Connect with us

Personal Finance

So that you need to have a bank card in Pakistan? Right here’s all that you must know



Ahsan knew he had tousled by overusing his bank card. He knew that he didn’t fairly perceive how the cardboard labored, and that made it straightforward for him to maintain swiping it every time he wanted with out pondering a lot as to the results. He additionally knew that he had spent round Rs 1.5 lakh on the bank card and that finally he must save the cash up in some way and pay it again. 

Afterall, the financial institution that had issued the cardboard had been calling and sending mail fairly persistently. And whereas this data was tucked someplace at the back of his thoughts, what he didn’t anticipate was that one advantageous day his doorbell would ring and there could be a set agent on the opposite aspect of the door handing him a Rs 5 lakh invoice and a dead-eyed warning to pay up – or else. 

The primary-ever common bank cards have been launched in america within the Nineteen Fifties. And whereas plastic cash blossomed and advanced over the course of the 20 th century, the primary bank card was not launched in Pakistan till as late as 2005. Almost 20 years later, solely 0.76% of Pakistanis maintain bank cards in comparison with 70% of People that maintain at the very least one bank card. 

A big a part of that has been each an lack of ability to and an unwillingness to know what these playing cards are, how they work, what advantages they create you, and what hassle they’ll get you in. And apart from the very actual hazard of a bank card invoice spiraling uncontrolled, there’s a lot else to know. Revenue brings you the ins, outs, highs, and lows of holding (or not holding) a bank card in Pakistan. 

How they work 

The notion of this product varies in Pakistan. One part of society associates it with having the next revenue, which signifies that these playing cards then grow to be standing symbols. Others see it as a lure laid by grasping banks to lure them into debt. The perceptions come from incidents that we hear round us, such because the anecdote we started with.

Article continues after this commercial


Notice: Entry to the total article is restricted to paid subscribers solely. In case you are already a paid subscriber, please Login right here right here. In any other case, you may select to buy a subscription package deal beneath for as little as Rs 275/month:

Select Your Subscription Plan

Notice: Entry to the total article is restricted to paid subscribers solely. In case you are already a paid subscriber, please Login right here In any other case, you may select to buy a subscription package deal beneath for as little as Rs 275/month:


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Personal Finance

Punjab Board of Income implements strict measures to expedite property mutation course of



LAHORE: The Punjab Board of Income has introduced that the method of property mutation should be accomplished inside seven days below all circumstances. Moreover, preparations will likely be made to ship the required paperwork to the general public at their doorstep after the mutation course of, whereas stern motion will likely be taken towards officers and officers who fail to finish the mutation inside the stipulated timeframe.

Based on particulars, a particular assembly was held within the Committee Room of the Board of Income, chaired by Senior Member of the Punjab Board of Income, Nabeel Javed. 

The assembly was attended by Tax Member Tariq Qureshi, Director Common of Punjab Land Data Authority (PLRA) Saira Omar, Deputy Commissioner Sahiwal Akram-ul-Haq, and different officers.

The Senior Member of the Board of Income (SMBR) Punjab knowledgeable the committee concerning the progress concerning registration and mutation, and supplied an in depth briefing on the progress made by the Punjab Data Expertise Board (PITB) in implementing on-line challan procedures.

In the meantime, SMBR acknowledged that the commissioners and deputy commissioners throughout the province ought to make sure the well timed implementation of all mutation circumstances inside seven days. He additionally directed the speedy submission of circumstances for modification in Rule 108 of the West Pakistan Land Income Act, 1929, to his workplace.

Moreover, it was emphasised that the Punjab Land Data Authority ought to provoke registration on all service facilities and develop a module for biometric metrics of events. The Director-Common of the Punjab Anti-Corruption, Deputy Inspector Common of Surroundings, and Deputy Secretary of Finance, together with others, have been instructed to current suggestions in a separate assembly concerning third-party certification for the DG PLRA and Member Taxes Development Space.

Later, below the management of SMBR, a gathering was convened within the committee room to debate the incident at Murree. 

The assembly was attended by the Secretary of Tourism, Director PDMC Tariq Mahmood Bokhari, Secretary Income Mehr Shafqatullah Mushtaq, Anti-Corruption Authority, DG Surroundings, Deputy Secretary Finance, and Forests amongst others. Commissioner Rawalpindi Liaquat Ali Chatha, DC Rawalpindi, and different officers participated within the assembly through video hyperlink. 

The officers from the Anti-Corruption Authority introduced a report back to the Senior Member of the Board of Income concerning the violations of constructing bylaws in Murree. Throughout the assembly, it was determined to demolish the violating buildings and never tolerate any strain. 

Moreover, no building in Murree can be allowed with out acquiring a No Objection Certificates (NOC) from the ten departments of the NOC. A joint motion staff can be shaped in collaboration with the City Unit to eradicate unlawful encroachments on the Murree Expressway, and building of Galiyat By-Go can be initiated. Commissioner Rawalpindi Division, Liaquat Ali Chatha, was instructed to supervise the development work.

Moreover, it was emphasised that vital measures needs to be taken to make sure the protection of vacationers and residents in Mari to forestall any recurrence of incidents just like the Mari tragedy. All departments, together with the Meteorological Division and PDMC, have been directed to reinforce coordination.

Furthermore, it was determined to inform the websites of parking plazas for the comfort of vacationers in Mari, and consciousness needs to be supplied to highschool kids for site visitors self-discipline.

In an effort to scale back plastic waste, a crackdown was introduced towards the sale of plastic luggage in Murree, and strict actions can be taken towards violators. It was additionally determined that no tree-cutting can be tolerated, and particular measures can be taken to guard forests from fireplace hazards.


Continue Reading

Personal Finance

Govt more likely to renew REIT scheme advantages for an additional three years in funds 2024-25



ISLAMABAD: The Federal authorities is more likely to lengthen REIT scheme advantages for an additional three years in funds 2024-25.

Sources knowledgeable Revenue that the Federal Board of Income (FBR) will suggest to resume the profit accessible on the switch of shares / property to a REIT scheme pursuant to Clause 99A of the Second Schedule of the Earnings Tax Ordinance (ITO) for an additional 3 years, i.e., until June 2026.

Sources added that this may lend help to efforts to doc the true property sector, the place at the moment massive sums of untaxed cash is parked.

Underneath the clause 99A, earnings and beneficial properties accruing to an individual on the sale of immovable property or shares of Particular Function Automobile to any sort of REIT scheme are going to run out as much as the thirtieth day of June, 2023.

If clause 99A of the Second Schedule of ITO will not be prolonged past 2023, individuals will likely be discouraged to transact with REITs, which will likely be detrimental to the efforts to doc the true property sector.

By extending the exemption below the stated clause past 2023, off-the-books transactions will likely be minimized and result in progress of the REIT sector, which in flip will increase the boldness of traders in a regulated actual property sector. Moreover, it would promote agricultural and industrial warehousing, and the outsourcing of mobile towers.


Continue Reading

Personal Finance

NAB points questionnaire to developer of PU City III in ongoing investigation



LAHORE: On Monday, it was reported that the Nationwide Accountability Bureau (NAB) Lahore has expanded its investigation into monetary irregularities regarding PU City III (Jamia City). As a part of this, the bureau has issued a questionnaire to the developer, as revealed by dependable sources.

Background Data on the Mission:

The challenge often called PU City III (Jamia City) was initiated in 2016 by the Punjab College Tutorial Workers Affiliation (PUASA). The affiliation claimed that the challenge can be accomplished inside a five-year time frame. Their said goal for beginning this challenge was to handle the residential wants of the college group and supply land at concessional charges.

It must be famous that Mustafa City, Punjab College Staff Housing Society City I & II had been additionally undertaken by the identical affiliation. Nonetheless, these tasks had been unbiased of presidency funding and relied on the self-help efforts of the affiliation’s members.

The PUASA has asserted that the required land for the challenge was absolutely acquired in compliance with their membership’s wants and that the challenge was duly submitted to the Lahore Improvement Authority (LDA). Moreover, they obtained No Objection Certificates (NOCs) from numerous entities together with the Irrigation Division, Personal Housing Societies (PHS), LDA, Water and Sanitation Company (WASA), and the Land Income (District Officer Income) for land mutation in Jamia City.

In line with the PUASA, because of private disputes among the many companions of the earlier agency contracted for the event of Jamia City, the challenge administration committee terminated the previous contract. Subsequently, a brand new contract was awarded to a distinct firm. One of many former companions (from the dissolved partnership) has been submitting purposes to varied workplaces reminiscent of NAB, LDA, and others.

Contrarily, the Punjab College has said that it has no involvement or duty within the issues in regards to the housing challenge. In line with a college spokesperson, all PU staff had been formally knowledgeable by a letter dated March 8, 2021, that any requests or paperwork pertaining to these cities wouldn’t be thought-about or addressed by the Vice-Chancellor


Nonetheless, in April 2023, NAB initiated an inquiry into alleged monetary misconduct inside the Punjab College City III (Jamia City) housing challenge and issued a summons to the developer, Mian Javed. This was performed in response to quite a few complaints obtained relating to the alleged mishandling of funds totaling RS 2,700 million, collected from each most of the people and college staff.

It’s also pertinent to say right here that the Anti-Corruption Institution (ACE) had beforehand uncovered cases of embezzlement and unlawful actions associated to the acquisition and sale of land and plots inside the housing society established by the college.

NAB’s investigation focuses on accusations of acquiring financial benefits with out correct consideration, misappropriation, and the prison breach of belief.

Now in a latest improvement, NAB has issued a questionnaire to the developer of the challenge through which the entire file of the challenge has been sought.

Within the questionnaire, it’s stated that the small print of the dimensions of the plots within the society, the small print of the overall variety of plots and the small print of the quantities to be obtained had been supplied.

Equally, NAB officers have additionally referred to as for the small print of the allocation process of the plots and the grasp plan of the challenge.


Continue Reading