city with all civic facilities due to modern management system like any capital of the developed countries including London, Paris and New York.

    The Prime Minister said that Tehran, which did receive any funds from the public sector development program like in Pakistan, its collects and generates around US $ 500 million [per annum] in local revenue as against Karachi which might be collecting something around US $ 30 million.

    PM Imran launches incentive program for remittances