Tag: google playstore

  • SECP strikes down 120 illegal personal loan apps

    SECP strikes down 120 illegal personal loan apps

    Securities and Exchange Commission of Pakistan (SECP) has taken measures to protect the public from falling into debt traps of illegal loan apps. Collaborating with Google, Apple and Pakistan Telecommunication Authority (PTA), SECP has succeeded in removal of 120 illegal loan apps that were previously available online.

    The largely ignored scam of illegal personal loan apps came to light recently when last month, a resident of Rawalpindi, died by suicide after being threatened by a lender who gave him loan through one such app. This incident raised serious concerns about misuse of data privacy violations, and coercive recovery practices by the illegal loan apps. The SECP has not only tightened its regulatory framework for licensed Non-Banking Finance Companies (NBFCs) but has also initiated effective steps with the relevant authorities to shut down unauthorized and illegal loan apps.

    SECP has also referred the 120 blocked apps to the FIA for further action in accordance with the Prevention of Electronic Crimes Act of 2016. SECP regularly checks the Google Play Store and the Apple App Store for the presence of any illegal apps.

    Recently Google has introduced Pakistan’s Personal Loan App Policy, according to which Google only allows SECP-approved Personal Loan Apps for placement on its Google Play Store.

    Personal loan borrowers have been advised by SECP to obtain loans only from licensed NBFCs. The SECP’s regulatory framework for approved Apps requires transparent disclosure of fees, loan duration, instalments, and charges. Moreover, SECP has also initiated inspections of licensed NBFCs providing loans through Apps to verify that these are not engaged in miss-selling, breaches of data privacy, or coercive recovery practices etc.

  • Punjab’s ePay system collects over Rs90 billion tax revenue through 17 million transactions

    Punjab’s ePay system collects over Rs90 billion tax revenue through 17 million transactions

    Since its launch in October 2019, e-Pay Punjab, an online payment solution developed by the Punjab Information Technology Board (PITB) and the Punjab Finance Department, has collected over Rs90 billion in tax revenue through 17 million transactions.

    As per details released by the PITB on Friday, e-Pay Punjab has collected a total of Rs57 billion in sales tax, Rs11.5 billion in token tax, Rs9 billion in property tax, Rs4 billion in traffic challans, and Rs440 million in vehicle transfers.

    It’s worth noting that e-Pay Punjab now accepts online payments for 23 taxes and levies from ten different departments. Its 1-Link network integration with the State Bank of Pakistan (SBP) and all scheduled banks makes it a secure and dependable payment channel.

    The e-Pay Punjab application, which has over 1 million downloads, generates a unique PSID number that is accepted by banks across Pakistan through their various channels, including Internet and Mobile Banking, ATMs, and physical branch visits.

    It is also a secure, smart, and fast online payment option for the annual Token Tax. Vehicle owners can use e-Pay Punjab to pay their Token Tax from the comfort of their own homes.

    The app’s primary objective is to make it convenient for the government to gather revenue in the form of taxes through a simple solution. With Pakistan’s first digital tax aggregator, the app demonstrates how Pakistan and its government are rapidly integrating financial technology (fintech) into their processes.