ISLAMABAD: The Establishment Division on Monday issued office timings during the holy month of Ramazan.
The following timings shall be observed, during the forthcoming holy month of Ramazan by the federal government offices working on five/six days:
Office working on five days a week
Monday to Thursday: From 10:00 AM to 04:00 PM
Friday: From 10:00 AM to 01:00 PM
Offices working on six days a week:
Monday to Thursday and Saturday: 10:00 AM to 03:00 PM
Friday: 10:00 AM to 01:00 PM
KARACHI: The stock market gained 668 points on Monday as sentiments were remained positive on rate cut and disbursement of IMF loan program.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,500 points as against 32,832 points showing an increase of +668 points.
Analysts at Topline Securities said that cut in policy rate by 200 basis points to 9 percent and approval by IMF Executive Board to disburse US$1.386 billion through Rapid Financing Instrument (RFI) to Pakistan continue to garner investor interest in the market.
Analysts at Arif Habib Limited said that the market continued the ascend today after posting the historical gains on Friday, when the market witnessed halt due to 5 percent cap on index.
Market went up by 1026 points during the session and saw profit booking earlier in the session that brought the gains below +300 points.
Cement sector again traded mostly on upper circuit and realized high trading volumes. Oil & Gas stocks, with the exception of PSO, saw a dip in prices, primarily on the back of international crude prices.
WTI May contract saw a downtrend in price and declined to US$13.27/bbl post closure of PSX market. Banking sector stocks also managed to post gains over last closing.
Cement sector contributed the most to the trading volumes by realizing 115.8 million shares, followed by Technology (33.4 million) and O&GMCs (32 million).
Among scrips, MLCF topped the volumes with 39.6 million shares, followed by FCCL (35.5 million) and HASCOL (23 million).
Sectors contributing to the performance include Fertilizer (+220 points), Cement (+183 points), Banks (+97 points), O&GMCs (+43 points) and Power (+40 points).
Volumes increased significantly from 302.4 million shares to 399.9 million shares (+32 percent DoD). Average traded value also increased by 100 percent to reach US$ 106.2 million as against US$ 52.6 million.
Stocks that contributed significantly to the volumes include MLCF, FCCL, HASCOL, UNITY and KEL, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include ENGRO (+155 points), LUCK (+91 points), FFC (+70 points), HUBC (+46 points) and HBL (+33 points). Stocks that contributed negatively include PAKT (-16 points), EFERT (-12 points), PPL (-11 points), PMPK (-11 points), and KAPCO (-7 points).
ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified promotions of 35 Data Entry Operators (BS-14) to the post of MIS Officer (BS-16) on regular basis with immediate effect.
The following officers have been promoted to the post of MIS Officers:
01. Agha Zafar Ullah, Regional Tax Office, Sukkur
02. M Latif Awan, Data Processing Center (Income Tax), Karachi.
03. Tanveer Ahmed Awan, Large Taxpayers Unit, Karachi.
04. Mirza Adnan Baig, Corporate Regional Tax Office, Karachi.
05. Amanullah Khan, Directorate of Intelligence and Investigation (Inland Revenue), Lahore.
06. Muhammad Asim Bashir, Large Taxpayers Unit, Lahore.
07. Syed Hassan Riaz, Data Processing Center (Income Tax), Lahore.
08. Waseem Shafiq, Data Processing Center (Income Tax), Karachi.
09. Kamran Sabir, Regional Tax Office, Quetta.
10. Irshad Hussain, Regional Tax Office-III, Karachi.
11. Muhammad Ayub, Data Processing Center (Income Tax), Karachi.
12. Muhammad Mukarram, Data Processing Center (Income Tax), Karachi.
13. Nahid Sultana, Data Processing Center (Income Tax), Karachi.
14. Rashid Ishaq, Regional Tax Office, Faisalabad.
15. Mst. Abida Aslam Rathore, Directorate of Research and Statistics, Islamabad.
16. Muhammad Riaz, Corporate Regional Tax Office, Lahore.
17. Muhammad Nisar, Data Processing Unit (Income Tax), Gujranwala.
18. Danish Muhammad Khan, Large Taxpayers Unit-II, Karachi.
19. Tasadduq Hussain, Regional Tax Office, Islamabad.
20. Rashid Maqbool, Large Taxpayers Unit, Lahore.
21. Furqan Khan, Large Taxpayers Unit, Lahore.
22. Asif Mehmood, Data Processing Center (Income Tax), Lahore.
23. Nisar Rasheed, Data Processing Center (Income Tax), Lahore.
24. Agha Mehboob Abbas, Regional Tax Office, Rawalpindi.
25. Kh, Altaf ur Rehman, Data Processing Unit (Income Tax), Multan.
26. Yaseen Panhwar, Regional Tax Office, Hyderabad.
27. Shah Qaiser Sheikh, Regional Tax Office-II, Lahore.
28. Faiz Hussain Qureshi, Corporate Regional Tax Office, Lahore.
29. Tariq Javed Khan Niazi, Corporate Regional Tax Office, Lahore.
30. Muhammad Sohail, Large Taxpayers Unit, Lahore.
31. Javed Rashid, Corporate Regional Tax Office, Lahore.
32. Abdul Waheed, Large Taxpayers Unit, Lahore.
33. Tahir Ali Khan, Directorate of Intelligence and Investigation (Inland Revenue), Lahore.
34. Khalid Mehmood S/o Muhammad Qasim, Directorate of Intelligence and Investigation (Inland Revenue), Lahore.
35. Tajamal Abbas, Reginoal Tax Office, Faisalabad.
The FBR said that the officers would be on probation for a period of one year, extendable for a further period not exceeding one year, provided that if no order is issued by the day following the termination of probationary period, the appointment shall be deemed to be held until further orders.
The officers already drawing performance allowance equal to 100 percent of the basic pay will continue to draw the same on their promotion.
The FBR congratulates the officers on their promotion.
KARACHI: The Pak Rupee gained nine paisas against dollar on Monday as positive sentiments prevailed in the market after cut in monetary policy rate and approval of IMF loan to Pakistan.
The rupee ended Rs163.49 to the dollar from last Friday’s closing of Rs163.58 in interbank foreign exchange market.
The rupee appreciation was continued from the last week as positive news was reported for Pakistan economy.
Currency dealers said that the rupee continued gain against dollar as the State Bank of Pakistan (SBP) last week cut policy rate by 200 basis points to nine percent.
The central bank reduced the policy rate third time in last one month considering significant adverse effect of coronavirus on the economy,
Meanwhile last week the Executive Board of the International Monetary Fund (IMF) a day earlier approved the disbursement of $1.386 billion under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock.
The currency dealers said that the rupee may witness further appreciation in coming days due to falling international oil prices and reduction in non-oil imports.
KARACHI: State Bank of Pakistan (SBP) on Monday issued instructions to banks related to deduction of Zakat on amount above Rs46,329 maintained in saving bank accounts.
The SBP said that Administrator General Zakat had notified the ‘Nisab of Zakat’ for the Zakat Year 1440-41 AH at Rs46,329.
No deduction of Zakat at source shall be made, in case the amount tanding to the credit of an account is less than Rs46,329 on the first day of Ramzan ul Mubarak, 1141 AH.
First day of Ramzan ul Mubarak, has already been notified as the deduction date likely to fall on April 23 or 24, 2020 (subject to appearance of the moon) for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar accounts having credit balance of Rs46,329.
All the Zakat collection controlling agencies have been asked to deduct the Zakat accordingly.
KARACHI: The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of Capital Gain Tax (CGT) on the disposal of shares for the month of March 2020 will take place on April 29, 2020.
(more…)KARACHI: State Bank of Pakistan (SBP) on Monday directed banks to take measures to facilitate donations for Prime Minister’s COVID-19 Pandemic Relief Fund 2020.
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