People were fleeing to areas without water supplies or adequate sanitation
world1 hour ago
The State Bank of Pakistan (SBP) has taken stringent measures to tighten currency movement within the country amid depreciation of the national currency following the grey-listing of Pakistan by the Financial Action Task Force (FATF).
The central bank issued a detailed set of instructions on Saturday to all the money exchange companies, instructing them to help the bank keep a strict vigilance over currency movements, reports Xinhua news agency.
According to the instructions, the money exchange companies will have to properly document and record the purpose of the currency movement after necessary authorisation in its system on real time basis by its head office.
The central bank has also decided to allocate working capital to each outlet of the exchange companies for carrying out transactions, keeping in view the business needs of the head office of the respective exchange company.
This would help the State Bank to keep a check on the movement of the Pakistani rupee and foreign currencies within the company's authorised network.
Pakistan was placed on the grey-list on June 28 by the FATF, an inter-governmental body which combats money laundering and terror financing among other things, for failing to curb terror financing on its soil.
The decision to put Pakistan on the "grey list" was taken in February but then the country was given relief till June to combat the issue.
Pakistan had been included in the list from 2012 to 2015.
People were fleeing to areas without water supplies or adequate sanitation
world1 hour ago
Certain resident juridical persons are exempt from corporate tax
business1 hour ago
New LED bulbs will reduce electricity consumption by 17 per cent, improve visibility for drivers
uae2 hours ago
Banks in the region have benefited from the increase in US interest rates
business2 hours ago
Portfolio includes 35 projects in the UAE, Egypt, Turkey, Morocco and Saudi Arabia
business2 hours ago
Scheme empowers young entrepreneurs in dubai’s thriving startup ecosystem
business2 hours ago
Vaccinations may depend upon your destination, travel duration, planned activities, and individual health profile
life and living3 hours ago
New property units in Dubai are approximately 12.5 per cent smaller than older ones
uae3 hours ago