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SAMA Calls On Banks not to Misuse Citizen’s Account Allocations

SAMA Calls On Banks not to Misuse Citizen’s Account Allocations
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SAMA Calls On Banks not to Misuse Citizen’s Account Allocations

SAMA Calls On Banks not to Misuse Citizen’s Account Allocations

The Saudi Arabian Monetary Authority (SAMA) addressed local banks not to discount or cut any amounts from the beneficiaries’ dues of the Citizen’s Account in return of any judicial seizure, as an affirmation that Saudi banks have no right to draw amounts from the Citizen’s Accounts in banking accounts.

SAMA underlined the necessity of abiding by this circulation starting from its day of issuance, in addition to lifting previously imposed confiscations on Citizen’s Account beneficiaries' dues, urgently.

This step follows several complaints submitted by the Citizen’s Account regarding confiscating monetary amounts by some local banks, urging SAMA to respond and issue this circulation on Thursday.

As Saudi Arabia begins to apply the Value Added Tax (VAT) and to correct oil prices, the Ministry of Commerce and Investment carried out check-up tours on establishments in various regions in the kingdom to counter any price manipulation. Up to 11,500 establishments were examined and 695 violations were discovered.

All required procedures were taken in cooperation with the government bodies including security bodies, under the supervision of the Consumer Protection to ensure quick intervention and conduction of tours as well as responding to notifications of consumers promptly, throughout the day.

The General Authority of Zakat and Tax (GAZT) has announced that the score of VAT registered-establishments is 90,000 establishments. Most of them are prepared to train employees, comply with the tax system, adopt the accounting system and information technology related to tax-operations in addition to managing records to maintain instruments in the determined application.

Notably, the kingdom started to apply the lowest VAT rate (five percent) since Jan.1 2018, while GAZT is in charge of observing the application of VAT, in cooperation with relevant bodies, including Saudi Customs.

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Moody’s Warns US Tariffs May Hurt India’s Manufacturing Push, Slow Growth 

08 August 2025, India, New Delhi: A shopkeeper reflected on a mirror waits for customers at a jewelry shop. (dpa)
08 August 2025, India, New Delhi: A shopkeeper reflected on a mirror waits for customers at a jewelry shop. (dpa)
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Moody’s Warns US Tariffs May Hurt India’s Manufacturing Push, Slow Growth 

08 August 2025, India, New Delhi: A shopkeeper reflected on a mirror waits for customers at a jewelry shop. (dpa)
08 August 2025, India, New Delhi: A shopkeeper reflected on a mirror waits for customers at a jewelry shop. (dpa)

US President Donald Trump's steep 50% tariffs on Indian imports could severely undermine India's manufacturing ambitions and slow economic growth, Moody's Ratings said on Friday.

Trump imposed an additional 25% tariff on Indian goods on Wednesday, citing New Delhi's continued purchases of Russian oil, taking the total tariff to 50% — far higher than those levied on other Asia-Pacific countries.

Moody's said India's real GDP growth may slow by around 0.3 percentage points from its current forecast of 6.3% for the fiscal year ending March 2026.

"Beyond 2025, the much wider tariff gap compared with other Asia-Pacific countries would severely curtail India's ambitions to develop its manufacturing sector, particularly in higher value-added sectors such as electronics, and may even reverse some of the gains made in recent years in attracting related investments," the ratings agency said.

Reducing Russian oil imports to avoid penalty tariffs could also make it harder for India to secure alternative crude supplies in sufficient quantities, Moody's said.

A larger import bill would widen the current account deficit, especially amid weaker tariff competitiveness that could deter investment inflows.

"We expect there will likely be a negotiated solution that falls between the two scenarios described above," Moody's said.

"The magnitude of the drag on growth from tariff obstacles will influence the government's decision to pursue a fiscal policy response, although we anticipate the government will adhere to its focus on gradual fiscal and debt consolidation."

The Reserve Bank of India (RBI) kept its key rates unchanged as expected on Wednesday and retained its "neutral" policy stance following a surprise 50-basis-point rate cut in June.

Global trade uncertainties, fueled by the US tariffs, have also unsettled foreign investors. Foreign portfolio investors have sold $900 million worth of Indian equities so far in August, after $2 billion in outflows in July.

India's benchmark equity indices — the Nifty 50 and the Sensex — fell 2.9% in July and are down 0.7% so far in August, as investor anxiety rises amid escalating trade tensions.