Pakistan Revenue
ISLAMABAD: Finance Minister Ishaq Dar has advised foreign exchange companies to ensure appropriate exchange rate for the betterment of the country. Federal Minister Senator Mohammad Ishaq Dar held a meeting with heads of all the major Forex Exchange Companies of Pakistan at state Bank of Pakistan (SBP). READ MORE: Meezan Bank donates Rs35 mn to […]
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KARACHI: State Bank of Pakistan (SBP) on Friday made it mandatory for exchange companies to make foreign currency transactions in the presence of functional CCTV system. The central bank in a circular noted that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a […]
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KARACHI: State Bank of Pakistan (SBP) on Friday made it mandatory the transactions of foreign currency above $2,000 through banking channels in order to document sales and purchases of the foreign currency. In this regard, the central bank amended Exchange Companies Manual to ensure documentation of buying and selling of the foreign currency. READ MORE: […]
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KARACHI: The State Bank of Pakistan (SBP) on Thursday allowed exchange companies to enter into agreements with Authorized Dealers (ADs)/banks for disbursement of home remittances. The central bank invited attention of Exchange Companies (ECs) to instructions contained in Para 9 (ii), Chapter 3 of Exchange Companies Manual regarding the business of inward home remittances. READ […]
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ISLAMABAD: Exchange companies have been brought under the ambit of withholding tax and now they are required to deduct tax on payment to international money transfer operators (MTOs). The change has been proposed through budget 2022/2023, which was presented on June 10, 2022. Through Finance Bill, 2022 amendments suggested to Section 152 of the Income […]
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KARACHI: The State Bank of Pakistan (SBP) has taken regulatory actions against an exchange company and suspended its operations, according to a statement issued on Friday. The central bank suspended with immediate effect the authorization of an Exchange Company namely M/s. Noble Exchange International (Pvt) Limited till further orders for violation of SBP rules and […]
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KARACHI: The State Bank of Pakistan (SBP) on Thursday introduced an incentive scheme of surrendering dollars of home remittances for exchange companies. The scheme is operational from February 04, 2022, the SBP said in a circular. Home remittances are a major source of income for families of expatriate Pakistanis and contribute significantly in country’s economic […]
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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved incentive program for exchange companies on surrendering dollars in interbank.
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KARACHI: The exchange companies are required to deploy biometric verification system (BVS) for transactions of foreign currencies from November 6, 2021. “All exchange companies are advised to deploy BVS as provided by NADRA at their outlets for biometric verification after November 05, 2021,” the State Bank of Pakistan (SBP) said in a communication on Thursday. […]
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KARACHI: The State Bank of Pakistan (SBP) has made biometric verification mandatory for foreign currency sale transactions. The central bank on Wednesday issued amendments to the exchange companies manual to stop the undesirable outflow of cash foreign currency. The SBP introduced following regulatory measures: i. Persons travelling to Afghanistan will be allowed to carry only […]
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