Islamabad August 25, 2021: The issue of charges on transactions of funds by banks was discussed in the meeting of the standing committee.
Senator Saleem Mandviwala said that the proposal to transfer money from banks was rejected in the budget. Charges have been levied on transactions above 25,000.
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Deputy Governor State Bank underlined that Charges of 0.1% or Rs. 200 were levied on transactions above Rs. 25,000 or whichever is less. The Deputy Governor SBP said that 82 per cent of the transactions took place in July without any charges. Only 18 per cent of the people were charged on the transaction.
Chairman Committee Senator Muhammad Talha Mahmood objected to the levied charges on the transaction and recommended that either the limit of this amount should be increased to Rs 50,000 or it should be abolished at once. These charges are not justified, he added. The Chairman Standing Committee, with the consent of the members, rejected the charges on the transaction by the Central Bank and directed the SBP to submit a report to the committee within a month.
Chairman Committee Senator Muhammad Talha Mahmood said that if the instructions of the committee are not followed, then the problems may increase.