Nov 28

SBP withdraws NADRA Verisys for activation of dormant bank accounts

KARACHI: State Bank of Pakistan (SBP) has abolished NADRA verisys for activation of dormant bank accounts. The central bank on Monday issued a circular to amend “ANTI-MONEY LAUNDERING, COMBATING THE FINANCING OF TERRORISM & COUNTERING PROLIFERATION FINANCING (AML/ CFT/ CPF) REGULATIONS FOR STATE BANK OF PAKISTAN’S REGULATED ENTITIES (SBP-REs).” READ MORE: Pakistan rebuts reports of […]

by Faisal Shahnawaz

Total bank accounts in Pakistan grow to 66.13 million

Jun 18

Money & Banking, National, Top stories

Total bank accounts in Pakistan grow to 66.13 million

KARACHI: The number of bank accounts in Pakistan increased to 66.13 million by end of March 2022, showing a jump of 6.66 per cent when compared with 62 million bank accounts by end of same month last year, according to data released by the State Bank of Pakistan (SBP). It is interesting to note that […]

by Hamza Shahnawaz

Tax officials barred from direct freezing bank accounts

Feb 13

Taxation, Top stories

Tax officials barred from direct freezing bank accounts

KARACHI: The Sindh government has barred the officials of provincial tax authorities from freezing bank accounts for making tax recovery without approval. The Sindh government issued a standing order dated February 10, 2022 regarding recovery of tax due through bank attachment under section 66 of the Sindh Sales Tax on Services Act, 2011. READ MORE: […]

by Faisal Shahnawaz

FPCCI criticizes restoring bank account freezing powers

Oct 13

Trade & Industry

FPCCI criticizes restoring bank account freezing powers

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday expressed serious reservations over restoration of powers to officers of Inland Revenue (IR) in freezing bank accounts without approval. FPCCI President Mian Nasser Hyatt Maggo recorded his strong reservations on the attachment of bank account under section 140 of the income tax ordinance, […]

by Mrs. Anjum Shahnawaz

SBP enables account opening through digital channels

Sep 15

Money & Banking

SBP enables account opening through digital channels

KARACHI: The State Bank of Pakistan (SBP) on Wednesday said with the rapid growth in adoption of electronic banking channels, especially amidst the COVID-19 pandemic, the demand from bank and customers for digital financial transactions have increased manifold. Based on the success of the Roshan Digital Account framework, State Bank of Pakistan (SBP) has now […]

by Hamza Shahnawaz

Finance Act, 2021: Taxpayers given three months to update business bank accounts

Jun 30

Budget 2021-2022

Finance Act, 2021: Taxpayers given three months to update business bank accounts

ISLAMABAD: Declaring business bank accounts has become mandatory from July 01, 2021 otherwise a monetary penalty would be imposed. However, taxpayers have been given to update their registration profile along with business bank accounts up to September 30, 2021. According to the Finance Act, 2021 a new definition has been included in the Income Tax […]

by Mrs. Anjum Shahnawaz

FBR advised to withdraw powers of freezing bank accounts for tax recovery

May 29

Budget 2020-2021, Taxation

FBR advised to withdraw powers of freezing bank accounts for tax recovery

KARACHI: Federal Board of Revenue (FBR) has been advised to withdraw powers of tax officials related to freezing bank accounts for tax recovery. Karachi Chamber of Commerce and Industry (KCCI) in its budget proposals for 2020/2021 submitted to the FBR highlighted provisions of Income Tax Ordinance, 2001 regarding accessing bank accounts for tax recovery. Under […]

by Mrs. Anjum Shahnawaz

FTO committee expresses distress over tax recovery from bank accounts

Dec 7

Taxation

FTO committee expresses distress over tax recovery from bank accounts

ISLAMABAD: The advisory committee of the Federal Tax Ombudsman (FTO) has expressed distress over attachment of bank accounts and coercive recovery by Federal Board of Revenue (FBR) from bank accounts of taxpayers. A meeting of the advisory committee of the FTO was held recently and discussed various issues related to refunds and coercive recovery of […]

by Mrs. Anjum Shahnawaz

SBP issues regulations for banks to open accounts of retail merchants

Nov 1

Money & Banking

SBP issues regulations for banks to open accounts of retail merchants

KARACHI: State Bank of Pakistan (SBP) on Friday launched rules and regulations for allowing banks to open bank accounts for retail merchants on soft conditions. According to objectives of regulations issued by the central bank, to outline minimum due diligence requirements for on-boarding merchants based on simplified due diligence process. Further, to facilitate in on-boarding […]

by Mrs. Anjum Shahnawaz

About 7.65 million bank accounts still require biometric verification for AML/CFT compliance

Oct 31

Money & Banking

About 7.65 million bank accounts still require biometric verification for AML/CFT compliance

KARACHI: Around 7.65 million bank accounts are still unverified till June 30, 2019. The verification of bank accounts is mandatory through biometric system in order to mitigate risks of money laundering and terror financing. The State Bank of Pakistan (SBP) in Annual Performance Review 2018/2019 issued on October 30, 2019, said that around 86 percent […]

by Mrs. Anjum Shahnawaz