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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.

  • 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
  • Dollar makes new high of Rs176.77 at interbank closing

    Dollar makes new high of Rs176.77 at interbank closing

    KARACHI: The US dollar recorded a new high at Rs176.77 against the Pak Rupee (PKR) at the closing of the Interbank foreign exchange market on Friday.

    The dollar gained 35 paisas against the previous day’s closing of Rs176.42 in the interbank foreign exchange market. The dollar made a new peak just after a day reaching the historic high.

    Currency experts said that the high trade deficit and decline in foreign exchange reserves were major reasons behind the massive fall in rupee value.

    The official reserves of the State Bank fell by $244 million to $16.01 billion by the week ended November 26, 2021 as compared with $16.254 billion a week ago.

    The import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

    The exports of the country also grew at 27 per cent but much lower than the pace in the growth of the import bill during the period under review. The exports of the country increased to $12.34 billion during July – November 2021/2022 as compared with $9.74 billion in the same period of the last fiscal year.

    Earlier in the day the US dollar has breached the level of Rs177 to make a new record high during intraday trading. The exchange rate reached at Rs177.30 to the dollar during midday trading in the interbank foreign exchange market.

    Dollar makes new record high of Rs176.42 to Pak Rupee
  • FBR notifies promotion of senior IRS officers to BS-21

    FBR notifies promotion of senior IRS officers to BS-21

    The Federal Board of Revenue (FBR) has issued a notification (No. 2863-IR-I/2021) on Friday, officially announcing the promotion of several senior officers from the Inland Revenue Service (IRS) to BS-21 from their previous BS-20 positions.

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  • Pakistan’s trade deficit widens by 112% to $20.59 billion

    Pakistan’s trade deficit widens by 112% to $20.59 billion

    ISLAMABAD: Pakistan’s trade deficit ballooned by 112 per cent to $20.59 billion during the first five months (July – November) of the current fiscal year 2021/2022, according to official data released on Thursday.

    The trade deficit was at $9.72 billion in the same months of the last fiscal year, revealed by the data released by the Pakistan Bureau of Statistics (PBS).

    Pakistan’s import bill surged by 69.17 per cent to $32.934 billion during July – November 2021/2022 as compared with $19.468 billion in the same period of the last fiscal year.

    The exports of the country also exhibited by 26.68 per cent to $12.344 billion during the period under review as compared with $9.744 billion in the corresponding period of the last fiscal year.

    The country reported $4.963 billion as trade deficit for the month of November 2021. The trade deficit has swelled by 134 per cent in November 2021 as compared with the deficit of $2.121 billion in the same month of the last year.

    The import bill registered a phenomenal growth of 82.83 per cent to $7.847 billion in November 2021 as compared with $4.292 billion in the same month of the last year.

    The exports also grew by 33 per cent to $2.884 billion in November 2021 as compared with $2.171 billion in the same month of the last year.

    Pakistan’s import bill surges by 65% in four months
  • Pakistan stock exchange crashes; ends down 4.71%

    Pakistan stock exchange crashes; ends down 4.71%

    KARACHI: The Pakistan Stock Exchange (PSX) faced a severe downturn on Thursday, with the benchmark KSE-100 index plummeting by 2,135 points in response to unfavorable reports on the fiscal front.

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  • Dollar makes new record high of Rs176.42 to Pak Rupee

    Dollar makes new record high of Rs176.42 to Pak Rupee

    KARACHI: The US dollar on Thursday recorded a record high of Rs176.42 against Pak Rupee (PKR) at the closing of the Interbank Foreign Exchange Market.

    The rupee lost 94 paisas against the dollar from the previous day’s closing of Rs175.48 in the interbank foreign exchange market.

    Previously, the rupee recorded an all-time low of Rs176.20 on November 29, 2021.

    Currency experts said that higher imports and widening of trade deficit were the major reasons behind rupee deterioration.

    During the first five months of the current fiscal year, exports and imports reached $12.4 billion and $33.1 billion, respectively. The trade deficit jumped up by 117 per cent YoY during the first five months of the current fiscal year to $20.8 billion.

    The market was anticipating a recovery in the local unit after tightening of monetary policy stance by the State Bank of Pakistan (SBP) and signing for a Saudi support package for Pakistan. However, all these positive outcomes have failed to support the local currency.

    Dollar eases to Rs175.48 at interbank closing
  • 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
  • FBR issues new, revised tables of property valuation

    FBR issues new, revised tables of property valuation

    ISLAMABAD: The Federal Board of Revenue (FBR) announced on Wednesday, December 1, 2021, the updated valuation and revaluation of immovable properties in various cities across Pakistan. This move aims to align property values with current market trends, enhancing transparency and fairness in real estate transactions.

    (more…)
  • 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