The Federal Board of Revenue (FBR) has amended the currency declaration rules for passengers travelling to and from Pakistan in a bid to modernise the declaration regime.
The FBR’s SRO1751 of Customs, issued on Tuesday, directs incoming passengers to declare the amount exceeding $10,000, and outgoing travellers to declare the amount that is $5,000 or beyond.
Dawn reported that travellers could declare currency manually at the customs counter, or they can do the same electronically through the customs system. Passengers can also file declarations remotely through the online operated WeBOC system.
The publication reported that since the forms are available online, no traveller will be checked while they pass through the green channels at Pakistan’s airports.
Previously, the FBR did not add the provision of currency declaration for passengers, according to a Customs official, but now, they have included it in line with best practices adopted by most countries.
Talking to Dawn, Member Customs Mukarram Jah Ansari said that the new order will modernise the country’s regulation rules as earlier, the passengers were bound to even declare small amounts.
In India, incoming travellers have to declare $5,000 and in the United Kingdom, inbound and outbound passengers have to declare cash when it exceeds $10,000.
Two-day annual property event saw a record-breaking 20,000 people attend, with over 60 exhibitors showcasing more than 200 of the most significant property developments in Pakistan.
H.E Sultan Butti Bin Mejren, Director General of the Dubai Land Department opened the Pakistan Property Show describing Zameen.com as a “pioneer in organizing such interactive events in the Gulf region.”
Notable media personalities from Pakistan moderated a panel event exploring real estate opportunities in the country.
Dubai, United Arab Emirates; September 12, 2022: Huge crowds gathered at the fourth edition of the Pakistan Property Show over the weekend at the World Trade Centre in Dubai to explore major investment opportunities in the Pakistan property market.
Over 60 exhibitors showcased more than 200 of the best and most trustworthy major property developments in Pakistan. A record breaking 20,000 people attended the two-day event which was organised by Zameen.com, Pakistan’s largest real estate enterprise. The annual event targets around 4 million overseas Pakistanis in the Gulf region and those interested in real estate projects across Pakistan’s the major cities.
During the event,H.E Sultan Butti Bin Mejren, Director General of the Dubai Land Department stated: “It was a great honour to inaugurate the Pakistan Property Show. Dubai is proud of its cultural and religious diversity, particularly the large community of Pakistani expats that have helped the emirate become a hub for business, real estate development, and tourism. Zameen.com is a pioneer in organizing such interactive events in the Gulf region.”
Commenting on the huge success of the Property Show, Mr. Zeeshan Ali Khan, CEO of Zameen.com said: “Once again, the Pakistan Property Show in Dubai was a huge success. Over 20,000 attendees demonstrate strong interest in finding the right investment opportunity in Pakistan’s property market. In Dubai, we have brought over 60 exhibitors offering the cream of investment opportunities available on the very ripe Pakistani real estate market at the moment.”
During the two-day event, an important panel session was held which was moderated by popular TV anchors Syed Shafaat Ali and Shiffa Yousafzai. Panellists discussed ‘Why real estate continues to be the best investment in Pakistan,’ providing attendees and online viewers with invaluable insights into the current state of the property sector and its future prospects. Speaking on the panel were prominent media personalities, Waseem Badami, Muhammad Maalik and Zameen.com’s CEO, Zeeshan Ali Khan.
The purpose of Pakistan Property Show was to provide overseas Pakistanis with direct access to some of the best and most promising real estate projects from their respective hometowns.”
The Pakistan rupee continued to depreciate against the US dollar Wednesday in the interbank market as the local unit remained under pressure due to a rise in dollar demand.
The local unit was trading at 223.50 after losing 2.08 against the dollar in the interbank market during intraday trade, up from yesterday’s close of 221.42.
The rupee’s depreciation follows a fluctuation in the demand and supply position of the greenback in the currency market.
Albeit, traders and dealers had expected the rupee to trade within a range of 218-19 in the coming days — the situation has quickly changed as the floods have overshadowed the International Monetary Fund’s (IMF) loan disbursement.
Initial estimates suggest that Pakistan suffered a massive economic loss in the range of $10 to $12.5 billion as a result of the devastating floods — and the government also plans to cut the Public Sector Development Program (PSDP) by billions.
The local unit largely remained stable last week as the market sighed in relief when a $1.16 billion loan tranche arrived after IMF revived a bailout package for a cash-strapped country.
Lahore: Zameen.com – Pakistan’s largest real estate enterprise recently signed a Digital Marketing Agreement with House Building Finance Company Limited, Pakistan’s oldest housing finance institution.
This partnership will enable HBFC and Zameen.com customers in getting housing finance for purchase and construction of their properties across Pakistan.
The partnership between Zameen.com and HBFC was celebrated during a recent ceremony in Lahore at Zameen.com’s Head Office.
Zameen.com’s senior leadership including Senior Director Sales Central Mr. ShujaUllah Khan, Director Sales Mr. Muhammad Hasan, Manager Corporate Business and Banking Mr. Muhammad Umar Farooq, and Assistant Manager Corporate Business and Banking Ms. Zaira Javed along with HBFC Group Head – Business & Operations, Mr. Faisal Murad and Unit Head – Corporate Communication & Media Relations, Syeda Zauwia Riaz were also present.
Speaking on the occasion, Zameen.com’s Senior Director Sales ShujaUllah Khan said, “Zameen.com is committed to the development of Pakistan’s real estate sector. Millions of customers visit our platform for their home buying and renovation needs. Addition of HBFC to our list of partners would enable our customers to benefit from the schemes of HBFC and realize their dream of home ownership”
Commenting on the occasion, Zameen.com’s Director Sales Muhammad Hasan said, “The agreement would make it convenient for people to avail HBFC’s housing finance facility. Using housing finance facility, customers can build or purchase their dream home anywhere in Pakistan and become homeowners.”
Speaking on the occasion Mr. Faisal Murad, GH- Business & Operations said, “This strategic alliance between HBFC and Zameen.com shows our commitment towards facilitating Pakistanis in constructing and purchasing their dream homes at affordable rates and at their convenience.”
Meezan Bank has achieved the landmark of Rs. 2 trillion in terms of the value of its assets, becoming only the sixth bank in Pakistan’s banking industry to have surpassed this level.
According to a quarterly report, the overall assets of the Islamic bank increased to Rs. 2.1 trillion by end of March 2022 from the previous level of Rs. 1.90 trillion reported by the end of 2021.
The year 2022 has been very exceptional for Meezan Bank, as it reported handsome profit growth of 51 percent in the first quarter which stood at Rs. 9.2 billion. The bank mobilized deposits of Rs. 1.45 trillion. The investment of the bank stood at Rs. 920 million, whereas financing stood at Rs. 758 million by the end of March 2022.
LAHORE: Zameen.com — Pakistan’s leading real estate enterprise — recently organized a Property Sales Event (PSE) at a private hotel in Lahore.
A large number of people attended the event, while Zameen’s Senior Director Laeeque Chaudhry was also present on the occasion, along with Zameen Project Sales Directors Basil Hafeez, Hafiz Usman Sarwar, and Ali Rehan.
The event featured numerous real estate projects from Lahore, for which Zameen.com is the exclusive sales and marketing partner, including projects like Swiss Mall, 101 Icon Valley, Park House Apartments, Jinnah Square Residential Apartments, Amanah Mall Serviced Apartments, and several other real estate projects.
Speaking on the occasion, Zameen.com’s Senior Director Laeeque Chaudhry stated that the main purpose behind the event is to present the public with the best and most trustworthy projects under one roof.
He further said that Zameen has made incredible contributions to the world of Project Sales.
During the event, Zameen.com’s sales experts presented a statistical overview of the current market situation and provided information on safe and secure real estate investment opportunities in the city and beyond.
Lahore: Zameen.com — Pakistan’s leading real estate enterprise — recently acquired the sales and marketing rights of the Jinnah Square Residential Apartments project.
The project will involve the construction of two, eleven floored towers on Khayaban-e-Jinnah, Lahore.
Both towers will have a single ground floor with commercial outlets, while the upper floors will feature studio, and two and three-bedroom residential apartments.
The senior leadership of both companies participated in a brief contract signing ceremony.
Speaking on the occasion, Zameen.com’s Senior Director Sales Laeeque Ahmad Chaudhry said that being one of its kind, the project is important not only for Khayaban-e-Jinnah but also for the entire Lahore region.
He further added that considering the project’s location and its associated facilities, it’s safe to say that the venture is one of the best in terms of investment opportunity.
Jinnah Square Residential’s Managing Director Sahibzada Imran also took the opportunity to address the ceremony, saying that the project will be built as per international standards.
He added that both of the towers will feature a-one-of-a-kind design and architecture, which will take Lahore’s infrastructure to a whole new level.
On Tuesday, Netflix reported that it had lost over 200,000 subscribers, during Q1 this year. The last time Netflix lost this many subscriber was in October 2011, almost a decade ago. Consequently, Netflix shares plummeted by almost 25% in extended hours.
The streaming website warned that there may still be trouble ahead. Stocks of streaming websites Roku, Spotify, and Disney also cratered in the after-hours market after the update.
The company forecasted a plunge of 2 million global paid subscribers for Q2.
Netflix exclaimed that the shutting down of its services in Russia and canceling the subscription of its Russian paid members resulted in a loss of 700,000 subscribers. If that had not occurred, Netflix notes that it would have seen a net addition of 500,000 during the quarter.
The company also highlighted that the increasing competition from other streaming platforms, password sharing, and many other factors had also contributed to the loss in paid memberships.
Lahore: Zameen.com — Pakistan’s most renowned and efficient real estate enterprise — has recently signed an agreement with Salman Builders – A big name among the real estate Developers, famed for their landmark project of Grand Square Mall at center point Lahore. Under this agreement, zameen.com gets exclusive marketing and sales rights for the developer’s latest project, ‘Parkhouse Apartments’
Park House Apartments is being developed at the Main Qarshi Road of Gulberg-Lahore.
Spanning over an area of 1 Kanal and 18 marlas of land, this high-rise project will feature over nine floors of elegant luxury apartments.
The apartment complex will include all high-class amenities like 24-hour security, gymnasium, rooftop swimming pool, sauna and car parking
Addressing the project signing ceremony, Zameen.com Senior Director Sales (Lahore) Laeeque Ahmed Chaudhry stated that the future of Lahore is rooted in vertical residences.
He added that prominently located luxury apartments are high in demand and due to this increasing interest, many apartment projects are being rapidly developed in Gulberg – which is considered the heart of Lahore.
Salman Builders CEO Mian Anas also spoke at the ceremony and iterated that Park House Apartments will be a one-of-a-kind project.
He said that such projects (with strategic location and ace amenities) are currently popular in the city and that his company will soon be launching more projects like this one.
In addition, Mr. Anas lauded Zameen.com for being an innovative real estate enterprise that has the resource pool to quickly sell real estate projects.
He said that his company appreciates Zameen.com’s resolute commitment and was seeking to establish a long-standing relationship with the firm.
Prime Minister Imran Khan has announced zero tax for registered IT freelancers. He said that Pakistan can increase its IT export up to Rs 50 billion.
He made these remarks while inaugurating E-Commerce Portal in Islamabad on Tuesday.
Imran Khan observed that the world is rapidly moving towards digitalization and Pakistan had to make progress at the same pace. He maintained that when they came into power, the condition of the country was very bad but I asked my cabinet members not to worry about it. The prime minister said that he had full understanding and realization of the circumstances.
He lauded the services of Bill Gates for Pakistan as he had spent a huge amount on the eradication of polio in the country. Bill Gates also gave us good advice about the promotion of Information Technology (IT) in Pakistan.
On the 10th March, 2021, Pakistan and Japan agreed to enhance cooperation in the field of information technology (IT) and the telecommunication sector.
According to details, a meeting was held between IT Minister Aminul Haq and Japanese Ambassador Kuninori Matsuda in which issues of mutual interest were discussed between the two.
In the meeting, Federal Minister Aminul Haq said that steps are being taken for the development of the IT and telecommunication sector in the country, adding that Pakistan’s IT and telecom sector is developing rapidly.
The Federal Minister said that Pakistan values its relations with Japan and wants to benefit from Japan’s experience in the field of technology. Islamabad: The environment is conducive for investment in Pakistan. Japanese companies should invest in the IT and telecom sector in Pakistan.
Amin-ul-Haq said that in the first half of the financial year, IT exports increased by 40 per cent.
On the occasion, the Japanese Ambassador said that the role of the Ministry of IT in the development of the IT and telecom sector was commendable.
Adan Fatima 