Mobile banking emerging rapidly in Pakistan

ISLAMABAD (APP): Pakistan is now one of the countries with incredible growth in the market of branch-less and mobile banking because of its quicker pace throughout the country. Consumers belonging to any bank and mobile operator would have the freedom of managing their finances when and where they want. All banks and mobile operators would be able to connect with each other resulting in a situation where any bank customer can access their accounts, transfer funds, and interact with all other bank customer using mobile connection. These services have empowered mobile subscribers to deposit and withdraw cash, make utility bill payments, send or receive money, purchase mobile card vouchers, make post-paid mobile bill payment and much more by using diversified array of convenient channels. A bank official Sadia Sohail told APP, beside the benefits and convenience created for the consumers, commercial banks will witness reduced costs on branch maintenance and resources. It will also increase the profit margins of banks and further encourage them for the development of innovative banking techniques in the industry.

 

 

 CKD based motor cars import up by

15.69 percent

ISLAMABAD (APP): Completely knocked down (CKD) based motor cars import into the country increased by 15.69 percent during the first quarter of current fiscal year as compared to the same period of last year, according to Pakistan Bureau of Statistics (PBS). According to the data provided by PBS, CKD based motor cars worth $184,973 were imported during the first quarter of current year as compared to $159,893 of last year. Complete Built-up (CBU) based motor cars worth $146,305 were imported during the first quarter of current year as compared to $73,379 of last year. CBU cars imports into the country increased by 99.38 percent during the first quarter of current fiscal year as compared to the same period of last year. CKD based motor cycles worth $25,790 were imported during the first quarter of current year as compared to $18,301 of last year. The motor cycles imports into the country increased by 40.92 percent during the first quarter of current fiscal year as compared to the same period of last year.

 ‘Complicated’ tax system discouraging investment: ICST

ISLAMABAD (INP): The Islamabad Chamber of Small Traders (ICST) on Thursday said complicated tax system is not only discouraging investment but it is also discouraging compliance; therefore, it should be made friendly. Income tax law is not only discouraging start-ups but it has failed to deliver; therefore, it should be replaced or amended to make it easily comprehensible, business-friendly, fair and acceptable to all the stakeholders, it said. The time-tested, well-settled and easily understandable Income Tax Ordinance, 1979, was replaced by a complex law designed by a foreign expert who was not well aware of the ground realities, said Islamabad Chamber of Small Traders Patron Shahid Rasheed Butt. The new set of laws enforced on the directives of IMF invited criticism from concerned quarters before promulgation as it was not designed to serve the purpose of the state but lenders, he added. Shahid said that the IMF experts changed the basic scheme of the law and brought in inexplicable terminologies.

 Since then it has been amended for hundreds of times but it remains inconsistent and uninterruptable.

 

 Rice exporters delegation calls

on Sindh governor

KARACHI (APP): High-profile delegation of Rice Exporters Association of Pakistan (REAP) called on Sindh Governor Muhammad Zubair here at the Governor House to discuss the issues facing by rice exporters. Led by REAP Senior Vice Chairman Rafique Suleman, the delegation included Haji Abdul Rauf Chappal, Jawed Jillani, Asif Polani, the association's Managing Committee members and other leading rice exporters Jawed Tar Muhammad, Anis Majeed and Nadeem Polani, said REAP statement here on Thursday. Rafique apprised the governor of the issues and irritants confronting the rice exporters in the country. Rice export sector is the second largest foreign exchange earner of the country. He said the rice exporters were putting their untiring efforts for the increase of export trade. He further informed that Indonesia procure rice only through Pakistan government. Whereas, other rice exporting countries have authorised their exporters’ associations to export rice to Indonesia on behalf of their governments, he added.

"We had also requested the federal commerce minister to authorise REAP for rice export to Indonesia, as Pakistani rice has a good demand in Indonesia and approximately 300,000 metric tons of rice might be exported to their which would fetch up to $120 million foreign exchange for the country,” he said.