Sindh, Georgia set to establish sister state-province relations

The US State of Georgia and Pakistan’s Sindh Province are set to establish sister state-province relations under a resolution passed by Georgia’s legislature.The Resolution, introduced by State Representative Farooq Mughal, a Democratic Party leader of…

The US State of Georgia and Pakistan’s Sindh Province are set to establish sister state-province relations under a resolution passed by Georgia’s legislature.

The Resolution, introduced by State Representative Farooq Mughal, a Democratic Party leader of Pakistani origin, states that a sister-state relationship between the State of Georgia and the Province of Sindh would promote mutual trade and commerce and increase the potential for educational, environmental, and cultural relations between the two entities.

Georgia is the 24th-largest in area and 8th most populous of the 50 United States.

Source: Radio Pakistan

CM Naqvi starts visits to monitor free flour supply to deserving people

Caretaker Punjab Chief Minister Mohsin Naqvi has said all impediments in the way of providing free flour to downtrodden section of society will be removed with strict vigilance.He was talking to the people during his visit at the Model town’ center of …

Caretaker Punjab Chief Minister Mohsin Naqvi has said all impediments in the way of providing free flour to downtrodden section of society will be removed with strict vigilance.

He was talking to the people during his visit at the Model town' center of free flour in Lahore on Sunday.

On this occasion, he inquired about the problems being faced by the people in getting free flour.

The Caretaker Chief Minister also ordered to ensure full supply of flour at the points to avoid long queues of people.

Source: Radio Pakistan

Peaceful situation in Karachi result of mutual efforts: DG Rangers Sindh

Director General Rangers Sindh Major General Azhar Waqas has visited the North Karachi Association of Trade and Industry on Sunday and met with members of the Association.Speaking on the occasion, he said the peaceful situation in Karachi is the result…

Director General Rangers Sindh Major General Azhar Waqas has visited the North Karachi Association of Trade and Industry on Sunday and met with members of the Association.

Speaking on the occasion, he said the peaceful situation in Karachi is the result of mutual efforts and we are taking steps to further improve it.

DG Rangers said the economic stability has been achieved in the city with the significant decrease in kidnaping and ransom incidents.

The association paid rich tribute to the law enforcing agencies and secrifices of their martyrs.

Source: Radio Pakistan

Govt to Provide Rs. 50 Per Liter Subsidy on Petrol for Motorcycles, Small Cars

The federal government has decided to give cheap petrol to low-income people using motorcycles, rickshaws, and cars of up to 800cc.Prime Minister Shehbaz Sharif chaired a meeting regarding the proposed relief package for petroleum users in Lahore on Su…

The federal government has decided to give cheap petrol to low-income people using motorcycles, rickshaws, and cars of up to 800cc.

Prime Minister Shehbaz Sharif chaired a meeting regarding the proposed relief package for petroleum users in Lahore on Sunday.

The prime minister directed to include cars of up to 800cc for the subsidized petrol scheme in addition to motorcycles and rickshaws. The government plans to subsidize the price of petrol by Rs. 50 per liter, which will substantially reduce the price for the subsidized segment.

The prime minister directed the relevant authorities to speed up the implementation of the proposed program and directed the stakeholders to devise a comprehensive strategy in this regard.

The premier said that motorcycles, rickshaws, and smaller cars are used by the common man and the subsidy will provide relief for the poor segment of society.

It is pertinent to mention here that the government is yet to announce details about how this subsidy will be implemented.

Source: Pro Pakistani

SBP Scraps 1.5% Fee on Debit and Credit Card Transactions

The State Bank of Pakistan (SBP) has scrapped the 1.5 percent minimum fee being charged by financial institutions from merchants on transactions done through credit and debit cards.Previously the Merchant Discount Rate (MDR) for Point of Sale (POS) acq…

The State Bank of Pakistan (SBP) has scrapped the 1.5 percent minimum fee being charged by financial institutions from merchants on transactions done through credit and debit cards.

Previously the Merchant Discount Rate (MDR) for Point of Sale (POS) acquiring in Pakistan was within the range of 1.5 percent – 2.5 percent for both existing and new merchants. However, through a circular issued on Friday, the central bank has abolished the minimum fee of 1.5 percent.

Moreover, the SBP has also revised the Interchange Reimbursement Fee (IRF) for cards issued in Pakistan used on domestic POS terminals. For debit and prepaid cards the maximum fee would be 0.2 percent (down from the previous 0.5 percent) and for credit cards the fee has been capped at 0.7 percent.

Further, the central bank has directed all e-commerce and online payment acquirers operating in Pakistan to enable acceptance of Domestic Payment Scheme (DPS) card for card-not-present (CNP) transactions on their respective payment gateways by June 30, 2023.

The latest circular said that all other instructions on the subject will remain the same.

It is pertinent to mention here that Oil Marketing Companies (OMCs) have repeatedly requested the State Bank of Pakistan (SBP) to revise the bank charges on the sale of petroleum products through credit and debit cards as it reduces their margins and margins of petrol pump owners and operators.

Source: Pro Pakistani

Commerce Ministry Asks SBP to Declare Tea an ‘Essential Import’

The Ministry of Commerce has asked the State Bank of Pakistan (SBP) to issue necessary instructions to banks for opening letters of credit (LCs) of tea on a priority basis by declaring the import of tea as an ‘essential import’.According to a letter wr…

The Ministry of Commerce has asked the State Bank of Pakistan (SBP) to issue necessary instructions to banks for opening letters of credit (LCs) of tea on a priority basis by declaring the import of tea as an ‘essential import’.

According to a letter written by the Ministry of Commerce, the Pakistan Tea Association has informed that during the upcoming month of Ramzan, domestic demand for tea will increase substantially across the country. However, commercial banks are reluctant to open LCs for the import of tea due to which supply and distribution issues of the commodity in the local market have already started to surface and it may result in a price hike of the commodity.

Therefore, in order to cater to the domestic demand for tea, the association has requested that the import of tea should be declared as an ‘essential import’ and that the same may be included in the State Bank of Pakistan’s Exchange Policy Department’s Letter No. 20 of 2022 dated 27/12/2022 via an amendment.

In view of the above, the ministry has requested that necessary instructions may be issued to the banks for opening LCs of tea on a priority basis.

It may be mentioned that tea prices have surged to Rs. 1,600 per kg from Rs. 1,100 per kg due to the shortage of tea in the local market.

Source: Pro Pakistani

Pakistan Imported Mobiles Worth Rs. 8.8 Billion in February

Pakistan’s mobile phone imports declined by 36.39 percent on a month-on-month (MoM) basis in February 2023 and stood at $33.054 million compared to imports of $51.960 million in January 2023 and declined by 76.73 percent compared to $142 million in Feb…

Pakistan’s mobile phone imports declined by 36.39 percent on a month-on-month (MoM) basis in February 2023 and stood at $33.054 million compared to imports of $51.960 million in January 2023 and declined by 76.73 percent compared to $142 million in February 2022, according to data released by the Pakistan Bureau of Statistics (PBS).

The mobile imports in rupee terms during February stood at Rs. 8.81 billion compared to imports of Rs. 12 billion registered in January, a decline of 27 percent. The imports in February 2023 were down 64 percent compared to imports of almost Rs. 25 billion registered in the same month of the previous year.

The country imported mobile phones worth $447.855 million during the first eight months (July-February) of the current fiscal year 2022-23 (FY23), registering a negative growth of 68.29 percent when compared to $1.412 billion during the same period of last year. In rupee terms, the mobile imports during the period under review have crossed Rs. 101 billion.

Mobile phone imports registered 76.73 percent negative growth on a year-on-year (YoY) basis in February 2023 when compared to $142.033 million during the same month of last year.

The overall telecom imports into the country stood at $708.798 million during July-February FY23 and registered 62.08 percent negative growth compared to $1.869 billion during the same period of last fiscal year.

On a YoY basis, the overall telecom imports registered a negative growth of 70.22 percent and stood at $64.741 million in February 2023 compared to $217.396 million in February 2022. On a MoM basis, the overall telecom imports registered 17.36 percent negative growth in February 2023 compared to $78.337 million during January 2023.

Other apparatus imports stood at $260.944 million in July-February FY23 and registered 42.90 percent negative growth compared to $456.967 million during the same period of the last fiscal year.

On a year-on-year basis, other apparatus imports stood at $31.687 million in February 2023 and registered 57.95 percent negative growth compared to $75.364 million in February 2022 and registered 20.13 percent growth on MoM basis compared to $26.377 million in January 2023.

Source: Pro Pakistani