PKRevenue.com – Raqami Islamic Digital Bank Ltd. (RIDBL) has announced a strategic partnership with 1LINK, one of Pakistan’s largest payment service providers, to enhance its digital financial services.
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Pakistan Facilitates PayPal Payments for Freelancers
Islamabad, January 7, 2024 – Pakistan has taken a significant step forward in facilitating its freelancers by allowing them to receive payments through PayPal.
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Threshold of letter of credit payment increased to $100,000
ISLAMABAD: The government has increased payment threshold of letter of credits from present $50,000 to $100,000, Finance Minister Ishaq Dar said on Monday.
Briefing media here on Monday, Minister for Finance Senator Ishaq Dar announced the government’s decision to increase the threshold of letters of credits (LCs) payments from $50,000 to $100,000.
With respect to pending cases of LCs, Ishaq Dar said that last month there were about 8,000 pending payments of LCs, out of which 4,400 cases of up to $50,000 had already been cleared while now after the government’s decision of increasing the threshold up to $100,000, 1,365 more cases would be cleared.
“I met with the Governor Sate Bank of Pakistan (SBP) in Karachi on Sunday, and with the consent of SBP, the government has approved increase of the threshold up to $100,000”, he added.
He said the decision would be implemented from November 1, 2022.
The government has also decided to keep the prices of petroleum products unchanged for first half of November 2022 besides extending the last date for filing of tax returns.
“The government has decided to keep the prices of Petrol, High Speed Diesel, Light Diesel, and Kerosene Oil unchanged for for next 15 days”, Ishaq Dar said.
Further the minister said that today [October 31] was the last date for filing income tax returns, however on the request of representations of tax bar association and the business community, the government has decided to extend the date for one month up to November 30.
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SBP issues new instructions on cross border payments
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued new instructions related to cross border payments to bring in line with international best practices.
The central bank in a circular stated that as per existing practice, the banks provide payment cases related to Asian Clearing Union (ACU), Cash Reserve Requirements (CRR) & Special Cash Reserve Requirements (SCRR) and Deposits/ Withdrawals from Local US Dollar Instrument Collection and Settlement; through SBP, Banking Services Corporation, Karachi Office (SBP BSC – KO).
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Further, the banks also send their queries with regard to above payment cases to SBP BSC – KO for clarification, guidance and advice.
In order to bring cross border payments in line with international best practices, State Bank of Pakistan (SBP) has re-engineered its business process by centralizing all cross border payments, including above, at the Treasury Operations Department-SBP (TOD-SBP).
Hence, all banks/ Islamic banks are advised to please ensure compliance of following instructions with effect from October 01, 2022.
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All ACU payment cases / letters addressed to Chief Manager “ACU Section” SBP BSC-KO, shall now be submitted to Director, Treasury Operations Department (Director-TOD), SBP, Karachi as per formats attached at annexure ‘A’ & ‘B’.
All banks’ CRR & SCRR deposits & withdrawal cases / letters (FE25) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD as per formats attached at annexures ‘C’ & ‘D’.
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All Local US Dollar deposits & withdrawals cases from Instrument Collection & Settlement (FE2) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD as per formats attached at annexures ‘E’ & ‘F’.
Any queries with regard to above payment cases shall now be submitted to Director-TOD for clarification, guidance and advice.
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The contact details of TOD officers and Standard Settlement Instructions (SSIs) of SBP are attached at annexures ‘G’ & ‘H’ for ready reference.
The SBP issued following annexures related to cross border payments:
- Annexure A- Letter for Transfer / Purchase of ACU Dollars
- Annexure B- Letter for Repatriation / Surrender of ACU Dollars
- Annexure C- Letter for CRR & SCRR Deposit
- Annexure D- Letter for CRR & SCRR Withdrawal
- Annexure E- Letter for Deposit to Local US Dollar Instrument Collection & Settlement Account
- Annexure F- Letter for Withdrawal from Local US Dollar Instrument Collection & Settlement Account
- Annexure G- Contact Details of Treasury Operations Department, SBP Karachi.
- Annexure H- Standard Settlement Instructions (SSIs) of SBP
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FBR extends date for sales tax payment, return for March
ISLAMABAD: Federal Board of Revenue (FBR) has extended the date for payment and filing sales tax monthly return for the month of March 2020.
In a circular issued on Saturday, the FBR extended the last date for making payment of sales tax up to April 27, 2020, which was due on April 15, 2020.
Similarly, the FBR extended the last date for filing sales tax monthly return up to April 30, 2020, which was due on April 18, 2020.
The FBR facilitated the taxpayers in making sales tax payment and filing return due to lockdown to contain coronavirus.
The government extended the lockdown period up to April 30, 2020 in order to contain the outbreak of coronavirus pandemic.
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Banks directed to adopt standard QR codes for payments in Pakistan
KARACHI: State Bank of Pakistan (SBP) has directed all commercial banks and other financial institutions to adopt EMVCo’s EMV QR Code Specifications for Payment Systems (QRCPS).
The SBP said that Quick Response (QR) Codes have been emerging as low cost payment acceptance alternative to Point of Sale (POS) terminals in Pakistan, especially for small merchants.
Although QR codes have been deployed in substantial numbers, the volume of transactions has not achieved desired levels primarily due to their lack of interoperability.
Therefore, as a first step towards achieving interoperability of Payment QR Codes in Pakistan, SBP after extensive stakeholder consultations has decided that henceforth all Institutions issuing and/or acquiring QR codes for payments in Pakistan shall adopt EMVCo’s EMV QR Code Specifications for Payment Systems (QRCPS).
Further, non-EMV QR Codes already deployed in Pakistan shall comply with this standard by 31st March, 2020.
The SBP said that institutions issuing/acquiring QR Codes shall also ensure:
Compliance with branding guidelines for QR Codes displayed at merchant locations (attached at Annexure-A).
Data related to issuance and usage of QR codes, as per Annexure-B, is submitted on quarterly basis to Payment Systems Department (PSD) within a fortnight of quarter end.
Compliance of SBP’s instructions, guidelines, rules and regulations on Consumer Protection and Dispute Resolution issued and amended from time to time.
Further, institutions acquiring QR Codes are also encouraged to:Promote innovative uses of QR codes like invoice/challan based payments, branch based Inter-bank Fund Transfers (IBFT) etc.; and
Plan for achieving inter scheme interoperability in due course of time.