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Over Rs4bn transactions found in dead man’s accounts

KARACHI: As part of its ongoing investigation into fake bank accounts, the Federal Investigation Agency (FIA) has unearthed billions of rupees worth of transactions from bank accounts opened in the name of a person who passed away in May 2014.  Citing sources, ARY News reported that the transactions worth around Rs4.6 billion were made from the accounts in the name of a person, Iqbal Arain, who had died on May 9, 2014. Iqbal Arain had passed away at a hospital located at Shaheed-e-Millat Road and was laid to rest at…

Millions of rupees transactions noticed in widow’s bank account

KARACHI: Millions of rupees transactions have been detected in a fake bank account made in the name of a widow residing in Karachi, ARY News reported. Reports of fake bank accounts are surfacing every now and then in different parts of the country, specially in Karachi.  This is at least third fake bank account surfaced in the metropolis made without the knowledge of its owner and millions and billions of rupees have been transacted through them. After a faluda vendor and a factory labourer, now it has been…

Central bank takes measures for denomination of foreign currency transactions in Chinese Yuan

KARACHI: State Bank of Pakistan has taken comprehensive policy related measures to ensure that imports, exports and financing transactions can be denominated in Chinese Yuan (CNY). The measures have been taken in the capacity of the policy maker of financial and currency markets. Both public and private sector enterprises (i.e. both Pakistanis and Chinese) are free to choose CNY for bilateral trade and investment activities, a central bank release stated. As per current foreign exchange regulations, CNY is an approved…

Chinese banks halt transactions for North Koreans

BEIJING: Branches of China's biggest banks have suspended financial transactions for North Koreans, employees told AFP, suggesting that Beijing has pursued stronger measures against its nuclear-armed ally than previously thought. Staff at branches in Beijing and the border city of Yanji -- a major trade and transportation hub between the two neighbours -- said their banks have banned North Koreans from opening new accounts and some have even started to close existing ones. The restrictions were imposed well before the…