Category: Information Technology

According to reports, the Civil Aviation Authority (CAA) has devised a strict action plan for the prevention of COVID-19 spread amongst staff members. As preventive measures, more than 15 immigration counters under the Federal Investigation Agency (FIA) have been covered with glass for minimizing interaction with passengers.

35 FIA immigration counters for international departure and arrival loungers will be covered with glass within the next few days.

The Civil Aviation Authority stated on Monday that it will check COVID-19 test reports of passengers who intend to travel overseas. Amidst a chaotic second COVID-19 wave that has gripped the nation, the Jinnah International Airport has installed thermal scanners in the international departure lounge.

Recently a number of COVID-19 positive passengers passed through the international lounge at the Karachi Airport despite the SOPs. Authorities observed few passengers with positive PCR reports who managed to enter the lounge after formal check-ins at the airline counters.

Airlines have been advised to deploy representatives at departure gates to check PCR reports of incoming passengers.

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The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for the licensed “Clearinghouse” to maintain paid-up capital of Rs. 1. billion at all times and net worth of Rs. 2.00 billion by June 30, 2023.

The SECP has issued S. R. O.1252(I)/2020 here on Wednesday to specify new financial resource requirements for the Clearing House.

SECP officials told ProPakistani that the Clearing Houses (Licensing and Operations) Regulations, 2016 has specified the financial resource requirements for applicants seeking licenses of the Clearing House from the SECP.

Under regulation 4 of the Clearing Houses (Licensing and Operations) Regulations, 2016, the applicant shall have an initial paid-up capital and net worth of not less than Rs. 1 billion.

Provided that the Commission may require the clearinghouse to maintain a higher paid-up capital and net-worth in a progressive manner.

An applicant seeking a license as a clearinghouse shall pay an amount of Rs. 1 million as a license fee and submit the requisite documents along-with its application.

An existing clearinghouse shall, within a period of three months, or such extended period as may be allowed by the Commission, from the date of commencement of these regulations, submit a report by an independent expert appointed by the clearinghouse with the approval of the Commission to evaluate current and projected risks associated with clearing house operations and recommend optimal levels of capital for the clearinghouse.

The Commission will determine paid-up capital and net-worth requirements for the clearinghouse to be complied with in a progressive manner after reviewing the report of the expert. For the purpose of these regulations, net worth shall be calculated as total assets less total liabilities less surplus on revaluation, if any, created upon revaluation of fixed assets, they added.

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The Government of Pakistan and World Bank on Wednesday signed a grant agreement “Covid-19 Response, Recovery and Resilience in Education Project” worth $19.85 million.

Noor Ahmed, Secretary, Ministry of Economic Affairs signed the grant agreement on behalf of the government of Pakistan while Najy Benhassine, Country Director, World Bank signed the grant agreement on behalf of the World Bank.

Minister for Economic Affairs, Makhdum Khusro Bakhtyar witnessed the signing ceremony of the grant agreement of “Covid-19 Response, Recovery and Resilience in Education Project” worth $19.85 million with the World Bank, held here on Wednesday.

The project is aimed to strengthen and support federal and provincial actions in the education sector to better:

Respond to and recover from the COVID-19 crises in the short term
To lay the foundation for resilience to face a future crisis, with a focus on disadvantaged areas and vulnerable populations.

The project interventions will help the government to ensure learning continuity in the country through expansion of national distance learning content and distribution of learning material in lagging areas, protect the students’ and teachers’ health safety and wellbeing, designing and implementing distance learning competency standards, promote safe schools, support teachers and students to prepare for the recovery through the delivery of teacher training and better coordination across provinces.

The Minister for Economic Affairs, Makhdum Khusro Bakhtyar, thanked the World Bank Country Management for extending their continuous support to the Government of Pakistan in its efforts to overcome the COVID-19 pandemic issue; particularly learning continuity in the country.

The Country Director, World Bank assured their continuous support to the Government of Pakistan in achieving the priority development objectives.

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Special Assistant to the Prime Minister and Minister of State on Revenue Dr. Waqar Masood Khan has called a special meeting of the IT Wing of the Federal Board of revenue (FBR), Pakistan Revenue Automation Limited (PRAL) and all relevant IT related tax officials to finalize a national plan for using IT tools for bringing unregistered persons into the tax net.

Top FBR officials told ProPakistani that two very important IT related meetings will be held on Thursday (today).

The meeting of the Board of Directors of PRAL would be followed by the IT related meeting at the FBR Headquarters. Dr. Waqar Masood would review the progress made by the FBR for broadening the tax base.

Sources familiar with the matter told ProPakistani that legal backing will be sought from the government for using IT systems for registration of potential persons with the FBR.

Dr. Waqar Masood Khan has given special focus on the IT tools for expanding the tax net. All IT related officials would update the Minister on the progress being made to effectively use third party data for expanding the tax base.

FBR Chairman Javed Ghani, FBR Member IT and other Members would also inform the Minister on the ways and means for speedy registration of non-filers with the help of IT system and FBR’s database linked with third parity.

Recently, the FBR has decided to give legal cover to the notices being served to the citizens of Pakistan for seeking requisite documents or compliance of tax laws through the SMS service. The FBR will be able to seek any documents from the filers or non-filers or issue notice or communicate with the taxpayers through SMS.

The document served through the SMS will have full legal cover under the proposed amendment to the income tax law.

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Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, addressed the second segment of the plenary session of the World Economic Forum (WEF) on Country Strategy Dialogue (CSD) through video link today.

During his virtual address, Adviser Finance briefed the forum that the current Government inherited a very precarious economic situation in 2018, and therefore, had to introduce strict financial discipline to curtail excessive Government expenditure, increase revenue collection, introduce a market-driven exchange rate, remove large tax exemptions, and discourage imports.

As a consequence, Pakistan witnessed a remarkable improvement in fiscal and current account deficits. Similarly, Pakistan had a primary balance surplus, which is unprecedented.

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All fundamental economic indicators reflected significant improvement before COVID-19. During COVID-19, the Government of Pakistan introduced “Smart Lockdown” to balance the imperative and to contain the spread of the disease with the need to keep the economy functional.

The Smart Lockdown allowed businesses to re-open or continue operations on a limited scale to lessen the adverse economic impact and support the vulnerable segment of the society. To provide relief to vulnerable groups especially, daily wage earners, the Government of Pakistan gave cash payments to 15 million families under the “Ehsaas Emergency Cash Program”.

Adviser Finance also outlined that amid COVID-19, Government has taken several initiatives to facilitate agriculture and construction sectors to accelerate economic recovery. A relief package for Small Medium Enterprises (SMEs) shielded against insolvency and joblessness.

The recent data complements the strengthening and expansion of the economy in ’’recovery’’ mode. Despite COVID-19, Pakistan has registered an upward trend in foreign remittances and Foreign Direct Investment (FDI), which is a clear reflection of confidence in Pakistan’s economy.

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Adviser Finance reiterated that the Government firmly supports the private sector as an engine of growth and believes in building institutional capacity for sustainable and inclusive economic growth. “We followed a liberal foreign investment regime and introduced measures to promote ease of doing business in the country,” he stated.

He remarked that the current leadership welcomes foreign investors and believes in transparency, accountability, and openness. Our agenda is to empower people with a key focus on human resource development, Adviser Finance concluded.

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At an exclusive event hosted for Non-Resident Pakistanis in Dubai, His Highness Sheikh Nahayan Mabarak Al Nahayan, Chairman of Bank Alfalah, introduced the Roshan Digital Account, an initiative of the Government of Pakistan and State Bank of Pakistan (SBP).

At the occasion, His Highness, Sheikh Al Nahayan said, “Pakistan, by several important measures, is recognized as an emerging international financial services center. This Roshan Digital Account has been designed from the ground up to cater to the needs of high-net-worth individuals through a sophisticated digital platform. This is a product that is rooted in the present and future progress of Pakistan’s economy as one of the emerging markets of the world – an economy where astute investors should want to invest, for the present and the future.”

Governor State Bank of Pakistan, Dr. Reza Baqir, was also present at the event as a Special Guest. He spoke about the vision and mission underpinning the creation of the Roshan Digital Account, which caters specifically to non-resident Pakistanis across the world.

Speaking to the audience, Dr. Reza Baqir had to say, “We are very pleased to bring the Roshan Digital Account to the Pakistani diaspora. This repatriable account can be opened remotely, without a physical presence, in multiple currency offerings and is at the cutting edge of technology and digitization. For the first time in Pakistan’s banking history, Non-Resident Pakistanis will have the opportunity to invest in the stock market, real estate, and the Naya Pakistan Certificates, which offer attractive returns in US dollars and Pakistan rupees. As we embark on this new frontier in digital banking, we are certain that we will have the continued support of His Excellency to make our endeavors a resounding success.”

Mr. Atif Bajwa, President & CEO of Bank Alfalah, commented, “There has forever been a high recognition of the immense contribution that Non-Resident Pakistanis make for their home country’s economy as well, as for their communities, through remittances and investments. This has been driven by their strong emotional connection with their homeland and their families. However, for the first time, an initiative has been taken to also give them direct and easy access to their financial needs in Pakistan through Roshan Digital Account. Bank Alfalah is pleased to be a partner in this initiative with the State Bank and Government of Pakistan, and feels privileged to be bringing convenience and flexibility to Pakistanis across the world.”

Eligible non-resident Pakistanis can open their Roshan Digital Accounts in multiple currency offerings with any of the SBP’s partner banks. This fully digitized, fully repatriable account is the first of its kind in Pakistan’s banking history and has been created to meet the needs of the Pakistani diaspora. The account also enables payment of utility bills and e-commerce transactions from abroad, adding greater convenience and flexibility.

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Ukrainian Clear Energy Group of Companies has expressed interest in developing and designing a landfill degassing project in Punjab.

The Ukrainian company specializes in the implementation of renewable energy projects and municipal solid waste (MSW) management. In that regard, a delegation from the company visited the Punjab Board of Investment and Trade (PBIT) to discuss the potential of renewable energy in Punjab.

Punjab Power Development Board (PPDB) officials Dr. Salman Haider and Amir Shahzad Butt joined the meeting through video link. Representatives of the Lahore Waste Management Company also attended the meeting.

PBIT Facilitation Director, Dr, Suhail Saleem, received the delegation, and International Business Manager, Kotliarov Evgenii, from the Ukrainian company briefed the attendees on the potential of renewable energy available in Punjab.

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In his remarks, Group CEO, Serhii Savchuk, said that his company excelled in waste management and that they intended to design and develop a first-of-its-kind landfill degassing project in Pakistan. He informed the members of the meeting that his company was preparing a business plan and will submit an unsolicited bid.

In response to the delegation’s presentation, PBIT agreed to provide one-window facilitation to the company and connect it with other relevant government departments.

The delegation said that cooperation in energy affairs between Pakistan and Ukraine will assist Pakistan in modernizing the energy sector to make it efficient. Pakistan may also be able to increase the share of renewable energy sources and reduce carbon dioxide emissions in the long run.

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The Capital Development Authority (CDA) has restored the once-famous Lotus Lake as a tourist spot in Shakarparian.

The CDA Chairperson, Amir Ali Ahmed, and other officials inaugurated Shakarparian’s Family Park earlier this week, and the lake is now open for visitors.

The CDA announced this news in a press release, stating that it was for the first time since 2009 that the authority had constructed a family park. It added that only families will be allowed into the park.

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The CDA considered and maintained the natural beauty of the surroundings while constructing the park and the lake.

“The park has been constructed without disturbing the terrain of the site. Stones and wood have been used to make sitting places in the park. To maintain the natural beauty of the park, the CDA has planted saplings and grass,” the press release added.

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The presser stated that Family Park and Lotus Lake will provide the best tourism facilities to visitors.

Established in 1970, the artificial lake was closed for the public in 2006 during the construction of the cultural complex. However, the CDA has now reconstructed it on public demand.

Note: The featured image is only for illustration purposes.

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