Tag: Pakistan

  • SBP reports $112 million increase in workers’ remittances

    SBP reports $112 million increase in workers’ remittances

    In September 2023, Pakistan experienced a notable surge in workers’ remittances, marking a 5.3 per cent increase compared to August 2023.

    This uptick can be primarily attributed to a crackdown on the informal money transfer systems known as hawala and hundi.

    According to the State Bank of Pakistan (SBP), the country received remittances amounting to $2.206 billion in September 2023, up from $2.094 billion in August 2023, equating to a $112 million rise.

    The majority of remittance inflows for September 2023 were derived from several key sources, with Saudi Arabia contributing $538.2 million, the United Arab Emirates $400 million, the United Kingdom $311.1 million, and the United States of America $263.4 million.

    This increase in remittances can be linked to the fact that a substantial number of Pakistani expatriates resorted to using the Hawala/Hundi channels during the initial two months of the fiscal year, largely due to a significant disparity between official and unofficial exchange rates.

    Subsequently, strict enforcement measures against illegal currency dealers have curbed this volatility, leading to a gradual appreciation of the Pakistani rupee in both the interbank and open currency markets.

    In the last month, the rupee has rebounded by 9 per cent, recovering from its record low of 307.1 against the dollar on September 5. The crackdown on these illicit currency dealers has also contributed to the 5 per cent month-on-month increase in remittances for September.

    However, when examining the entire first quarter of fiscal year FY24, the overall home remittances to Pakistan have experienced a sharp decline of 20 per cent, totalling $1.57 billion. Home remittances for the July-September period of FY24 amounted to $6.33 billion, a decrease from $7.90 billion during the same period in the previous fiscal year, FY23.

    During this initial quarter, remittances from all major sources displayed a downward trajectory. Specifically, home remittances from Saudi Arabia decreased by 22 per cent to $1.516 billion for July–September in FY24, down from $1.946 billion in the equivalent period in FY23.

  • World Bank proposes tax reforms with 3% GDP growth projection for Pakistan

    World Bank proposes tax reforms with 3% GDP growth projection for Pakistan

    The World Bank has advised Pakistan to implement taxes on the agricultural and real estate sectors and merge the income thresholds for salaried and non-salaried individuals to create a progressive Personal Income Tax (PIT) system.

    If agriculture income and property taxes are effectively enforced, they could contribute 3 per cent of the GDP annually, totaling over Rs3 trillion. The World Bank is awaiting approval for a $350 million allocation for Pakistan under RISE-II, with the meeting date yet to be confirmed.

    Currently, the annual income threshold for salaried individuals is Rs600,000, and for non-salaried income, it stands at Rs400,000, both exempt from taxes.

    The World Bank emphasises the urgency of Pakistan’s fiscal situation and the need to generate revenue and reduce expenditures, recommending taxing the wealthy while protecting the poor.

    The World Bank proposes simplifying the income tax structure by aligning it for both salaried and non-salaried individuals, ensuring progressivity without suggesting a reduction in the current nominal threshold.

    They acknowledge the importance of considering inflation and labour market changes in recent data when reforming the income tax structure.

    The focus of the recommended tax reforms should fall on higher income brackets and include a comprehensive tax package and expenditure reforms to address unsustainable fiscal deficits.

    These reforms involve cutting down on subsidy expenditures, eliminating regressive tax exemptions, and increasing the taxation of high-income earners, particularly in agriculture, property, and retail sectors, to enhance the progressivity of the tax system.

    Regarding a question about lowering the current exemption threshold for salaried workers earning below Rs50,000 monthly, the World Bank’s lead economist clarified that the bank does not recommend a reduction in the current nominal threshold.

    Instead, the emphasis is on streamlining the income tax structure for both salaried and non-salaried individuals to ensure progressivity while protecting the poor during the reform process.

  • Major changes in Punjab’s National and Provincial Assembly seats

    Major changes in Punjab’s National and Provincial Assembly seats

    Five newly created districts in Punjab are set to receive a total of 13 national and provincial assembly seats as part of the preliminary delimitation, marking a notable shift in the political landscape.

    The districts in question are Kot Addu, Taunsa, Wazirabad, Talagang, and Murree. Among these, Kot Addu district in southern Punjab stands out, securing two National Assembly seats, NA-179 and NA-180, along with three provincial assembly constituencies: PP-276, PP-277, and PP-278.

    Wazirabad and Taunsa districts are also set to gain representation, with Wazirabad obtaining NA-66, PP-35, and PP-36, while Taunsa secures NA-183, PP-284, and PP-285.

    Talagang, which was carved out of Chakwal, will now share a National Assembly seat, NA-59, with Chakwal itself. This arrangement leads to Chakwal having one independent NA seat, and Talagang securing one provincial assembly seat, PP-23. PP-22 will be referred to as Chakwal-cum-Talagang.

    Similarly, Murree will not have an independent NA seat but will be included in NA-51, referred to as Rawalpindi-cum-Murree. Nonetheless, Murree will have representation in the provincial assembly with PP-06.

    These changes also entail a reduction in the number of national and provincial assembly seats for some districts. Dera Ghazi Khan, for instance, will see a decrease from four to three NA seats and a reduction from eight to six provincial assembly seats. Muzaffargarh, too, will experience a decrease, with two fewer NA seats, resulting in a drop from six to four NA seats, and a reduction in provincial assembly seats from 12 to eight.

    Gujranwala and Hafizabad, despite Gujranwala’s sizable population of 5.95 million, will collectively have only five seats, despite the potential for an additional independent seat. Dera Ghazi Khan is also set to lose one NA seat and two provincial assembly seats.

    These changes in seat allocations underscore the evolving political landscape in Punjab, reflecting efforts to ensure fair and equitable representation for all regions within the province.

  • Not going to take part in  upcoming elections, says Shahid Khaqan Abbasi

    Not going to take part in  upcoming elections, says Shahid Khaqan Abbasi

    Former Prime Minister, Shahid Khaqan Abbasi has revealed in an interview with Nadeem Malik on Samma TV that he is not going to take part in the upcoming elections in the current political environment.

    The senior politician said that he is unable to give a final word on elections as he has not consulted the people of his constituency on this matter.

    Abbasi emphasized that he asked Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif to find a solution for the bad economic situation in the country.

    “I have told Nawaz Sharif that all political leaders can sit together and solve the country’s problems,” he added.

    The former prime minister stated that PML-N president Shehbaz Sharif and Vice President Maryam Nawaz are not his leaders. “Nawaz Sharif is my leader,” Abbasi firmly stated.

  • No chance of Nawaz Sharif’s arrest, says Ishaq Dar

    No chance of Nawaz Sharif’s arrest, says Ishaq Dar

    Senior leader of the Pakistan Muslim League-Nawaz (PML-N) and former finance minister Ishaq Dar has said that there is no chance of the party supremo Nawaz Sharif getting arrested on his return to Pakistan.

    In an interview with Asma Sherazi, Ishaq Dar said that Nawaz Sharif will arrive in Saudi Arabia and perform Umrah. After performing Umrah, the PML-N chief will reach Pakistan on October 21.

    He continued, “There is no chance of arresting Nawaz Sharif on his return as he will take protected custody and transit bail on return”.

    The former finance minister also mentioned that it’s a standard judicial practice to face the courts.

    Dar also stated that PML-N will clearly get a clear majority in the next election, and PML-N’s agenda is the recovery of the economy.

    The former finance minister said that the truth commission on the characters of Project Imran is included in our agenda, “however we do not want to take any action that smells of revenge,” he added.

  • Indian journalists slam govt for not giving visas to Pakistani correspondents

    Indian journalists slam govt for not giving visas to Pakistani correspondents

    Senior Indian journalist Rajdeep Sardesai expressed disappointment on his government’s continuous delay in issuing visas for Pakistani journalists, stating that if Pakistan is playing the World Cup in India, visas cannot be denied to journalists.

    Rajdeep Sardesai asked why should journalists be politically demotivated. “We should adopt the attitude of good hosts,” he remarked, saying that he will expect the same from Islamabad in the future.

    Read More: World Cup 2023: Pakistani cricket presenter Zainab Abbas sent back from India due to safety concerns

    It should be noted that the head of the Pakistan Cricket Board (PCB), Zaka Ashraf, contacted Foreign Secretary Cyrus Sajjad Qazi in regards to the issuance of Indian visas to Pakistanis for the cricket World Cup.

    Here are some more reactions of Twitter users:

  • ECP reserves decision on PTI election symbol

    ECP reserves decision on PTI election symbol

    A five-member bench headed by chief election commissioner Sikandar Sultan Raja heard a petition filed by Istehkam-e-Pakistan Party’s (IPP) leader Auwn Chaudhry regarding the withdrawal of Pakistan Tehreek-e-Insaf’s (PTI) election symbol.

    During the hearing, Aun Chaudhry’s lawyer said that PTI should not be given the bat symbol, on which the CEC said that PTI has already been given the bat symbol.

    The Election Commissioner also said that the case related to the PTI election symbol is already under hearing in the ECP, to which one of the petitioner’s lawyers asked to link their application with the same case.

    Later, the ECP reserved its decision regarding the election symbol of PTI.

  • ‘Mayi Ri’ ends with mixed responses from fans

    ‘Mayi Ri’ ends with mixed responses from fans

    The drama ‘Mayi-Ri’ attracted widespread controversy on social media after it depicted an underaged girl being forcibly married to her cousin, later giving birth to a baby girl. However the drama has ended now, with main leads Ainy (Aina Asif) and Fakhar (Samar Jafri) choosing to end their relationship as he decides to go abroad for studies.

    Social media had mixed reactions to the ending. Many fans were happy to see a Pakistani drama deciding not to stigmatise divorce, showing Ainy empowered by her family to chase her dreams and complete her education on her own. In the last scene, Ainy gives a college graduation speech where she strongly advocates for the right of women to chase their dreams, revealing that she has set up a house with her mother called ‘Ayesha Home’ to help young children escape abuse.

    As pop culture writer Sadaf Haider wrote: “Mxed feelings about #MayiRi ending Congratulations on understanding Divorce can be be a blessing Allah has allowed it for a reason Big thank you to The writer for allowing Aini & Fakhir to move on from a child marriage And women supporting each other.”

    Social media users defended Ainy for divorcing Fakhir, working on her independence and following her own dreams. Users shared the clip of Ainy speaking at her college graduation ceremony, applauding the powerful stance the show took against child marriage.

    However, other social media users were disappointed at how Fakhir chose to run away from his responsibilities for wife and child to study abroad, calling this twist, “heartbreaking.”

    But for us, the best part of the drama was how divorce was not treated as a taboo, but as an empowering a step towards a woman’s future. We’re incredibly happy with the direction the show took, and hope more writers and producers take a page from their book, to show that it’s better to live alone than to live in an abusive marriage.

  • ‘Imran Khan can’t talk to his sons’: Jailer

    ‘Imran Khan can’t talk to his sons’: Jailer

    The incarcerated chairman of the Pakistan Tehreek-e-Insaf (PTI) party and former Prime Minister, Imran Khan, has been denied permission to speak with his sons while in detention at Adiala Jail. The superintendent of the jail conveyed the decision to a special court during a hearing on Tuesday.

    Referring to security concerns and the specific nature of the cipher case under the Official Secrets Act, the jailer cited the two as the basis of his refusal to let Imran Khan speak to his sons.

    The presiding judge, Abual Hasnat, acknowledged the jail superintendent’s stance and requested the Adiala Jail’s Standard Operating Procedures (SOPs) concerning telephone communication between inmates and their relatives. The case hearing has been adjourned until October 18, pending further review.
    It is pertinent to mention that Imran Khan is currently detained at Adiala Jail in connection with the cipher case, a transfer that was ordered by the Chief Justice of the Islamabad High Court after his initial incarceration at Attock Prison.

    Imran Khan and the PTI vice chairman, Shah Mahmood Qureshi, are facing charges related to the alleged deliberate mishandling of a diplomatic cipher. The special court announced that PTI leaders will be indicted in the cipher case on October 17.

  • Sadaqat Ali Abbasi leaves PTI, holds Imran Khan responsible for May 9

    Sadaqat Ali Abbasi leaves PTI, holds Imran Khan responsible for May 9

    Former Member of Parliament, Sadaqat Ali Abbasi, has announced that he is not part of Pakistan Tehreek-e-Insaf (PTI) anymore in a controversial interview with Adil Shahzeb, aired on DAWN News. He held PTI Chairman Imran Khan responsible for the events of May 9, when PTI supporters attacked state installations.

    Abbasi said that during a meeting held on May 4, Imran Khan planned a rally for May 6 near military installations in Rawalpindi.

    “He wanted to send a message that if I’m arrested, then the party’s target would be military installations,” the former PTI leader said, adding that Khan repeatedly stressed that the PTI’s “actual war was against the establishment”.

    “I announce that I am leaving the PTI, the office of the PTI’s North Punjab president, and politics,” the former member of the National Assembly (MNA) said during the interview.

    “I also fear the law […] there are a lot of FIRs registered against me. I do have the pressure of facing cases in court. There is no other pressure on me,” the ex-PTI leader said.

    Sadaqat Abbasi had been “missing” for a month when he appeared at DAWN for the interview.

    Abbasi was seen in a video circulating on social media, breaking down in tears as he hugs his mother after returning home.

    He met his family when the anti-terrorism court approved his pre-arrest bail until October 10.

    “Due to the narrative that has been built […] I cannot continue as a PTI member. I have no plans of staying in politics anymore,” Abbasi said.