KP budget 2019-20 highlights

Summary Sentiment Deep Analyze

PESHAWAR – The salient features/highlights of the first budget of incumbent PTI Government In Khyber Pakhtunkhwa for the fiscal year 2019-20 announced by Finance Minister KP, Taimour Khan Jhagra are under.

1.Total outlay of the KP budget 2019-20 is Rs900 billion.

2.It is Rs45 billion surplus budget

3.Rs693 billion for settled districts and Rs162 billion for merged areas allocated

4.Its development outlay is recorded Rs 319 billion including Rs236billion for development of settled

districts and Rs83 billion for merged areas

5.KP budget is only Rs31billion less than Punjab and Rs34 billion more than Sindh province

6.The considerable increase has been witnessed in throw-forward amount, a historic package of merged tribaldistricts announced

The 7.12pc decrease in salaries of CM KP and Provincial Cabinet members announced

8.10 percent increase in ad-hoc relief allowance of Government employees of BPS 1-16 and five percent of BPS 17-19 officers announced

9. No increase in salaries of BPS 20-22 Govt officials

10. Development budget increased after saving of Rs95billion

11.Increase in budget outlay was possible due to amendment in retirement laws of Govt employees ie

63year as per the decision of KP cabinet.

12. Proposal of early retirement after 25 years service or attaining the age of 55, that will come later on, has also approved.

13.Approximately Rs20billion per year would be saved after an increase of retirement age of the Government employees

14.47000 new jobs including 30,000 for settled districts and 17,000 for merged areas announced

15.40,000 to 50000 more jobs would be created in the private sector

16.Promotion of Govt employees would not be affected by the increase of retirement age as Minister assured of working on promotion laws

17.Minimum labor wages increased to Rs17,500 from Rs15000

18.Khyber Pakhtunkhwa Revenue Authority’s revenue obtained from Non-Telecom Sector has registered 49pc increase during the last 11 months against last year.

19.Rs53.4billion revenue target has been set for KP for the fiscal year 2019-20 that was 54pc more than of this year performance

20.Rs100billion revenue target was set for 2023 that was three percent more from existing revenue target

21.The tax base would be increased

22.15% reduction in standard taxes rate on 28 out 58 total taxable services for KPRA such as on restaurants, marriages halls, property dealers, electronic media, call centers, beauty parlors, gems announced

23.Services fee on transport sectors to be brought at par with Punjab province

24.Rs5.9billion allocated for Sports, Tourism and Youth Affairs budget with 1236 percent increase

25.Rs6.7billion earmarked for urban development registering a 67pc increase

26.Rs4.2billion for agriculture with an increase of 43 percent

27.Rs640 billion for science and technology and IT with 62perce enhancement

28.Rs4.8 billion for forestry with a 43pc increase

29.Rs1.5billion for industries with a 40pc increase

30.Rs5.7billion for higher education with a 40pc increase

31.Rs1.1billion for underdeveloped districts for the first time including Tank, Batagram, Palas Kolai, Kohistan Upper, Shangla, Upper and Lower Chitral and Hangu

32.Rs162billion allocated for the development of merged areas

33.Rs83billion for 10 years development plan of merged areas under this head

34.Rs24b for 17000 vacancies, regularization of levies and Khasadar force

35.KP Govt provides Rs11billion and Federal Govt gives additional Rs72billion under 3pc NFC share

36.KP Govt demands payment of Rs34.5billion under net hydel power profit under AGN formula

37.KP Govt sets Rs453.2billion target for revenue under Federal Tax assignments head

38.Rs54.5billion revenue to be obtained from the divisible pool under one percent on the war on terror’s head

39.Rs25.6 from gas, oil royalties, surcharges

40.Rs21.2billion revenue under net hydel profit head 41.Rs34.5billion to be obtained for her hydel profit arrears

42.Rs53.4pc revenue to be generated for provincial tax and non-tax revenue

43.Rs82bilion to be obtained from foreign aid assistance, Rs24.7billion from other resources

44.Total estimates of expenditure are Rs693 billion 45.Rs151 billion for grant of tribal districts 46.Rs256 billion expenditures to incur on payment of salaries, Rs69.9 billion on pensions 47. Rs37.6billion for other expenditure

48.Rs46billion for provincial development programs 49.Rs82 billion for foreign development assistance

50.Rs 79billion for ongoing expenditure, Rs83billion for development expenditure with a total expenditure of Rs162 billion

51.Sehat Insaf Card will be extended to all families by the end of this year 52.Rs7bllionallocated for major hospitals of Peshawar including HMC, LRH, KTH 53. Rs820millionfor treatment of cancer patients

54.Rs4.4billion for health safety programs

55.Rescue 122 would be extended to Lakki Marwat, Malakand, Shangla and Lower Dir with the creation of 1000 new vacancies 56.28000 schools would be improved 57.21,000 teachers would be recruited

58.Rs1.86 billion for the scholarship for girls, Rs500 million for women cadet college Mardan

59.Rs2.5billion for over 20 universities in KP

60.Expanding infrastructure, improving every health facility, and implementing the new health policy

61.All government servants to have the option of subscribing to state of the art medical programs

62.Over Rs. 7 billion to be spent across the current and development budgets for the enhancement of facilities at flagship tertiary hospitals including the Peshawar Institute of Cardiology, KTH, LRH, HMC, the Institute of Kidney Diseases, Saidu Hospital, Fountain House Peshawar and others.

63.Budget for Medicine in Primary and Secondary facilities doubled from Rs. 500 million to Rs. 1000 million.

64.Rs. 4.4 billion for various Health Service Delivery and Immunization programs 65.Minimum health service delivery package to be rolled out for all BHUs, RHCs, and secondary hospitals

66.A big program of tertiary, secondary and primary health facilities and medical colleges including both ongoing and new projects as reflected in the ADP, across every part of the province.

67.KP Govt focus is on what’s in the school, and what kids learn, and not just new buildings.

68.Recruitment of 21,000 teachers to address multi-grade teaching- total 65,000 required to make 4 teachers in every school.

69.Recruit 3000 new ASDOs out of a plan of 7000 bringing the average number of schools per ASDO from 45+ to 8 and subsequently to 3. 70.To launch “Pakhtunkhwa da para” program to put graduates from top universities into govt schools.

71.Completion of 700 out of 10,000 states of the art ECE nursery classrooms.

72.Construction of 6,000 new classrooms out of the 15,000 classrooms required to counter overcrowding, provision of Rs.1.86 Billion for girls stipends, developing colleges and universities, every college to give good results.

73. Total support of Rs 2.5 billion to almost 20+ universities across the province. 74.Rs1 billion for Pak Austrian Fachhochschule Institute in Haripur, to be opened in Spring 2020.

75.Rs 500m for Abdul Wali Khan University revamping in Mardan, Rs200m for purchase of land and construction of building for Karak Petroleum Institute

76.Rs2b for building and upgradation of all 55+ colleges, Rs. 35m for revamping of public libraries, Rs20m as support of Hindko academy.

77.Funding Skill Development, Youth, Entrepreneurship, and the SME sector

78.Creating jobs in the private sector and building the economy 79.Funding to fast track the development of access to the Rashakai Economic Zone

80.Up to Rs. 2 billion for innovative funding programs for youth, women and other entrepreneurs

81.Rs. 2 billion for the expansion of the KP Impact Challenge Phase 2

82.Up to Rs. 1 billion for an Access to Finance fund for SMEs

83.At least Rs. 200 million to fund the creation of the KP Skill Development Fund, to provide high class

84.demand based training by the best training providers in the country, linked to employment.

85.Rs. 500 million for various youth development projects

86.Create at least 10 public-private partnerships in TEVTA Institutes through the TEVTA budget

87.Rs 100 million for the establishment of a marble city in Buner

88.Rs 3.7 billion for tourism promotion and destinations development through World Bank assisted KITE

89.Rs. 1 billion for tourism roads in the Malakand and Hazara divisions for promotion of unexplored tourist 90.Spots and Rs150m for access to Sheikh Badin tourist site. 91.Rs.300m for various tourism activities across the province. 92.Construction of recreational park at Hund Swabi.

93. Rs 500m for Development of 1000 Playing facilities in Khyber Pakhtunkhwa.

94.Rs 350m for establishment and upgradation of 7 sports complexes in Khyber Pakhtunkhwa.

95.Rs. 70m for promotion of hockey and squash throughout the province.

96.Establishment of the tourist police

97.Rs 46b as 30% Development budget for elected local bodies. 98.Special development package for Peshawar including Rs 2b across current and development budget to WSSP to start the 2nd shift, Sunday operations and expand to suburban areas.

99.Rs 4.5b for development of Peshawar mainly improvement and construction of Ring road, New Bus Stand, Peshawar uplift Programs, and Regi Model Town.

101.Rs 1.1b for least developed districts uplift program (Kolai Palas, Battagram, Tank, Kohistan Upper,

102.Shangla, Buner, Chitral (Upper & Lower) and Hangu. 103.Rs 300m for uplift and beautification of district HQs namely Hangu, Tank, Lakki Marwat, Swabi, 104.Charssada, Malakand, Haripur, and Mansehra.

105.Rs 400m for special development package for Torghar 106.Rs 500m for Khyber Pakhtunkhwa Cities Digital Transformation Centers.

107.Rs 6.3b in terms of Tobacco Development Cess, NHP and Oil and Gas Royalty to specific districts for uplift along with backlog payments. 108.Rs 600m for Southern Area Development Project.

109.Rs 3.4b for KP Districts Governance and Community Development Program in collaboration with EU. 110.Rs 1500m for Municipal Services Delivery Project in collaboration with USAID. 111.Rs 145m for Establishment of Public Parks.

112.Providing Access and Energy to all 113.Rs 8.6 billion for Provincial Roads Rehabilitation Project under PKHA Portfolio in collaboration with ADB. 114.Rs 3.4 billion for dualization of Mardan-Swabi Road in collaboration with ADB. 115.Rs 10.4 billion for construction of various new roads throughout the settled districts.

116.Rs 1.2 billion for solarization of 4000 Masajid, and multiple schools, BHUs throughout the settled districts.

117.Rs 70m for Electrification of more than 100 unelectrified villages through Solar/ Alternate Energy. 118.Construction of Spat-Gah Hydro Power Project, 496MW (District Kohistan) with the Korean Hydro & 119. Nuclear Power on PPP Mode

120.Ground Breaking/Work to Start on 310 MW Balakot, 188MW Naran and 57 MW Madian Hydro Power 121.Completion of construction of various Hydro Power Projects in Lower Dir, Shangla and Mansehra, generating more than 70MW. 122.Rs 200m for Electrification and Gasification work.

123.Championing Innovation and E-governance 124.Rs 50m for the introduction of paperless communication from CM Office. 125.Rs 100m for the establishment of citizen facilitation center in Peshawar. 126.Rs 256m for promotion and enhancement of digital Jobs in Khyber Pakhtunkhwa.

127. Rs 380m for Completion of land record digitization and establishment of service delivery centers in

128.Rs 30m for Computerization of Arms Licenses in the remaining Districts. 129. Rs 2.8 billion for Billion tree and 10 billion tree tsunami project in the province.

130.Rs 195m for Development and Management of National Parks in Khyber Pakhtunkhwa

131.Revamping Agriculture, Livestock and addressing water issues 132.More the Rs 2.5 billion allocated for various schemes under PM Agriculture Emergency program to increase productivity, conserve more water, develop more cultivable areas and promote an organic lifestyle.

133.Rs 9.5b for construction and improvement of small dams, flood protection walls, water supply schemes and canal roads throughout the settled districts. 134.Rs 642 m for drinking water schemes for Karak

135.Rs 1 billion for Gravity Flow Water Supply Scheme in District Mansehra to be funded by SFD, Rs 3.7 billion for small and medium-sized drinking water schemes throughout the settled districts. 136.Rs 60m for scholarships and grants for students in deeni madaris.

137.Rs 10m for Skill Development scheme for minorities. 138.Rs 5m for Construction of Community Based School for Sikh Community in Peshawar 140.Block Allocation of Rs59 billion in the development budget under the 10 years of merged areas.

141.Spend with a direct impact on people to be prioritized; as opposed to procuring land, building offices, etc. 142.The primary focus of year 1-3 to be spent in the social sector; health; education; jobs; wealth creation and on programs that have a rapid impact

143.A second focus to be on improving infrastructure, and on projects with economic impact; roads; electricity infrastructure.

144.A third focus area to be relevant planned early harvest projects already in the pipeline especially all of the projects announced by the PM and the CM will be funded 145.Rs 80 m for provision of medicines and diagnostic materials for health facilities 146.Rs 85 m for Strengthening of DHQ Hospitals of Merged Areas

147.Rs 60 m for mobile hospitals program in former FATA 148.Rs 30 m for Removal of Staff Deficiencies in Newly Opened Areas in Health Facilities 149.Rs 200 m for various vertical programs in tribal districts inc. EPI, Hepatitis, etc.

150.Rs 40 m for provision of portable ultrasound facilities in existing health facilities in merged areas

151.Rs 130 m for the establishment of Trauma Centers and Accidents / Emergency Centers in all DHQ

152.Funding for the establishment of Medical College in Kurram 153.Rs 850 m for Upgradation of Educational Institutions from primary to the middle, middle to high or high to 154. higher secondary schools in all tribal districts and former FR regions.

155.Rs 500 m for Standardization of exiting 21 HSS under Quick impact program. 156.Rs 280 m for Provision of Furniture Equipment in Functional Schools throughout the Tribal Districts. 157.Rs 46 m for Introduction of Early Childhood Education in all tribal districts

158.Rs 40 m for removal of staff deficiencies in newly opened areas in education and tribal Districts.

159.Rs 40 m for girls stipend program for KG & Class 1 in two District to arrest dropouts & improve enrollment 160.Rs 20 m for Provision of Facilities in Existing Primary Schools for Early Child Education 161.Rs95million for an award of inland scholarships to FATA students.

162.Rs 59 m for provision of Sports Facilities/Grounds at Districts / Sub-Divisions in all Tribal Districts 163.Rs 42 million for promotion of sports activities at Districts / Sub-Divisions in Tribal District 164.Rs 30million for economic uplift of youth through Impact Challenge Program in tribal districts.

165.Rs 45 million for beautification and promotion of potential tourist areas in tribal districts.

166.Rs 300m for rehabilitation, maintenance & repair of existing power supply lines and installation of new, main lines and transformers in all tribal districts.

167.Solarization of mosques, schools, and BHUs in all tribal districts

168.Construction of 54km Mirali-Shawa and Thall road, North Waziristan and Barang tunnel to connect Bajaurto Swat expressway in addition to significant allocation to the construction of road and blacktopping throughout all tribal districts.

169.Rs 25m for the establishment of general public parks in Khyber that would be spread across all tribal districts

170.Rs 20million for Fruit & Vegetable, cattle markets in all merged areas of erstwhile FATA.

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Original Text

NEW DELHI: President Ram Nath Kovind’s flight from Zurich to Slovenia was delayed on Sunday after the Air India Boeing 747 that was to fly as AI One developed a snag. According to sources, the president drove to Zurich airport where a last-minute glitch on the 26-year-old jumbo jet (VT-ESO) was suspected. The VVIP returned to his hotel and AI aircraft engineers immediately started working on the aircraft "Khajuraho".During this time, an AI Boeing 777 that was to operate on London-Mumbai sector with a schedule departure time of 1.15 pm (local time London) as flight 130 was kept on standby at Heathrow as alternate AI One to be flown to Zurich for the President’s journeys if needed.Luckily AI engineers rectified the jumbo jet which then flew President Kovind to Slovenia with a delay of a few hours. And AI 130 flew to Mumbai at 2.30 pm (local time London) from Heathrow without requiring to fly as alternate AI One to Zurich, say sources.Keeping an Air India aircraft at a foreign base nearest from where AI One has to operate as standby is a regular practice. This overseas trip of President Kovind first made news when Pakistan on September 7 denied permission for it to fly over its airspace from India to Europe and back.The B747 took a longer route to Europe when it left last Monday (Sept 9) and will take the longer route back home too. Now India is not going to seek clearance for VVIP flights to use Pakistan airspace till relations between he two countries improve.AI has been using over 25-year-old B747s as Air India One for long haul VVIP flights. They are used for commercial flights when not needed for VVIP flights and are retrofitted for them when required. Converting a passenger B747 into a VVIP aircraft takes about 12 days.By the end of this year or early next year, India will get dedicated state-of-the-art long haul aircraft when first of the two Boeing 777s currently being retrofitted in the US with the most most advanced security gizmos, including missile warning and counter-measure dispensing systems, for the president, VP and PM will join the VVIP fleet. While the first is expected in December, the second one may arrive a month later, say sources.Given their ultra hi-tech security and communications systems — at par with Air Force One — they cannot be used for regular flights. The over 26-year-old Boeing 747s are perfectly safe to fly but due to their advanced age, they are fuel guzzlers. The four-engine jumbo jets cannot fly longhaul routes like India-US nonstop and do so with a stop in Europe, something the twin-engine B777 has been doing for AI for years

Output

NEW DELHI: President Ram Nath Kovind’s flight from Zurich to Slovenia was delayed on Sunday after the Air India Boeing 747 that was to fly as AI One developed a snag. According to sources, the president drove to Zurich airport where a last-minute glitch on the 26-year-old jumbo jet (VT-ESO) was suspected. Now India is not going to seek clearance for VVIP flights to use Pakistan airspace till relations between he two countries improve.AI has been using over 25-year-old B747s as Air India One for long haul VVIP flights. They are used for commercial flights when not needed for VVIP flights and are retrofitted for them when required. The over 26-year-old Boeing 747s are perfectly safe to fly but due to their advanced age, they are fuel guzzlers.

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Original Text

NEW DELHI: President Ram Nath Kovind’s flight from Zurich to Slovenia was delayed on Sunday after the Air India Boeing 747 that was to fly as AI One developed a snag. According to sources, the president drove to Zurich airport where a last-minute glitch on the 26-year-old jumbo jet (VT-ESO) was suspected. The VVIP returned to his hotel and AI aircraft engineers immediately started working on the aircraft "Khajuraho".During this time, an AI Boeing 777 that was to operate on London-Mumbai sector with a schedule departure time of 1.15 pm (local time London) as flight 130 was kept on standby at Heathrow as alternate AI One to be flown to Zurich for the President’s journeys if needed.Luckily AI engineers rectified the jumbo jet which then flew President Kovind to Slovenia with a delay of a few hours. And AI 130 flew to Mumbai at 2.30 pm (local time London) from Heathrow without requiring to fly as alternate AI One to Zurich, say sources.Keeping an Air India aircraft at a foreign base nearest from where AI One has to operate as standby is a regular practice. This overseas trip of President Kovind first made news when Pakistan on September 7 denied permission for it to fly over its airspace from India to Europe and back.The B747 took a longer route to Europe when it left last Monday (Sept 9) and will take the longer route back home too. Now India is not going to seek clearance for VVIP flights to use Pakistan airspace till relations between he two countries improve.AI has been using over 25-year-old B747s as Air India One for long haul VVIP flights. They are used for commercial flights when not needed for VVIP flights and are retrofitted for them when required. Converting a passenger B747 into a VVIP aircraft takes about 12 days.By the end of this year or early next year, India will get dedicated state-of-the-art long haul aircraft when first of the two Boeing 777s currently being retrofitted in the US with the most most advanced security gizmos, including missile warning and counter-measure dispensing systems, for the president, VP and PM will join the VVIP fleet. While the first is expected in December, the second one may arrive a month later, say sources.Given their ultra hi-tech security and communications systems — at par with Air Force One — they cannot be used for regular flights. The over 26-year-old Boeing 747s are perfectly safe to fly but due to their advanced age, they are fuel guzzlers. The four-engine jumbo jets cannot fly longhaul routes like India-US nonstop and do so with a stop in Europe, something the twin-engine B777 has been doing for AI for years

Output

NEW DELHI: President Ram Nath Kovind’s flight from Zurich to Slovenia was delayed on Sunday after the Air India Boeing 747 that was to fly as AI One developed a snag.According to sources, the president drove to Zurich airport where a last-minute glitch on the 26-year-old jumbo jet (VT-ESO) was suspected.The VVIP returned to his hotel and AI aircraft engineers immediately started working on the aircraft "Khajuraho".During this time, an AI Boeing 777 that was to operate on London-Mumbai sector with a schedule departure time of 1.15 pm (local time London) as flight 130 was kept on standby at Heathrow as alternate AI One to be flown to Zurich for the President’s journeys if needed.Luckily AI engineers rectified the jumbo jet which then flew President Kovind to Slovenia with a delay of a few hours.And AI 130 flew to Mumbai at 2.30 pm (local time London) from Heathrow without requiring to fly as alternate AI One to Zurich, say sources.Keeping an Air India aircraft at a foreign base nearest from where AI One has to operate as standby is a regular practice.This overseas trip of President Kovind first made news when Pakistan on September 7 denied permission for it to fly over its airspace from India to Europe and back.The B747 took a longer route to Europe when it left last Monday (Sept 9) and will take the longer route back home too.Now India is not going to seek clearance for VVIP flights to use Pakistan airspace till relations between he two countries improve.AI has been using over 25-year-old B747s as Air India One for long haul VVIP flights.They are used for commercial flights when not needed for VVIP flights and are retrofitted for them when required.Converting a passenger B747 into a VVIP aircraft takes about 12 days.By the end of this year or early next year, India will get dedicated state-of-the-art long haul aircraft when first of the two Boeing 777s currently being retrofitted in the US with the most most advanced security gizmos, including missile warning and counter-measure dispensing systems, for the president, VP and PM will join the VVIP fleet.While the first is expected in December, the second one may arrive a month later, say sources.Given their ultra hi-tech security and communications systems — at par with Air Force One — they cannot be used for regular flights.The over 26-year-old Boeing 747s are perfectly safe to fly but due to their advanced age, they are fuel guzzlers.The four-engine jumbo jets cannot fly longhaul routes like India-US nonstop and do so with a stop in Europe, something the twin-engine B777 has been doing for AI for years

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Original Text

NEW DELHI: President Ram Nath Kovind’s flight from Zurich to Slovenia was delayed on Sunday after the Air India Boeing 747 that was to fly as AI One developed a snag. According to sources, the president drove to Zurich airport where a last-minute glitch on the 26-year-old jumbo jet (VT-ESO) was suspected. The VVIP returned to his hotel and AI aircraft engineers immediately started working on the aircraft "Khajuraho".During this time, an AI Boeing 777 that was to operate on London-Mumbai sector with a schedule departure time of 1.15 pm (local time London) as flight 130 was kept on standby at Heathrow as alternate AI One to be flown to Zurich for the President’s journeys if needed.Luckily AI engineers rectified the jumbo jet which then flew President Kovind to Slovenia with a delay of a few hours. And AI 130 flew to Mumbai at 2.30 pm (local time London) from Heathrow without requiring to fly as alternate AI One to Zurich, say sources.Keeping an Air India aircraft at a foreign base nearest from where AI One has to operate as standby is a regular practice. This overseas trip of President Kovind first made news when Pakistan on September 7 denied permission for it to fly over its airspace from India to Europe and back.The B747 took a longer route to Europe when it left last Monday (Sept 9) and will take the longer route back home too. Now India is not going to seek clearance for VVIP flights to use Pakistan airspace till relations between he two countries improve.AI has been using over 25-year-old B747s as Air India One for long haul VVIP flights. They are used for commercial flights when not needed for VVIP flights and are retrofitted for them when required. Converting a passenger B747 into a VVIP aircraft takes about 12 days.By the end of this year or early next year, India will get dedicated state-of-the-art long haul aircraft when first of the two Boeing 777s currently being retrofitted in the US with the most most advanced security gizmos, including missile warning and counter-measure dispensing systems, for the president, VP and PM will join the VVIP fleet. While the first is expected in December, the second one may arrive a month later, say sources.Given their ultra hi-tech security and communications systems — at par with Air Force One — they cannot be used for regular flights. The over 26-year-old Boeing 747s are perfectly safe to fly but due to their advanced age, they are fuel guzzlers. The four-engine jumbo jets cannot fly longhaul routes like India-US nonstop and do so with a stop in Europe, something the twin-engine B777 has been doing for AI for years

Output

NEW DELHI: An inter-ministerial panel on fintech has suggested legislative changes be made to enable fixed deposits (FDs) and other financial instruments to be issued in dematerialised form as it is customer-friendly and secure.The Steering Committee headed by the economic affairs secretary also suggested that the department of financial services (DFS) and Reserve Bank of India may examine the suitability of virtual banking system in the Indian context.The panel, which submitted its report to finance minister Nirmala Sitharaman on Monday, said dematerialisation of financial instruments is customer-friendly given the wide reach of mobile technologies and also leads to disaster resilience and speedy recovery. the report said.Necessary suitable amendments to enable dematerialisation of financial instruments such as FDs and other deposits of the Post Offices, other forms of small savings certificates issued, Gold Deposit Certificates issued under GMS, Sovereign Gold Bonds, etc.may be undertaken, it said.Pending changes in laws and regulations that may be required to enable depositories to store all financial assets, the information pertaining to the assets may be stored in repositories so that consumers can access this information through a single window, it said.With regard to virtual banking, it said the Hong Kong Monetary Authority (HKMA) has recently issued guidelines for setting up virtual banks and is examining applications for virtual banking licences.The Committee recommends a thorough review of the PPI system with a view of considerably liberalising its use with adequate non-monetary limits safeguards to enable expansion of fintech, it said.It noted that there is an urgent need to reduce the costs of KYC to promote financial inclusion among the weaker sections.

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