Pakistan and the International Monetary Fund (IMF) have launched their second review discussions under the ongoing loan program, focusing on revenue shortfalls, unresolved tax disputes, and fiscal reforms.

Federal Board of Revenue (FBR) sources confirmed that the IMF was briefed on the reasons behind missed tax collection targets.

The Fund reportedly urged authorities to expedite court cases involving the FBR particularly those related to super tax disputes.

According to officials, the FBR expects to recover nearly Rs200 billion if verdicts are delivered in its favor.

However, the delegation also informed the IMF that recent floods caused estimated tax revenue losses of around Rs60 billion.

During the talks, the FBR sought leniency in revenue targets, though the IMF has not yet responded.

Instead, the Fund pressed for structural measures to expand the tax base.

Sources added that Pakistan’s enforcement strategy to bridge the shortfall relies heavily on outcomes of pending super tax cases.

If court rulings go against the FBR, alternative measures will be required to secure the Rs200 billion shortfall.

The review talks also touched upon the new NFC Award, where Pakistani officials presented details of proposed revenue-sharing formulas.

Proposals include reducing the provincial share of resources, currently at 82 per cent based on population, to create fiscal space.

The IMF delegation was further briefed on last year’s fiscal targets at a meeting of the Fiscal Development Committee.

Today’s round of talks is expected to focus on the power sector and other key ministries.

Officials from the Finance Ministry expressed optimism, saying they remain hopeful about the success of ongoing negotiations with the IMF.

New Delhi: In the month of October, bank branches will remain closed for upto 21 days. The Reserve Bank of India (RBI) has mentioned some days when the banking operations will remain closed in the month of October 2025, although online banking activities will continue to work.

While some bank holidays will be observed nation-wide, some others will be local holidays. Several bank branches will remain closed in various states owing to these festivities. Before visiting your bank branch in the month of October, you must note down the list of important days during which banks will remain closed.

Banks will remain closed for total 21 days in the month of October– 15  as per the Reserve Bank of India (RBI) holiday calendar list and the remaining days are that of weekends. However, you must note that the banks will NOT be closed for 21 days in all states or regions. This is the total number of days when banks in different parts of the country will remain closed for state-observed holidays.

For example bank branches might be closed for Kati Bihu in Assam but not closed for the same in other states.

Reserve Bank of India places its Holidays under three brackets –Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday; and Banks’ Closing of Accounts. However, it must be noted that the bank holidays vary in various states as well not observed by all the banking companies. Banking holidays also depend on the festivals being observed in specific states or notification of specific occasions in those states.

Here is an elaborate list of bank holidays falling in the month of October 2025. Check out the list.

Navaratri Ends/Maha Navami/Dussehra/Ayudhapooja, Vijayadasami/Durga Puja (Dasain): October 1

Mahatma Gandhi Jayanti/Dasara/Vijaya Dashami/Dussehra/Durga Puja (Dasain)/Janmotsav of Sri Sri Sankardeva: October 2

Durga Puja (Dasain): October 3

Durga Puja (Dasain): October 4

Lakshmi Puja: October 6

Maharshi Valmiki Jayanti/Kumar Purnima: October 7

Karva Chauth: October 10

Kati Bihu: October 18

Diwali (Deepavali)/Naraka Chaturdashi/Kali Puja: October 20

Diwali Amavasya (Laxmi Pujan)/Deepawali/Govardhan Pooja: October 21

Diwali (Bali Pratipada)/Vikram Samvant New Year Day/Govardhan Pooja/Balipadyami, Laxmi Puja (Deepawali): October 22

Bhai Bij/Bhaidooj/Chitragupt Jayanti/Laxmi Puja (Deepawali)/Bhratridwitiya/Ningol Chakkouba: October 23

Chath Puja (Evening Puja): October 27

Chath Puja (Morning Puja): October 28

Sardar Vallabhbhai Patel’s Birthday: October 31

Apart from the above bank holidays, the second and fourth Saturdays, Sundays of the month are falling on the following dates:

Sunday: October 5

Second Saturday: October 11

Sunday: October 12

Sunday: October19

Fourth Saturday: October 25

Sunday: October 26

Check Dates And State Wise List Of Bank Holidays In October 2025

Holidays of the mentioned days will be observed in various regions according to the state declared holidays, however for the gazetted holidays, banks will be closed all over the country.

If you keep a track of these holidays, you would be able to plan bank transaction activities in a better way. For long weekends, you can even plan your holidays well.

Last Updated:September 26, 2025, 11:03 IST

News18

In a major decision, the Supreme Court on September 26 upheld JSW Steel’s resolution plan for Bhushan Power & Steel. The judgment is a major relief for JSW Steel. An SC bench, comprising Chief Justice B R Gavai, Justices S C Sharma and K Vinod Chandran, has rejected the objections raised by former promoters and certain creditors of Bhushan Power & Steel Ltd.

The Supreme Court on May 26, 2025, had ordered a status quo on the liquidation of Bhushan Power & Steel Ltd (BPSL), halting all further proceedings in the National Company Law Tribunal (NCLT). This case, involving JSW Steel, one of India’s leading steelmakers, has been under the spotlight due to its size, legal complexity, and implications for the Insolvency and Bankruptcy Code (IBC).

(This is breaking. Details will be added shortly)

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First Published:

September 26, 2025, 11:03 IST

News business SC Upholds JSW Steel’s Resolution Plan For Bhushan Power & Steel

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