Web Desk — To enhance digital financial inclusion in Pakistan, the State Bank of Pakistan (SBP) has approved in principle the grant of an Electronic Money Institution (EMI) license to ‘Hubpay’ – a financial technology firm. With the central bank’s approval, Hubpay becomes the first fintech with an international license to receive an in-principle approval in Pakistan to hold the …

Web Desk — The carmakers are finding ways to entice customers with updated models after a noticeable 30% drop in passenger car sales in January 2022 due to higher prices, rising interest rates, and pre-buying in December 2021 in anticipation of tax measures announced in the mini-budget. One or more of the reasons that propelled the upward swing in 1HFY22 …

Web Desk — The Federal Board of Revenue has announced a lower rate of general sales tax on petroleum products to maintain competitive prices for consumers. According to a sales tax SRO 183(I) of 2022 released on Thursday, the lowest GST rates were notified to pass the minimum increase onto consumers. GST is charged at a standard rate of 17 …

Web Desk — The State Bank of Pakistan has introduced Raast – Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously. The state-of-the-art Pakistan’s Faster Payment System will be used to settle small-value retail payments in real-time while at the same time providing a cheap and universal access to all players …

Web Desk — The government of Pakistan should not focus only on imposing taxes to enhance the competitiveness of the economy, said IMF Resident Representative Ms. Esther Perez Ruiz while addressing the Lahore Chamber of Commerce and Industry (LCCI) office-bearers on Tuesday.She said the IMF programme aims to promote macroeconomic stability, and that the country’s fiscal and monetary policies must follow …

Web Desk — This season, higher freight charges, a shortage of refrigerated containers, and poor quality of the crop are affecting exports of kinnow, according to a report published in Dawn.According to exporters, either refrigeration containers are not available or shipping costs have doubled or tripled, making fruit more expensive and reducing sales in foreign markets. Mandarins are exported to …

Web Desk — On account of violation of regulatory instructions pertaining to general banking operations during the quarter ended Dec 31, 2021, the State Bank of Pakistan (SBP) has imposed a monetary penalty of Rs57.834 million on five major banks. As per a notice issued by the SBP, the highest penalty of Rs13.684mn was imposed on Bank Alhabib Limited (BAHL) …

By Web Desk — Textile industry experts believe that Pakistan can boost textile exports beyond $30 billion by substituting cotton with synthetic fibre. Hanif Lakhany, Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), stated on Friday that cotton prices had almost doubled in the international market over the past few days.  “This raw material alone …

By Web Desk — The auto industry has informed the government that the imposition of new taxes on locally-assembled vehicles is a deviation from the Automotive Industry Development and Export Plan (AIDEP) 2021-26. According to a letter to the Ministry of Industries and Production, the local auto vendors and spare parts manufacturers fear that the duties and taxes imposed recently …

By Web Desk — The telecom regulator plans to contain the dominance of mobile phone operators by limiting freewill tariff increases and repurposing their profits for other telecom services, Dawn has reported.Pakistan Telecommunication Authority (PTA) has requested feedback on the draft ‘Tariff for Telecommunication Services Regulations, 2022’ that will obligate all telecom operators to provide consumers with free access to …