Islamabad: According to press reports, the Senate Standing Committee on Finance and Revenue requested that the government grant a one-year tax amnesty to people earning up to PKR 1.2 million per year. Senator Talha Mahmood’s committee claims that this will provide much-needed assistance to people amid the COVID-19 outbreak and assist them in combating the consequent inflation surge.
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In order to encourage digitisation and provide aid to the needy, the committee also suggested that the State Bank of Pakistan abolish the charge for Inter-Bank Funds Transfer (IBFT). In this regard, the committee ordered Deputy Governor Jameel Ahmad of the SBP to provide a compliance report within a month.
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Following the central bank’s imposition of a monthly maximum of PKR 25,000, commercial banks were permitted to charge a fee of 0.1 percent of the transaction value or PKR 200, whichever was lower. The decision was made, according to the SBP official, to improve IBFT transaction services and allow banks to recover their service costs.
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