Lahore | Riaz Hussain, ReNews Pakistan

A public notice concerning property transactions has advised buyers and sellers to ensure that their names recorded on their Computerised National Identity Cards (CNICs), issued by the National Database and Registration Authority (NADRA), exactly match those appearing in their Federal Board of Revenue (FBR) profiles.

According to the notice, both parties involved in transferring a plot or house must ensure consistency between their identification documents and tax registration records. In case of any discrepancy in FBR records, taxpayers have been advised to update their registration information under Section 181 of the Income Tax Ordinance by using the FBR's online portal or contacting the relevant Regional Tax Office (RTO).

The FBR's official website confirms that taxpayers can request amendments to their income tax registration details if any errors, omissions or changes are identified. Under the prescribed procedure, the concerned individual submits a registration amendment form through the IRIS portal. The Commissioner may approve or reject the application after reviewing it.

Separate FBR guidelines explain that certain registration details can be updated online through Registration Form 181. These include mobile phone numbers, residential and business addresses, bank account information and certain other particulars.

However, specific changes, including amendments involving CNIC numbers, require taxpayers to visit the relevant Regional Tax Office and provide the necessary supporting documents.

Importantly, the official FBR guidance does not explicitly include name changes among the details that taxpayers can independently modify online. Therefore, individuals whose names contain spelling differences or other discrepancies should contact the relevant Regional Tax Office to confirm the procedure applicable to their particular circumstances.

Submitting an online amendment form alone should not be considered a guarantee that a name correction will be approved in every case.

The importance of identity verification during property transfers is also reflected in the procedures followed by the Punjab Land Records Authority (PLRA).

According to the authority, valid identity cards and ownership documents are required for property mutation and transfer. The process at land record centres also involves recording CNIC details, capturing photographs and conducting biometric verification.

The public notice does not specify any deadline for correcting discrepancies, penalties for non-compliance or automatic rejection of property transfers where names do not match.

Its primary message is that property buyers and sellers should ensure consistency between the names appearing on their CNICs and FBR tax profiles to avoid potential documentation and verification issues during property transactions.

Karachi | ReNews Pakistan

Land disputes involving nearly 100 cooperative housing societies in Karachi concern properties reportedly valued at approximately Rs 1 trillion, according to a newspaper report citing the Sindh Cooperatives Department. The report alleges that administrative irregularities and violations of restrictions on property transactions have exposed several societies to litigation, investigations and uncertainty for members. The societies reportedly include nine operating under government administration. Alleged violations involve plot allotments, transfers, ownership changes, development work and other transactions undertaken despite restrictions imposed in 2017. The report says these actions have contributed to disputes over valuable land and raised questions about oversight of administrators appointed to manage society affairs. According to the report, the provincial cooperatives secretary took notice of the alleged breaches and issued a letter reiterating the restrictions. The communication reportedly warned government administrators and relevant officials against exceeding their authority or undertaking activities prohibited under the existing framework. The report refers to the Sindh Cooperative Housing Authority Ordinance, 1982, and departmental instructions governing administrators’ responsibilities. It states that administrators appointed to societies should focus on authorised administrative functions, including verification of members, scrutiny of records and arrangements for elections, rather than exercising unrestricted powers over land and financial matters. The department’s instructions, as reproduced in the report, prohibit administrators from allotting or transferring plots, changing ownership, approving subdivisions or amalgamations, and allowing commercial use of society property. Restrictions also reportedly cover development expenditure, new appointments and the appointment of legal advisers without the required authorisation. Financial controls form another part of the instructions. Societies are reportedly required to operate bank accounts through joint signatures, while payments exceeding Rs 500 must be made through crossed cheques. Expenditure above Rs 25,000, except employees’ salaries, requires prior approval from the competent authority, according to the report. Administrators must also submit monthly statements detailing their societies’ income and expenditure. The clipping presents these requirements as safeguards intended to improve transparency, protect members’ interests and prevent unauthorised financial decisions. However, it alleges that violations continued after the restrictions were introduced in 2017. Among the societies named in the report are government employees’ housing schemes and other cooperative residential societies across Karachi. Some have reportedly held elections and handed management to elected representatives, while others remain under government administration. The report alleges that no substantial action had been taken against administrators over the violations it describes. The provincial cooperatives secretary reportedly said he had recently assumed charge and would respond after examining the matter. The clipping does not provide detailed responses from the individual administrators or societies named, nor does it establish the outcome of the reported cases and investigations. For society members and prospective purchasers, the central concern is whether disputed transactions were properly authorised and supported by verified records. The reported Rs 1 trillion figure represents an estimate of the value of land involved in disputes; it should not be interpreted as an established financial loss. The allegations and valuation remain attributed to the newspaper report, pending examination of the underlying departmental correspondence, society records and any relevant judicial findings.

Islamabad | ReNews Pakistan

The ownership of nearly 114,000 acres of land across Pakistan has been formally transferred to Pakistan Railways in a major step towards protecting national assets, establishing clear legal ownership and improving transparency in government land records.

According to the information provided, the initiative was undertaken in line with Prime Minister Shehbaz Sharif's vision and through the efforts of the Chairman of the National Accountability Bureau (NAB).

Federal Minister for Railways Muhammad Hanif Abbasi also provided special attention and oversight to facilitate the process of transferring the land's legal ownership to Pakistan Railways.

The division-wise details show that 19,797 acres of land in Lahore Division, 16,114 acres in Rawalpindi Division and 14,675 acres in Peshawar Division have been transferred to Pakistan Railways.

Similarly, the ownership transfer covers 29,454 acres in Multan Division, 10,717 acres in Sukkur Division, 10,970 acres in Karachi Division and 10,771 acres in Quetta Division.

Additionally, 1,026 acres of land in Mughalpura and 269 acres under CFI have been included in the ownership transfer process.

The figures provided for the nine administrative categories total 113,793 acres, representing approximately 114,000 acres of railway land across the country.

The development is being viewed as an important step towards strengthening the legal status of government-owned land and safeguarding valuable public assets.

The correction and formalisation of railway land ownership records are expected to help address administrative issues, clarify ownership rights and support the management of railway properties across different regions.

Pakistan Railways owns valuable land in major commercial, residential and industrial locations throughout the country. Clear legal ownership of these properties could facilitate better land management, protection against unauthorised occupation and future development planning in accordance with applicable rules.

The federal government has already been pursuing measures to identify railway properties, recover encroached land and update official ownership records.

Pakistan Railways and NAB have also been cooperating on initiatives aimed at identifying and protecting railway properties in different parts of the country.

However, the transfer of legal ownership and the physical recovery of illegally occupied land are separate administrative and legal processes. The latest development primarily concerns the correction and formal transfer of land ownership records.

The initiative forms part of broader efforts to strengthen the protection, management and transparency of public land assets while improving Pakistan Railways' control over its legally owned properties.

Islamabad | ReNews Pakistan

Pakistan is seeking investment from US financial institutions for its oil refinery modernisation programme as the country moves to strengthen bilateral energy cooperation with Washington and improve its capacity to meet domestic fuel demand.

Federal Minister for Petroleum Ali Pervaiz Malik discussed investment opportunities in Pakistan's refining sector during a meeting with US Chargé d’Affaires Natalie A. Baker on October 26.

According to an official statement, the meeting focused on expanding cooperation in the energy sector, attracting American investment, ensuring uninterrupted fuel supplies and exploring opportunities for liquefied natural gas (LNG) imports from the United States.

Malik informed the US envoy that Pakistan was pursuing a major refinery upgradation programme aimed at introducing modern refining technologies, improving petroleum product quality and increasing domestic production.

He said the programme offered significant investment opportunities for US financial institutions and could contribute to Pakistan's long-term energy security.

The petroleum minister highlighted challenges arising from the evolving geopolitical situation, particularly the ongoing conflict in the Middle East, which had complicated global fuel availability and increased the importance of measures to ensure uninterrupted energy supplies.

Pakistan has already made progress on its refinery modernisation programme. In September 2026, four of the country's five domestic oil refineries signed formal agreements with the government to upgrade their refining facilities.

The participating companies include Attock Refinery Limited, National Refinery Limited, Pakistan Refinery Limited and Cnergyico Pakistan Limited.

The projects are expected to attract approximately $5 billion in investment over the next five years. The planned upgrades aim to improve refining efficiency, enhance petroleum product quality, increase domestic fuel production and reduce dependence on imported petroleum products.

During the meeting, US Chargé d’Affaires Natalie Baker expressed Washington's willingness to strengthen cooperation with Pakistan in addressing its energy requirements.

She appreciated Pakistan's efforts to maintain fuel supplies despite regional disruptions and emphasised the importance of creating investment and commercial opportunities for American companies.

Baker also expressed optimism about the possibility of establishing long-term energy supply contracts between the two countries, saying such arrangements could provide mutual benefits and open new business opportunities for US firms.

Managing directors of Pakistan State Oil (PSO) and Pakistan LNG Limited (PLL) briefed the meeting on the interest shown by American companies in supplying LNG to Pakistan.

Islamabad | ReNews Pakistan

The Securities and Exchange Commission of Pakistan (SECP) has revised the eligibility criteria for audit firms appointed by financial institutions and other regulated entities, introducing a revised list of approved auditors based on the size, assets and nature of financial institutions.

The commission issued Circular No. 24 of 2026, partially amending Circular No. 7 of 2026. The revised framework covers entities regulated under several laws, including the Securities Act, 2015, Futures Market Act, 2016, Insurance Ordinance, 2000, and Companies Act, 2017.

According to the circular, the revised eligibility criteria for the appointment of auditors by lending non-banking finance companies (NBFCs) will apply to financial years beginning on or after January 1, 2027.

Under the revised framework, the SECP has identified a first category of approved audit firms eligible to audit major financial institutions, including securities exchanges, futures exchanges, clearing houses, depository companies and securities brokers holding trading and clearing category licences.

The same category applies to asset management companies and pension fund managers with assets under management of Rs 50 billion or more. It also covers deposit-taking lending NBFCs and non-deposit-taking lending NBFCs with assets of Rs 1 billion or more.

Modarabas with assets of Rs 1 billion or more, along with collective investment schemes, voluntary pension schemes and real estate investment trusts (REITs) having assets of Rs 10 billion or more, are also covered under the first category.

Insurance, reinsurance and takaful operators with total assets exceeding Rs 10 billion, collateral management companies, credit rating companies and professional clearing members are also required to appoint auditors from this category.

The approved audit firms include A.F. Ferguson & Co., Baker Tilly Mehmood Idrees Qamar, BDO Ebrahim & Co., Crowe Hussain Chaudhury & Co., EY Ford Rhodes, Grant Thornton Anjum Rahman, Ilyas Saeed & Co., KPMG Taseer Hadi & Co., Kreston Hyder Bhimji & Co., Muniff Ziauddin & Co., Nasir Javaid Maqsood Imran, Parker Russell A.J.S., Rahman Sarfaraz Rahim Iqbal Rafiq, Reanda Haroon Zakaria Aamir Salman Rizwan & Co., Riaz Ahmad & Co., Rizwan & Co., RSM Awais Hyder Liaquat Nauman, S.M. Suhail & Co., Yousuf Adil and UHY Hassan Naeem & Co.

The SECP has also established a separate category for smaller regulated entities, including securities brokers holding trading and self-clearing category licences, asset management companies, pension fund managers and relevant NBFCs with assets under management below Rs 50 billion.

The revised framework differentiates financial institutions according to their asset size and regulatory classification, requiring them to appoint audit firms that meet the eligibility criteria applicable to their respective categories.

The changes establish a revised framework for auditor appointments across Pakistan's regulated financial sector, including non-banking lenders, investment management companies, insurance operators and real estate investment trusts