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Biometric verification to be made mandatory for purchase of $500 and above

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1 year ago

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  • SIFC briefed on SBP’s proposed reforms on January 3.
  • FIA to be tasked to launch crackdown against illegal forex operators.
  • Reforms to be made public when SIFC meeting approves them.

ISLAMABAD: In a bid to stop hoarding of the greenback, the State Bank of Pakistan devised a plan under which biometric verification will be made mandatory for anyone purchasing $500 and above from exchange companies, reported The News on Friday.

“The top notches of the central bank informed the meeting of the SIFC (Special Investment Facilitation Council) Apex Committee’s participants on January 3, 2024, that this is part of the comprehensive reforms in the exchange companies sector,” an official at SIFC Secretariat told the publication on the condition of anonymity.

Pakistan faces a dollar crisis as exports and remittances are not up to the mark and major chunks of greenback are utilised to finance the imports. Furthermore, unscrupulous elements take advantage of the situation and hoard US dollars to make windfall profits.

SIFC was also told that the SBP has also reduced the US dollar purchase limit for travel purposes from $10,000 to $5,000 and annual from $60,000 to $30,000.

Any customer purchasing $2000 or above from exchange companies has to pay from their Pak Rupee account.

For an individual, the central bank has fixed the US dollar purchase limit of $10,000 per day and annual purchase of $100,000.

Under the reforms, the Federal Investigation Agency will be tasked to launch an effective crackdown against illegal foreign exchange operators in coordination with the State Bank of Pakistan and relevant stakeholders.

“These reforms will be made public when the next SIFC meeting approves them,” the official said.

Last year, when the dollar crossed the 300 mark the government launched a crackdown against dollar smuggling, hoarding.

The Ministry of Interior had developed a list of the groups involved in the crimes after the identification of facilitators of the government officials and their patrons.

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Business

The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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Business

FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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