Day: August 4, 2022

The auction advisory committee Wednesday unanimously decided to go for auction of 2100 megahertz (MHz) band in 5, 5 megahertz MHz bandwidth for 10 years using the current consultant’s report at net present value.

Federal Minister for Finance and Revenue Miftah Ismail presided over the first meeting of the spectrum auction advisory committee for the improvement of mobile broadband services in Pakistan at Finance Division.

The committee was briefed about demand and supply and recommendations of the Pakistan Telecommunication Authority (PTA) for the release of available spectrum for Next Generation Mobile Services (NGMS) in Pakistan. It was also shared that 4G penetration is spectacularly increasing in the country which is good for the development of the IT-related infrastructure in the county.

The finance minister shared that the government is aiming to improve the mobile broadband services in Pakistan as this sector contributes heavily to the development of the country.

Federal Minister for Information Technology and Telecommunication Syed Aminul Haq, Minister of Economic Affairs Divison Sardar Ayaz Sadiq, Minister for Commerce Syed Naveed Qamar, Minister for Power Khurram Dastgir Khan, Coordinator to the PM on Commerce & Industry Rana Ihsan Afzal, PTA Chairman and other senior officers attended the meeting.

Source: Pro Pakistan

State Bank of Pakistan (SBP) has suspended the operations of four branches of two Exchange Companies (ECs), Galaxy Exchange Co and Al-Hameed International Money Exchange Co for violation of SBP regulations.

The central bank has also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.

The watchdog started inspections of a number of exchange companies and banks on Monday.

It has also started conducting mystery shopping exercises throughout Pakistan to investigate the apprehensions that some ECs are not selling foreign currency to their customers.

SBP has increased the monitoring of the foreign exchange operations of ECs and banks in view of recent volatility in the exchange rate and the difference between the interbank rate and the rate offered by ECs and banks to their customers.

In this regard, a meeting of the Exchange Companies Association of Pakistan (SECP) has also been called on 4 August 2022.

If needed, SBP would augment its enforcement actions on the ECs and the banks in light of findings of the ongoing inspections and mystery shopping, the cantal bank said in a statement.

Source: Pro Pakistan

The Federal Board of Revenue (FBR) has sacked an official against charges of money laundering after an inquiry.

Inspector-IR (BS-16), Directorate of Intelligence & Investigation (IR), Faisalabad, Muhammad Shahzad Bashir, was dismissed by the FBR Chairman Faisalabad for counseling, advising, and dealing with an individual nominated in the FBR in a money laundering case.

FATF has asked Pakistan to enforce strict laws of anti-money laundering to exit from the grey list and these actions should be quite visible.

Mr. Bashir was accused of telephonic communication with a representative of an accused nominated in an FIR lodged under the Anti-Money Laundering Act, 2010. These conversations contained references to some ‘dealing(s)’ between him and the accused nominated in the FIR.

He was found to have provided advice to the representative of the accused on the issue of the FIR during the conversation and thereby, acted against the interest of the government to gain unlawful considerations.

Another accusation against Bashir was that he had exceeded his authority, acted in violation of office discipline, and violated the policy of no interaction with the taxpayers.

During the departmental inquiry, two of three charges were proved against the accused inspector, while one charge was only partially proved. Based on the inquiry report, the accused was served a show cause notice and was provided an opportunity for a personal hearing by the authority.

Consequent to the finalization of disciplinary proceedings, a major penalty of ‘Dismissal from Service’ was imposed upon Bashir by the board on 17 May 2022.

The former Inspector-IR filed a departmental appeal and requested that the impugned penalty order may be set aside. He was provided with an opportunity for a personal hearing on 28 July 2022 by the Appellate Authority. During the hearing, he denied the charges leveled against him and contended that he had coordinated with the representative of the accused nominated under the Anti-Money Laundering Act, 2010, on the instructions of the Inquiry Officer in the said case.

To reach a just and fair conclusion, audio clippings of a conversation between the appellant, and the representative of the accused was heard by the Appellate Authority. The conversation negated the appellant’s contention that he was only coordinating with the other side to obtain the necessary documents for the case. There was clear evidence available in the audio recording to prove that the conversation was much more than simple coordination and revealed that the appellant had been working against the interest of revenue.

The audio clippings were not challenged as ‘false’ by the appellant during the personal hearing.

After going through the facts of the case, the Chairman FBR, in his capacity as Appellate Authority, opined that the charges of ‘misconduct’ and ‘corruption’ had been established. However, keeping in view the fact that charge No. 1 stood partially proved, the Appellate Authority converted the major penalty of ‘Dismissal from Service’ to ‘Removal from Service.’

It is pertinent to mention that the Financial Action Task Force (FATF) had complained that Pakistani authorities have not been taking serious actions against people involved in money laundering. The authorities have also started preparing for an on-site visit by a delegation of the task force. This case indicates that the government is taking strict measures to fulfill the FATF’s demands to facilitate removal from the latter’s grey list.

Source: Pro Pakistan

The Capital Development Authority (CDA) has approved the Islamabad bus service project, which would run across the entire city of Islamabad.

This was decided during the 58th meeting of the CDA Development Working Party (DWP), held at CDA Headquarters under the chairmanship of CDA Chairman Amir Ali Ahmed.

The participants, while approving the Islamabad bus service project, highlighted that the bus service would have 8 different routes. The estimated cost of the proposed bus service is Rs. 7.2 billion.

The meeting also approved the creation of Margalla Hill Sanctuary Park after addressing the reservations of the Planning Commission. CDA will carry out the project in collaboration with Islamabad Wildlife Management Board (IWMB), while the park will be managed by IWMB.

The meeting also approved PC-II to hire consultants for the establishment of Capital Medical College in Capital Hospital Islamabad. The plan for the development and implementation of E-Bidding in CDA was also approved during the meeting. The meeting also approved revisions to Nilore Heights project.

The road rehabilitation and widening project along Lahtrar Road was also approved.

Source: Pro Pakistan