Latest news with #MuhammadZeeshan
Business Recorder
08-08-2025
- Business
- Business Recorder
Pakistan court jails 3 illegal currency dealers for 5 years, fines Rs1mn each
KARACHI: A Pakistan court sentenced on Friday three illegal currency dealers to five years in prison and imposed a fine of Rs1 million on each for their involvement in unlawful foreign exchange trading. According to a statement from the Federal Investigation Agency (FIA), the convicted individuals include Qamar Shehzad, Muhammad Zeeshan, and Zubair Asghar. The FIA Composite Circle Sukkur had registered the case against them. The court of the First Additional Sessions Judge, Sukkur, heard the case and handed down the sentence. During the investigation, according to the FIA statement, authorities recovered three major currencies including Pakistan rupees, US dollars and Saudi riyals from the accused. 'Authorities recovered 1 million Pakistan rupees, 20,700 US dollars, and 147,000 Saudi Riyals from them.' Earlier, FIA along with other law enforcement agencies launched crackdown against illegal currency exchange and those involved in smuggling foreign currencies to neighboring counties including Afghanistan and Iran. The action has supported the domestic currency strengthened against US dollar and other currencies in inter-bank and open markets in recent days. According to State Bank of Pakistan's (SBP) data, the rupee has regained a total of Rs2.43 against US dollar since launch of the crackdown on July 23, 2025 to date, closing at Rs282.5/$ in the inter-bank market on Friday compared to Rs284.9/$ on July 22, 2025. Earlier, the rupee had lost almost Rs3 to a dollar in the prior five weeks to Rs284.9/$ on July 22, 2025 since June 1, 2025. The FIA statement said the court ordered the recovered currency be confiscated in favour of the state. Talking on Business Recorder on July 23, Exchange Companies Association of Pakistan (ECAP) chairman Malik Muhammad Bostan said he had led a currency dealers' delegation to the Director General of Counter Intelligence (DGC) at the Inter-Services Intelligence of Pakistan (ISI) in Islamabad. According to an ECAP statement then, Bostan apprised the DGC about the currency smuggling to Iran and Afghanistan. 'Due to higher black market rates, the supply of dollars is decreasing to legal currency dealers day-by-day,' he was quoted as saying in the statement. 'On this, General Faisal Naseer [DGC] immediately ordered law enforcement agencies to crack down on currency smugglers and arrest them,' the ECAP said.
Express Tribune
20-07-2025
- Sport
- Express Tribune
Grant for inclusivity
Listen to article Sindh Chief Minister Murad Ali Shah's recent decision to grant Rs100 million for the Asia Cup Wheelchair Cricket Tournament highlights Sindh government's sincere efforts at empowering persons with disabilities in the country's sports arena. This grant is coupled with the promise of an annual grant of Rs15 million for the Pakistan Wheelchair Cricket Council (PWCC) and a wheelchair-accessible coaster for the athletes. Sindh's healthy investment into this sphere will not go unappreciated as the Pakistan Wheelchair Cricket Team has won back-to-back Asia Cup titles in the past which is a testament to their talent and skill, and their ability to claim even bigger mountains with the right support. Just last year, the Pakistan Wheelchair Cricket Team was awarded a cheque worth Rs1.5 million for surpassing Sri Lanka and winning the Asia Cup 2024 in Nepal. This goes on to show the wonders that our nation's athletes can do when they are uplifted in their passions, all while bringing glory to Pakistan's name on international stages. Led by Muhammad Zeeshan who is deputised by Imran Arain, the Pakistan Wheelchair Cricket Team has multiple achievements under its belt. Alongside being a major investor in wheelchair cricket, Pakistan also has the honour of being a founding member of the International Council of Wheelchair Cricket, a global organisation based in Dubai which operates with the purpose of promoting and developing wheelchair cricket. It vies to provide opportunities for persons with disabilities and ultimately aims to vanquish any barriers that stand in the way of athletes and their sport. This year, the wheelchair cricket team will be competing against Nepal, Sri Lanka, Bangladesh, the UAE and possibly India. The grant from the Sindh government will hopefully provide players with the resources needed to excel yet again.
Business Recorder
21-06-2025
- Business
- Business Recorder
E-Commerce sector urges govt to revise proposed tax steps
KARACHI: Pakistan's E-Commerce ecosystem has urged the federal government to revise proposed tax and compliance measures announced in Finance Bill 2025-26 and initiate a structured dialogue with stakeholders to co-create practical, growth-friendly tax policies Addressing a press conference here on Friday at Karachi Press Club (KPC), representatives of the Chainstore Association of Pakistan (CAP) and the Pakistan E-Commerce Association (PEA), along with other stakeholders including freelancers, marketplaces, courier services, payment providers, and digital platforms, have urged the government to adopt practical revisions to the proposed tax and compliance measures in the Finance Bill 2025-26. On the occasion, representatives including Muhammad Zeeshan, Shoaib Bhatti, Joint Secretary CAP Bushra, Atta Bin Azad, Mahwish from Payfast, Shoaib Ahmed and others were also present. They informed that Pakistan's e-commerce sector has grown over 35 percent annually in the past five years and currently, over 100,000 micro and small online sellers are active, supporting incomes for more than a million people nationwide. The total market size is estimated at Rs 2.2 trillion or $7.7 billion with some 2 percent share in the national GDP. They said that all stakeholders is supporting fair taxation and documentation, but the proposed measures risk severely disrupting both established and small businesses by putting an extreme compliance burden all at once. 'Their design and immediate implementation will stifle digital entrepreneurship, especially among youth and women,' they added. The coalition appreciates the proposed 5 percent digital presence levy on offshore platforms like Temu and supports improved data reporting requirements of the sector. However, the gains should not be undermined by excessive and impractical tax compliance obligations. They said that Finance Bill introduces multiple taxes and complex procedures across all related businesses, with no stakeholder consultation or phased rollout. Industry leaders warn that this top-down approach mirrors the unsuccessful 'Tajir Dost' scheme, which failed due to impractical design and lack of consultation. 'Blanket 2 percent sales tax withholding, mandatory sales tax registration for all online merchants, complex income tax withholding at six different rates, penalties of up to Rs 500,000 per case on platforms, couriers, and sellers and enforcement from 1st July with no transition period are key concern,' highlighted the representatives. They recommended 2 percent sales tax withholding to non-ATL (unregistered) sellers and income tax registration for small/ home-based sellers instead of complicated sales tax registration and monthly filings. Industry leaders urged the Prime Minister, Finance Minister, Commerce Minister, and Federal Board of Revenue (FBR) to pause enforcements and initiate a structured dialogue with stakeholders to co-create practical, growth-friendly tax policies. Copyright Business Recorder, 2025
Shafaq News
04-05-2025
- Business
- Shafaq News
KRG, Pakistan aim to boost bilateral relations
Shafaq News/ On Sunday, Kurdistan Region Interior Minister Rebar Ahmed met with Pakistan's Ambassador to Iraq, Muhammad Zeeshan, discussing bilateral relations and regional cooperation. The meeting explored ways to expand coordination between the Kurdistan Regional Government and Pakistan, with particular focus on improving consular services and strengthening support for the Pakistani community in the Region. In a post on X, Ahmed emphasized the value of closer ties and outlined efforts to develop practical mechanisms to assist Pakistani nationals living in Kurdistan. Welcomed Ambassador Muhammad Zeeshan, Ambassador of the Islamic Republic of #Pakistan to #Iraq. Our discussions focused on strengthening bilateral cooperation and exploring ways to better support the Pakistani community in the #Kurdistan Region. — Rêber Ahmed (@RayberAhmed) May 4, 2025 An estimated 8,000 to 10,000 Pakistanis live and work across the Kurdistan Region, primarily in construction, retail, and service sectors, with many based in cities such as Erbil and Duhok.
