Dec 22

Banks may not responsible for customers’ security lapse

KARACHI: Depositors will require submitting a declaration to their financial service providers for taking responsibility for any security lapse and subsequent monetary losses related to their accounts. New account holders will give this declaration to banks from April 01, 2021. Under this declaration customers will be responsible for sharing their personal information which resulted in […]

by Mrs. Anjum Shahnawaz

ABAD terms hike in steel, cement prices as conspiracy against Naya Pakistan Housing

Dec 22

Trade & Industry

ABAD terms hike in steel, cement prices as conspiracy against Naya Pakistan Housing

KARACHI: Association of Builders and Developers (ABAD) on Tuesday expressed concerns over sudden rise in prices of steel and cement, the basic raw material for construction industry, and termed it as a conspiracy against provision of affordable housing scheme launched by the government. Fayyaz Ilyas, Chairman, ABAD in a statement expressed deep concern over sudden […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 445 points on selling pressure

Dec 22

Stock & Commodity

Stock market ends down by 445 points on selling pressure

KARACHI: The stock market fell by 445 points on Tuesday due to selling pressure observed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,889 points as against the previous day’s close of 43,334 points showing a decline of 445 points. Analysts at Arif Habib Limited said that the market […]

by Mrs. Anjum Shahnawaz

FBR directs conducting audit to cross match turnover

Dec 22

Taxation

FBR directs conducting audit to cross match turnover

ISLAMABAD: Federal Board of Revenue (FBR) has directed field offices to conduct desk audit of returns filed for tax year 2020 to cross match turnover for avoiding misuse/mis-declaration. The FBR on Tuesday said that it had clarified on December 03, 2020 on ‘technical issue in filing of tax return 2020 dated December 03, 2020’ on […]

by Mrs. Anjum Shahnawaz

Dec 22

Money & Banking

Bank holiday announced

KARACHI: The State Bank of Pakistan (SBP) on Tuesday announced that the central bank would remain closed on December 25, 2020 (Friday) due to Quaid-e-Azam Day and Christmas. The SBP said that it will remain closed on December 25, 2020 (Friday) being a public holiday on the occasions of Quaid-e-Azam Day and Christmas, as declared […]

by Mrs. Anjum Shahnawaz

Rupee gains three paisas on current account surplus

Dec 22

Money & Banking

Rupee gains three paisas on current account surplus

KARACHI: The Pak Rupee gained three paisas against the dollar on Tuesday owing to improved sentiments after reports of current account surplus during the first five months. The rupee ended Rs160.68 to the dollar from the previous day’s closing of Rs160.71 in the interbank foreign exchange market. Currency dealers said that the market remained positive […]

by Mrs. Anjum Shahnawaz

Dr. Faiz Illahi Memon posted as Executive Director of State Life Insurance

Dec 22

Taxation

Dr. Faiz Illahi Memon posted as Executive Director of State Life Insurance

ISLAMABAD: Dr. Faiz Illahi Memon, a senior officer of Inland Revenue Service (IRS) has been posted as Executive Director of State Life Insurance Corporation of Pakistan on deputation basis for three years. A notification issued on Tuesday, the Federal Board of Revenue (FBR) said that Dr. Faiz Illahi Memon, BS-21 officer of IRS presently posted […]

by Mrs. Anjum Shahnawaz

SBP updates list of chartered account firms for audit of banks

Dec 22

Money & Banking

SBP updates list of chartered account firms for audit of banks

KARACHI: State Bank of Pakistan (SBP) has issued updated list of panel of audit firms, which are allowed to conduct audit of banking companies. The central bank updated the list up to December 21, 2020. State Bank of Pakistan’s Panel of Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962 Following is the […]

by Mrs. Anjum Shahnawaz

Current account posts $1.64 billion surplus in five months

Dec 22

Finance

Current account posts $1.64 billion surplus in five months

KARACHI: The Balance of Payment (BOP) of the country has posted $1.64 billion as current account surplus during the first five months of the current fiscal year, according to data released by State Bank of Pakistan (SBP) on Tuesday. The BOP of the country posted a current account deficit of $1.74 billion in the same […]

by Mrs. Anjum Shahnawaz