Islamabad, September 7, 2024 – In a move aimed at addressing the nation’s financial challenges, the federal government has implemented a series of stringent austerity measures, effective immediately and lasting until further notice.
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]