In order to promote digital payments, SBP has been taking steps to make them more secure, introducing new features and promoting their use. In consultation with the industry and other stakeholders, SBP has taken more steps to make digital transactions and card payments more secure and easier. Now the consumers will only have Europay MasterCard Visa (EMV) Chip and PIN …
Exporters of goods and services, including IT-based services, are allowed to retain a certain portion of their export proceeds in their Special Foreign Currency Accounts. The fund from these accounts, however, could be utilized for specified purposes only. Over time the types of payments that exporters need to make have increased as exports are becoming more diversified. In order to …
The Federal Board of Revenue (FBR) has deputed a team of tax officials to analyze data of 100 million persons received from mobile phone companies. Highly-placed officials in the FBR told Propakistani that the FBR will issue notices to the subscribers of mobile phones on the basis of the higher amount of withholding tax being deducted on calls. The notices …
State Bank of Pakistan (SBP) has notified the revisions in Foreign Exchange Manual (chapter 20) to facilitate startups, fintechs, and exports. Accordingly, the new policy for equity investment abroad will attract foreign direct investment through the establishment of holding companies by Pakistani fintech and startups; support exports by facilitating exporters to establish subsidiaries or branch offices outside Pakistan; and, allow …
The Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) are jointly implementing a new system for electronic issuance of income tax refunds by directly crediting the amount into the exporter’s bank accounts. In this connection, the FBR has issued a notification for introducing draft amendments in the Income Tax Rules 2002 here on Wednesday. The FBR …
State Bank of Pakistan has proposed a new type of loan for supporting startups to meet the specific needs in raising capital for setting up business and operations on a sustainable basis. A startup company may raise funds from abroad in the form of convertible debt, i.e., the lender shall have the option to convert the loan into the equity …
Mike Spencer, head of investor relations at Microsoft has revealed in an interview with the New York Times that the Xbox Series X gaming console is expected to face supply constraints until at least June this year. Past reports speculated that the supply shortage for the gaming console will last until April, but now it has been confirmed that it will …
According to recent reports, China’s multinational conglomerate Tencent has been caught up in a defamation suit by TikTok’s owner company ByteDance. The two firms have been fierce rivals for years and their founders Zhang Yiming and Pony Ma have traded barbs on many occasions. This time, the bicker was induced by the fact that Tencent blocked Douyin’s (TikTok’s Chinese variant) …
Soon after esports became an official sport in Pakistan, the government of KP has announced that it will work on improving the local video gaming industry. The announcement comes from the KP Science and Technology and Information Technology Department. The Adviser to Chief Minister on Information Technology, Ziaullah Bangash, said: There is no shortage of talent in Khyber Pakhtunkhwa, we …
The securities brokers, futures brokers, insurance companies, Takaful Operators, non-banking finance companies (NBFCs) and Modarabas would now be required to strictly monitor and regulate the transactions of their occasional customers’ under the Anti-Money Laundering Act and SECP’s Anti-Money Laundering Regulations. The Securities and Exchange Commission of Pakistan (SECP), being the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Regulatory Authority, has …
The Attorney General of Pakistan (AGP), Khalid Javed, has informed the Islamabad High Court (IHC) that the federal government will take all stakeholders on board to review social media regulatory laws. His remarks came during the hearing of a petition against the recently approved social media rules devised by the Pakistan Telecommunication Authority (PTA) heard by the IHC Chief Justice, …
Digital transformation is the integration of digital technology into most, if not all, areas of a society, fundamentally changing how you operate and deliver value to your end-users and consumers. Digital transformation is no longer a buzzword for Pakistan and in order for any country to progress, it is imperative that they derive learnings from the crises they face and …
Allied Bank, which is one of the largest commercial banks in Pakistan, has announced the addition of WhatsApp to its customer communications channels in collaboration with the global cloud communications provider, Infobip. The move aims to strengthen the bank’s digital presence and offer its customers universal banking services that fit the expectations of the connected consumer of today. Allied Bank is …
The IT sector of Pakistan has recorded the highest ever export receipts of $194 million in a single month in its history, according to data issued by the State Bank of Pakistan (SBP). The export values of the IT sector and its allied sectors also reached a record high in the first half of the financial year, which stood at …
The number of 3G and 4G users in Pakistan reached 90.5 million by the end of December 2020 compared to 88.8 million by the end of November, Pakistan Telecommunication Authority (PTA) data showed. This is an increase of 1.7 million subscribers in one month. The number of mobile phone users in Pakistan reached 175.62 million by the end of December …
The government plans to launch its own WhatsApp-like messaging app, Smart Office, by June 2021 which will include all modern communication features besides announcing to expedite work on finalizing Personal Data Protection Bill. The Ministry of Information Technology (IT) and Telecommunication on Friday quoting federal minister Amin ul Haque said that the ‘Smart Office’ app will be launched by the …
The Small and Medium Enterprises Development Authority (SMEDA)will implement the government-recommended e-commerce regulatory framework. The move will promote the establishment of digital platforms for SMEs and facilitate access to online markets, both at local and international levels. Addressing a joint meeting of SMEDA and the Trade Development Authority of Pakistan (TDAP) officials, SMEDA CEO, Hashim Raza, briefed the TDAP team …
The Federal Board of Revenue (FBR) has asked the investors, businessmen, chambers, and trade bodies to submit income tax budget proposals for 2021-22 by February 15, 2021, covering areas of broadening the tax base; ease of doing business; withdrawal of tax concessions and exemptions and removal of tax distortions and anomalies. In this connection, the FBR has written letters to …
Artistic Milliners, a Pakistani textile company and producer of renowned global brands, has acquired a denim factory in Commerce, California. The Pakistani company plans to invest in the facility and grow the business into a state-of-the-art design and production hub based on Supply Chain 4.0 principles and 360 design development solutions. The new factory expands Artistic Milliners’ global footprint and …
Despite Facebook’s claims that WhatsApp’s security is in a much better place than it was during the same time last year, the company faced another rather embarrassing privacy breach. On Sunday, invite links to private WhatsApp messaging groups as well as some user profiles were indexed by Google. As a result, the information started appearing in Google search results meaning …
