Jul 9

KSE-100 keeps positive momentum for 10th consecutive session

KARACHI: Benchmark KSE-100 of Pakistan Stock Exchange (PSX) continued its positive momentum for the 10th consecutive session to close at 36,142 level on Thursday. These past 10 days have returned 7.2 percent (2,423 points), analysts at Topline Securities said. Market was led by financial and E&P sectors while Pharmaceutical and Cement sector saw profit taking. […]

by Mrs. Anjum Shahnawaz

Meezan Bank to launch digital payments using Haball platform

Jul 9

Money & Banking

Meezan Bank to launch digital payments using Haball platform

KARACHI: Haball, Pakistan’s leading B2B payments automation platform, in partnership with Meezan Bank – Pakistan’s first and largest Islamic bank, has recently announced the launch of Blink Direct, a service that will enable digital payments for Pakistani businesses and their supply chain partners. The new service will accelerate digital payments to payees while completely removing […]

by Mrs. Anjum Shahnawaz

TPL Trakker to use Telenor’s location based services

Jul 9

IT & Telecom

TPL Trakker to use Telenor’s location based services

KARACHI: TPL Trakker and Telenor Pakistan have signed an agreement under which Telenor Pakistan will provide location base services (LBS). TPL Trakker powers the technology via TPL Maps, the company’s mapping arm and Pakistan’s first digital mapping service licensed by the Survey of Pakistan, a statement said on Thursday. Using LBS, Telenor Pakistan will make […]

by Mrs. Anjum Shahnawaz

Pakistan’s foreign exchange reserves increase by $819 million

Jul 9

Finance

Pakistan’s foreign exchange reserves increase by $819 million

KARACHI: The liquid foreign exchange of the country increased by $819 million to $18.79 billion by week ended July 03, 2020, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $17.971 billion a week ago ended on June 26, 2020. The official reserves held by the SBP […]

by Mrs. Anjum Shahnawaz

Rupee gains 18 paisas on improved inflows

Jul 9

Money & Banking

Rupee gains 18 paisas on improved inflows

KARACHI: The Pak Rupee gained 18 paisas against dollar on Thursday owing to improved inflows of export receipts and workers’ remittances. The rupee ended at Rs166.58 to the dollar from previous day’s closing of Rs166.76 in interbank foreign exchange market. Currency experts said that the lowering demand for import and corporate payments and improved inflows […]

by Mrs. Anjum Shahnawaz

SBP revises banking timings from July 13

Jul 9

Money & Banking

SBP revises banking timings from July 13

KARACHI: State Bank of Pakistan (SBP) on Thursday revised timings for banks and microfinance banks to be observed from July 13, 2020. The central bank said that effective from July 13, 2020, the banks/MFBs shall observe the following office timings till further orders. However, banks/MFBs may prescribe business hours for branches as per their business […]

by Mrs. Anjum Shahnawaz

SBP asks banks not to accept institutional investment in saving schemes

Jul 9

Money & Banking

SBP asks banks not to accept institutional investment in saving schemes

KARACHI: State Bank of Pakistan (SBP) on Thursday informed banks about restriction imposed on institutional investment in saving schemes. The central bank said that the Central Directorate of National Savings (CDNS) on July 01, 2020 restricted participation of institutional investors in national saving schemes. In this connection, the SBP advised all authorized commercial banks to […]

by Mrs. Anjum Shahnawaz

Fee for filing tax appeals increased substantially

Jul 9

Taxation

Fee for filing tax appeals increased substantially

ISLAMABAD: A substantial increase has been made to fee amount for filing appeal against an assessment order. The increase has been made part of statute through Finance Act, 2020. Officials at Federal Board of Revenue (FBR) said that an amendment to sub-section 4 of the Section 127 of Income Tax Ordinance, 2001 has been made […]

by Mrs. Anjum Shahnawaz

FBR to adopt new measures to achieve Rs4,963 billion collection target

Jul 9

Taxation

FBR to adopt new measures to achieve Rs4,963 billion collection target

ISLAMABAD: Federal Board of Revenue (FBR) has decided to take new enforcement and administrative measures to achieve revenue collection target of Rs4,963 billion assigned for current fiscal year. The federal government in the latest budget assigned FBR to collect Rs4,963 billion during 2020/2021, which is 25 percent higher than the collection of Rs3,957 billion collected […]

by Mrs. Anjum Shahnawaz