Finance ministry issues strategy for release of funds for development budget

Jul 8

Budget 2020-2021, Finance

Finance ministry issues strategy for release of funds for development budget

ISLAMABAD: The finance ministry on Wednesday issued strategy for release of funds for development budget during fiscal year 2020/2021. The undersigned is directed to refer to the subject mentioned above and to state that keeping in view the Public Finance Management Act (PFM) Act, 2019, the following strategy for release of funds relating to Development […]

by Mrs. Anjum Shahnawaz

Assessment oversight committees formed to settle taxpayers’ cases

Jul 8

Taxation

Assessment oversight committees formed to settle taxpayers’ cases

ISLAMABAD: Assessment oversight committees have been formed at all tax offices of Inland Revenue in order to settle the cases of taxpayers in expeditious manner, officials at Federal Board of Revenue (FBR) said. The committees have been formed following amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020, which was recently approved by […]

by Mrs. Anjum Shahnawaz

Pak Qatar Family Takaful to offer products, services through digital media

Jul 8

Money & Banking

Pak Qatar Family Takaful to offer products, services through digital media

KARACHI: Pak-Qatar Takaful Group has decided to use digital media to offer its products and services in the wake of COVID-19 in order to provide the best possible convenience to its valuable members and customers. Announcing the new steps, Chief Executive Officer of Pak-Qatar Family Takaful, Azeem Pirani, stated: “A customer-centric approach has always been […]

by Mrs. Anjum Shahnawaz

Stock market gains 322 points on cut in refinance rate

Jul 8

Stock & Commodity

Stock market gains 322 points on cut in refinance rate

KARACHI: The stock market gained 322 points on Wednesday owing to improved sentiments of investors after reduction in refinance rates announced by the State Bank of Pakistan (SBP). The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,695 points as against 35,374 points showing an increase of 322 points. Analysts at Arif Habib […]

by Mrs. Anjum Shahnawaz

Jul 8

Money & Banking

Rupee gains 19 paisas in interbank

KARACHI: The Pak Rupee gained 19 paisas against dollar on Wednesday owing to improved inflows of export receipts, dealers said. The rupee ended Rs166.76 to the dollar from previous day’s closing of Rs166.95 in interbank foreign exchange market. Currency experts said that during the past few days the demand for dollar was on the higher […]

by Mrs. Anjum Shahnawaz

SBP slashes refinance rate to five percent for temporary, long term schemes

Jul 8

Money & Banking

SBP slashes refinance rate to five percent for temporary, long term schemes

KARACHI: State Bank of Pakistan (SBP) has decided to reduce the mark up rates on temporary economic refinance facility (TERF) to five percent from 7 percent and on long term financing facility (LTFF) from non-textile sector to five percent from six percent. The central bank on Wednesday said that taking cognizance of the negative fallout […]

by Mrs. Anjum Shahnawaz

SBP appoints 12 primary dealers for government securities

Jul 8

Money & Banking

SBP appoints 12 primary dealers for government securities

KARACHI: State Bank of Pakistan (SBP) has appointed 12 financial institutions as primary dealers for government securities for the fiscal year 2020/2021. The central bank said that applications were invited for selection of primary dealers for the Financial Year (FY) 2020-2021 vide DMMD Circular Letter No. 01 dated May 15, 2020 from all Banks, Development […]

by Mrs. Anjum Shahnawaz

Bank deposits reach record high at Rs16.23 trillion

Jul 8

Money & Banking

Bank deposits reach record high at Rs16.23 trillion

KARACHI: The deposits of banking systems have reached record high at Rs16.23 trillion by end of June 30, 2020, according to data released by State Bank of Pakistan (SBP) on Tuesday. The deposits of baking system registered 12.24 percent growth by end of June 2020 as compared with Rs14.46 trillion by end of same month […]

by Mrs. Anjum Shahnawaz

Finance Act 2020: wealth statement cannot be revised after five years

Jul 8

Taxation

Finance Act 2020: wealth statement cannot be revised after five years

ISLAMABAD: A wealth statement cannot be revised after the expiry of five years from the date of filing of income tax return, officials at Federal Board of Revenue (FBR). The amendment has been approved by the National Assembly by passing the Finance Act, 2020. The amendment has been introduced in sub-section 3 of Section 116 […]

by Mrs. Anjum Shahnawaz