Karachi, January 31, 2024 – The Federal Board of Revenue (FBR) has exceeded expectations by collecting a staggering Rs 5.15 trillion in the first seven months (July – January) of the fiscal year 2023-24, surpassing the assigned target of Rs 5,115 billion.
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Find top stories in this section. Pakistan Revenue brings you the latest and most important news from Pakistan and around the world, keeping you informed with key updates and insights.
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SBP Slaps Rs 140.69M Regulatory Penalty on United Bank Limited
Karachi, January 31, 2024 – The State Bank of Pakistan (SBP) has taken stern action against United Bank Limited (UBL), imposing a regulatory penalty amounting to Rs 140.69 million for alleged violations of regulatory instructions throughout the calendar year 2023.
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Petroleum Levy Collection Skyrockets by 166% in 1HFY24
Karachi, January 31, 2024 – The collection of petroleum levy in Pakistan has experienced an unprecedented surge, witnessing a remarkable increase of 166 percent during the first half (July – December) of the current fiscal year, as reported by data released by the Ministry of Finance.
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SBP Announces 100% Advance Import Payment Approval
Karachi, January 30, 2024 – In a significant move aimed at facilitating trade and commerce, the State Bank of Pakistan (SBP) has granted approval for 100 percent advance payment for imports.
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Foreign Selling Continues: KSE-100 Index Plunges by 932 Points
Karachi, January 30, 2024 – The Pakistan Stock Exchange (PSX) faced a significant setback today as the benchmark KSE-100 index plummeted by 932 points amid persistent foreign selling, marking a second consecutive day of substantial declines.
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Pakistan Improves Tax-to-GDP Ratio to 4.56% in 1HFY24
Karachi, January 30, 2024 – Pakistan has made significant strides in fiscal management as the tax-to-GDP ratio rose to 4.56 percent during the first half (July – December) of the fiscal year 2023-24, according to recent data released by the Ministry of Finance.
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SBP Launches Art Competition for New Banknote Series
Karachi, January 30, 2024 – In a bid to infuse creativity and innovation into the national currency, the State Bank of Pakistan (SBP) has announced an art competition inviting local artists, designers, and art students to contribute their ideas for the upcoming new series of banknotes.
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Mobilink Bank Faces Rs 35.11M Penalty for AML Breach
Karachi, January 30, 2024 – Mobilink Microfinance Bank Limited is facing the repercussions of breaching Anti-Money Laundering (AML) and Combating of Terror Financing (CFT) regulations, as the State Bank of Pakistan (SBP) has imposed a substantial penalty of Rs 35.11 million.
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Pakistan Fines 10 Banks Rs 465 Million for Regulatory Violations
Karachi, January 29, 2024 – In a significant move to uphold regulatory compliance in the banking sector, Pakistan has imposed a substantial monetary penalty totaling Rs 465 million on 10 commercial banks.
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Pakistan’s Budget Deficit Widens to 2.3% in 1HFY24
Karachi, January 29, 2024 – The Ministry of Finance in Pakistan has announced that the budget deficit for the first half of the fiscal year 2023-24 (July to December) has expanded to 2.3% of the Gross Domestic Product (GDP).
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