Web
Analytics
The news is by your side.

Finance Ministry

OGRA seeks revision of POL products prices for Dec

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division seeking revision of prices of petroleum products for the month of December. “OGRA has forwarded a summary to the Ministry of Energy Petroleum Division two days ago to revise the POL products’ prices for the next month,” state-owned wire service reported citing official sources. The regulatory body, however, didn’t disclose details about proposed prices. The finance ministry will finalize the summary on November 30,…

Finance Ministry says positive engagement with IMF to continue in coming weeks

ISLAMABAD: Following the concluding session with the International Monetary Fund (IMF) Mission, the Finance Ministry on Tuesday said that positive engagement with the IMF will continue over the coming weeks to finalise the program with the Fund. According to the Ministry of Finance, the IMF Mission during its stay in Pakistan, held extensive talks with the key ministries of the government of Pakistan, including the Ministries of Finance, Planning, Development & Reform, and Energy and the State Bank of Pakistan.…

Government decides to approach IMF for ‘economic recovery program’

ISLAMABAD: The federal government on Monday announced to approach the International Monetary Fund (IMF) for an "economic recovery program", ARY News reported. Acccording to a statement released by Ministry of Finance, the government, after taking into account the current situation and consultation with the leading economists, decided to approach the IMF for stabilisation and an "economic recovery program". The statement explains that immediately upon assuming office, the present government had expressed serious…

Finance ministry seeks early nominations of NFC members from provinces

ISLAMABAD: Ministry of Finance on Thursday called upon provincial governments to reconfirm their nominations of non-statutory members for National Finance Commission "as early as possible", ARY News reported. According to details, Ministry of Finance has "now reminded the provincial finance secretaries to make the requisite nominations", as so far none of the provincial governments have shared the names of their respective non-statutory members. In terms of Clause (1) of article 160 of the Constitution, the 9th…

Finance Minister finalizes amendments in laws to prevent illegal foreign exchange transactions

ISLAMABAD: Finance Minister Asad Umar on Monday reviewed and finalized proposed amendments and insertions in relevant laws for strengthening punitive regime to prevent Hundi, Hawala and other illegal foreign exchange transactions. Chairing a high level meeting, the finance minister reviewed amendments covering existing FIA Act 1974, Foreign Exchange Regulation Act 1947(FERA), Customs Act 1969 and Anti-Money Laundering Act, 2010. The meeting after thorough discussion endorsed the amendments in the relevant laws and…

Declarations under tax amnesty scheme to remain confidential: finance ministry

ISLAMABAD: The Ministry of Finance has assured all applicants making declarations under the tax amnesty scheme that the information provided by them shall remain strictly confidential. The ministry has stated that guarantees provided under the scheme shall be abided in letter and spirit, and any information leaked will be punished with criminal conviction. The ministry has reiterates that leakage of information by anyone about declarations under the scheme is punishable, on conviction, by a fine not less than 500,000…

Budget deficit- Orders passed by Finance Ministry to block Government cheques

ISLAMABAD: The State Bank of Pakistan (SBP) & the Accountant General of Pakistan Revenue (AGPR) are ordered by the Finance Ministry to wedge clearance of all government issued cheques, as budget discrepancy in last year of PML-N government is of around Rs2.4 trillion, marking a new record in the history. According to sources, the finance Ministry has passed clear instructions to the State Bank of Pakistan (SBP), so that the message can be conveyed to National Bank of Pakistan (NBP) and then further be announced to all…

Full text of Finance Minister Miftah Ismail’s budget speech

ISLAMABAD:  Newly appointed Finance Minister Miftah Ismail on Friday presented the budget for financial year 2018-19 during a National Assembly session here on Friday. HERE IS THE FULL TEXT OF HIS SPEECH Bismillahir-Rehmanir-Rahim Mr. Speaker, 1. It is my honour to present today the sixth budget of the PML(N) government to this Parliament. It is indeed a historic moment for the nation and the Parliament to celebrate. Despite challenges, we have achieved a highest growth in thirteen years, low inflationary environment,…

India to bar cryptocurrencies from its payments system: finance ministry official

NEW DELHI: India is planning steps to ensure cryptocurrencies are illegal within its payments system, while at the same time appointing a regulator to oversee unregulated exchanges that trade in “crypto assets,” a finance ministry official said on Monday. A panel set by the government to look into issues relating to cryptocurrencies is expected to submit its report in the current fiscal year, ending on March 31, S.C. Garg, Economic Affairs Secretary, told CNBC TV18 news channel. “The government will take steps to make…

Finance Ministry rejects media reports about Pakistan’s gross financing needs

ISLAMABAD: Finance Ministry on Sunday rejected media reports about Pakistan’s gross financing needs and said that it was highly exaggerated. Rejecting a media query regarding high gross external financing requirements of Pakistan and the risks, the spokesman of the Ministry of Finance said that such media reports misinterpret external account data and are entirely misleading. Pakistan's gross external financing requirements in FY 2018 have been misreported with different media reports putting the figure differently…