Government to launch scheme to boost remittances

ISLAMABAD: Pakistan’s economic managers are all set to launch a major scheme for luring commercial banks to establish joint ventures with hundreds of branches of international banks operating at selected destinations in Gulf, Europe, USA, Malaysia and others to boost up remittances from overseas workers through official banking channels. The government will bear the cost … Read moreGovernment to launch scheme to boost remittances

US$ I billion non-convertible bond to be issued for overseas Pakistanis

ISLAMABAD, May 26 (APP): Finance minister Ishaq Dar Friday, lauding the contributions made by expatriate Pakistanis, announced that the government wanted them to invest in the national infrastructure and in that connection, US$ 1 billion non-convertible bond would be issued. The proposed bond would be floated through establishment of Pakistan Development Fund, he said. The … Read moreUS$ I billion non-convertible bond to be issued for overseas Pakistanis

Overseas Pakistanis may be forced to disclose monetary interests

In a move that may eventually force influential people to disclose their offshore beneficial ownerships, a Senate panel on Wednesday proposed an amendment to the Companies Bill to make it binding on non-resident and dual-national Pakistanis to disclose their monetary interests abroad.

The Senate Standing Committee on Finance amended Clause 452 of the under discussion Companies Bill 2017 that deals with companies’ global register of beneficial ownerships. The Securities and Exchange Commission of Pakistan (SECP) also endorsed the committee’s proposal, which will ensure that the government backs the new amendment at the time of final voting in the National Assembly.

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Information about National Saving Schemes

Defence Savings Certificates Certificates can be purchased from any National Savings Centre (NSC), Pakistan Post Offices (PPO), Authorized branches of Scheduled Banks and State Bank of Pakistan (SBP) by filling in a prescribed form called SC-1, which is available at all the above offices of issue free of cost. A copy of the Computerized National … Read moreInformation about National Saving Schemes

Pakistan, UK firms join hands to offer digital remittance services

At a time when remittances to Pakistan slow down, a leading mobile financial services company has partnered with a global digital money transfer firm to attract 5% of total remittance flow to the country.

Announcing the formal launch of digital remittance services, in partnership with UK-based WorldRemit, Mobilink International Remittance Mobile Financial Services Assistant Manager Hamza Islam said, “We are targeting to attract $1 billion in remittances in the first year.”

The remittances sent home by overseas Pakistanis have dropped 2% to $10.95 billion in the first seven months (July 2016 to January 2017) of the current fiscal year compared to $11.15 billion in the same seven months of previous year.

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APBF suggests incentives for overseas Pakistanis

Lahore: As the remittances have registered a decline of more than 36 percent, the All Pakistan Business Forum (APBF) has suggested the government to announce incentives for oversees Pakistanis so that the drop in foreign remittances could be controlled, besides boosting investment in the country by Pakistani expatriates. APBF president Ibrahim Qureshi said that Current Account (C/A) deficit has expanded to US$591mn in July 2016, where US$575mn deterioration was largely owing to US$745mn (or 36% MoM) decline in Workers’ Remittances.
Remittances sent by overseas Pakistan dropped 20 per cent annually to $1.33 billion in July. The oil-rich Arab countries account for almost 65 percent of entire remittances sent by overseas Pakistani workers. Ibrahim Qureshi said that the fall could be a setback for Pakistan as it largely depends on remittances to meet its foreign obligations and reserves. In July, the inflow of remittances from Saudi Arabia dropped by 20 percent, but it was still the highest at $379 million. What is more concerning is the plunge in remittances from the United States and the United Kingdom as inflows from these countries fell by 33.5 and 38 percent, respectively. Remittances from US and UK dropped 6 percent and 8 percent, respectively, in the preceding fiscal year.

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Pakistan Customs issues procedures for online import form

 

Pakistan Customs on Thursday issued the procedures for importers to file online import form (I-Form) through the online tax system, Web-Based One Customs (WeBOC).

The I-Form is a joint initiative of Pakistan Customs and the State Bank of Pakistan (SBP) to curb under-invoicing and tax avoidance. “This initiative will help in prevention of import related frauds and provide direct interface between customs and banks,” a customs official said.

The I-Form’s filing is now mandatory for importers for subsequent filing of goods declaration and getting the consignment cleared.

Online filing mechanism will be launched as pilot from August 15 and will be functional from September 1. After that, the manual filing of payment details will not be available and the customs authorities will deny clearance of any consignment.

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