Banking & Finance

As ARY Group steps up its efforts to acquire 51 per cent of issued and paid-up capital of WorldCall Telecom Ltd along with the management control, its manager to the offer, AKD Securities, refreshed its bid to acquire the control of the company’s management and shares. According to an official of AKD Securities, the time …

No Biometric Verification Required For Expats To Operate Bank Accounts In Pakistan Read More »

The State Bank of Pakistan (SBP) finally held a virtual press briefing of SBP Governor and Officials on the draft SBP Amendment Act. Over the last few weeks, the potential amendments have caused a lot of controversy among the economic and financial circles in the country. The primarily contentious issues revolve around the level of …

SBP Clarifies the Draft Amendment Act on Central Bank’s Autonomy Read More »

The State Bank of Pakistan (SBP) has launched an innovative program for end-to-end digitization, titled “End-to-End Digitalization of FX Cases.” The move is made to ensure expeditious handling of foreign exchange proceeds. The SBP also organized an awareness session on the program on Wednesday. Addressing the session, SBP Gujranwala Chief Manager, Muhammad Waheed Akhtar, said, “We …

SBP Digitizes Forex Approval Process with New System Read More »

The State Bank of Pakistan (SBP) has waived off the fees on various internet and mobile banking services for consumers. In order to promote digitization in the banking sector and encourage the use of digital channels, the State Bank of Pakistan has directed all banks to withdraw annual charges and levy on activation, subscription and …

SBP Removes Charges and Levy for Internet and Mobile Banking Services Permanently Read More »

In order to promote ease of doing business and digitalization, the Securities and Exchange Commission of Pakistan (SECP) has launched a portal for expeditious bank account opening of newly registered companies. The online portal provides banks real-time access to statutory records of companies, thus enabling them to open corporate accounts without seeking physically certified copies …

New Ordinance on Overseas Pakistanis, Own Money, Electric Vehicles and Super Tax Explained Read More »

The government has promulgated Tax Laws Amendment Ordinance 2021 so as to introduce the following major measures: To facilitate non-resident Pakistanis to open non-resident Pakistani Rupee Value Accounts (NRVAs); Extended 4 percent Super Tax on banks indefinitely beyond the tax year 2021; Imposed withholding tax (Rs. 50,000-Rs. 200,000) on persons who sell locally manufactured vehicles …

New Ordinance on Overseas Pakistanis, Own Money, Electric Vehicles and Super Tax Explained Read More »