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Tag: coronavirus

  • Prolonged industry closure to be harmful: FPCCI

    Prolonged industry closure to be harmful: FPCCI

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the apex trade body of the country, urged the authorities to evolve strategy of functioning business activities during lockdown to prevent spread of coronavirus.

    FPCCI President Mian Anjum Nisar, while criticizing arrest of businessmen urged the relevant authorities to take serious notice of the situation.

    He also urged to devise Standard Operating Procedures (SOPs) to the trade and industry for smooth functioning as the economy of Pakistan may not face prolonged closure of the industry that will be harmful for the entire nations.

    He expressed serious concern over unfavorable behavior towards the trade and industry that are supporting the government to ensure economic sustainability in this crises where every segment of economy is suffering.

    He said that legal/representative forums are available to complaint against violation by any member of the business community. On the other hand the entire trade and industry has assured to the government for economic progress despite various challenges due to prevailing condition under COVID-19.

    However, such attitude discourages commercial activities to support the government policies and programs.

    Mian Anjum Nisar President FPCCI seriously expressed his concern over the arrest/detention of a member of the business community and termed it a discouraging environment for businesses where the industry is facing lot of challenges to compete and complete exports order that Pakistan needs to continue to bring foreign exchange through exports.

    He further told that the exporters are losing orders, nearly 70 percent export orders has been cancelled due to global environment and for completing remaining 30 percent we need to function smoothly adherence to health precautionary measures.

    But under such circumstances where industry has to be closed, no lay off labors, no facility for shipments, cash flow, banking and market obligation, how all these requirements could be met out when the authorities and agencies creating such problems of harassment and arrest/ detention of industrialists.

    He stated that at this time of global crises where most of the countries are losing trade and facing drastic decline in exports the government should follow policies that are favourable to industry and avoid from strict actions against trade and industry of the country.

    Those are following precautionary, safety and security measures at their factories to protect the environment from spread of virus may be supported uninterrupted production activities.

  • APTMA demands deferment of utility bills, interest payment

    APTMA demands deferment of utility bills, interest payment

    KARACHI: All Pakistan Textile Mills Association (APTMA) has demanded the government of granting deferment of utility bills and interest payment against loans as industry was facing acute liquidity shortage.

    APTMA Chairman Zahid Mazhar emphasized that currently there is an acute shortage of liquidity and it is impossible for the mills to pay the utility bills.

    He requested the government to come to the rescue and immediately announce the deferment of payment of gas and electricity bills by the industry for a period of at least one month.

    He further demanded deferment of payment of interest on short term loans for at least three months. He also pointed out the dire need to immediately bring down the rate of interest to 5 percent.

    Zahid Mazhar, appreciated all the positive steps the provincial and federal governments have under taken to control wide spread of Coronavirus (COVID-19) Pandemic and to combat its adverse impact.

    He said that due to drastic slowdown of domestic as well as international markets and delay in receipt of payment from them in addition to cancellation of export orders even from big organizations and large scale buying houses, export oriented textile industry is facing worst ever liquidity crisis.

    He said the Coronavirus (COVID-19) Pandemic is having extremely negative impact on Pakistan’s economy. Though the government has taken some positive steps like deferring loan repayments and speeding up of refunds but it will fall far short of keeping the industry afloat.

    He further said that drastic situation needs drastic measures to be taken to save our export oriented textile industry from the negative economic impact of Novel Coronavirus (COVID-19) as it is showing adverse impact on exports.

    He demanded the government to provide immediate relief in the best interest of industry, economy and the people as the impact of slowing of economy and lockdown can only be shielded by the industry for a month or two beyond which there will be no capacity to retain workers leading to massive unemployment.

    He requested the Government of Sindh to allow running of those textile mills which have labour residing within their residential colonies as well as those export oriented units which have export orders in hand.

  • SBP exempts service charges on payment made to PM Corona Relief Fund

    SBP exempts service charges on payment made to PM Corona Relief Fund

    KARACHI: State Bank of Pakistan (SBP) has exempted services charges on donations made to Prime Minister Corona Relief Fund through payment cards.

    The SBP in a statement on Tuesday said that it previously issued a circular on August 06, 2018 on Service Charges on Donations/ Payments to Supreme Court of Pakistan’s Diamer Bhasha and Mohmand Dam Fund through Payment Cards.

    In this regard, it has been decided that the scope of the Circular would also cover Payments/Donations made to the Prime Minister’s as well as provincial governments’ Covid19 Pandemic Relief Funds.

    Accordingly, all issuing and acquiring banks in Pakistan shall not charge any service fee including Interchange Reimbursement Fee (IRF), Merchant Discount Rate (MDR), Merchant ID Fee, on boarding fee or any other fee that may be applicable on any transactions made to the said account.

    The issuing and acquiring banks/microfinance banks/payment schemes are advised to meticulously comply with these instructions.

  • SBP relaxes loan conditions for hospitals combating coronavirus

    SBP relaxes loan conditions for hospitals combating coronavirus

    KARACHI: State Bank of Pakistan (SBP) on Monday further relaxed conditions for refinance facilities for hospitals that are engaged in combating the coronavirus (COVID-19).

    The central bank in a statement said that since the outbreak of COVID‐19, the SBP has taken a number of measures to support the economy. One of the earliest measures taken by SBP was to support the hospitals, which have been at the fore front in combating the disease, by providing them a facility to meet their financial needs namely the SBP Refinance Facility to Combat COVID‐19 (RFCC) on March 17, 2020.

    Since then SBP received several suggestions by stakeholders to further improve it. Keeping in view such suggestions, SBP has provided more flexibility under RFCC to facilitate the health sector further.

    Hospitals and medical centres engaged in fight against COVID‐19 will now be allowed to avail financing against their existing equipment and purchase of refurbished equipment as well, provided the same are used in creation of special facility/isolation ward to deal with COVID‐19.

    Moreover, maximum coverage of 60 percent of civil works for setting up separate /isolation facility, has also been enhanced to 100 percent. Banks have been directed to ensure that financing extended under this facility is utilized for the intended purpose.

    It is believed that above changes would help hospitals/medical centres avail SBP’s refinance facility with much ease.

  • SBP sets up direct helpline to facilitate banking consumers

    SBP sets up direct helpline to facilitate banking consumers

    KARACHI: State Bank of Pakistan (SBP) has facilitated consumers of banks by setting up direct helpline for quick disposal of complaints amid difficult situations due to coronavirus.

    In a statement issued on Monday, the central bank said it had taken additional measures to facilitate bank customers that are faced with extraordinary challenges arising out of COVID-19 situation in the country.

    They can now approach SBP through its helpline service in case their queries or complaints are not being responded by banks.

    The SBP also encourages public to use digital payment services as much as possible to help banks providing their services with minimal staff to ensure their safety.

    SBP has taken notice of phone calls to banks’ customers by fraudsters seeking personal information taking advantage of the current conditions. Following are the details of measures taken.

    To facilitate banking consumers, SBP has advised all banks to ensure that their call centers/helplines are available 24/7 for instant customer support.

    Banking consumers are encouraged to approach banks through helpline for queries or lodging complaints. In case complainants do not get an appropriate response from banks, they may approach SBP helpline at 021-111-727-273, which will remain available during office hours.

    To cater to the needs of the public for facilitation and guidance, SBP has enhanced its helpline capacity by deploying more agents at its call center.

    The general public is encouraged to take appropriate safety measures in the context of the coronavirus and use alternate delivery channels where possible.

    SBP recognizes that the employees of banks and other financial institutions are providing services amid the difficult working conditions arising due to COVID-19.

    For the protection of bank employees and customers, work place safety and to meet the operational challenges in serving the bank customers, banks have been advised to implement guidelines issued by World Health Organization, the Government of Pakistan and the Provincial Governments in letter and spirit.

    Nevertheless, bank employees and customers still facing difficulties or having concerns over arrangements may bring this to the notice of SBP.

    For this purpose, queries, concerns, complaints may be emailed to SBP at [email protected].

    SBP has time and again advised the general public through various channels of communication not to disclose or share any personal information about their bank accounts or credit/debit cards including CNIC number, debit or credit card number, passwords, PINs and one-time password (OTP), etc. on incoming phone calls or messages.

    It has been brought to the notice of SBP that fraudsters, imitating as officials of SBP, bank or any other government agency, have been attempting to seek personal information from the public on the pretext of verification of account due to emergency conditions under COVID-19 pandemic.

    It is reiterated that SBP, banks or any other agency are not collecting information from banking customers regarding their bank accounts or cards.

    The SBP never asks for any personal information directly from bank customers. The general public is, therefore, advised again not to disclose personal information on incoming calls.

    Details of any such call or message received by the public may also be reported to SBP Helpline at 021-111-727-273 or emailed at [email protected]

  • Business community demands cut in tax rates to half for three months

    Business community demands cut in tax rates to half for three months

    KARACHI: Business community has demanded the government of reducing tax rates to half for at least three months in order to provide relief to industry and dilute impact of coronavirus.

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  • Customs directs shipping lines, agents to withdraw delay, detention charges

    Customs directs shipping lines, agents to withdraw delay, detention charges

    KARACHI: Pakistan Customs on Friday directed shipping companies and shipping agents to extend waiver of delay and detention charges during lockdown to contain coronavirus.

    Model Customs Collectorate (Enforcement &Compliance) Karachi issued instructions to chairman All Pakistan Shipping Association and chairman Pakistan Ship Agents Association to allow free time to importers.

    The customs authorities said that Pakistan is currently facing a great challenge to address the issue of spread of coronavirus outbreak.

    As a result of lockdown and restriction of movement of people / vehicle, the time duration of lifting the cargo from ports is exceeding the free-time as allowed to the importers under normal course of business.

    The FBR has already issued similar instructions to container terminal operators on March 31, 2020 to waive demurrage and detention charges in order to facilitate importers and trade community in difficult times.

    The collectorate said that considering the challenging scenario for importers and trade community the shipping lines and their agents should extend free-days in respect of container detention and not charge container detention charges and other charges in connection of late delivery of goods for the period from March 25, 2020 to April 16, 2020 in addition to free days already allowed by shipping lines and their agents.

  • Emirates uplifts record cargo from Pakistan amid coronavirus pandemic

    Emirates uplifts record cargo from Pakistan amid coronavirus pandemic

    DUBAI: Emirates SkyCargo completed an industry record uplift of 62 tonnes in a Boeing 777-300 operating from Karachi to Dubai, surpassing its own previous record of 56 tonnes achieved earlier in the week, a statement said on Thursday.

    Amid these unprecedented times in the wake of the COVID-19 pandemic, Emirates SkyCargo continues to underline its commitment to Pakistan by breaking not just one but two records last week to transport essential supplies.

    Exports from Pakistan included perishables like meat, fish and vegetables while imports were mainly pharmaceuticals, testing machines, other medical accessories, industrial machinery, drilling equipment and general courier.

    Given the current challenges with global air cargo capacity due to restrictions on passenger flights, Emirates SkyCargo continues to ensure that commodities such as food and medical supplies are transported to and from Pakistan with four weekly cargo flights each from Karachi and Lahore.

    The much needed capacity will help connect and reach essential commodities to places that need them most, keep global supply chains open, and support communities and businesses in Pakistan and worldwide.

    In recent weeks, Emirates SkyCargo has transported close to 100 tonnes of relief material, including hospital equipment to Milan, and over 55 tonnes of highly temperature-sensitive pharma to New York.

    In March and April, the cargo airline will operate nine charter freighters to Budapest to transport face masks and equipment. Emirates SkyCargo is also playing a vital role in transporting food across the Middle East, and its special flights from the subcontinent and Africa are bringing in tonnes of perishables to Dubai and onwards to other destinations within the Middle East.

    Nabil Sultan, Emirates’ Divisional Senior Vice President, Cargo said: “In these trying times, we more than ever stand by our commitment for Emirates SkyCargo to act as a conveyor belt for the transport of much needed commodities such as food and medicines and also for flying in equipment, machinery and other components which are vital for business continuity across essential industries in Pakistan.

    “As an extremely agile and customer-focused business, we have been able to establish a new network and schedule for our cargo operations within a very short period of time, utilising lower deck capacity on our wide-body Boeing 777 passenger aircraft which supplement the cargo capacity we offer on our freighter aircraft.

    “Additionally, in order to consolidate operations and reduce costs, we have also temporarily shifted all our cargo handling operations to Dubai International Airport (DXB). Taken together, we are making sure that we react more quickly to requests coming in from every part of the globe from our customers.”

    Emirates SkyCargo’s new flight schedule for its global cargo operations also includes cargo flights operated on its Boeing 777 passenger aircraft.

    These flights will offer around 40 tonnes of lower deck cargo capacity per flight and will supplement the cargo capacity being offered on Emirates’ fleet of freighters.

    These cargo only flights are scheduled to operate to over 30 destinations across the Middle East, Africa, Asia, Europe and Australia with a majority of destinations being served with multiple weekly and daily flights.

    From 1 April 2020, Emirates SkyCargo will consolidate all its cargo handling operations at Dubai International airport, temporarily suspending operations at Emirates SkyCentral DWC, the terminal handling its freighters, the statement said.

    The move will help streamline cargo operations between its freighters and the new dedicated cargo flights on Emirates’ passenger aircraft.

  • SBP issues instructions to banks on PM corona relief fund

    SBP issues instructions to banks on PM corona relief fund

    KARACHI: State Bank of Pakistan (SBP) has issued instructions to all commercial banks and microfinance banks regarding receiving payments under newly established PM COVID-19 Pandemic Relief Fund 2020.

    In a circular issued on Thursday, the central bank said that the government had notified establishment of a relief fund, namely, Prime Minister’s COVID-19 Pandemic Relief Fund-2020, for providing relief and assistance to the people of Pakistan affected by the COVID-19 pandemic in the country. The Fund shall accept donations / contributions both from domestic and international sources.

    The government has taken a number of steps with a view to enhance transparency in receipts into and payments out of the fund, including the following:

    Cash balance of the Fund shall be kept separate from and independent of cash balance of the general government account;

    Government shall commission separate audit reports on the receipts and payments of the Fund, including audit report by one of the local affiliates of big-four international accounting and auditing firms; and

    The Fund will be administered by the Poverty Alleviation and Social Safety Division in consultation with the Finance Division.

    The SBP said that a bank account of the Fund has been established for public donations as per the details given below:

    Account Title: Prime Minister’s COVID-19 Pandemic Relief Fund-2020

    Account No: 4162-786-786

    IBAN: PK11NBPA0002004162786786

    SWIFT code: NBPAPKKAMBR

    Bank: National Bank of Pakistan (NBP)

    Branch: Main Branch, I.I. Chundrigar Road, Karachi

    The SBP said that the donors have been provided multiple options for making donation/ contribution to the Fund as described below:

    A. Overseas Donors:

    a. Wire Transfer:

    Overseas donors including overseas Pakistanis may donate to the Fund through wire transfer to the Fund account detailed above. They would simply advise their respective banks to transmit the donation amount in the Fund account by debiting their accounts. The NBP shall transmit the donations received in the Fund account to SBP on daily-basis through ‘Real Time Gross Settlement’ (RTGS) system along with name of donor, country of residence and amount of contribution in both foreign currency and PKR.

    b. E-Payment Gateway:

    Donation / contribution can also be made to the Fund account through a link available at NBP website by using debit / credit cards.

    c. Transfer through Money Service Bureaus, Money Transfer Operators and Exchange Houses:

    Overseas donors may also donate / contribute through Money Service Bureaus (MSBs), Money Transfer Operators (MTOs) (e.g. MoneyGram, Western Union) and Exchange Houses (EHs) in line with the arrangements in place for receiving home remittances. Banks receiving such remittances shall transfer the same through RTGS to the above mentioned account of the NBP every thirty minutes during the banking hours, besides providing the details of their particulars [as specified under A(a) above] to them for the purpose of maintain the register.

    B. Domestic Donors:

    a. Cash Deposits at Banks’ Counters:

    Donors and contributors may make their donations / contributions to the fund in cash at any branch of any bank operating in Pakistan, which shall transfer the amount of donations so received to NBP’s above mentioned account through RTGS after every 30 minutes during the banking hours. Similarly, donations/ contributions may also be made at any of the field offices of SBP Banking Services Corporation.

    b. Deposit of Crossed Cheques in the Name of the Fund in Bank’s Drop Boxes:

    The donors and contributors may make their donations / contributions to the Fund by dropping crossed cheques in the name of the Fund in their respective bank’s drop box. All banks shall make available drop box facility at their selected branches for donors where they may drop their crossed cheques in favor of the Fund. The banks shall, accordingly debit the customer’s account and transfer the proceeds through RTGS/IBFT to the Fund account at NBP.

    c. Alternate Delivery Channels:

    The donor may also use alternate delivery channels e.g. internet banking, mobile banking, automated teller machines (ATMs) and mobile wallets etc. to donate / contribute to the Fund account through Inter-Bank Fund Transfer Facility (IBFT). For this purpose, they will use the IBAN of the Fund given above.

    Note: M/s 1-link will submit on daily basis the report of all donations routed through ADCs and IBFT to NBP by giving the particulars of donors including name, bank and branch of deposit, amount of donations etc.

    d. E-Payment Gateway:

    Donation / contribution can also be made to the Fund account through a link available at NBP website by using debit / credit cards.

    NBP shall transfer all the receipts to SBP through RTGS for credit to the Fund account with SBP on daily basis.

  • ICI Pakistan suspends production

    ICI Pakistan suspends production

    KARACHI: ICI Pakistan Limited on Thursday announced temporarily closing down its polyester plant and office locations due to measures taken by the government to contain coronavirus.

    In a notice sent to Pakistan Stock Exchange (PSX), the company said that in accordance with directives of the government with regard to containment of COVID-19, the company has temporarily closed its polyester plant and office locations (which do not fall within the definition of essential services) till further orders and has moved to work from home arrangements to the extent possible.

    The company shall keep the stock exchange updated of any further material developments.