Tag: cash

  • Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Customs officials made a significant seizure of gold and cash at Jinnah International Airport in Karachi on Tuesday. 

    Acting on a tip-off, the officials intercepted a passenger scheduled to depart for Hong Kong on Thai Airways flight TG-342, suspected of carrying a substantial amount of undeclared valuables.

    Following the tip-off, Customs personnel conducted a thorough search of the passenger’s belongings, uncovering over $40,000 (PKR 11 million) in assorted foreign currencies, along with 21 tolas of gold coins and jewelry. 

    The combined value of the confiscated items is estimated to be approximately $56,000 (PKR 15 million).

    The detained passenger failed to declare the cash and gold, a requirement for amounts exceeding $10,000 (PKR 2.78 million), when leaving Pakistan, leading to allegations of money laundering and smuggling. An FIR has been filed, and the investigation is ongoing.

  • SBP hikes interest rate by 150 basis points to control inflation

    SBP hikes interest rate by 150 basis points to control inflation

    The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) approved a 150 basis point increase in the benchmark interest rate, pushing it to 13.75 per cent to control inflation.

    It is worth noting that this is the maximum level of interest rate since 2011 when it was 14 per cent.

    The central bank mentioned in a statement that after the last MPC meeting, preliminary estimates indicate that growth in FY22 has been considerably higher than predicted.

    On May 23, the MPC agreed to hike the policy rate by 150 basis points to 13.75 per cent. “This action, together with much needed fiscal consolidation, should help moderate demand to a more sustainable pace while keeping inflation expectations anchored and containing risks to external stability.

    “External pressures remain elevated and the inflation outlook has deteriorated due to both home-grown and international factors. Domestically, an expansionary fiscal stance this year, exacerbated by the recent energy subsidy package, has fueled demand and lingering policy uncertainty has compounded pressures on the exchange rate”.

    “Globally, inflation has intensified due to the Russia-Ukraine conflict and renewed supply disruptions caused by the new Covid wave in China. As a result, almost all central banks across the world are suddenly confronting multi-year high inflation and a challenging outlook.”

    The MPC stated that raising interest rates will help to protect external and economic stability.

    “Since the last MPC meeting, secondary market yields, benchmark rates and cut-off rates in the government’s auctions have risen, particularly at the short end. The MPC noted that the market rates should be aligned with the policy rate and in case of any misalignment after today’s policy decision, the SBP would take appropriate action”.

    According to the report, overall inflation climbed from 12.7 per cent (year on year) in March to 13.4 per cent in April, led by consumable food products and core inflation. “The rise in core inflation reflects strong domestic demand and second-round effects of supply shocks,” it noted.

    The MPC believes that when power and fuel subsidies are phased out, inflation will spike momentarily and remain strong through FY23 before falling steeply in FY24. “This baseline outlook is subject to risks from the path of global commodity prices and the domestic fiscal policy stance,” it said.

  • Banks to remain closed for public dealing on 4 April

    The State Bank of Pakistan (SBP) and all other banks will be closed for public business on Monday, 4 April, to observe a ‘Bank Holiday’ for Zakat deduction.

    Development Finance Institutions (DFIs), Microfinance banks (MFBs), and all other banks will be closed to the public on Monday.

    On the Bank Holiday, which will be observed as a working day, all of these institutions’ employees will carry out their official tasks except client dealing, in-office, or through work-from-home (WFH), as per the official instructions.

    According to the central bank’s announcement, it will be closed for public trading on Monday, “which shall be observed as Bank Holiday for the purpose of Zakat deduction”.

    “However, all staff of banks, DFIs, and MFBs will report to work on Bank Holiday as a normal working day (except for public trading),” the statement continued.

  • Newly-wed bride asks groom to bring water, runs away with cash, jewellery

    Newly-wed bride asks groom to bring water, runs away with cash, jewellery

    A bride robbed her husband while going to her in-laws’ in India’s Uttar Pradesh after she sent him to bring water for her.

    As per reports, the groom’s marriage was fixed through a mediator and the latter had mentioned a condition that made the groom’s family pay INR80,000 to the bride.

    The groom named Raju agreed to the condition and gave the money along with jewellery, gifts and clothes.

    Read More: Bride slaps groom for chewing ‘gutka’ during wedding ceremony

    The newly-married couple went to a bus station to leave for home.

    The bride asked her husband to fetch her a glass of water at the bus station, as she was thirsty. After he returned, the bride was not there. She disappeared depriving him of money, gifts and clothes that were given to her, as they were also not there.

    Later, the husband reported the case to the police.

  • Ash­raf Ghani fled the country with four cars and a helicopter full of cash: Russia

    Ash­raf Ghani fled the country with four cars and a helicopter full of cash: Russia

    The Russian embassy in Kabul alleged on Monday that Afghan President Ashraf Ghani had fled the country with four cars and a helicopter full of cash and had to leave some money behind as it would not all fit in, Russia’s state news agency RIA Novosti reported.

    Russia has said it will retain a diplomatic presence in Kabul and hopes to develop ties with the Taliban even as it says it is in no rush to recognise them as the country’s rulers and will closely observe their behaviour.

    “As for the collapse of the (outgoing) regime, it is most eloquently characterised by the way Ghani fled Afghanistan,” Nikita Ishchenko, a spokesman for the Russian embassy in Kabul, was quoted as saying by RIA.

    “Four cars were full of money, they tried to stuff another part of the money into a helicopter, but not all of it fit. And some of the money was left lying on the tarmac,” he was quoted as saying.

    Ischenko, the Russian embassy spokesman, confirmed his comments to Reuters.

    President Vladimir Putin’s special representative on Afghanistan Zamir Kabulov said earlier it was unclear how much money the fleeing government would leave behind.

    “I hope the government that has fled did not take all the money from the state budget. It will be the bedrock of the budget if something is left,” Kabulov told Moscow’s Ekho Moskvy radio station.

    President Ashraf Ghani on Sunday fled Afghanistan as the Taliban entered Kabul, amidst severe criticism from his opponents, saying that now is not the time for him to leave his country as the dreaded Taliban come back to rule once more.

    Ashraf left a note for his countrymen on social media, stating, “The Taliban have made it to remove me, they are here to attack all Kabul and the people of Kabul. In order to avoid the bleeding flood, I thought it was best to get out.”

    “Taliban have won the judgement of swords and guns and now they are responsible for protecting the countrymen’s honour, wealth and self-esteem. Didn’t they win the legitimacy of hearts,” wrote Ashraf Ghani.

  • SBP to provide disinfected cash during coronavirus pandemic

    SBP to provide disinfected cash during coronavirus pandemic

    The State Bank of Pakistan (SBP) on Monday announced that banks will provide fit, authenticated and disinfected cash during the coronavirus pandemic.

    While there is no conclusive scientific study that links the spread of the current strain of coronavirus to contaminated currency notes, the World Health Organisation (WHO) has advised taking measures to maintain proper hygiene post-handling of notes.

    SBP tweeted a series of tweets:

    “Banks will provide fit, authenticated and disinfected cash. SBP will ensure to clean, disinfect, seal and quarantine all cash being collected from hospitals and clinics and to block circulation of such cash in the market.

    ”Banks will ensure continuous availability of ATMs 24/7. Also call centers and helplines will be operative 24/7.

    ”Large scale closure of branches may cause rush and congestion in the operative branches, which may be counterproductive to efforts to contain the spread of the disease. Banks may close branches where the staff is infected and for which requisite human resource is not available.”