Day: May 12, 2023

Towel Manufacturers Association (TMA) on Thursday criticized the State Bank of Pakistan’s (SBP) decision to mark lien on the late realization of the export proceeds and called the move “absolutely unfair”.

TMA Senior Vice Chairman Syed Usman Ali expressed concern for the central bank’s FE circular No. 02 of 2023 on lien marking, and said the move “will be the last nail in the coffin of exports”.

The delayed remittance can be caused by various factors generated from the importer’s side only, ie, slow sales, delayed deliveries, delays in vessel arrivals, and a slowdown in remittance from the final customers, he explained. These are some of the many factors due to which importer delays the payments and none of these factors can be rectified by exporters alone. Even in cases of L/Cs, many times there are minor discrepancies which are identified by importers’ banks at the time of the payment,” he added.

He argued that government officials should remove the misconception that exporters delay remittances to benefit from the country’s devaluing currency. He said that all exporters put in their best efforts to return the amount as early as possible including asking the buyers to release the funds in advance to improve the cash flow.

“The exporters’ sincerity is above board, and they are playing their significant role effectively for the economy, i.e., earning valuable foreign exchange for the exchequer, generating employment, massive contribution to taxes and having huge share to generate economic activities in the country,” he added.

Usman reiterated that Pakistan’s exports are already declining, and such actions can crash the exports, struck the country in debt with huge unemployment and the whole nation might suffer because of that. He also reminded the Government about the rising cost of doing business and other problems which are making it difficult for businesses to operate.

“There are billions of rupees stuck with the FBR in terms of sales tax refunds with challenges such as cancellation of concessionary tariff regime, besides an end to the DLTL and TUF scheme and growing production cost from hyperinflation,” he noted.

The TMA Senior Vice Chairman requested the SBP to withdraw the circular, noting it was surprising that it was issued without consulting the stakeholders. He also asked the government to devise a strategy and remove restrictions on the sector to boost exports.

Source: Pro Pakistani

JS Bank Limited (JSBL), one of the fastest-growing banks in Pakistan, has partnered with ConnectHear, a social enterprise working towards deaf inclusion, to provide virtual interpretation services to the Bank’s employees and customers with hearing impairment across the country.

This initiative aligns with the Bank’s commitment to promote inclusivity amongst its customers and employees. This collaboration will enable the Bank to equip its branches and offices with ConnectHear’s virtual interpretation technology, which can be used on smartphones and computers.

The technology will enable the Bank’s employees to communicate effectively with their teams and customers with the branch staff by connecting with ConnectHear’s certified interpreters.

This initiative will also enable the Bank’s HR teams to interview, onboard, and provide training to current and prospective candidates.

Reflecting on the partnership, Basir Shamsie, President and CEO JS Bank, said, “This collaboration is a testament to our commitment to becoming an inclusive and accessible organization. We are proud to partner with ConnectHear and take a step forward on our mission of providing access to seamless financial services to all our customers across the country.”

Zubina Sadick, Head of HR, JS Bank, commented, “We are excited to announce the acquisition of Digital Interpretation Services. This milestone marks our commitment to fostering greater inclusivity while embracing innovation and technology.”

“With these services, we can now seamlessly communicate with our Hard-of-Hearing (HOH) employees as well as our diverse customer base, breaking down language barriers. We are excited to see the positive impact this will have on our customers and our organization as a whole.”

Azima Dhanjee, CEO and Co-Founder, ConnectHear, said, “We believe in the fundamental right of accessible communication for all. This initiative with JS Bank is a result of our joint vision of providing Deaf individuals with seamless access to financial services, fostering active participation in financial inclusion, and enhancing accessibility for these individuals.”

Committed to its role as a catalyst toward Pakistan’s prosperity, JS Bank aspires to continue its journey of impact by providing innovative conventional and digital financial solutions for customers in the years to come.

Source: Pro Pakistani