The government is exploring the implementation of debit card solutions to manage petty cash and imprest money for public sector entities, according to sources within the Finance Ministry who spoke to Presstonight
This initiative was discussed during a high-level meeting addressing various economic issues. A committee led by the Finance Division has been formed to evaluate the feasibility of integrating a card payment system in government services. The committee will analyze existing payment procedures, proposed debit card processes, their advantages and disadvantages, and regulatory requirements. Their findings will be presented at the next Executive Committee meeting of the Special Investment Facilitation Council (SIFC).
Regarding cash counter transactions at National Bank of Pakistan (NBP) branches or booths at border crossings, the Finance Division will establish a working group that includes the Ministry of Commerce, State Bank of Pakistan (SBP), and Federal Board of Revenue (FBR) to address underlying issues.
The SBP will collaborate with the Public Private Partnership Authority (P3A) to conduct a study to:
- Evaluate the current inflow and outflow of Forex through formal and informal channels.
- Explore mechanisms for securitizing remittances.
- Generate recommendations to incentivize formal banking channels for Forex transactions.
- Develop a future framework for currency stabilization.
Additionally, the Finance Division is tasked with convening a working group involving the Securities and Exchange Commission of Pakistan (SECP) and other stakeholders to identify and address structural issues in the SOEs Act 2023, aligning it with international best practices. A detailed action plan will be presented at the next Executive Committee meeting.
The Finance Division will also share a concept note on these matters with the SIFC and P3A to facilitate a thorough review of the anomalies in the SOEs Act 2023 compared to international standards. P3A will present their recommendations at the next Executive Committee meeting.
