The government is drafting a comprehensive legal package to amend existing laws and empower local governments and provincial authorities to enforce the availability of digital payment solutions at business and retail outlets as part of its push towards a cashless economy.

According to sources in the Ministry of Finance, the draft legal package is being developed to amend the Payment Systems and Electronic Fund Transfers Act, 2007, to make it mandatory for all businesses to offer at least one digital mode of payment – including QR code facilities. The proposed amendments will also authorise local governments to ensure compliance and enforcement.

The bylaws and regulations of the Capital Development Authority (CDA) and Islamabad Capital Territory (ICT) are also being revised to mandate and enforce the availability of digital payment acceptance solutions at all business and retail outlets within their jurisdiction.

Similarly, the provincial governments will be required to amend their respective laws, rules, and regulations – or enact new Digital Payment Acts – to make the availability of digital payment systems mandatory for retailers and service providers operating in their areas.

In the interim, local governments and regulatory authorities have been directed to issue notifications mandating the installation of digital payment acceptance facilities at retail outlets under their jurisdiction.
Sources said that Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines Limited (SNGPL) have already started printing Raast QR codes on their consumer bills. The two utilities together serve 10.74 million customers, with total annual collections amounting to Rs384.91 billion. So far, more than 21,400 consumers have paid their gas bills through Raast QR codes, amounting to Rs51.8 million in payments.

Similarly, 10 out of 11 electricity distribution companies (DISCOs) have begun printing Raast QR codes on all consumer bills, except credit bills. The remaining DISCO – Tesco – has also signed the Raast agreement for QR enablement. To date, more than 27,900 consumers have paid their electricity bills using Raast QR codes, amounting to Rs128 million in transactions.

The total consumer base of all DISCOs stands at 35 million, with yearly collections of around Rs4 trillion. Training sessions for utility companies were conducted in collaboration with the State Bank of Pakistan (SBP) and Karandaaz on August 21, 2025.

The National Database and Registration Authority (NADRA) has launched Raast QR payments at its service centres and within its mobile application. A total of 949 NADRA centres nationwide have been enabled for Raast QR payments, and the feature has also been integrated into the PAK ID app, which currently has 10.7 million users.

Raast QR codes are now printed on QMatic service tokens to enable quick and easy payments. As a result, cashless transactions at NADRA facilities have increased significantly, rising from 66% to 76% by October 2025. From August 15 onwards, more than 161,334 transactions have been conducted through Raast.

Currently, Raast QR payments account for 10% of all cashless transactions and 13% of daily applications processed through the PAK ID mobile app, which is also integrated with Raast and other digital payment platforms. The total yearly potential for digital collections through this system is estimated at Rs28.47 billion, with a consumer base of approximately 27.2 million.

Islamabad has already taken the lead by mandating digital payments at retail shops. Under the CDA’s administered region, the Directorate of Municipal Administration has required all businesses operating under trade licences to offer digital payment options.

A Merchant Acquisition Committee has been established to periodically review progress and ensure implementation. The CDA has also mandated the display of Raast QR codes for digital payments at all retail outlets in Islamabad.

To date, a total of 38,819 retail stores have been enabled through partner banks to accept payments via Raast QR codes. The CDA has engaged multiple banks to facilitate this process, with 12 banks currently participating in the initiative.

Global Trade Research Initiative (GTRI) has proposed a three-step strategy to safeguard India’s trade interests as discussions with the United States have stepped into the “advanced stage.” The agency has suggested measures like scaling back Russian oil imports, seeking trade parity and resuming talks on fair terms.

Here’s what GTRI’s 3 step plan says:

According to the think tank, the first move should be to stop importing oil from Russian companies currently under US sanctions, specifically Rosneft and Lukoil, which together account for 57% of Russia’s crude output. GTRI said that continuing to source crude from these firms exposes India to potential secondary sanctions that could extend and affect critical infrastructure. The note cautioned that more secondary sanctions might be far more damaging than tariffs, as they could disrupt SWIFT access, dollar payments and essential digital systems, potentially paralysing operations across refineries, ports and banks.

Once such imports are halted, the advisory body recommends India to “press Washington to withdraw the punitive 25% “Russian oil” tariff.” Scrapping the tariff would cut India’s duty burden in the US by half, from 50% to 25%, and improve export competitiveness.These additional duties were introduced on July 31 which the US called a “Russian oil” tariff, accusing India of fueling Moscow’s war machine. Since then, India’s overall duty burden in the US market has climbed to 50%, coinciding with a noticeable drop in exports, down 37% between May and September.

Only after tariffs return to normal levels, GTRI suggested to “restart trade negotiations…only on fair, balanced terms.”The organisation said India should push for tariff parity with its other major trade partners by targeting average duties of roughly 15% and securing duty-free access for priority sectors such as textiles, gems and jewellery, and pharmaceuticals.Commerce minister Piyush Goyal has signalled progress on a bilateral trade agreement with the United States, saying that the negotiations have reached an “advanced stage”. The development aligns with US President Donald Trump’s recent hint that a deal with India may be imminent.According to a TOI report, the proposed trade agreement could bring down US tariffs on Indian exports from 50% to 15%. In return, India is expected to scale back purchases of Russian oil and increase energy imports from the United States, along with fulfilling other commitments.

Even as Moscow’s crude dominates headlines, it’s not the only Russian oil flowing into India. Russia has now surpassed Ukraine to become India’s biggest supplier of sunflower oil, with shipments soaring twelvefold over the past four years, according to industry data cited by ET.

“Russia is the largest and most reliable source of sunflower oil in the world. We get advantage of supply chain reliability,” Sanjeev Asthana, CEO of Patanjali Foods and president of the Solvent Extractors’ Association of India (SEA) told ET.Back in 2021, Russian sunflower oil made up only around 10% of India’s total sunflower oil imports. By 2024, that share had jumped to 56%. India purchased 2.09 million tonnes of sunflower oil from Russia in the calendar year 2024, compared to just 175,000 tonnes in 2021.

Before the war, Ukraine was India’s main supplier of sunflower oil, shipping nearly 90% of its agricultural exports through seaports. However, once the conflict began, Ukraine redirected most of its sunflower oil to European countries via road and rail after its access to Black Sea ports was blocked. Industry officials said this rerouting made shipments to India costlier and less predictable.Russia, meanwhile, continued exporting comfortably through its seaports, giving Indian buyers a more stable and assured supply route. “They were offering us competitive rates, which is the requirement of the Indian market,” said Sandip Bajoria, president of the International Association of Sunflower Oil.Exchanges between industry delegations from both countries in recent months have further strengthened the trade link.

Sunflower oil is among India’s top three edible oils, yet less than 5% of what the country consumes is grown domestically. The country relies on imports to meet almost 60% of its cooking oil needs. Palm oil accounts for nearly half of that, followed by soyabean oil and sunflower oil. Farmers in the country scaled back sunflower cultivation in the 1990s, after cheaper imported oils began entering the market.Sunflower oil became popular once again in 2023 and 2024, when for the first time it became cheaper than palm oil, according to industry officials, cited by ET. The new pricing advantage helped Russian shipments narrow the market gap between sunflower oil and soyabean oil. “The share of sunflower oil was a distant third after soyabean oil. The Russian supplies have reduced this gap significantly,” Bajoria said.This turnaround may not hold through the year. Sunflower oil imports are expected to decline by about 13% because of a sharp price rise. “The overall imports of sunflower oil will decline this year as there is a premium of $150 per tonne on sunflower oil over the palm oil and soyabean oil,” Bajoria added. “However, the share of Russia will remain the same at around 55-60%.”In September, a delegation from SEA travelled to Russia to explore deeper trade cooperation.