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Biometric verification to be made mandatory for purchase of $500 and above

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  • SIFC briefed on SBP’s proposed reforms on January 3.
  • FIA to be tasked to launch crackdown against illegal forex operators.
  • Reforms to be made public when SIFC meeting approves them.

ISLAMABAD: In a bid to stop hoarding of the greenback, the State Bank of Pakistan devised a plan under which biometric verification will be made mandatory for anyone purchasing $500 and above from exchange companies, reported The News on Friday.

“The top notches of the central bank informed the meeting of the SIFC (Special Investment Facilitation Council) Apex Committee’s participants on January 3, 2024, that this is part of the comprehensive reforms in the exchange companies sector,” an official at SIFC Secretariat told the publication on the condition of anonymity.

Pakistan faces a dollar crisis as exports and remittances are not up to the mark and major chunks of greenback are utilised to finance the imports. Furthermore, unscrupulous elements take advantage of the situation and hoard US dollars to make windfall profits.

SIFC was also told that the SBP has also reduced the US dollar purchase limit for travel purposes from $10,000 to $5,000 and annual from $60,000 to $30,000.

Any customer purchasing $2000 or above from exchange companies has to pay from their Pak Rupee account.

For an individual, the central bank has fixed the US dollar purchase limit of $10,000 per day and annual purchase of $100,000.

Under the reforms, the Federal Investigation Agency will be tasked to launch an effective crackdown against illegal foreign exchange operators in coordination with the State Bank of Pakistan and relevant stakeholders.

“These reforms will be made public when the next SIFC meeting approves them,” the official said.

Last year, when the dollar crossed the 300 mark the government launched a crackdown against dollar smuggling, hoarding.

The Ministry of Interior had developed a list of the groups involved in the crimes after the identification of facilitators of the government officials and their patrons.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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