Feb 15

Pakistan raises petrol price to record high at Rs160/liter

ISLAMABAD: Pakistan on Tuesday sharply increased the price of petrol to a new record high level at around Rs160 per liter in the wake of surge in international oil prices. According to a statement issued by the Finance Division, the government has announced a massive increase in all the petroleum products effective from February 16, […]

by Mrs. Anjum Shahnawaz

SBP’s instructions on pensioners biometric verification

Jan 7

Money & Banking

SBP’s instructions on pensioners biometric verification

KARACHI: The State Bank of Pakistan (SBP) on Friday issued instructions regarding biometric verification of pensioners. Prior to these instructions the SBP issued BC&CPD Circular Letter No. 01 dated February 01, 2021 and File Letter No. BC&CPD/O&SSD/BVS/5873 dated May 27, 2021 on the subject. The Finance Division issued a letter on December 08, 2021 on […]

by Faisal Shahnawaz

Mandatory biometric verification restored for pensioners

Dec 9

Finance

Mandatory biometric verification restored for pensioners

ISLAMABAD: The government has made mandatory the biometric verification for pensioners to make withdrawal of their pension amount from banking system. In an office memo, the Finance Division said that the mandatory requirement of biometric verification has been restored for the pensioners, which was suspended due to COVID-19. READ MORE: Grant of 10% increase in […]

by Mrs. Anjum Shahnawaz

Pakistan establishes Afghanistan relief fund

Dec 8

Finance, National, Top stories, World

Pakistan establishes Afghanistan relief fund

ISLAMABAD: Pakistan on Wednesday established a fund namely ‘Afghanistan Relief Fund’ to provide humanitarian assistance to Afghanistan. According to a notification issued by the Finance Division, all proceeds on account of ‘Afghanistan Relief Fund’ and payment into the aforesaid fund will be received at all branches of State Bank of Pakistan, all treasuries and branches […]

by Mrs. Anjum Shahnawaz

Govt. offices given procedure for closure of commercial bank accounts

May 2

Finance, Money & Banking

Govt. offices given procedure for closure of commercial bank accounts

ISLAMABAD: The finance division has issued procedure for government offices to close their accounts with commercial banks and transfer of all available funds to treasury single account (TSA). According to official documents made available on Sunday, the finance division said that as per the Cash Management and TSA Rules 2020, the government offices are neither […]

by Mrs. Anjum Shahnawaz

Sale of Prize Bonds Rs7,500, Rs15,000 stopped forthwith

Apr 29

Money & Banking

Sale of Prize Bonds Rs7,500, Rs15,000 stopped forthwith

ISLAMABAD: The finance ministry on Thursday announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold with immediate effect. In different notifications the finance division announced to withdraw the prize bonds of denominations Rs7,500 and Rs15,000 from circulation with immediate effect. According to the notifications: “… Prize bonds of Rs7,500 denominations […]

by Mrs. Anjum Shahnawaz

Grant of disparity reduction allowance at 25pc for government employees notified

Mar 5

Finance

Grant of disparity reduction allowance at 25pc for government employees notified

ISLAMABAD: The finance division has notified grant of disparity reduction allowance at 25 percent of the basic pay to the civil employees in BS-1-19 of the federal government. Sources on Friday said that the finance division had issued a notification for the approval of the Federal Government for grant of Disparity Reduction Allowance at 25percent […]

by Mrs. Anjum Shahnawaz

Pensioners to undergo biometric verification twice a year; rules amended

Jan 29

Finance

Pensioners to undergo biometric verification twice a year; rules amended

ISLAMABAD: Pensioners are required to undergo biometric verification twice in a year in order to continue withdrawal of pension amount. The Finance Division on Friday issued SRO dated January 28, 2021 to notify amendments in the Federal Treasury Rules. As per the amendments, a pensioner drawing pension shall be bound to undergo biometric verification on […]

by Mrs. Anjum Shahnawaz

Jan 7

Finance

Pension account to become inoperative on verification failure: Finance Division

ISLAMABAD: Bank account of a pensioner shall become inoperative if the person drawing pension fails to undergo biometric verification or is not drawing pension for consecutive six months. The Finance Division in a letter to the governor of State Bank of Pakistan (SBP) on Thursday informed that that if a person drawing pension fails to […]

by Mrs. Anjum Shahnawaz

Prices of petroleum products slashed up to 39 percent

Apr 30

Energy, National

Prices of petroleum products slashed up to 39 percent

ISLAMABAD: The government on Thursday reduced prices of petroleum products up to 39 percent in order to pass on the massive decline in international oil prices. In a statement issued by Finance Division said that the government was extending maximum relief to the public. The relief packages include economic stimulus package, Ehsaas Emergency Relief Program, […]

by Mrs. Anjum Shahnawaz