ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that tax law has been amended to include mode of digital payment. To improve documentation, a new clause (la) has been inserted through Tax Laws (Third Amendment) Ordinance, 2021 in section 21 of the Income Tax Ordinance, 2001. Previously payments under a single head account exceeding […]
KARACHI: State Bank of Pakistan (SBP) on Friday issued regulations for payment card security to curtail the risk of card-skimmig. Referring to PSD Circular No. 05 of 2016, the SBP said that in light of the progress made by industry on implementation of central bank’s instructions issued vide the afore-mentioned circular, it has now been […]
KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to facilitate taxpayers in their payments of duty and taxes through digital/electronic (e-payment) system. The SBP said that the collection of Federal Board of Revenue (FBR) taxes and duties through Alternate Delivery Channels (ADC) was initiated in March 2018 in parallel to the traditional […]
KARACHI: Haball, Pakistan’s leading B2B payments automation platform, in partnership with Meezan Bank – Pakistan’s first and largest Islamic bank, has recently announced the launch of Blink Direct, a service that will enable digital payments for Pakistani businesses and their supply chain partners. The new service will accelerate digital payments to payees while completely removing […]
KARACHI: Meezan Bank’s Shariah Supervisory Board has approved guidelines for digital Mudarabah-based mobile account to support financial inclusion in Pakistan. Shariah Supervisory Board approved guidelines in its recently concluded, a statement said on Thursday. The meeting was chaired by Dr. Muhammad Imran Ashraf Usmani and attended by Sheikh Esam Mohamed Ishaq, Mufti Muhammad Naveed Alam, […]
KARACHI: State Bank of Pakistan (SBP) on Friday announced that Merchant Discount Rate (MDR) for Point of Sale (POS) acquiring Pakistan shall be within the range of 1.5%-2.5% for both existing and new merchants. The following merchant categories shall be exempt from this requirement: Government and Utilities MCC 9211: Court Costs, Including Alimony and Child […]
KARACHI: Dr. Reza Baqir, Governor, State Bank of Pakistan (SBP) has said that cash payments are major hindrance in documentation of economy and stressed the need for rapid digitization of payment system. The SBP governor was addressing on Saturday at a workshop titled ‘Digital Payments Reforms’ organized by the central bank in collaboration with the […]
KARACHI: State Bank of Pakistan (SBP) on Thursday said that it has been made mandatory for all banks to send free of cost transaction alerts to their customers in order to ensure security of digital payments.