PayFast, a leading and licensed payment service provider in Pakistan, has set a new benchmark by becoming the first payment gateway to implement Raast Person-to-Merchant (P2M) services. This development allows PayFast’s partner businesses to accept faster and more cost-effective payments from their customers. Raast, launched by the State Bank of Pakistan in 2021, is an indigenous instant payment system that enables quick, 24/7 money transfers between any bank account and financial institutions. Initially supporting Bulk and Peer-to-Peer (P2P) payments, Raast recorded 33.2 million P2P transactions worth PKR 789.9 billion in the first half of 2023, which surged to 187.8 million…
Author: WebDesk
Experts at a consultative dialogue on taxation policies in the country’s steel sector on Thursday said there is need of complete change in approach towards taxation policies at this point in time when the country’s industry is facing deep crisis due to factors beyond industry’s control – a situation forced on industry. The Sustainable Development Policy Institute (SDPI) as part of its Pre-Budget Series held the Public Private Dialogue on Taxation Policies in Pakistan’s Steel Sector with the collaboration of the Pakistan Association of Large Steel Producers (PALSP). The key roundtable objectivs was to discuss the impact of turnover tax…
The International Monetary Fund (IMF) has instructed Pakistan to increase the advance tax on the purchase of immovable properties in the upcoming budget. Sources told Bloom Pakistan that the IMF directed the Federal Board of Revenue (FBR) to raise the advance tax on non-filers purchasing immovable property.Currently, the FBR imposes a 3 percent tax on filers and a 10.5 percent tax on non-filers, collecting Rs. 80 billion this fiscal year. The IMF has now proposed raising the advance tax on non-filers. Specifically, they suggest a 3 percent tax on filers and a 6 to 7 percent tax on non-filers for…
The Pakistan Telecommunication Authority (PTA) has achieved a significant milestone with the introduction of the 6 Gigahertz (GHz) spectrum band for unlicensed operation, paving the way for Wi-Fi 6E adoption in the country. With this move, Pakistan becomes the 10th country in the Asia Pacific region and one of only 60 countries worldwide to allocate the 6GHz band for Radio Local Area Networks (RLAN), commonly known as Wi-Fi. The announcement was made during an event titled “Unlocking Pakistan’s Connectivity: Enablement of Next-Gen Wi-Fi in 6GHz Band.” PTA Chairman Major General (retd) Hafeez Ur Rehman emphasized Pakistan’s leadership role in embracing…
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday directed formulation of a policy to employ athletes through departments to ensure their financial security and promote sports in the country. He tasked Chairman of the Prime Minister’s Youth Programme Rana Mashhood to personally oversee the policy and ensure its implementation within one week.The prime minister was addressing an event held to celebrate the achievement of Pakistan hockey team that recently won silver medal in the final of 30th Sultan Azlan Shah Cup 2024 in Malaysia.PM Sharif said jobs for athletes would free them from the struggles of earning livelihood, thus helping them…
Pakistan’s Minister for Religious Affairs, Chaudhry Salik Hussain, has arrived in Saudi Arabia to assess the arrangements for the upcoming Hajj pilgrimage. As thousands of Pakistani pilgrims begin to arrive in the holy cities, Minister Hussain’s visit aims to ensure smooth operations for the annual Islamic pilgrimage. Hajj, one of the five pillars of Islam, mandates every financially and physically capable adult Muslim to undertake the journey to the holy sites in Makkah at least once in their lifetime. This year, Pakistan’s Hajj quota stands at 179,210 pilgrims, with 63,805 individuals participating under the government scheme and the remainder through…
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar addressed the leadership of prominent Chinese business enterprises, chambers of commerce and associations in Beijing today. The Deputy Prime Minister underscored the commendable role played by Chinese companies in the development of energy and transport infrastructures in CPEC’s first phase.He highlighted Business to Business (B2B) linkages as a priority in CPEC’s second phase. He encouraged the Chinese State Owned and Private Enterprises to take advantage of Pakistan’s business friendly policies, competitive workforce and preferential market access to establish and expand their operations in the country. He emphasizedthat the investments of Chinese…
Faysal Bank Limited (FBL) Pakistan’s fastest growing Islamic bank, inaugurated its Multan Regional Head office building, including a flagship branch for its Priority customers. On the occasion, Mr. Yousaf Hussain, President & CEO, Faysal Bank, hosted a reception for key business leaders from the Southern Punjab region. Mr. Yousaf said, “We are privileged to further enhance Faysal Islami’s strong presence in the Multan Region. The Bank will continue to further strengthen its partnership with local businesses within industrial, commercial, SME, agriculture, and retail segments.” He thanked all the customers for their support and patronage in making Faysal Bank a leading…
Ministry of Federal Education shall conduct a comprehensive review of out of school children and develop targeted interventions. Plan to be shared for consideration of the Prime Minister. Out of School Children Fund, earmarking minimum Rs. 25 billion is 5 years, shall be established to support innovative and effective strategies aiming to reduce out of school children in the country. Ministry of FE&PT shall propose a task force, for Prime Minister’s approval, to devise and implement strategic solutions to the educational crisis at national as well as provincial level. The taskforce shall report directly to the Prime Minister’s Office, comprising…
Despite facing macroeconomic hurdles, Jazz has pledged a substantial investment of PKR 5.3 billion towards the digitalization of its services, aimed at enhancing customer experiences across Pakistan. In a recent tweet on X, Jazz CEO Aamir Hafeez Ibrahim expressed gratitude to customers for their continued trust in Jazz as their digital connectivity partner. He also hinted at Jazz’s future plans to further amplify technological advancements to facilitate seamless connectivity for customers. Ibrahim’s tweet stated: “Another quarter dedicated to fortifying Pakistan’s digital ecosystem across #fintech, #cloudservices, and #entertainment domains. A heartfelt thank you to our esteemed customers for choosing us as…
