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  • ICIJ shares Pandora Papers information with PMIC

    ICIJ shares Pandora Papers information with PMIC

    ISLAMABAD: The International Consortium of Investigative Journalists (ICIJ) has shared information related to the Pandora Papers with the Prime Minister’s Inspection Commission (PMIC), a statement said on Wednesday.

    It said that the investigation into Pandora Papers is now at a fairly advanced stage.

    In the first phase, PMIC collated information regarding the individuals and entities named in the Pandora Papers followed by a process of verification of details through the concerned governmental agencies and regulatory bodies.

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

    “During this process, contact was also established with the ICIJ, and the concerned journalists. They shared the information which was available with them,” it added.

    It is relevant to mention that, as opposed to the initial media reports that more than 700 individuals of Pakistan origin were linked with Pandora Papers; the number revealed to PMIC so far is considerably less. PMIC is now focusing on these persons and undertaking necessary assessment as per its Terms of Reference.

    READ MORE: PM task force initiates proceedings in Pandora papers

    Relevant information regarding the individuals, their financial interests and transactions is being thoroughly examined. In order to ensure impartiality and completeness of exercise in all respects, it has been decided not to place information regarding any individual in public domain before concluding the investigation.

    It has further been decided to allow sufficient opportunity to the individuals concerned to clarify their position. All persons, including present and past holders of public office who have been named in the Pandora Papers, are being formally contacted for their version and contention.

    READ MORE: PMIC initiates action against 50 individuals, entities

    The proceedings are being conducted in a manner so as to avoid speculation, media hype and possibility of harassment especially in the case of private persons and businessmen.

    PMIC is satisfied that the task is being completed in an objective manner and a comprehensive report substantiated through data and documents would be completed soon.

    It is reiterated that no adverse inference will be drawn against any individual or entity without first formally placing on record their version or clarification.

    The final report will include a way forward and preferred actions for different categories and sets of persons besides recommendations for system improvement through enhanced transparency and accountability.

    PMIC acknowledges the cooperation and assistance extended by all concerned which helped in streamlining the information gathering, compilation, verification and the evaluation.

  • Pakistan establishes Afghanistan relief fund

    Pakistan establishes Afghanistan relief fund

    ISLAMABAD: Pakistan on Wednesday established a fund namely ‘Afghanistan Relief Fund’ to provide humanitarian assistance to Afghanistan.

    According to a notification issued by the Finance Division, all proceeds on account of ‘Afghanistan Relief Fund’ and payment into the aforesaid fund will be received at all branches of State Bank of Pakistan, all treasuries and branches of National Bank of Pakistan and all other scheduled banks.

    READ MORE: Pakistan donates 50,000MT wheat to Afghanistan

    The finance division said that the fund may receive donations from both domestic, international donors and contributions from aboard which will be received at all the branches of above referred banks where such branches are existing. “In other foreign countries contributions will be received at Pakistan missions and remitted to the State Bank of Pakistan, which would prescribe necessary procedure for their accounting.”

    All proceeds received in the name of the fund will be credited to the public account of the federal government under following head of account:

    Major object: G12: Special deposit fund

    Minor Object: G121: relief fund

    Detailed Object (New): G12163: Afghanistan Relief Fund

    The finance division said that accounts of the fund would be maintained by Accountant General of Pakistan Revenue, Islamabad and Fund will be administered by the ministry of economic affairs in consultation with the finance division.

    READ MORE: FBR rebuts currency smuggling to Afghanistan

  • FBR hikes sales tax rates on petroleum products

    FBR hikes sales tax rates on petroleum products

    The Federal Board of Revenue (FBR) has issued a notification, SRO 1579(I)/2021, announcing revisions in the sales tax rates on various petroleum products, excluding petrol.

    (more…)
  • Pakistan, Saudi Arabia sign agreement for employment

    Pakistan, Saudi Arabia sign agreement for employment

    ISLAMABAD: A deal has been signed on Sunday by Pakistan and Saudi Arabia for certification and employment of Pakistani skilled workforce through Takamol and NAVTTC.

    The agreement was signed by Minister for Federal Education and Professional Training, Shafqat Mahmood from the Pakistan side, and Dr. Ahmad Jabbar Al Yamni, from Saudia Arabia Takamol side.

    The Agreement signing ceremony took place at the Ministry of Human Resources and Social Development, Saudi Arabia and it was witnessed by senior officials of both countries.

    READ MORE: Saudi Arabia allows direct entry from Pakistan

    This important cooperation between both countries has a far-reaching impact for enhancing the employment opportunities for the skilled Pakistani workforce by joint certification and testing by Takamol Saudi Arabi and NAVTTC National Vocational and Technical Training Commission Pakistan.

    This will also safeguard the existing Pakistani workforce in Saudi Arabia. In order to facilitate the Pakistani expatriate workforce, NAVTTC under the leadership of Shafqat Mahmood, Minister for Federal Education and Professional Training, Chairman NAVTTC Syed Javed Hassan and Executive Director NAVTTC Sajid Baloch worked hard to achieve this hallmark far-reaching Agreement between NAVTTC and Takamol.

    It is expected that millions of Pakistani skilled workers will get gainful employment opportunities with higher earning as a result of the efforts of the Government of Pakistan.

    READ MORE: Saudi Arabia places $3bn with Pakistan’s central bank

    Under this partnership, NAVTTC, National Vocational and Technical Training Commission Pakistan and Takamol, a subsidiary of the Government of Saudi Arabia are establishing the testing regime under the Skills Verification Program, by exchanging the NOS (National Occupational Standards) and facilitating skill verification of candidates through competency-based assessment (Theory & Practical) at exam Centers in Pakistan for candidates desirous of working in the Kingdom of Saudi Arabia.

    This will enable the Pakistani skill workforce to have authentic and internationally recognized joint certification by both Takamol Saudi Arabia and NAVTTC Pakistan, through the Recognition of Prior Learning (RPL) assessment.

    READ MORE: Pakistan, Saudi Arabia agree to strengthen economic ties

    The Ministry of Human Resource and Social Development of the Kingdom of Saudi Arabia (KSA) has introduced Skill Verification Program (SVP) implemented from July 2021 in order to regulate its labor market. After the implementation of SVP in KSA, skill verification has become necessary for the Pakistani skilled workers, who intend to have employment in Saudi Arabia.

    It is important to note that the largest number of Pakistani expatriate workforce is based in Saudi Arabia, who contribute substantially to Pakistan’s economy through foreign remittances.

    Most of the present Pakistani workforce in KSA fall in the category of un-skilled or semi-skilled labor, which means reduced remunerations and it also impacts remittances negatively.

    Moreover, in the changing scenario of labour laws and dynamics of the labor market overseas, a large number of Pakistani skill workforce require skills certification as presently they face non-recognition of their qualifications, skills and certification.

    This cooperation will help a large number of these workers, also leading to national productivity and development.

    Pakistan, Saudi Arabia agree to enhance duty, tax cooperation
  • Timelines for CPEC projects should be adhered to: PM

    Timelines for CPEC projects should be adhered to: PM

    ISLAMABAD: Prime Minister Imran Khan on Wednesday emphasized that timelines specified for completion of China-Pakistan Economic Corridor (CPEC) should be adhered to.

    Prime Minister Imran Khan chaired a high level meeting to review progress on CPEC projects.

    The Prime Minister emphasized that timelines specified for completion of CPEC projects should be adhered to. He said that Government of Pakistan is fully committed to provisions of CPEC agreements.

    The Prime Minister stated that China has been a time-tested friend of Pakistan and that the Government accords high priority to implementation and operationalization of CPEC projects.

    The Prime Minister highlighted that continuity of policies is essential for long-term projects in order to achieve maximum benefits for the country.

    Earlier, SAPM on CPEC Affairs Khalid Mansoor briefed the meeting about updated status of CPEC projects.

    The meeting was attended by Federal Ministers Muhammad Hammad Azhar, Ali Haider Zaidi, Asad Umar, Advisor Finance Shaukat Fayaz Tarin, Advisor Commerce Abdul Razaq Dawood and senior officers.

    PM Imran launches incentive program for remittances
  • President gives assent to bills passed by Parliament

    President gives assent to bills passed by Parliament

    ISLAMABAD: The President of Pakistan, Dr. Arif Alvi has accorded assent to the bills that were passed by the National Assembly – Parliament on November 17, 2021, a statement said on Wednesday.

    On the summaries initiated by National Assembly Secretariat and on the advice of the Prime Minister, the President of Pakistan has accorded his assent to the following Bills, in terms of Article 75 of the Constitution of the Islamic Republic of Pakistan, 1973:-

    (i) The Privatization Commission (Amendment) Bill, 2021

    (ii) The Port Qasim Authority (Amendment) Bill, 2021

    (iii) The Islamabad Capital Territory Prohibition of Corporal Punishment Bill, 2021

    (iv) The International Court of Justice (Review and Re-Consideration) Bill, 2021

    (v) The SBP Banking Services Corporation (Amendment) Bill, 2021

    (vi) The Corporate Restructuring Companies (Amendment) Bill, 2021

    (vii) COVID-19 (Prevention of Hoarding) Bill, 2021

    (viii) The Anti-Rape (Investigation and Trial) Bill, 2021

    (ix) The Islamabad Capital Territory Charities Registration, Regulation and Facilitation Bill, 2021

    (x) The Islamabad Rent Restriction (Amendment) Bill, 2021

    (xi) The Prevention of Corruption (Amendment) Bill, 2021

    (xii) The Federal Public Service Commission (Validation of Rules), Bill, 2021

    (xiii) The Loans for Agricultural, Commercial and Industrial Purposes Amendment) Bill, 2021

    (xiv) The National Vocational and Technical Training Commission (Amendment) Bill, 2021

    (xv) The Islamabad Capital Territory Food Safety Bill, 2021

    (xvi) The Emigration (Amendment) Bill, 2021

    (xvii) The Pakistan Academy of Letters (Amendment) Bill, 2021

    (xviii) The Gwadar Port Authority (Amendment) Bill, 2021

    (xix) The Companies (Amendment) Bill, 2021

    (xx) The Maritime Security Agency (Amendment) Bill, 2021

    (xxi) The Pakistan National Shipping Corporation (Amendment) Bill, 2021

    (xxii) The Financial Institutions (Secured Transactions) (Amendment) Bill, 2021

    (xxiii) The University of Islamabad Bill, 2021

    (xxiv) The Al-Karam International Institute Bill, 2021

    (xxv) The National College of Arts Institute Bill, 2021

    (xxvi) The Hyderabad Institute for Technology and Management Sciences Bill, 2021

    (xxvii) Regulation of Generation, Transmission and Distribution of Electric Power (Amendment) Bill, 2021

    (xxviii) The Provincial Motor Vehicles (Amendment) Bill, 2021

    (xxix) The Unani, Ayurvedic and Homeopathic Practitioners (Amendment) Bill, 2021

    (xxx) The Muslim Family Laws (Amendment) Bill, 2021

    (xxxi) The Muslim Family Laws (Second Amendment) Bill, 2021

    The above Bills have been passed by the Majlis-e-Shoora (Parliament) under clause (3) of Article 70 of the Constitution in joint sitting held on November 17, 2021.

    President Alvi orders State Life to pay death insurance
  • Habib Bank, Meezan Bank directed to pay fraud victims

    Habib Bank, Meezan Bank directed to pay fraud victims

    ISLAMABAD: The President of Pakistan, Dr. Arif Alvi has directed Habib Bank Limited and Meezan Bank to pay victims of bank fraud. The President rejected the representation of the banks and upheld the decision of Banking Mohtasib (Ombudsman).

    President Dr Arif Alvi has provided relief to 6 different victims of bank fraud by upholding the decisions of the Banking Mohtasib ordering private banks to refund a collective sum of over Rs 827,000 to the accountholders.

    The President rejected 05 different representations of Habib Bank Limited (HBL) and 01 representation of Meezan Bank Limited against the decisions of Banking Mohtasib directing them to make good the loss of the victims of bank fraud by crediting the lost money to their individual bank accounts.

    As per the details of the cases, Muhammad Pervaiz Khan, Kashif Latif, Naimat Ali, Intezar Ahmed, Ms Asia Manzoor, and Mohsin Shabbir (the complainants) had been maintaining their individual bank accounts with HBL.

    They received calls from unknown numbers and the callers posed as bank officials and asked them to share their personal credentials which they did. The callers managed to defraud Pervaiz Khan of Rs 333,300, Latif of Rs 140,000, Naimat of Rs 137,489, Intezar of Rs 119,848, Ms Asia of Rs 78,780 and Shabbir of Rs 20,108 by fraudulently transferring funds from their bank accounts.

    Afterward, they received alerts about hefty amounts being withdrawn from their bank accounts. The complainants approached the bank to get their defrauded amounts refunded, however, they were not given any relief.

    Later, the complainants approached the Banking Mohtasib individually to seek redressal of their complaints. The Banking Mohtasib in its decision wrote that the bank had activated fund transfer service i.e., IB/EFT channel by default without informing the complainants and had not divulged the pros and cons of the “fund transfer” facility in terms of Section 30 of Payment System and Electronic Fund Transfer Act-2007.

    It noted that since the facility was unsolicited, therefore, any financial loss in this regard cannot be categorized as “customer liability”.

    It further observed that had IB/EFT channel not been made operational by the bank, the complainants could have avoided the financial loss.

    The Banking Mohtasib held that the bank could not produce any evidence to the effect that it had complied with the provisions of law, rules and regulations and ordered the bank to refund the defrauded money to the complainants.

    Subsequently, the banks filed representations with the Honorable President against the decisions of the Mohtasib.

    The President in his decision observed that the banks were given ample opportunity to defend and controvert the claims of the complainants, however, they failed to provide any justification to upset the orders of the Mohtasib.

    “The Banks failed to discharge their duty and the legal responsibility cast upon them under the law”, the President noted while rejecting the appeals as being devoid of any merit.

    President Alvi rejects MCB Bank’s appeal in fraud case
  • Govt. keeps petroleum prices unchanged

    Govt. keeps petroleum prices unchanged

    ISLAMABAD: The government Tuesday decided to keep the prices of petroleum products unchanged for the next fortnight till December 15, 2021.

    A notification said that the prices of petroleum products will be the same as notified on November 15, 2021.

    Petrol would be sold at Rs145.82 per liter; High-Speed Diesel at Rs142.62 per liter; kerosene oil at Rs116.53 per liter and light diesel oil at Rs114.07 per liter, according to a press statement issued by the finance ministry here.

    Petroleum prices kept unchanged for next fortnight
  • PM adviser stresses need to rationalize salaries

    PM adviser stresses need to rationalize salaries

    ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, on Tuesday stressed the need to rationalize salaries, allowances, and perks.

    Tarin was addressing a virtual meeting of the Pay and Pension Commission.

    The Commission is headed by Zafar Ahmed Khan and is composed of senior professionals from public and private sectors as well as serving Federal and Provincial Secretaries, AJK and GB and other senior officers of the governments also attended the meeting.

    Speaking on the occasion, the Adviser underscored that current model for pay and pension is not sustainable and there is a need to rationalize the salaries, allowances, perks etc. on the basis of performance and quality work.

    The performance of the employees may be assessed on the basis of setting targets and KPIs and simultaneously best performers may be compensated with rewards.

    The Adviser stressed for removal of anomalies in basic pay structure and suggested a uniform basic pay structure for all the organizations. He suggested for the adoption of internationally accepted practices in the matter of pensions.

    Tarin emphasized that there is a need to work out ranges for linking compensation with performance. This will ensure meritocracy in the recruitment and result in improved service delivery in the public sector.

    The Adviser further extended his full support and cooperation to the Commission.

    Chairman, Pay and Pension Commission thanked Adviser to the PM on Finance and Revenue for his keen interest and ownership of the work of the Pay and Pension Commission. He assured that the Commission will do its best to come up to the expectations of the Government and would present an actionable set of recommendations to the Government for rationalizing the pays of the public servants.

    Withholding tax rates on salary income for 2021-2022
  • KSA extends oil on deferred payments to Pakistan

    KSA extends oil on deferred payments to Pakistan

    ISLAMABAD: The Kingdom of Saudi Arabia (KSA) has signed an agreement to extend an oil facility of $100 million per month for one year to Pakistan on deferred payments.

    Sultan bin Abdulrahman Al-Marshad, CEO of Saudi Fund for Development (SFD) exchanged the Financing Agreement with Omer Ayub Khan, Minister for Economic Affairs for the Import of Saudi Goods on Monday.

    Talking on the occasion, Minister for Economic Affairs stated that Pakistan values the bilateral and brotherly relations with the Kingdom of Saudi Arabia and thanked KSA for extending support for implementing the infrastructure and energy projects in Pakistan.

    KSA helped Pakistan generously during the earthquake of 2005. Both the countries signed projects worth $500 million during the visit of the Prime Minister of Pakistan to the Kingdom in May this year. As per the Financing Agreement, the SFD will extend the financing facility up to $100 million per month for one year for the import of crude oil and petroleum products from Saudi Arabia, which will be extended for another year.

    The CEO, SFD stated that Saudi Arabia holds relations with Pakistan in the highest esteem and assured to extend full support for the implementation of development projects in Pakistan. Both sides expressed their strong commitment to enhancing bilateral economic relations in the future.

    SBP signs $3bn deposit agreement with Saudi Fund