April 18, 2024

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Pakistan Revenue

Day: July 11, 2019

Raising loans on interest prohibited, SECP issues draft amendment to Shariah regulations
Jul 11
Stock & Commodity

Raising loans on interest prohibited, SECP issues draft amendment to Shariah regulations

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday issued draft amendments to Shariah Governance Regulations, 2018 saying that raising loans on interest is prohibited. In regulation 11, the SECP proposed following amendments: “(ii) the collective amount raised as loan on interest whether long-term or short-term debt does not exceed thirty percent of […]

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SBP issues procedure for loans under PM’s Kamyab Jawan SME Lending Program
Jul 11
Money & Banking

SBP issues procedure for loans under PM’s Kamyab Jawan SME Lending Program

KARACHI: State Bank of Pakistan (SBP) on Thursday issued procedure for obtaining loan under Prime Minister’s Kamyab Jawan SME Lending Program. In a letter to banks, the SBP said that small enterprises stimulate economic growth by providing employment opportunities, fostering innovation and reducing income inequalities. Lack of adequate financing facilities from formal sources is one […]

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KSE-100 gains 35 points amid low volumes
Jul 11
Stock & Commodity

KSE-100 gains 35 points amid low volumes

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 35 points on Thursday to close at 33,875 points as against previous day’s 33,840 points. Analysts at Arif Habib Limited said that KSE-100 index has been on a losing streak with continuous slide in both volume and index level. Yesterday, the volumes reached an […]

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Rupee depreciates by 61 paisas in interbank
Jul 11
Money & Banking

Rupee depreciates by 61 paisas in interbank

KARACHI: The Pak Rupee ended down by 61 paisas on Thursday owing to demand for import and corporate payments. The rupee closed at Rs158.49 to the dollar as compared with previous day’s closing of Rs157.88 in interbank foreign exchange market. The foreign currency market was initiated at Rs158.40 and Rs158.70 in interbank foreign exchange market. […]

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Preventive officer awarded dismissal from service for misconduct
Jul 11
Pakistan Customs, Taxation

Preventive officer awarded dismissal from service for misconduct

ISLAMABAD: Federal Board of Revenue (FBR) has awarded major penalty of ‘dismissal from service’ upon Hassan Ashraf, preventive officer, posted at Model Customs Collectorate of Preventive, Karachi on the charges of misconduct. In a notification issued on Thursday the FBR said that Hassan Ashraf was appointed as Preventive Officer (BS-16) in the Model Customs Collectorate […]

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FBR proposes reducing retaining period of imported plant, machinery by export units for disposal at zero percent duty, taxes
Jul 11
Pakistan Customs, Taxation

FBR proposes reducing retaining period of imported plant, machinery by export units for disposal at zero percent duty, taxes

ISLAMABAD: Federal Board of Revenue (FBR) has proposed to relax the condition of disposal of plant and machinery by export units at zero percent of duty and taxes to five years as compared with prevailing 10 years. The FBR on Wednesday issued SRO 747(I)/2019 to proposed amendments in the Export Oriented Units and Small and […]

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