Dec 6

Exporters perturb over part of tax refund claims disallowed without reason

KARACHI: Pakistan Hosiery Manufacturers Association (PHMA) on Friday pointed out reduction in refund amount against original claim. The PHMA in a letter sent to Ms. Seema Shakil, Member Inland Revenue (Operations), Federal Board Revenue (FBR), informed that it is regretfully informed that against the 100 percent claimed sales tax refunds amount, FBR has cleared 60 […]

by Mrs. Anjum Shahnawaz

Stock market gains 91 points amid selling pressure

Dec 6

Stock & Commodity

Stock market gains 91 points amid selling pressure

KARACHI: The stock market gained 91 points on Friday amid selling pressure witnessed in the market. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,732 points as against 40,641 points showing an increase of 91 points. Analysts at Arif Habib Limited said that the market opened on a positive note, closed the […]

by Mrs. Anjum Shahnawaz

Rupee gains for fourth consecutive day on improved inflows

Dec 6

Money & Banking

Rupee gains for fourth consecutive day on improved inflows

KARACHI: The Pak Rupee made gain against dollar for the fourth consecutive day on Friday owing to improved inflows. The rupee ended Rs155.07 to the dollar from previous day’s closing of Rs155.10 in interbank foreign exchange market. Currency experts said that the sentiments in the market were remained positive owing to news of inflows of […]

by Mrs. Anjum Shahnawaz

Asian Bank approves $1 billion to support Pakistan’s economy

Dec 6

Finance

Asian Bank approves $1 billion to support Pakistan’s economy

MANILA, PHILIPPINES: The Asian Development Bank (ADB) on Friday approved $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen a slowing economy, a statement said. The quick dispersing Special Policy-Based Loan is part of a comprehensive multi-donor economic reform program led by the International Monetary Fund […]

by Mrs. Anjum Shahnawaz

Tax authorities to receive bulk information of bank account holders after disposal of court cases

Dec 6

Taxation

Tax authorities to receive bulk information of bank account holders after disposal of court cases

KARACHI: Tax authorities will receive a huge bunch of financial transactions from banks after a court dispose of all the petitions that were restricting the tax authorities to obtain information. Sindh High Court on Thursday disposed of petitions by banks. The disposal of cases has now allowed the Federal Board of Revenue (FBR) to obtain […]

by Mrs. Anjum Shahnawaz

FBR to issue around Rs3 billion tax refunds in next couple of days: Hafeez Shaikh

Dec 5

Taxation

FBR to issue around Rs3 billion tax refunds in next couple of days: Hafeez Shaikh

ISLAMABAD: Federal Board of Revenue (FBR) will issue another Rs2 to 3 billion tax refunds in next couple of days, Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance and Revenue, said on Thursday in a meeting with leading businessmen. The adviser told the businessmen that FBR was working very hard to facilitate […]

by Mrs. Anjum Shahnawaz

SECP, ADB organize consultation workshop on financial market development

Dec 5

Finance

SECP, ADB organize consultation workshop on financial market development

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) and Asian Development Bank (ADB) jointly organized a workshop for stakeholder consultations on Financial Market Development 2020-2025, a statement said on Thursday. The long term roadmap will be focusing on demand and supply measures to broaden and deepen the financial system in Pakistan. Senior level representatives […]

by Mrs. Anjum Shahnawaz

SBP directs banks to prepare depositor-wise database

Dec 5

Money & Banking

SBP directs banks to prepare depositor-wise database

KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to prepared a comprehensive depositor-wise database/ Management Information System. A key element of the information system is its capacity to calculate, on any given date, total liability of a bank towards each of its depositors including any interest/ profit accrued on such deposits and […]

by Mrs. Anjum Shahnawaz

Pakistan’s foreign exchange reserves increase by $416 million to $15.993 billion

Dec 5

Finance

Pakistan’s foreign exchange reserves increase by $416 million to $15.993 billion

KARACHI: The liquid foreign exchange reserves of Pakistan increased by $416 million to $15.993 billion by week ended November 29, 2019, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $15.577 billion a week ago. The reserves held by the central bank grew by $431 million to […]

by Mrs. Anjum Shahnawaz

Stock market gains 371 points on improved rating of top banks

Dec 5

Stock & Commodity

Stock market gains 371 points on improved rating of top banks

KARACHI: The stock market gained 371 points on Thursday owing to improved rating of top five banks of Pakistan. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,641 points as against 40,271 points showing an increase of 371 points. Analysts at Arif Habib Limited said that following up the country ratings, Moody’s […]

by Mrs. Anjum Shahnawaz