Oct 28

SBP imposes penalty of Rs272 million on four banks

KARACHI: State Bank of Pakistan (SBP) has imposed a monetary penalty of Rs272 million on four commercial banks for violating regulatory instructions related to Know Your Customer (KYC) and AML/CFT. According to details of significant enforcement action by the central bank issued on Wednesday, the SBP imposed penalty on the four banks during first quarter […]

by Mrs. Anjum Shahnawaz

SBP imposes monetary penalty of Rs1.68 billion on 15 banks

Jul 11

Money & Banking

SBP imposes monetary penalty of Rs1.68 billion on 15 banks

KARACHI: State Bank of Pakistan (SBP) has imposed monetary penalty of Rs1.68 billion upon at least 15 commercial banks for violating various regulations including anti-money laundering (AML) and counter financing of terrorism (CFT). The SBP on Saturday released the data of significant enforcement actions by the central bank during March – June 2020. The top […]

by Mrs. Anjum Shahnawaz

SBP imposes Rs1.35 billion as monetary penalty on commercial banks

Dec 11

Money & Banking

SBP imposes Rs1.35 billion as monetary penalty on commercial banks

KARACHI: State Bank of Pakistan (SBP) has imposed monetary penalty to the tune of Rs1.35 billion on commercial banks in five months for violating regulatory environment. The central bank on Wednesday issued significant enforcement measures by imposing monetary penalty on banks for violating rules, regulations and other regulatory environment. The SBP imposed Rs192.66 million as […]

by Mrs. Anjum Shahnawaz

Penalties for not filing, late filing income tax return, wealth statement

Dec 4

Taxation

Penalties for not filing, late filing income tax return, wealth statement

KARACHI: The tax laws have defined both soft and harsh penalties for persons having taxable income or registered with tax authorities but failed to file their annual returns or file their returns after the due date. According to Income Tax Ordinance, 2001 updated up to June 30, 2019 issued by the Federal Board of Revenue […]

by Mrs. Anjum Shahnawaz

SBP imposes Rs1,123 million penalty on commercial banks for violating rules, regulations

Oct 4

Money & Banking

SBP imposes Rs1,123 million penalty on commercial banks for violating rules, regulations

KARACHI: State Bank of Pakistan (SBP) has imposed penalty to the tune of Rs1,123 million during first quarter (July – September) of current fiscal year 2019/2020 for violating rules and regulations. The SBP has taken penal action against three banks for violating procedures in the areas of Know Your Customer (KYC) and Customers Due Diligence […]

by Mrs. Anjum Shahnawaz

SBP imposes Rs805 million penalty on 10 banks for violating AML, due diligence, forex regulations

Sep 6

Money & Banking

SBP imposes Rs805 million penalty on 10 banks for violating AML, due diligence, forex regulations

KARACHI: State Bank of Pakistan (SBP) has imposed penalty amounting Rs805.1 million on 10 banks for violating anti-money laundering, due diligence of customers and foreign exchange regulations during the month of August 2019. The central bank issued details on Friday about action taken by the SBP against banks in order to plug loopholes in the […]

by Mrs. Anjum Shahnawaz

FBR directs recovery of revenue loss from customs intelligence officers

Jun 27

Pakistan Customs, Taxation

FBR directs recovery of revenue loss from customs intelligence officers

ISLAMABAD: Federal Board of Revenue (FBR) has imposed penalty on two customs intelligence officers and directed recovery from these officials of such government revenue lost due to their negligence. The FBR imposed penalty of stopping performance allowance for six months. The penalty has been imposed on Saifullah, Superintendent, Directorate of Intelligence & Investigation (Customs), Lahore […]

by Mrs. Anjum Shahnawaz

FBR imposes penalty on lady customs officer for inefficiency, misconduct

May 10

Pakistan Customs, Taxation

FBR imposes penalty on lady customs officer for inefficiency, misconduct

ISLAMABAD: Federal Board of Revenue (FBR) has imposed penalty of withholding two annual increments on lady customs official for inefficiency and misconduct. The FBR said that disciplinary proceedings under Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against Ms. Razia Sultana Bhutto, Principal Appraiser (under suspension), Model Customs Collectorate of Appraisement (West), Karachi through […]

by Faisal Shahnawaz

FBR set asides penalty on four customs officials

Apr 26

Pakistan Customs, Taxation

FBR set asides penalty on four customs officials

ISLAMABAD: Federal Board of Revenue (FBR) on Friday set-aside penalty imposed on four officials of Customs collectorate Quetta with future warning. The FBR Member Admin as appellate authority accepted the appeal of four customs officials of BS-16 including Muhammad Arif Dostani, Muhammad Arif, Ghulam Hussain Khoso, Saleem Akhtar, and set aside the minor penalty imposed […]

by Faisal Shahnawaz