Jan 7

Finance

Pension account to become inoperative on verification failure: Finance Division

ISLAMABAD: Bank account of a pensioner shall become inoperative if the person drawing pension fails to undergo biometric verification or is not drawing pension for consecutive six months. The Finance Division in a letter to the governor of State Bank of Pakistan (SBP) on Thursday informed that that if a person drawing pension fails to […]

by Mrs. Anjum Shahnawaz

Jan 7

IT & Telecom

PTCL signs deal to launch Avaya Spaces

ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) will launch Avaya Spaces, the all-in-one workstream collaboration app for the digital workplace, for the first time in Pakistan. In this regard the PTCL has signed a partnership agreement with Avaya Holdings Corp (NYSE: AVYA). The partnership will enable organizations to implement blended and flexible environment for their employees, […]

by Mrs. Anjum Shahnawaz

FBR sets up cell for registration of manufacturers for concessionary power, gas tariff

Jan 7

Taxation

FBR sets up cell for registration of manufacturers for concessionary power, gas tariff

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday established a cell for registration of manufacturers in export-oriented sector to allow concessionary tariff on supply of electricity and gas. The FBR issued an office order to set up Export-oriented Sector Registration Cell (ESRC) for manufacturers of export-oriented sectors (erstwhile zero-rated sector) to process requests for concessionary […]

by Mrs. Anjum Shahnawaz

Trade deficit swells by 6.44 percent in first half

Jan 7

Finance

Trade deficit swells by 6.44 percent in first half

ISLAMABAD: The country’s trade deficit has widened by 6.44 percent during the first half (July – December) of fiscal year 2020/2021 owing to uptick in imports during past two months. According to trade data released by Pakistan Bureau of Statistics (PBS) on Thursday, the trade deficit was recorded at $12.42 billion during July – December […]

by Mrs. Anjum Shahnawaz

Stock market gains 191 points amid selling pressure

Jan 7

Stock & Commodity

Stock market gains 191 points amid selling pressure

KARACHI: The stock market gained 191 points on Thursday amid to selling pressure prevailed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,345 points as against previous day’s close of 45,153 points showing an increase of 191 points. Analysts at Arif Habib Limited said that the market added a […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves increase to $20.512 billion by year-end 2020

Jan 7

Finance

Foreign exchange reserves increase to $20.512 billion by year-end 2020

KARACHI: The liquid foreign exchange reserves of the country increased to $20.512 billion by year-end 2020, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country increased by $258 million to $20.512 billion by week ended December 31, 2020 as compared with $20.254 billion by week ended December 24, 2020. […]

by Mrs. Anjum Shahnawaz

PRGMEA supports proposal for revival of sales tax zero-rate regime

Jan 7

Trade & Industry

PRGMEA supports proposal for revival of sales tax zero-rate regime

KARACHI: Exporters and manufacturers of readymade garments on Thursday supported the proposals of revival of zero-rate sales tax regime for entire textile chain. Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) in a statement endorsed the demand of PM Advisor on Commerce Abdul Razak Dawood to seek zero-rating regime for whole textile chain in the […]

by Mrs. Anjum Shahnawaz

Rupee strengthens by 28 paisas on inflows of exports, remittances

Jan 7

Money & Banking

Rupee strengthens by 28 paisas on inflows of exports, remittances

KARACHI: The Pak Rupee strengthened by 28 paisas against the dollar on Thursday owing to improved inflows of export receipts and workers’ remittances. The rupee ended Rs160.01 to the dollar from previous day’s closing of Rs160.29 in the interbank foreign exchange market. Currency dealers said that the market had witnessed supply of the foreign currency […]

by Mrs. Anjum Shahnawaz