No injustice to be tolerated against any tax payers: FTO
Federal Tax Ombudsman, Dr. Asif Mahmood Jah Thursday categorically announced that “no injustice will be tolerated at any cost against any tax payer “across the country. The FTO always attached great importance to business community especially all tax payers and fully committed by law to address the genuine grievances being confronted by them due any…
Adil Aziz
Pakistan and Islamic Development Bank sign $180 million pacts to finance Mohmand Dam
Pakistan and Islamic Development Bank (IsDB) Monday signed three Framework Agreements amounting to US$ 180 million to provide financing for the Mohmand Dam Hydropower Project (MDHP). The financing agreements were signed by Secretary Economic Affairs Division Mian Asad Hayaud Din and Special Adviser to the President, IsDB Mohammad Jamal AlSatti. The signing ceremony was witnessed…
SBP Enables Microfinance Account-holders to Invest in Government Securities
To provide greater opportunities for public to invest in government securities and in line with the objective of diversifying funding for this exclusive avenue, State Bank of Pakistan (SBP) has taken the following measures: Microfinance Banks (MFBs) have been permitted to offer Investor Portfolio of Securities (IPS) Accounts to their customers. Microfinance Bank (MFB) account…
National Savings collects Rs 735 billion fresh deposits by March 10
The Central Directorate of National Savings (CDNS) on Sunday collected Rs 735 billion fresh deposits in the last seven months of current fiscal year 2021-22 from July 1st to March 10th. The CDNS has set an annual gross receipt target of Rs 980 billion from July 1 to June 30 of the previous fiscal year…
Remittances remain above $2bn for 21st month
Remittances from overseas workers surged 2 percent on a month-on-month basis in February to clock in at $2.2 billion, after declining 14.9 percent in January 2022. According to the data released by the State Bank of Pakistan on Thursday, remittances on a year-on-year basis fell by 2.7 percent as compared to February 2021. Overall, the…
SECP specifies eligibility requirement to register as trustee of open-end or close-end scheme
Pursuing its agenda of developing vibrant and competitive capital markets, the Securities and Exchange Commission of Pakistan (SECP) has specified the eligibility criteria and enabling framework to register as a trustee of open-end or close-end schemes. Under the framework, notified through Circular No 4 of 2022, a public limited company having principal business of providing…
MMBL’s Financial Inclusion, Women Empowerment initiatives lauded at the Dubai Expo 2020
Pakistan’s largest digital bank, Mobilink Microfinance Bank (MMBL) showcased its digital banking initiatives and women’s access to financial services at the ongoing Dubai Expo 2020. President & CEO MMBL, Ghazanfar Azzam shared MMBL’s efforts in promoting financial inclusion in an integral event at the Pakistan Pavilion, “Women of Pakistan: Leading a Change”, organized by the…
SBP imposes penalty of Rs523 million on banks in H1 FY22
The State Bank of Pakistan (SBP) has imposed Rs523 million as monetary penalty on commercial banks for violating regulatory provisions during the first half of fiscal year 2021/22, a statement said. The Central Bank said that it had imposed Rs58 million as penalty on five banks for the quarter ended December 31, 2021. The SBP…
MMBL’s celebration of a milestone year under Women Inspirational Network (WIN) commended by SBP
Women make up almost half of Pakistan’s total population, but their contribution to measured economic activity is far below its potential due to limited access to quality and affordable financial services. Women’s financial inclusion has emerged as a priority for Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL). Addressing the urgency to ensure equal…
Pakistan ranks second on Economist normalcy index: Asad Umar
ISLAMABAD: The global normalcy index of the Economist has ranked Pakistan second in the world that measured recovery and opening up of society and economy post-COVID-19. This was stated by Minister for Planning and Development, Asad Umar from his Twitter handle. Sharing the index report Umar said Pakistan was 3rd in the first evaluation and…