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SBP launches whistle-blowing forum to bust illegal money dealers

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  • Illegal money-dealers be reported at whistleblowing.FX@sbp.org.pk.
  • Complaints be sent to SBP at facilitation.fx@sbp.org.pk.
  • Public at large asked to refrain from making false allegations.

KARACHI: The State Bank of Pakistan (SBP) has launched a whistle-blowing forum for the identification of foreign exchange companies operating illegally in the country to ensure accountability and integrity, it said in a statement.

“The public, at large, may use the dedicated email address: WhistleBlowing.FX@sbp.org.pk- to report to SBP any unauthorised foreign exchange activity, said a statement issued here,” the central bank announced.

“The email may also be used to report if any exchange company refrained from providing system-generated receipt of the currency exchange transaction.”

The central bank urged the public to be judicious in reporting any unauthorised foreign exchange activity and provide facts and as much specific information and particulars as possible to examine the matter thoroughly.

“They are also expected to refrain from rumour mongering, speculation, false and frivolous allegations or accusations,” the SBP said adding that the identity of the complainant would be kept confidential however the disclosure of identity for utilising the forum was voluntary.

The SBP has also introduced another email address, facilitation.fx@sbp.org.pk, to receive public concerns if any person faced any issue in dealing with exchange companies including the sale/purchase of foreign currency notes by the money-changers, issuing receipts which are not system-generated, charging exorbitantly high exchange rate over those displayed on the notice board, denial of genuine requests of the customer for the provision of foreign currencies, etc.

The SBP regulates foreign exchange business in the country under Foreign Exchange Regulation Act, 1947 and under the Act central bank has authorised twenty-six exchange companies of the “A” category and twenty exchange companies of the “B” category to deal in foreign exchange business including sale purchase of foreign currency notes.

Meanwhile, Minister of State for Finance Dr Ayesha Ghous Pasha on Friday warned the commercial bank of exemplary punishment for overcharging on Letters of Credit (LCs) payments.

Briefing the Senate Standing Committee on Finance and Revenue the minister of state said that the banks involved in such activities would be fined heavily.

The meeting of the committee was held under the chairmanship of Senator Saleem Mandviwalla.

Speaking on the occasion, Governor State Bank of Pakistan (SBP) Jameel Ahmed said that when the commercial banks faced a shortage of dollars they started charging extra dollars on payments of LCs.

He said that the central bank had thoroughly investigated the matter.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

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The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

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Weekly inflation in Pakistan increased by 0.17 percent.

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The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

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Business

The price of gold has drastically dropped in Pakistan.

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As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.

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