Remittances increase to $13.3 bn in seven months

Feb 12

Finance

Remittances increase to $13.3 bn in seven months

KARACHI: The overseas Pakistani workers have sent $13.3 billion as remittances during first seven months (July – January) of 2019/2020, showing 4.1 percent growth when compared with same period of the last fiscal year. The overseas Pakistani had sent $12.774 billion in the first seven months of the last fiscal year, State Bank of Pakistan […]

by Mrs. Anjum Shahnawaz

Prime minister welcomes Pepsico’s investment plans

Feb 12

Finance

Prime minister welcomes Pepsico’s investment plans

ISLAMABAD: Prime Minister Imran Khan has appreciated PepsiCo proposed future investment plans in Pakistan. CEO Pepsi Africa, Middle East & South Asia Eugene Willemsen called on Prime Minister Imran Khan in Islamabad on Wednesday. Prime Minister Imran Khan appreciated the existing business venture of Pepsico as well as its proposed future investment plans in Pakistan. […]

by Mrs. Anjum Shahnawaz

SBP enhances payment limits to $25,000 against freelance services

Feb 12

Money & Banking

SBP enhances payment limits to $25,000 against freelance services

KARACHI: The State Bank of Pakistan (SBP) on Wednesday enhanced payment limits against freelance services from $5,000 per individual per month to $25,000 per individual per month. The central bank in a statement said that in order to broaden the scope of business-to-customer transactions through home remittance channel it had enhanced payment limits against freelance […]

by Mrs. Anjum Shahnawaz

Stock market gains 817 points on reports of downward revision in tax target

Feb 12

Stock & Commodity

Stock market gains 817 points on reports of downward revision in tax target

KARACHI: The stock market continued to make recovery on Wednesday and gained 817 points on Wednesday owing to reports of IMF affirmation to revise tax collection target downwards. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,531 points as against 39,714 points showing a gain of 817 points. Analysts at Topline Securities […]

by Mrs. Anjum Shahnawaz

Rupee gains five paisas on export receipts inflow

Feb 12

Money & Banking

Rupee gains five paisas on export receipts inflow

KARACHI: The Pak Rupee gained five paisas against dollar on Wednesday owing to inflows of export receipts and workers’ remittances, dealers said. The rupee ended Rs154.37 to the dollar from previous day’s close of Rs154.42 in interbank foreign exchange market. The currency dealers said that the market witnessed inflows of exports and workers’ remittances during […]

by Mrs. Anjum Shahnawaz

Meezan Bank announces 70% growth in annual profit

Feb 12

Corporate, Money & Banking

Meezan Bank announces 70% growth in annual profit

KARACHI: Meezan Bank Limited on Wednesday declared 70 percent growth in its annual net profit for the period December 31, 2019. It is financial results submitted to Pakistan Stock Exchange (PSX), the bank announced profit after tax to Rs15.23 billion for the year 2019 as compared with Rs8.96 billion in the previous year. The bank […]

by Mrs. Anjum Shahnawaz

DGRM authorized to manage risk involved in customs clearance

Feb 12

Pakistan Customs

DGRM authorized to manage risk involved in customs clearance

KARACHI: Directorate General of Risk Management (DGRM) has been authorized to manage risk involved in customs clearance of containerized, LCL and bulk cargo. The FBR on Wednesday issued SRO 101(I)/2020 to amend Customs Rules, 2001. Through the SRO the FBR issued Risk Management System Rules. It said that the DGRM to manage risk involved in […]

by Mrs. Anjum Shahnawaz

PIA declares 17% loss for six-month period

Feb 12

Corporate, National

PIA declares 17% loss for six-month period

KARACHI: Pakistan International Airlines (PIA) has announced 17 percent loss for six months period ended June 30, 2019. According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the national flag carrier recorded losses of Rs37.89 billion for the six months period ended June 30, 2019 as compared with Rs32.411 billion in the […]

by Mrs. Anjum Shahnawaz

FBR defines fair market value of immovable properties, motor vehicles

Feb 12

Taxation

FBR defines fair market value of immovable properties, motor vehicles

KARACHI: Federal Board of Revenue (FBR) has defined fair market value of immovable properties and motor vehicles in case of undeclared assets identified. FBR officials said that the valuation of immovable property for the purposes of section 111 of Income Tax Ordinance, 2001 related to undisclosed assets shall be taken to be- (a) the fair […]

by Mrs. Anjum Shahnawaz