Business

PITB and JS Bank to Provide Smooth Payment Mechanism to Freelance Community: MOU signed

Published

5 years ago

August 10, 2021

LAHORE – Punjab Information Technology Board (PITB) has signed an MoU with JS Bank to provide a secure and smooth payment mechanism to the freelance community

The MoU was signed by PITB DG e-Governance Sajid Latif and Najeeb Ahmad, Head of Special Asset Management at JS Bank on behalf of their respective organizations in a ceremony held at Arfa Software Technology Park (ASTP).

PITB Head of Freelancing Wing Chaudhry Ahmad Islam, JS Bank Product Manager-Digital Financial Services Khushnuma Jamal and focal person Mahnoor Ikram along with officials from State Bank of Pakistan were present at the event.

Speaking on the occasion, PITB DG eGov Sajid Latif stated, ‘PITB has successfully trained over 30,000 freelancers across Pakistan so far. We plan to train a minimum of 100,000 freelancers by the end of this year,” he added.

Najeeb Ahmad, Head of Special Asset Management – JS Bank stated, “Our partnership with PITB is another step in our efforts to drive entrepreneurship amongst the youth of Pakistan.This specially designed solution offers registered freelancers complete fee waiver on ATM withdrawals, specified international e-commerce payments Inter Bank Fund Transfer (IBFT) and account maintenance fee. In addition, as a special incentive Master Card Gold Debit card will be given at zero cost.”

The collaboration between the two will be an avenue to support freelancers through the provision of Freelancer Current Account/Home Remittance Current Account.

Gold

Today’s gold rates in Pakistan – June 24, 2026

Published

14 hours ago

June 24, 2026

Web Desk

KARACHI – On June 24, 2026, gold prices in Pakistan decreased, following the downward trend in international markets.

According to the Saraffa Association, the price of 24-karat gold per tola decreased to Rs 436,000 after a fall of Rs 12,000, while the rate for 10 grams was Rs 373,810.

**Today’s Gold and Silver Rates in Major Cities**
City	Gold Rate	Silver Rate
Karachi	PKR 436,000	PKR 3,830
Lahore	PKR 436,050	PKR 3,830
Islamabad	PKR 436,100	PKR 3,830
Peshawar	PKR 436,150	PKR 3,830
Quetta	PKR 436,200	PKR 3,830
Sialkot	PKR 436,000	PKR 3,830
Hyderabad	PKR 436,000	PKR 3,830
Faisalabad	PKR 436,500	PKR 3,830
Multan	PKR 436,000	PKR 3,830

Note: It is pertinent to mention here that Upfront News in no way claims these rates to be accurate at all times, as the prices can continuously vary.

Forex

Today’s currency exchange rates in Pakistan – June 24, 2026

Published

14 hours ago

June 24, 2026

Web Desk

KARACHI – Foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, Euro, and other currencies in Pakistan open market on June 24, 2026. The US Dollar’s buying rate stands at Rs 279.05, and the selling rate at Rs 279.3.

Several other currencies, which include the Australian Dollar (AUD), Canadian Dollar (CAD), Chinese Yuan (CNY), Danish Krone (DKK), Japanese Yen (JPY), Kuwaiti Dinar (KWD), Malaysian Ringgit (MYR), New Zealand Dollar (NZD), and Swiss Franc (CHF), showed no significant change in their rates compared to the previous update.

Currency	Symbol	Buying	Selling	Charts
Australian Dollar	AUD	193.37	196.95	📊
Bahrain Dinar	BHD	737.16	747.75	📊
Canadian Dollar	CAD	197.52	201.17	📊
China Yuan	CNY	38.1	38.85	📊
Danish Krone	DKK	43.35	43.75	📊
Euro	EUR	318.55	322.17	📊
Hong Kong Dollar	HKD	35.06	36.04	📊
Indian Rupee	INR	2.75	3.05	📊
Japanese Yen	JPY	1.71	1.81	📊
Kuwaiti Dinar	KWD	885.17	895.9	📊
Malaysian Ringgit	MYR	67	67.85	📊
NewZealand $	NZD	157.64	161.65	📊
Norwegians Krone	NOK	27.97	28.27	📊
Omani Riyal	OMR	722.25	732.5	📊
Qatari Riyal	QAR	75.04	75.95	📊
Saudi Riyal	SAR	74.3	74.95	📊
Singapore Dollar	SGD	213.9	217.64	📊
Swedish Korona	SEK	30.25	30.55	📊
Swiss Franc	CHF	342.45	346.2	📊
Thai Bhat	THB	8.5	8.75	📊
U.A.E Dirham	AED	75.9	76.75	📊
UK Pound Sterling	GBP	368.52	372.25	📊
US Dollar	USD	279.05	279.3	📊

Note: The rates may vary due to the continuous fluctuations in the market.

Business

All about Budget 2026-27 approvals with key fiscal, tax and development changes

Published

1 day ago

June 23, 2026

Haris Sarfraz Ali

ISLAMABAD – The National Assembly has approved the federal budget for FY2026-27 without opposition, introducing wide-ranging fiscal, tax and development measures effective from July 1, 2026.

The government has set GDP growth target at 4% with inflation projected at 8.2%, while FBR revenue target has been fixed at Rs15,264 billion, up 17.6% year-on-year. Total federal expenditure stands at Rs18,771 billion, including Rs8,054 billion for debt servicing.

Defence allocation has been raised to Rs3,000 billion, while the Public Sector Development Programme is set at Rs1,000 billion, with overall development spending at Rs3,675 billion.

Social protection under BISP has been increased to Rs838 billion, covering 12 million families and education stipends for 9.2 million children. The PM Apna Ghar scheme has been allocated Rs71 billion.

Tax relief measures include reductions in income tax for salaried individuals, proposed removal of the 10% surcharge, and business tax cuts including lower super tax.

Relief has also been extended to exporters, IT sector, property transactions, and foreign card payments, while some levies such as Capital Value Tax on financial assets are proposed for abolition.

Development priorities include transport, energy, water, housing, and urban infrastructure, with major projects such as ML-1 Karachi–Rohri, Diamer-Bhasha Dam, Mohmand Dam, and K-IV receiving funding.

Salary and pension hikes of 7% each and a 10% increase in minimum wage have been proposed, alongside EV incentives, privatization of state entities, and expansion of digital economy initiatives.

Further details of implementation and tax procedures will be issued through official notifications.

Area	Original Finance Bill	Standing Committees Version
Imported mobile phones	No facility to pay PTA/DIRBS tax in installments	Individuals may be allowed to pay imported phone tax in installments, provided installments are cleared before the end of the financial year
Mobile phone tax rates	Existing Ninth Schedule rates were not revised	Rates are still not reduced or revised; only the installment facility is added
Petroleum levy framework	Proposed detailed rules for petroleum and carbonated support levies, including reporting, recovery and late-payment surcharge	The entire proposed amendment package has been removed
Life insurance and takaful payouts	Tax exemption applied only after completing seven years	Exemption will apply after four years. The 10% tax will now cover payouts after one year but before four years
Social media income tax	5% for resident persons on the ATL and 5% for non-residents	Rate follows tax return filing status only, removing ATL/non-resident distinction from the rate wording
Section 6A fixed-tax regime	Tax became adjustable where turnover exceeded Rs. 200 million	Persons with turnover up to Rs. 200 million may also opt out through a final and irrevocable certificate for Tax Year 2027
Failure to integrate with FBR	Up to 5% of expenditure could be disallowed	Disallowance reduced to 3% of expenditure
Export-oriented businesses	No corresponding exemption	Super tax under Section 4C will not apply where export proceeds exceed 80% of total turnover
Private equity and venture-capital funds	No new exemption in the original proposal	Income exemption introduced where at least 90% of accounting income is distributed, subject to conditions
Airline imports	Sales tax exemption was limited to PIA	Exemption extended to aircraft and parts imported or leased by any Pakistan-registered airline, effective July 1, 2027
Coal imported for power producers	No special 1% minimum value-addition rate	Minimum value-addition tax fixed at 1% where imported coal is supplied directly and exclusively to IPPs
FBR sharing tax return data	FBR could share sectoral sales-tax return data among registered businesses under non-disclosure agreements	This proposed power has been removed
Customs penalty	Certain customs penalty proposed to rise from Rs. 500,000 to Rs. 10 million	Increase reduced to Rs. 5 million
Independent scrutiny committees	No provision for a chartered accountant as a member	Committees may co-opt a chartered accountant as a non-voting member; limitation periods are also protected during committee review
Appointment of external auditors	Taxpayer had not stated right to object to FBR’s first nominee	Taxpayer may object within 15 days; then FBR may appoint another auditor at its discretion