Oct 28

SBP imposes penalty of Rs272 million on four banks

KARACHI: State Bank of Pakistan (SBP) has imposed a monetary penalty of Rs272 million on four commercial banks for violating regulatory instructions related to Know Your Customer (KYC) and AML/CFT. According to details of significant enforcement action by the central bank issued on Wednesday, the SBP imposed penalty on the four banks during first quarter […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 195 points in range bound activities

Oct 28

Stock & Commodity

Stock market ends down by 195 points in range bound activities

KARACHI: The stock market ended down by 195 points on Wednesday after trading in range bound. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,187 points as against 41,382 points showing a decline of 195 points. Analysts at Arif Habib Limited said that the market traded range bound today between +306 points […]

by Mrs. Anjum Shahnawaz

Dollar falls to 160.62 as Pak Rupee makes 29 paisas gain

Oct 28

Money & Banking

Dollar falls to 160.62 as Pak Rupee makes 29 paisas gain

KARACHI: The Pak Rupee gained 29 paisas against dollar on Wednesday inflows of workers’ remittances and export receipts offset the demand for import payment. The rupee ended Rs160.62 to the dollar from the previous day’s closing of Rs160.91 in the interbank foreign exchange market. Currency experts said that due to positive economic indicators and current […]

by Mrs. Anjum Shahnawaz

Oct 28

Stock & Commodity

PSX declares 385 percent increase in after tax quarterly profit

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday announced a 385 percent increase in profit after tax for quarter ended September 30, 2020. According to the financial results, the stock exchange declared Rs152.6 million as profit after tax for the quarter ended September 30, 2020 as compared with Rs31.46 million in the corresponding period of the […]

by Mrs. Anjum Shahnawaz

FBR notifies rules for duty free minimum value of imported goods

Oct 28

Pakistan Customs

FBR notifies rules for duty free minimum value of imported goods

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified rules for duty free minimum value of goods imported through courier and postal service. The FBR issued SRO 1109(I)/2020 to notify amendment to Customs Rules, 2001. The FBR previously issued draft rules through SRO 886(I)/2020 dated September 17, 2020. Through the latest SRO the FBR issued […]

by Mrs. Anjum Shahnawaz

Pak-Afghan Customs sign agreement for exchange of information

Oct 27

Pakistan Customs

Pak-Afghan Customs sign agreement for exchange of information

ISLAMABAD: The customs authorities of Pakistan and Afghanistan on Tuesday signed an agreement for electronic exchange of information. The MoU has been signed on the directives of the Prime Minsiter. Tariq Huda, Member Customs Operations signed the MoU on behalf of Pakistan Customs and Khalilullah Salehzad, Director General, Afghan Customs Department signed on behalf of […]

by Mrs. Anjum Shahnawaz

KTBA highlights problems in FBR’s online correspondence system

Oct 27

Taxation

KTBA highlights problems in FBR’s online correspondence system

KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday pointed out various problems in the online correspondence and notice system of the Federal Board of Revenue (FBR). Muhammad Zeeshan Merchant, President, KTBA sent a letter to Dr. Muhammad Ashfaq Ahemd, Member Inland Revenue (Operations) for early removal of difficulties to facilitate taxpayers. The tax bar held […]

by Mrs. Anjum Shahnawaz

Oct 27

Finance

Inflation is one of main challenges: finance ministry

ISLAMABAD: The ministry of finance has said that economic growth is showing persistent recovery but the inflation is one of the main challenges. According to monthly economic update issued on Tuesday, the finance ministry said that economic growth is showing persistent recovery in first quarter (July – September) 2020/2021. In absence of any adverse future […]

by Mrs. Anjum Shahnawaz

Oct 27

Money & Banking

Bank holiday announced

KARACHI: The State Bank of Pakistan (SBP) has announced bank holiday on October 30, 2020 on the occasion of Eid Milad-Un-Nabi. A circular issued on Tuesday addressing the president / chief executives of all banks / Development Financial Institutions and Microfinance Banks that the SBP would remain closed on October 30, 2020 (Friday), the 12th […]

by Mrs. Anjum Shahnawaz

FPCCI urges Ogra to revoke increase in gas price

Oct 27

Trade & Industry

FPCCI urges Ogra to revoke increase in gas price

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged Oil and Gas Regulatory Authority (OGRA) to revoke increase in gas tariff as the decision has serious repercussions on industrial sector.

by Mrs. Anjum Shahnawaz