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Express Tribune
3 minutes ago
- Business
- Express Tribune
Govt starts taxing all bank transactions
At high tax rates, profit margins for sellers decrease, leaving them with options to pass on the burden to consumers, compromise on the quality of products, evade taxes or find cheaper illicit goods. photo: file Listen to article The federal government has started collecting taxes on all types of bank transactions for both filers and non-filers from July 1. The government has increased the tax rate for non-filers on cash withdrawals from banks, while filers are also subject to withholding tax for withdrawals exceeding Rs50,000 per day. According to the new tax regime, filers will be charged 0.3% tax on withdrawals exceeding Rs50,000 per day, while non-filers will be charged 0.6%. Furthermore, banks have increased their charges, including ATM card fees, SMS alert fees, and fees for using other banks' ATMs. These additional charges have led to disputes between bank customers and staff, with many expressing frustration over the increased costs. As the banks revised their schedule of charges effective July 1, customers are facing double the burden in respect to increased costs. The ATM usage fee for other banks' customers has been revised from Rs18 to Rs34 per transaction. Additionally, the ATM card fee has been increased by Rs700, and the SMS alert service fee has been hiked from Rs1,200 to Rs2,000, a rise of Rs800. Non-filers will also face a deduction of Rs522 for cash withdrawals of Rs20,000 or more through a cheque. Furthermore, banks have set daily withdrawal limits for ATM users, with standard debit card holders able to withdraw up to Rs25,000 to Rs50,000 per day, premium card holders up to Rs500,000 per day, and foreign debit card holders the equivalent of $200 to $500 per day. The tax deduction will be automatic for transactions exceeding Rs50,000 per day. In addition to the existing charges, banks will now deduct fees for international ATM transactions based on either the exchange rate or a fixed fee set by the bank. The disputes have prompted banks to approach 1Link for revising the schedule of charges. Banks claim that these changes will impact banking transactions and promote a cash economy. The increased charges and tax rates have sparked frustration among bank customers, leading to a rise in conflicts with bank staff.
Express Tribune
3 minutes ago
- Business
- Express Tribune
Call to deepen digital city partnership under CPEC
Listen to article "The theme of our conference, build a digitally friendly city, highlights the harmonious coexistence between people and technology in the city, which is what we often call people-oriented in the digital age. We also highly agree with this in Pakistan's national development strategy," said Aslam Chaudhary, Economic Minister at Pakistan Embassy's Economic Wing. In his speech at the ongoing Global Digital Economy Conference in Beijing on July 2, the minister pointed out that building digitally friendly cities is not just about technology, but also about creating an environment where all citizens, whether urban or rural, could use safe and reliable digital technologies. Given this, Pakistan is fulfilling its national commitment to continuously expand the scope of digital economy services and try to cover every remotest area. Nowadays, the Pakistani government has established an inclusive service fund to strengthen the information and communication technology (ICT) infrastructure and under the framework of the Six One One Foundation, the fund is playing its role. "Through this, we have laid optical cables in large areas of the country, connecting about 22,000 villages," Chaudhary said. "By building digital-friendly cities, different cities are able to recognise each other's data standards. At the same time, cooperation agreements between countries are an indispensable boost to the digitalisation of developing countries." In April, the Secretary-General of the Riyadh-based Digital Cooperation Organisation (DCO), Deemah AlYahya, noted that Pakistan's forthcoming presidency of the multilateral body is part of ongoing efforts to position the country as a regional and global digital leader. Pakistan is scheduled to assume the DCO presidency in 2026, following Kuwait's term in 2025. "The 2026 presidency will see Pakistan hosting the Digital Future Development Initiative (DFDI) forum in Islamabad, marking a significant step in the country's digital transformation journey." "On this occasion, I am going to have three major initiatives," the minister stressed. "First, strengthen cross-border data flows and interoperability. We are establishing a cross-border data flow norm under the South-South cooperation framework. Second, inclusive digital technology development is essential, including in the fields of agriculture, medical and healthcare. Third, we need to conduct joint training of digital talents. Through the China-Pakistan Economic Corridor (CPEC) framework, the two countries have signed a talent training agreement. There is high urgency for digital talent training in Pakistan." Chaudhary listed cloud computing, flood warning, climate change, smart cities and other areas where China and Pakistan can achieve in-depth cooperation and suggested establishing a Digital Friendly City Innovation Centre with branches in Beijing, Islamabad and Karachi so that different branches can carry out a series of joint pilot projects. "We're seeing that Beijing is accelerating the construction of a global digital economy benchmark city and exploring the construction of a Digital Silk Road pilot zone. Pakistan is willing to work with China and all other partners around the globe to turn vision into tangible digital reality," he added.
BusinessToday
3 minutes ago
- Business
- BusinessToday
STI Slips At Open As Market Mood Turns Subdued
Singapore stocks opened lower, with the Straits Times Index (STI) down 6.29 points or 0.16% to 4,013.28 as at 9.20am, weighed by cautious investor sentiment and more decliners than gainers across the board. Market breadth showed 114 decliners outpacing 71 advancers, with a total trading volume of 124.98 million securities valued at S$159.27 million. Among blue-chip counters, DBS rose 0.17 points to S$45.12, while UOB remained steady at S$36.05. CapitaLand Investment edged up to S$2.69, but ComfortDelGro traded flat at S$1.44. Other active counters included City Developments at S$5.34 and YZJ Financial Holdings at S$0.865. Sector indices were mixed in early trade. The iEdge SG ESG Leaders Index stood at 1,097.81, while the iEdge S-REIT Leaders Index recorded 1,050.07. The FTSE ST Consumer Goods & Services Index opened at 222.05. Investors are expected to tread cautiously amid ongoing global uncertainties, while awaiting key economic data and developments in the regional and US markets. Related
Reuters
3 minutes ago
- Business
- Reuters
India regulator bars Jane Street from accessing its securities market
July 4 (Reuters) - India's market regulator said it had barred global fund Jane Street from accessing the nation's securities market, after an investigation into alleged market manipulation. The Securities and Exchange Board of India (SEBI) posted an order on its website dated July 3 outlining that Jane Street would no longer be able to participate in the domestic securities market. Jane Street did not immediately respond to a request for comment from Reuters. SEBI said it would 'impound' 48.4 billion rupees ($566.71 million) which it said was the 'unlawful gains earned' from the alleged misconduct. "Entities are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly," the SEBI notice said, referring to Jane Street entities. SEBI said Jane Street's activity on existing positions would be monitored until the regulator's investigation is finalised. ($1 = 85.4050 Indian rupees)
Express Tribune
3 minutes ago
- Business
- Express Tribune
Oil marketers seek meeting with PM
Listen to article The Oil Marketing Association of Pakistan (OMAP) has written a letter to Prime Minister Shehbaz Sharif, seeking immediate intervention and a meeting to address the worsening challenges faced by the sector. In the letter, OMAP Chairman Tariq Wazir Ali highlighted the deteriorating situation confronting new and emerging players in Pakistan's downstream petroleum sector. Despite investing over Rs150 billion, including Rs81 billion in storage infrastructure and Rs75 billion in retail development, emerging oil marketing companies (OMCs) continue to face systemic neglect, regulatory discrimination and unsustainable business conditions. "Emerging OMCs have contributed over 648,000 metric tons of strategic storage capacity – nearly 50% of the national total – while also playing a vital role in job creation, FDI (foreign direct investment) inflows and access to energy in underserved regions," the letter stated. "Yet, we are consistently sidelined and unfairly targeted in policy and enforcement decisions." They expressed concern over the conduct of the Oil and Gas Regulatory Authority (Ogra), noting "institutional bias and a regulatory environment that favours legacy players". "Appointments of individuals from large OMCs on top regulatory posts have led to conflict of interests and hindered fair competition." OMAP identified several pressing challenges including repeated foreign exchange losses and delayed tax adjustments, unsustainably low margins, classification in the grey sector, blocking access to financing and imposition of penalties tied to logistical issues beyond OMCs' control. "Emerging OMCs, with only 5% of the market share, are routinely blamed for sector-wide disruptions such as fuel shortages, smuggling and supply chain breakdowns," said Chairman Tariq Wazir Ali.
