Jul 2

Rupee strengthens by Rs1.16 against dollar on inflows

KARACHI: The Pak Rupee made significant gain of Rs1.16 against dollar on Thursday owing to ease in demand for import and corporate payments and substantial inflows during past week. The rupee ended Rs166.89 to the dollar from June 30, 2020 closing of Rs168.05 in interbank foreign exchange market. The currency market was remained closed for […]

by Mrs. Anjum Shahnawaz

SBP directs banks, exporters to submit undertaking for true e-form

Jul 2

Money & Banking

SBP directs banks, exporters to submit undertaking for true e-form

KARACHI: State Bank of Pakistan (SBP) has directed banks and exporters to submit undertaking for true e-form under export finance scheme. According to a circular issued on July 01, 2020 the banks shall provide details of exporters including name and address, NTN. Besides, the banks will also provide number and amount of export proceeds. Furthermore, […]

by Mrs. Anjum Shahnawaz

Date extended to exchange Rs40,000 bearer prize bonds

Jul 2

Finance

Date extended to exchange Rs40,000 bearer prize bonds

ISLAMABAD: The ministry of finance on Thursday extended the last date to exchange bearer prize bonds of Rs40,000 denomination up to December 30, 2020. The last date to exchange the bearer prize bonds was expired on June 30, 2020. The government on June 24, 2019 announced to discontinue the circulation of Rs40,000 denomination national prize […]

by Mrs. Anjum Shahnawaz

EOBI pension increases to Rs8,500; pensioners to get arrears

Jul 2

Finance

EOBI pension increases to Rs8,500; pensioners to get arrears

ISLAMABAD: The federal cabinet has approved increase in pension of Employees Old-Age Benefits Institution (EOBI) to Rs8,500 from Rs6,500. According to a tweet by EOBI on Wednesday, the federal cabinet approved an increase in EOBI pensions from Rs 6500 to Rs8500 effective from January 01, 2020. EOBI will restore the increase in pension + arrears […]

by Faisal Shahnawaz

SRB collects Rs105.9 billion in challenge economic situation

Jul 2

Taxation

SRB collects Rs105.9 billion in challenge economic situation

KARACHI: Sindh Revenue Board (SRB) has collected Rs105.9 billion as sales tax on service during fiscal year 2019/2020 despite challenging economic situation due to COVID-19. According to a statement released on Wednesday the SRB collected Rs105.9 billion during fiscal year 2019/2020 as compared with Rs100.3 billion in the preceding fiscal year, showing 5.58 percent growth. […]

by Mrs. Anjum Shahnawaz

Jul 1

Trade & Industry

KCCI rejects extension in lockdown

KARACHI: Business community on Wednesday rejected the extension in lockdown till July 15, 2020 by the Sindh government and said that procedures should be laid down to allow business activities. Karachi Chamber of Commerce and Industry (KCCI) said urged the provincial government to withdraw the notification immediately. In a statement Siraj Kassem Teli, chairman Businessmen […]

by Mrs. Anjum Shahnawaz

Jul 1

IT & Telecom

PTA suspends PUBG

ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Wednesday suspended online gaming application namely PUBG with immediate effect due to adverse effect on children health. According to a statement issued by the authority it had received complaints from different segments of society. Therefore, it has been decided to suspend the PlayerUnknown’s Battlegrounds (PUBG) game. The PTA has […]

by Mrs. Anjum Shahnawaz

FBR exempts customs duty on oxygen gas, cylinder import

Jul 1

Pakistan Customs

FBR exempts customs duty on oxygen gas, cylinder import

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday granted exemption from customs duty on import of oxygen gas and oxygen gas cylinders in order to ensure availability in the wake of coronavirus spread. The FBR issued SRO 593(I)/2020 and exempted the import of oxygen gas and oxygen gas cylinders from customs duty for three months […]

by Mrs. Anjum Shahnawaz

Haroon Rashid elected as President OICCI

Jul 1

Trade & Industry

Haroon Rashid elected as President OICCI

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has elected Haroon Rashid as president of the chamber with effect from July 01, 2020. His appointment came following a successful tenure of Shazad Dada, who resigned as the President of OICCI after resigning from Standard Chartered Bank and taking over as President of United Bank […]

by Mrs. Anjum Shahnawaz

Stock market begins new fiscal year with 468 points gain

Jul 1

Stock & Commodity

Stock market begins new fiscal year with 468 points gain

KARACHI: The stock market gained 468 points on Wednesday to begin the new fiscal year 2020/2021 on positive note. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,889 points as against 34,421 points showing an increase of 468 points. Analysts at Arif Habib Limited said that the first day of the financial […]

by Mrs. Anjum Shahnawaz