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Pakistan central bank orders banks not to accept online payments for Indian content

This undated file photo shows premises of the State Bank of Pakistan. (Shutterstock)
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Updated 13 November 2020
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Pakistan central bank orders banks not to accept online payments for Indian content

  • The new directives will hit online payments for Direct to Home platforms like Zee5, an Indian video on demand service
  • Zee5 recently broadcast a fiery online series about a group of women who unleash revenge on cheating men that has sparked backlash in Pakistan
Updated 13 November 2020
Arab News Pakistan

ISLAMABAD: Pakistan’s central bank has ordered banks to stop accepting online payments for media content from India with immediate effect, a circular issued this week said. 
The new directives will hit online payments for Direct to Home (DTH) platforms like Zee5, an Indian video on demand service that has recently broadcast the Pakistani online series ‘Churails.’
The fiery show about a group of women who set out to take revenge on cheating men, and which covers a range of taboo subjects, has sparked a backlash in Pakistan, where tough censorship rules prevent such shows from being broadcast on local television channels. 
“We are in receipt of a letter from the cabinet division, Government of Pakistan, whereby they have instructed to stop different modes of payments, including credit cards, for subscribing (to) Indian Content in Pakistan, including Zee5 video-on-demand service,” the state bank circular said. 
“In this regard, it is advised to ensure meticulous compliance of aforementioned instructions of Government of Pakistan and submit compliance status to SBP (by) Nov 13, 2020.”
Insiders say the order has come in the backdrop of the ‘Churails’ series, written and directed by British Pakistani film-maker Asim Abbasi. The show followed the story of four women who launch a detective agency to catch cheating husbands, behind the facade of a burqa boutique.
Abbasi announced on Twitter last month that the show had been removed from Zee5 for Pakistani viewers on the request of Pakistan’s electronic media regulator. The platform initially complied with the instructions only to later restore the show.
In response to a tweet announcing that Pakistani banks could no longer accept online payments for Indian media platforms, Abbasi tweeted “Laazim hai ke hum bhi dekehnge,” the title of a poem by Pakistani poet Faiz Ahmad Faiz, written to protest the oppressive regime of military ruler General Zia-ul-Haq. The poem was banned in Pakistan when it was first written, but has since developed a cult-following as a leftist song of resistance and defiance.

Topics: State Bank of Pakistan Churails Zee5 India

Pakistan says Panda bond launch to diversify funding, avoid overreliance on dollar

Updated 5 sec ago
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Pakistan says Panda bond launch to diversify funding, avoid overreliance on dollar

  • Pakistan has said it plans to issue its first-ever yuan-denominated Panda bond in January 2026
  • Pakistan minister identifies agriculture, minerals, AI as key areas to attract Chinese investment
Updated 5 sec ago
Arab News Pakistan

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb said on Tuesday that launching its first-ever Panda bond would allow Islamabad to diversify its external financing sources away from overreliance on the US dollar, the Finance Division said. 

Pakistan has said it aims to launch the Panda bond— a yuan-denominated bond issued in China’s domestic market— by January next year. This highlights Pakistan’s efforts to find alternatives to dollar-denominated borrowing as global financial conditions tighten and Islamabad looks to escape a prolonged macroeconomic crisis. 

Panda bonds are renminbi-denominated instruments sold to Chinese investors by foreign governments or companies, offering issuers access to China’s deep domestic capital markets while reducing exposure to foreign-exchange volatility.

“He said the [Panda bond] issuance would allow Pakistan to tap into the second-largest and second-deepest capital market in the world, helping diversify funding sources away from overreliance on the US dollar by complementing existing access to euro and sukuk markets,” the Finance Division said. 

Aurangzeb was speaking to the state-owned China Global Television Network (CGTN), the Finance Division said. 

The finance minister acknowledged Pakistan had “previously underutilized” the opportunity to take advantage of the Panda bond, expressing optimism about investor interest in the Chinese market.

He said Pakistan remains hopeful of launching the bond ahead of the Chinese New Year, calling it a “landmark development” in the country’s external financing strategy. 

In response to a question about Pakistan’s economic priorities, Aurangzeb identified agriculture, minerals and mining, artificial intelligence and digital economy as key areas where Islamabad could attract Chinese investment. 

“He emphasized that beyond capital flows, this phase of cooperation places strong emphasis on knowledge transfer and technical support,” the Finance Division said. 

Topics: Panda bonds Finance Minister Muhammad Aurangzeb Pakistan economy

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