KARACHI: Financial institution are required to ensure complete identity verification of customers for compliance with Financial Action Task Force (FATF).
(more…)Day: January 27, 2021
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SBP imposes Rs59.5 million as penalty on Habib Metropolitan Bank
KARACHI: The State Bank of Pakistan (SBP) on Wednesday imposed a monetary penalty of Rs59.51 million on Habib Metropolitan Bank for violating regulations pertaining to AML/CFT.
A notification issued by the central bank said that the amount Rs59.51 million was imposed on Habib Metropolitan Bank for violating of instructions and regulations pertaining to Anti-Money Laundering (AML)/ Counter Financing of Terrorism (CFT).
The SBP said that it had taken action in addition to penal action, the bank had been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
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Stock market gains 171 points in mixed trading
KARACHI: The stock market closed on Wednesday with a gain of 171 points in mixed trading activities during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,458 points as against 46,287 points showing an increase of 171.
Analysts at Arif Habib Limited said that the key decisions to be taken at today’s ECC Meeting kept the interest alive at the bourse with PSO contributing positively to the index, supported by a surge in Cement sector stocks.
Technology stocks continued uptrend in today’s session, which helped the index post decent gains.
Overall, the index went up by 411 points during the session, but profit booking in E&P and Banks brought the net gain to 171 points by the end of session.
Rollover activity has been smoothly transitioning from January to February Futures contract.
Similar positive interest is otherwise witnessed in the ongoing book building of Panther Tyres, which is indicative of strong investor sentiment.
Among scrips, ANL topped the volumes with 40.2 million shares, followed by PIBTL (39.6 million) and TRG (37 million).
Sectors contributing to the performance include Technology (+84 points), Cement (+76 points), Pharma (+23 points), Fertilizer (+22 points) and E&P (+17 points).
Volumes increased from 603.2 million shares to 610.8 million shares (+1 percent DoD). Average traded value also increased by 8 percent to reach US$ 180.6 million as against US$ 166.9 million.
Stocks that contributed significantly to the volumes include ANL, PIBTL, TRG, HASCOL and FCCL, which formed 30 percent of total volumes.
Stocks that contributed positively to the index include TRG (+80 points), MARI (+25 points), FFC (+23 points), LUCK (+22 points) and FCCL (+20 points). Stocks that contributed negatively include BAHL (-34 points), COLG (-17 points), UBL (-13 points), PPL (-11 points) and PAKT (-10 points).
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Rupee strengthens by 10 paisas on dollar supply
KARACHI: The Pak rupee gained 10 paisas against the dollar on Wednesday owing sufficient supply of the foreign currency to meet demand for import and corporate payments.
The rupee ended Rs160.54 to the dollar from previous day’s closing of Rs160.64 in the interbank foreign exchange market.
Currency dealers said that the market witnessed sufficient supply of the greenback which was higher than the demand for import and corporate payments.
The dealers hoped that that improved economic indicators would help the rupee to make further gains in coming days.
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Pakistan stops manual processing of visa applications
ISLAMABAD: The government of Pakistan has decided to stop manual processing of visa cases from January 01, 2021, a statement said on Tuesday.
Therefore, all visa applications are required to be processed through online visa portal only at the following web address: www.visa.nadra.gov.pk
The High of Commission of Pakistan, London and Consulates General of Pakistan in Birmingham, Bradford, Glasgow and Manchester will not entertain any manual visa application from February 01, 2021, it added.
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Former tax official Irfan Nadeem dies of COVID
KARACHI: Irfan Nadeem Syed, a former senior officer of Federal Board of Revenue (FBR), Tuesday died of COVID.
He was on ventilator for the last two days to fight against the deadly coronavirus, sources said.
Irfan Nadeem Sayed was senior officer BS-21 of Secretariat Group. However, he served as tax official. He was Member Direct Taxes before joining as additional director general of the Federal Investigation Agency in June 2009.
Tax officials have paid homage to the departed soul.
His namaz e Janaza will be at 10 am on January 27, 2021 at Masjid Bait-us-Salam Phase 4 DHA KARACHI
His Residential address as shared by Madam Zareen is 18/2, M street, Phase IV, DHA KARACHI.