Jun 30

NBMFCs allowed deferring loan repayment for one year

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has allowed non banking microfinance companies (NBMFCs) to defer loan payment of borrowers for one year. The SECP issued circular No. 21 of 2020 on Monday and allowed that NBMFCs may, upon a written request of a borrower received before September 30, 2020, defer repayment of principal […]

by Mrs. Anjum Shahnawaz

SRB issues procedure for sales tax collection on renting tangible goods

Jun 29

Taxation

SRB issues procedure for sales tax collection on renting tangible goods

KARACHI: Sindh Revenue Board (SRB) on Monday issued procedure for collection of sales tax on services on renting of machinery, equipment, appliances and other tangible goods. The SRB issued the rules for the levy, collection and payment of tax on the renting of machinery, equipment, appliances, and other tangible goods. (1) This rule shall apply […]

by Mrs. Anjum Shahnawaz

Ufone awarded Rs518 million next generation broadband projects

Jun 29

IT & Telecom

Ufone awarded Rs518 million next generation broadband projects

ISLAMABAD: Universal Service Fund on Monday awarded contracts to PMTL (Ufone) for Next Generation Broadband for Sustainable Development Projects in Balochistan worth Rs518 million. Federal Secretary Ministry of IT & Telecom Shoaib Ahmad Siddiqui chaired 72nd Board of Directors meeting of Universal Service Fund. Chairman PTA Maj. Gen (R) Amir Azeem Bajwa also attended the […]

by Mrs. Anjum Shahnawaz

Jun 29

Money & Banking

Bank holiday announced on July 01

KARACHI: The State Bank of Pakistan (SBP) will remain closed for public dealing on Wednesday, July 1, 2020, which will be observed as ‘Bank Holiday’ enabling the bank to close its accounts, the central bank said in a statement on Monday. All employees of the Bank will attend to their official assignments (in-office or work-from-home, […]

by Mrs. Anjum Shahnawaz

SBP enhances credit card limits under consumer financing

Jun 29

Money & Banking

SBP enhances credit card limits under consumer financing

KARACHI: State Bank of Pakistan (SBP) on Monday enhanced credit card limit by amending regulations related to consumer financing. The SBP said that It had decided to revise the regulatory limits prescribed in the Para 1 and 2 of the Regulation R-8 of Prudential Regulations for Consumer Financing as under:- REGULATION R-8 MAXIMUM CLEAN LIMIT […]

by Mrs. Anjum Shahnawaz

KSE-100 gains 242 points: successful anti-terror operation boosts investors’ confidence

Jun 29

Stock & Commodity

KSE-100 gains 242 points: successful anti-terror operation boosts investors’ confidence

KARACHI: The successful operation of law enforcement agencies (LEAs) against terror attack on Pakistan Stock Exchange (PSX) on Monday which boosted the investors’ confidence and the market ended with a gain of 242 points. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,182 points as against 33,939 points showing an increase of […]

by Mrs. Anjum Shahnawaz

Jun 29

Money & Banking

Dollar strengthens to Rs168.19

KARACHI: The Pak Rupee ended down by 52 paisas against dollar on Monday owing to higher import and corporate payment demand, dealers said. The rupee ended at Rs168.19 to the dollar from last Friday’s closing of Rs167.67 in interbank foreign exchange market. The currency dealers said that the rupee was remained under pressure due to […]

by Mrs. Anjum Shahnawaz

Jun 29

National, Stock & Commodity

Pakistan Stock Exchange terror attack; all terrorists killed

KARACHI: The security forces have failed a terrorist attack on Pakistan Stock Exchange (PSX) on Monday morning and killed all the four terrorists. However, four security gaurds and police personnel also died in this attack. The trading on the stock exchange however remained continue during this incident. Sources said that terrorist failed to enter the […]

by Mrs. Anjum Shahnawaz

FBR grants Rs45 billion customs duty exemption under free trade agreements

Jun 29

Pakistan Customs

FBR grants Rs45 billion customs duty exemption under free trade agreements

KARACHI: Federal Board of Revenue (FBR) has granted an amount Rs45 billion as cost of customs duty exemption and concession of customs duty on imports under free and preferential trade agreements. According to official data of exemption and concessions against imports under Free trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) during fiscal year 2019/2020 […]

by Mrs. Anjum Shahnawaz

Illegal trading of currency, gold to be liable for imprisonment up to 14 years

Jun 28

Pakistan Customs

Illegal trading of currency, gold to be liable for imprisonment up to 14 years

KARACHI: Passengers or crew members found involved in illegal trading of currency, gold or precious stones to be convicted with up to 14 years imprisonment along with huge amount of fine and penalty. According to explanation by EY Ford Rhodes Chartered Accountants, at present any misdeclaration by any passenger or crew member is treated as […]

by Mrs. Anjum Shahnawaz