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New currency notes with Governor Jameel Ahmad’s signature to be issued from today: SBP

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KARACHI: The State Bank of Pakistan (SBP) will start issuing banknotes bearing the signature of new Governor Jameel Ahmad with effect from December 29, 2022, a statement from the central bank said on Wednesday.

It said that the currency notes will be issued from the offices of SBP Banking Services Corporation (BSC).

The banknotes bearing the signatures of his predecessors would continue to remain in circulation as legal tender, the statement added.

The central bank also announced that the field offices of SBP-BSC would remain open on Saturday to facilitate the public exchange of old design banknotes.

Jameel Ahmad was appointed SBP governor on August 19. He had previously served the bank as deputy governor and executive director.

The SBP had been without a full-time governor since Raza Baqir’s tenure ended in May 2022, after which Murtaza Syed took over as acting governor.

SBP profile, Jameel Ahmad’s career as a central banker spans over 31 years in various senior positions at the SBP and the Saudi Central Bank (SAMA).

His association with the SBP dates back to 1991 and he served the bank in various capacities including deputy governor from April 2017 to October 2021 and executive director.

He served at SAMA as an adviser from July 2009 to April 2015 and as a senior adviser from December 2021 to August 2022. He advised SAMA management on a broad range of policy matters in various central banking areas and coordinated major transformation projects for the bank.

Ahmad did his MBA from the University of Punjab in 1988 and is a fellow member of the Institute of Cost & Management Accountants of Pakistan (FCMA) since 1994, fellow member of the Institute of Bankers Pakistan (FIBP) since 1993 and fellow member of the Institute of Corporate Secretaries of Pakistan (FCIS) since 1992.

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In four months, FBR found Rs 800 billion in fraudulent tax refunds.

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Over the last four months, the Federal Board of Revenue (FBR) has discovered a Rs800 billion tax refund scam.

The Inland Revenue and Customs reforms were considered at a review meeting that Prime Minister Shehbaz Sharif convened. During this time, the board allegedly discovered the Rs800 billion tax refund fraud.

According to the conference, there are 83,579 outstanding tax cases totaling Rs3.2 trillion, of which about 63 cases, or Rs44 billion, have been settled as a consequence of various government measures.

In an effort to speed up the resolution of tax issues, the prime minister also ordered the creation of 100 tribunals.

The gathering also featured the identification of around five million new taxpayers, of whom fifteen thousand retailers have enrolled since April 1, 2024.

View more:More than 46,000 traders have signed up for the Tajir Dost Scheme: FBR.

The prime minister has instructed the tax authorities to promptly include the five billion tax evaders in the tax system and has placed a strong emphasis on working with merchants to improve system efficiency.

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PM Gives FBR Instructions To Speed Up Digitization Work: An investigation revealed a Rs. 800 billion tax refund scam.

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Noting favorable results of FBR’s digitization efforts, Prime Minister Shehbaz Sharif revealed an 800 billion rupee tax refund scam discovered in the last four months.

Shehbaz Sharif stressed improving the tax refund system further while presiding over an important meeting on FBR reforms and digitization in Islamabad.

Regretting the delays in putting various reform programs into action, he emphasized that FBR changes had the potential to increase income.

There is a total of 3.2 trillion rupees worth of ongoing tax cases in various courts and tribunals, according to the briefing given to the conference. With 63 lawsuits worth 44 billion rupees resolved in the last four months, the current government has taken action to resolve these outstanding matters.

The prime minister has directed that efforts be made to attract as many of the 4.9 million potential taxpayers who are wealthy into the tax system as possible without putting undue strain on the impoverished.

Fifty thousand merchants have enrolled so far for the mobile phone retailer registration effort, which began in April.

He also emphasized the necessity for a consolidated approach for continuing reform initiatives and the complete digitization of FBR’s fraud detection and investigation department.

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Mining in Balochistan: Mari Pvt Ltd Secures Exploration License

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Licenses for mineral prospecting in the Chagai District of Balochistan have been obtained by Mari Mining Company Private Limited.

501 square kilometers and 513 square kilometers, respectively, are covered by the licenses that the Directorate General Mines and Minerals Balochistan awarded.

Mari Petroleum Company Limited has formed Mari Mining Company as a subsidiary. Major player in Pakistan’s natural gas sector, Mari Petroleum manages the country’s largest gas deposits in Sindh’s Dakhri Gas Field.

With a success record of 70%, which is much greater than many of its peers both domestically and internationally, Mari Petroleum is a major oil and gas exploration and production business.

Because of the efforts of organizations like the International Monetary Fund, Balochistan, a region rich in minerals and natural resources, is developing quickly.

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