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ISLAMABAD: The Finance Ministry is all set to share the list of banks involved in illegal business relating to LCs and speculation in the foreign currency market with Special Investment Facilitation Council (SIFC) on Thursday (Dec 7), well-informed sources told Business Recorder.

Secretary Finance and Governor State Bank of Pakistan (SBP) will brief the Council on expenditure sharing barring inclusion of provincial development projects in federal PSDP projects, recommendations on co-financing of BISP, agriculture tubewells, HEC expenditure by provinces, and implementation update on arrears of Rs 45.6 billion on account of agriculture tubewells subsidy (Balochistan).

MoF to share green bonds, debt swaps plan with SIFC today

Finance Ministry and SBP will also brief SIFC on curbing dollar volatility, update on removal of impediments in progress on the following items: (i) settlements in PKR for imports and exports as per SBP manual; (ii) settlement in RMB; (iii) settlements through Asian Clearing Union (ACU); (iv) cash over counter facility; (v) transit through Iran/Afghanistan and issues of banking clearance; (vi) banking transaction to be monitored and discourage hoarding of USD; (v) operationalisation of barter trade mechanism; (vi) recommendation to reduce rising circular debt in power sector while taking account of the conditionalities of IMF; (vi) update on negotiation process for resolution of pending issues with M/s Etisalat; (vii) digital payment solutions, action plans on launching PayPal and Stripe to support foreign currency remittances; and (viii) progress update on MoUs/agreements with United Arab Emirates.

Chairman FBR will brief the SIFC on FBR reforms, firmed up agenda, targets and roadmap, FBR to include the following milestones while working on reforms: additional 1.5 million new tax payers except nil taxpayers, increase in number of taxpayers earning above Rs 5 million from Rs 100,000 to Rs 150,000, 12,000 new retailers to be linked with PoS system, Rs 100 billion increase in revenues from sugar, tobacco, cement, fertilizer, beverages and POL sectors, widening of tax base through data integration with NADRA and customs reforms including number of days to clear percentage scanned and automated.

Ministry of Industries and Production will brief SIFC on PSM land, mobile manufacturing, automobile re-export, roadmap with timelines for approval of an effective policy for local deletion of mobile phones, issuance of licence to Motors Premier Ltd (Volkswagen) issuance of NOC to Lucky Cement & Flying Cement and Sinotech Solar, etc.

Copyright Business Recorder, 2023

Comments

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Maqbool Dec 07, 2023 11:23am
What about the thousands of Tax filers that do not submit or file Tax Returns ?
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Concerned Pakistani Dec 07, 2023 11:40am
Here I will give you a good example of banks blackmailing their clients. I have a Pakistan born American citizen as my partner, we shipped some goods to a client in Pakistan, and sent the documents through a bank on a 60 days DA, the bank refused to release the documents to them and demanded that unless they keep a 100% margin in their account and the bank will block that amount for 60 days and if dollars is not available they will keep the funds blocked indefinitely until the dollar is available and will not pay any profit on that money. This is against all business practices followed around the world, and not heard off, yes the bank may ask to keep the money for their safety in escrow account but it should earn interest until the bank pays out the money, if the bank is using the money and making money why won’t they pay their client the fair share of the interest.
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Fazeel Siddiqui (Overseas Pakistani) Dec 07, 2023 12:05pm
@Concerned Pakistani, Banks have moved now a step further on instructions of higher command, now such all funds & depositors money is being used to lift PSX to mint money for themselves, companies, state institutions, seths as well as govt. State sponsored corruption.
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KU Dec 07, 2023 12:10pm
The pertinent question is, will anyone in corrupt-fest be caught and jailed? When criminals rule the country, don't expect any miracles, SIFC Chief should realize that these corrupt characters are the main termites eating away at foundations of Pakistan.
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Dr fahad Dec 07, 2023 01:13pm
@Fazeel Siddiqui (Overseas Pakistani), why spewing hate .if you have not invested in psx then why getting jealous
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Mustafa Dec 07, 2023 03:26pm
@Fazeel Siddiqui (Overseas Pakistani), your comment is funny ... as per data - banks are selling their shares in PSX ... individuals and FIPI (FOREIGN INVESTORS) are main buyers and causing market to jump ... I have investments in the PSX and telling you the real facts .... Stop living in illusion
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Pakistani Dec 07, 2023 04:02pm
@Concerned Pakistani, your issue relates to the current situation in Pakistan, where Banks have to keep eye on Dollars availability at the time of payment. Further, as you mentioned its 60 days DA case, clearly it should be left on the Lending Institution to decide about the nature of security, that can or can not match the client appetite. You always have the option to look into other option to look into, who matches the security set-up. Cheers.
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SAMIR SARDANA Dec 07, 2023 11:33pm
@Concerned Pakistani, THE FAULT IS OF THE IMPORTER 60 DAYS DA IS DOCUMENTS AGAINST ACCEPTANCE IF A PAKISTANI BANK GIVES DOCS OF TITLE, TO A PAKISTANI IMPORTER, WHO CLEARS THE CARGO FROM CUSTOMS,AND VANISHES, THEN THE BANK IS LIABLE,TO THE US EXPORTER SO THE PAKISTANI BANK WILL NEED SECURITY SO THE IMPORTERS NEEDS TO GET WORKING CAPITAL LIMITS FROM HIS BANK, IN TERMS OF CASH CREDIT.WCDL,OD,NON FUND LIMITS ETC. THEN WHEN HE TAKES THE DOCS OF TITLE,HE WILL HAVE TO ACCEPT A DRAFT ON HIM,BY THE EXPORTER, FOR PAYMENT IN 60 DAYS,AT LIBOR PLUS SAY 300 BP. BANK WILL HAVE COLLATERAL FROM THE PAKISTANI IMPORTER FOR THE WORKING CAPITAL. ON 60 TH DAY ,BANK WILL DEBIT THE ACCOUNT OF THE IMPORTER,AND LEVY INTEREST ON IMPORTER, TILL HE CLEARS THE DEBIT ! ------------------------------------------------------------------------------------------------------------- OR THE BANK ASKS THE IMPORTER,TO PAY 100% CASH DOWN WHICH IS CAD.,AND NOT 60 DAYS DA ! SAMIR SARDANA
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SAMIR SARDANA Dec 08, 2023 09:01pm
@Fazeel Siddiqui (Overseas Pakistani), FOR BANKS, FINANCING PUNTERS IN STOCKS, IS RISK FREE, 100% SECURED, BOOSTS BANK BALANCE SHEETS & PROFITS, BOOSTS SECURITY UMBRELLA, & ALLOWS NEW LOAN PRODUCTS ! HABIB LENDS TO BROKER A , 100 BILLION & TAKES 200 BILLION OF STOCK AS COLLATERAL ! BROKER A LENDS 100 MILLION TO 1000 CLIENTS TO TRADE & TAKES 200 MILLION OF THEIR STOCK AS COLLATERAL WHICH SUMS TO 200 BILLION OF STOCK (ON 50% MARGIN) & PAWNS THAT STOCK TO HABIB AS ABOVE BROKER A,THEN PALMS OF HIS STOCK IDEAS TO THESE 1000 DODOS,& HALF MAKE GAINS & HALF LOSE ! BROKER A IS ON THE OTHER SIDE OF EACH TRADE DUMPING HIS SHIT TO THESE 1000 ! AT THE EOD ALL THE 1000 WILL MAKE MONEY ! BROKER A GETS CHURN & BROKERAGE+ PROFITS ! BROKER BORROWS FROM HABIB AT 18% & LENDS TO THE 1000 AT 21% ! BANKS AND BROKERS HAVE 100% SECURITY SO NETAS USE THE ASSETS OF THE 1000 DODOS & BANK MONEY (WHICH IS OF 200 MILLION PAKISTANIS ) TO INFLATE STOCKS SO THAT THE NEATS AND ELITE MINT MONEY ! SAMIR SARDANA
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