Case Studies

ISLAMABAD: The Sup­reme Court on Sunday ordered placing of names on the Exit Control List (ECL) of presidents and chief executive officers of three banks allegedly involved in Rs35 billion suspicious transactions used in money laundering. A three-judge bench, headed by Chief Justice Mian Saqib Nisar, also summoned the CEOs and presidents of the Summit […]

Debt burden of Pakistan, internal and external, during the last 10 years has been increasing at an alarming rate — courtesy fiscal mismanagement, incompetence and sheer callousness of the rulers. According to latest data released by the State Bank of Pakistan (SBP), total debts/liabilities as on June 30, 2016 reached Rs22.459 trillion as against Rs19.846 […]

A working paper was issued by IMF in late August by the fiscal affairs department, 2016 describing research in progress, titled as “Unlocking Pakistan’s Revenue Potential”. The paper emphasized that despite the significant progress in recent years, Pakistan’s tax revenue remains low relative to comparative countries and the tax effort expected for the country’s level […]

The Ombudsman system provides the citizens access to an independent, impartial and inexpensive dispute resolution mechanism which can resolve their grievances and protect their rights. It’s role in enforcing administrative accountability ensures that public service activities and in particular, the exercise of decision-making powers, whether discretionary or otherwise, are carried out not only appropriately but […]

KARACHI: The presence of counterfeit currency notes is an undeniable fact and primary responsibility to check their influx lies with law enforcement agencies, the State Bank said in a statement on Tuesday. The central bank denied that banks were involved in supply of counterfeit notes. The issue of fake currency notes in circulation was discussed […]

ISLAMABAD:  In a new development in the KASB scandal, a recent petition has revealed that former finance minister Abdul Hafeez Shaikh had asked KASB Bank to take deposits of Iranian companies only after having meetings with Shaikh and then foreign minister Hina Rabbani. The petition revealed that when the Americans sought explanation, the State Bank […]

ISLAMABAD:  The World Bank (WB) has sent an Integrity Mission to probe alleged fraudulent practices in the Pakistan Poverty Alleviation Fund (PPAF), scrutinising records besides interviewing the senior officer-bearer of the body including Group Head of Financial Services Group Yasir Ashfaq, revealed officials privy to the developments. The mission, which arrived in Islamabad last month, […]

ISLAMABAD: A breakdown in the oil supply chain is feared across the country as oil imports may come to a halt after international banks blocked Rs93 billion worth of letters of credit (LCs) of Pakistan State Oil (PSO) due to default on payments. In a letter to the federal government, PSO, the oil marketing giant, said […]

KARACHI: State Bank of Pakistan Governor Ashraf Mehmood Wathra has announced that KASB Bank has not been closed and the issue will be resolved in six months as two banks are already engaged in the due diligence process, which may lead to a merger or acquisition. “A third bank has also sought permission for evaluation of […]