ISLAMABAD – State Bank of Pakistan has rejected reports claiming that certain payments to Google were stuck at the central bank, calling it ‘baseless and misleading’.
In a statement issued, the central bank trashed the assertions that payments were stuck at its end after media reports sound alarm over the blocking of payment to tech giant Google.
Local media reports on Saturday suggest that Google Play Store services will no longer be available in Pakistan from start of December 2022, claiming that State Bank suspended the direct carrier billing (DCB) mechanism.
After media reports, SBP issued a clarification statement, saying “The fact is that in order to facilitate the domestic entities, the SBP specified certain Information Technology (IT) related services, which such entities can acquire from abroad for their own use and make foreign exchange payments there against up to USD 100,000 per invoice. Such services include, Satellite Transponder, International Bandwidth/ Internet/ Private Line Services, Software License/ Maintenance/ Support, and service to use electronic media and databases.”
It further maintained that such services include Satellite Transponder, International Bandwidth/ Internet/ Private Line Services, Software License/Maintenance/Support, and service to use electronic media and databases. Entities desirous of utilizing this option designate a bank, which is approved by SBP one time. Subsequently, after designation, such payments can be processed through the designated bank, without any further regulatory approval.
SBP however mentioned that it was observed during recent off-site reviews that Telcom were remitting bulk of the funds for video gaming, entertainment content, etc. purchased by their custmers using airtime, under Direct Carrier Billing (DCB) to utilise the aforesaid mechanism to remit funds for IT-related services for their own use.
“Thus, in effect, the Telcos were acting as intermediaries/ payment aggregators by facilitating the acquisition of services by their subscribers. Therefore, in view of the violation of foreign exchange regulations, SBP revoked the designation of banks of Telcos for such payments,” the statement further reads.
The central bank further advised Telcos to resubmit their requests through their banks, saying If any entity, including a telco, intends to operate as an intermediary/payment aggregator and such arrangement involves outflow of foreign exchange, it has to approach State Bank, separately through its bank, for seeking special permission for providing such services under the Foreign Exchange Regulation Act, 1947.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 20, 2023 (Monday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||341.5||345|
|Hong Kong Dollar||HKD||36.1||36.45|
|New Zealand Dollar||NZD||174.91||176.91|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 208,200 on Monday.The price of 10 grams of 24k gold was recorded at Rs178,500.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,849.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 208200||PKR 2390|
|Karachi||PKR 208200||PKR 2390|
|Islamabad||PKR 208200||PKR 2390|
|Peshawar||PKR 208200||PKR 2390|
|Quetta||PKR 208200||PKR 2390|
|Sialkot||PKR 208200||PKR 2390|
|Attock||PKR 208200||PKR 2390|
|Gujranwala||PKR 208200||PKR 2390|
|Jehlum||PKR 208200||PKR 2390|
|Multan||PKR 208200||PKR 2390|
|Bahawalpur||PKR 208200||PKR 2390|
|Gujrat||PKR 208200||PKR 2390|
|Nawabshah||PKR 208200||PKR 2390|
|Chakwal||PKR 208200||PKR 2390|
|Hyderabad||PKR 208200||PKR 2390|
|Nowshehra||PKR 208200||PKR 2390|
|Sargodha||PKR 208200||PKR 2390|
|Faisalabad||PKR 208200||PKR 2390|
|Mirpur||PKR 208200||PKR 2390|
Copyright ©2023. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.