Tag: savings

  • Anti-corruption victory: NAB recovers Rs2.3 trillion, saves $10 billion

    Anti-corruption victory: NAB recovers Rs2.3 trillion, saves $10 billion

    National Accountability Bureau (NAB) Chairman Lt Gen (retd) Nazir Ahmed announced a significant achievement, revealing that the bureau has successfully recovered an impressive amount of Rs2.3 trillion and saved over $10 billion in savings for the national exchequer. 

    Speaking at an event, he highlighted the necessity of collective efforts in combating corruption, emphasising that every instance of corruption should face consequences.

    Chairman Nazir Ahmed underscored the importance of collaboration among all stakeholders, stating that the eradication of corruption is a shared responsibility that no single institution can accomplish alone. 

    He reiterated NAB’s commitment to fulfilling obligations outlined in the United Nations Convention against Corruption (UNCAC), emphasising that documenting the economy is a crucial step in reducing corruption.

    Prominent economist Dr Ashfaque Hasan Khan and UNODC Pakistan’s Country Representative, Jermey Milsom, attended the event as guest speakers. 

    Dr Khan, in his keynote speech, emphasised the citizen’s responsibility to register in the taxation system for access to state welfare benefits.

    He highlighted the plight of individuals in the informal/unregistered economy facing poverty due to limited access to banking incentives, proposing a restructuring of the tax system to provide incentives rather than relying solely on punitive measures.

  • Paisay kharachnay ka shauq hai? Here are nine tips to spend your money wisely

    Paisay kharachnay ka shauq hai? Here are nine tips to spend your money wisely

    If you’re reading this article, chances are you’re a spendthrift who wants to learn how to save money. The good news is that you’re not alone. Many people struggle with saving money, but with a little discipline and creativity, it is possible to improve your financial situation. Here are some tips on how to save money when you’re a spendthrift:

    1. Set a Budget: One of the main reasons people overspend is because they don’t have a budget. Setting a budget can help you cut back on unnecessary expenses and prioritize your spending. Start by writing down all of your monthly expenses and subtracting them from your income. Use the remaining amount to plan your spending each month.
    2. Track Your Spending: Another way to save money is to track your spending. Keep a record of every penny you spend, and review it regularly to see where you’re overspending. This can help you make better decisions about how to allocate your funds.
    3. Cut Back on Eating Out: Eating out can be a huge expense, especially if you do it frequently. Eating at home can save you a lot of money, so try to limit your dining out to once or twice a week. Alternatively, you can try cooking meals in bulk and freezing them, so you always have a home-cooked meal on hand.
    4. Use Coupons and Discounts: Coupons and discounts can help you save money on groceries, clothing, and other purchases. Take advantage of them whenever possible, and try to combine them with sales for even greater savings.
    5. Shop Smart: When shopping for anything, always try to get the best deal possible. Look for products that are on sale or discounted, and do research to find the best prices. Avoid impulse buys and stick to your list.
    6. Avoid Credit Card Debt: Credit card debt can be a major financial burden, so try to avoid it whenever possible. If you do use credit cards, be sure to pay off the balance in full each month to avoid interest charges.
    7. Use Cash: Using cash to pay for purchases can help you stay within your budget and avoid overspending. Leave your credit cards at home and only carry as much cash as you need.
    8. Start Saving: Even if you can only save a small amount each month, it’s important to start saving. Set up a separate savings account and transfer money into it each month. Over time, your savings will grow, and you’ll feel more secure financially.
    9. Rein in Your Social Life: Meeting with friends and colleagues can take a toll on your savings. Instead of hitting the town every weekend, opt for low-cost get-togethers like walks or coffee shop meetups.

    Final Thoughts

    If you’re a spendthrift, saving money can be a challenge, but it’s not impossible. The key is to be disciplined and proactive in your approach. Set a budget, track your spending, cut back on eating out, use coupons and discounts, shop smart, avoid credit card debt, use cash, start saving, and rein in your social life.

    By following these tips, you can make significant progress in curbing your spending and improving your financial situation. Remember, every little bit counts, so stay focused on your goals and keep working towards them. With time and persistence, you can become a master saver and achieve financial success.

  • State Bank of Pakistan fines major banks for violating regulations

    State Bank of Pakistan fines major banks for violating regulations

    Banks operating in Pakistan have been slapped with hefty fines from the State Bank of Pakistan (SBP) totaling Rs131.4 million as a result of enforcement action against infractions of its established policies.

    According to the specifics, SBP fined JS Bank Limited Rs85.148 million, the highest sanction of the three banks, for breaking regulator guidelines regarding CDD/KYC, Asset Quality, FX, and General Banking Operations. Additionally, the central bank has recommended JS Bank Limited to improve its processes and controls in the areas that have been highlighted.

    In addition, Habib Bank Limited was fined Rs29.035 million for disobeying regulatory directives regarding CDD/KYC. The bank has been urged to tighten its controls and procedures in the highlighted areas in addition to the punitive action.

    Last but not least, the Bank of Punjab was additionally penalised Rs17.243 million for breaking regulatory guidelines relating to Asset Quality & CDD/KYC. Along with taking legal action, the bank has been urged to tighten its procedures and controls in the highlighted areas.

    The SBP has previously imposed fines totaling more than Rs100 million on four banks for regulatory violations.

    Read more: Rupee gains ground against dollar for second day, closes at Rs238

    Earlier, due to a breach of asset quality regulations, the National Bank of Pakistan (NBP) was fined Rs19.26 million. Additionally, U Microfinance Bank Limited which is owned by Ufone was fined Rs10.26 million and given the go-ahead to launch an internal investigation into any violations of regulatory directives as well as to discipline any indiscreet employees.

    According to SBP, these actions are based on shortcomings in the observance of regulatory directives and do not reflect poorly on the businesses’ financial soundness.

  • Beggar gifts PKR 234,000 motorbike to wife, both continue begging together

    Beggar gifts PKR 234,000 motorbike to wife, both continue begging together

    A beggar from Madhya Pradesh begged for four years and purchased a motorcycle worth Rs234,000 (INR90,000) for his wife.

    He spent all of his savings on the bike as his wife complained about a backache from sitting on the tricycle he owned earlier. This story is from Amarwara village, where the beggar, Santosh Sahu, expressed his love for his wife by purchasing a small motorcycle.

    Sahu is a disabled man who rides a tricycle and begs for money with his wife, Munni Sahu. Munni drags Sahu’s tricycle forward while the two beg.

    Munni would occasionally fall while attempting to push the tricycle due to the poor road conditions. As a result, Santosh decided to purchase her a moped.

    The pair begs for money at different spots from bus stops to mosques and temples, earning up to Rs1,000 (400 INR) per day. Santosh began saving money every day in order to purchase his wife’s dream bike. The couple is now back to their regular practise of begging in their freshly purchased motorcycle.

  • Federal Govt teachers demand pay raise, promotion

    Federal Govt teachers demand pay raise, promotion

    Federal government employees have warned to hold another sit-in in the federal capital if their demands for salary increments and promotions are not met by May 23.

    They voiced the statement during a rally in front of Parliament House organised by the All-Government Employees Grand Alliance (AGEGA), where a significant number of teachers showed up, responding to the Federal Government College Teachers Association’s call (FGCTA).

    Dr Nazir Ahmed Bhutta, the FGCTA’s General Secretary, urged the government to fulfill its promise made last year in February.

    As per the agreement, all perks or allowances should be combined with basic salaries, employees should be given timely promotion and raise, including pay and pension adjustments should be implemented to minimise wage discrepancy.

    Professor Tahir Bhatti, president of the FGCTA (local unit of H-9 College), demanded the return of the Saturday weekly off for government employees who, he claimed, couldn’t afford to work six days a week due to a large increase in fuel prices in recent months.

    To preserve electricity, he believes the government should proclaim Saturday as a holiday.

    Professor Farhan Azam, senior vice-president of the FGCTA, noted that the remuneration of employees in different departments differed significantly, causing resentment among lesser-paid staff of the same grade. He proposed that professionals of the same status should have the same pay and privileges.

    Rehman Bajwa, AGEGA’s chief coordinator, cautioned that if the employees’ demands were not met by May 23, they would take to the streets after speaking with their management.

  • Nisab amount of zakat deduction set at Rs88,927 for 2022

    Nisab amount of zakat deduction set at Rs88,927 for 2022

    The nisab amount of zakat for the year 2022 is set at Rs88,927, according to a notification dated March 30, 2022, issued by the Poverty Alleviation & Social Safety Division, Cabinet Secretariat, Government of Pakistan.

    The account holders, maintaining a minimum of Rs88,927 balance on the first day of Ramzan would be liable to pay 2.5 per cent Zakat on the first day of the fasting month of Ramzan.

    If the amount standing to the credit of an account is less than the said amount, no Zakat deduction shall be made. While savings, profit-and-loss sharing, and other similar accounts are subject to nisab deductions. it is worth noting that the zakat deduction has surged by Rs7,994 as compared to last year, due to an increase in gold and silver prices.

    Read more: Banks to remain closed for public dealing on 4 April

    The amount for nisab in 2021 was set at Rs80,933 and Rs46,329 for 2020. In the majority of Islamic countries, It is adjusted at 2.5 per cent of one’s wealth above the nisab.