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Miftah Ismail officially steps down as finmin, hands over resignation letter to PM Shehbaz

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  • Earlier, Miftah verbally tendered his resignation to PML-N supremo Nawaz Sharif in London.
  • Miftah will be replaced as finmin by PML-N leader Ishaq Dar tomorrow.
  • He says he worked to “best of abilities” during tenure. 

PML-N leader Miftah Ismail on Tuesday officially stepped down as the finance minister of the country by handing over his resignation letter to Prime Minister Shehbaz Sharif.

On Sunday, he had verbally tendered his resignation to PML-N supremo Nawaz Sharif in London following the party’s decision. 

Later, he took to Twitter and wrote: “In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, I have verbally resigned as finance minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as finance minister. Pakistan Paindabad.”

The decision to remove Miftah as the finmin was made during a meeting of PML-N leaders in London, including Nawaz Sharif, PM Shehbaz, and others. 

After resigning, Miftah thanked Nawaz and said that over the last four months, he performed to the best of his abilities and remained loyal to his party as well as the country.

While accepting his resignation, Nawaz praised Miftah’s efforts and the way he carried out his duties at a time when the country was facing an economic crisis.

PML-N leader Ishaq Dar — who arrived in Pakistan on Monday after a five-year exile in London and took oath as a senator today — will be replacing Miftah as the finance minister, while Miftah will also remain part of the government.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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Remittances Increase 25.2% in January 2025: $3.0 Billion Inflow

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Remittances from Pakistani workers totalled US$3.0 billion in January 2025, representing a 25.2% increase from the previous year.

The cumulative remittances for July through January of FY25 were 20.8 billion dollars, up 31.7 percent from 15.8 billion dollars during the same period in FY24.

In January 2025, the United States of America contributed 298.5 million dollars, the United Kingdom contributed 443.6 million dollars, the United Arab Emirates contributed 621.7 million dollars, and Saudi Arabia contributed 728.3 million dollars.

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