Jun 3

Rupee weakens by 70 paisas ahead of weeklong Eid Holidays

KARACHI: The Pak Rupee weakened by 70 paisas against dollar on Monday owing to higher demand for import and corporate payments due to upcoming Eid holidays. The rupee ended Rs148.60 to the dollar from last Friday’s closing of Rs147.90 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of […]

by Faisal Shahnawaz

Rs52 million approved as interest free loan for students

Jun 3

Money & Banking

Rs52 million approved as interest free loan for students

KARACHI: The apex committee for Student Loan Scheme having representation from State Bank of Pakistan, Finance Division (Government of Pakistan) and five major banks (NBP, HBL, UBL, ABL and MCB Bank) has approved Rs 51.987 million as interest-free loans to deserving students for their current year of studies within Pakistan. State Bank of Pakistan (SBP) […]

by Faisal Shahnawaz

FBR extends last date for filing income tax returns up to June 30

Jun 3

Taxation

FBR extends last date for filing income tax returns up to June 30

KARACHI: The Federal Board of Revenue (FBR) on Monday extended the last date for filing income tax returns for tax year 2018 up to June 30, 2019. The FBR said that the extension had been granted considering the Assets Declaration Ordinance, 2019. The FBR extended the date for filing income tax returns and statement by […]

by Faisal Shahnawaz

CDC to facilitate 600 businessmen to receive sales tax refund bonds

Jun 3

Stock & Commodity, Taxation

CDC to facilitate 600 businessmen to receive sales tax refund bonds

KARACHI: Central Depository Company of Pakistan Limited (CDC) will facilitate 600 businessmen in receiving their sales tax refunds issued by the Federal Board of Revenue (FBR) in the shape of refund bonds. Out of total 600 sales tax refunds claimants, around 200 businessmen have so far opened their CDC accounts. The government has planned to […]

by Faisal Shahnawaz

Sindh Bank refuses Summit Bank merger plan

Jun 3

Money & Banking

Sindh Bank refuses Summit Bank merger plan

The board of directors of Sindh Bank Limited (SNBL) has officially rejected the proposed merger with Summit Bank Limited (SMBL), marking a significant development in the banking sector.

by Faisal Shahnawaz

Update: Rupee weakens 48 paisas in intraday trading

Jun 3

Money & Banking

Update: Rupee weakens 48 paisas in intraday trading

KARACHI – The Pakistani Rupee faced a further depreciation of 48 paisas against the US Dollar in intraday trading on Monday, creating fluctuations in the currency market just ahead of the Eid Holidays.

by Faisal Shahnawaz

Jun 3

Taxation

FBR promotes 17 IR officers to BS-16

ISLAMABAD: Federal Board of Revenue (FBR) has promoted 17 supervisors (BS-14) of Inland Revenue Department to the post of Office Superintendent (BS-16) Inland Revenue. The promotion has been effective from May 30, 2019. Following officials have been promoted: 01. Khaleeq Mohsin, Supervisor, Corporate Regional Tax Office (CRTO), Lahore. 02. Khalil Ahmad Khan, Supervisor, CRTO Lahore. […]

by Faisal Shahnawaz

Asset recovery unit receives certified copies in judges’ references

Jun 3

National

Asset recovery unit receives certified copies in judges’ references

ISLAMABAD: The Assets Recovery Unit of the Prime Minister’s Office received a complaint/information in respect of the foreign properties of three learned Judges, said a statement on Sunday. Under the Rules of Business, 1973 the matter pertaining to Judges fall under the umbrella of the Federal Ministry of Law and Justice. Hence the complaint/information was […]

by Faisal Shahnawaz

FBR suggested relaxing exports restriction to Afghanistan

Jun 2

2019-2020, Budget, Taxation

FBR suggested relaxing exports restriction to Afghanistan

KARACHI: Federal Board of Revenue (FBR) has been advised to relax export conditions to Afghanistan in order to improve exports and inflows of foreign exchange. Institute of Chartered Accountants of Pakistan (ICAP) in its tax proposals for budget 2019/2020 said that as per SRO 190(I)/2002 dated April 2, 2002, zero rating on Exports under section […]

by Mrs. Anjum Shahnawaz

British Airways resumes Pakistan operation on June 03

Jun 2

National

British Airways resumes Pakistan operation on June 03

ISLAMABAD: British Airways will resume its flight operation from Monday June 03, 2019 to Pakistan after a gap of 18 years. First flight of British Airways (BA- 261) is arriving at Islamabad International Airport (IIAP) on June 03, 2019 (Monday) at 9:25 A.M from Heathrow (London) where 240 passengers will arrive by the Boeing 787 […]

by Faisal Shahnawaz