Jan 28

FBR issues SRO to withdraw additional customs duty on raw material import

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn additional customs duty on import of raw materials of around 174 tariff lines. The FBR on Thursday issued SRO 81(I)/2021 dated January 22, 2021 to abolish additional customs duty on import of raw materials of 174 tariff lines. The FBR issued the SRO for removal of additional […]

by Mrs. Anjum Shahnawaz

ECC approves continuation of general subsidy through Utility Stores

Jan 28

National

ECC approves continuation of general subsidy through Utility Stores

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Thursday approved to continue general subsidy on five essential items provided to consumers through Utility Stores Corporation (USC). Dr. Abdul Hafeez Shaikh, Federal Minister for Finance and Revenue chaired the meeting of ECC. Ministry of Industries and Production presented three proposals related to the Utility […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves ease to $20.106 billion

Jan 28

Finance

Foreign exchange reserves ease to $20.106 billion

KARACHI: The liquid foreign exchange reserves of the country fell slightly by $14 million to $20.106 billion by week ended January 22, 2021, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $20.12 billion by week ended January 15, 2021. The official reserves of the central bank […]

by Mrs. Anjum Shahnawaz

Index falls by 292 points on profit booking

Jan 28

Stock & Commodity

Index falls by 292 points on profit booking

KARACHI: The share market witnessed a decline of 292 points on Thursday in profit taking activities. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,166 points as against previous day’s closing of 46,458 points, showing a decline of 292 points. Analysts at Arif Habib Limited said that after posting a high of […]

by Mrs. Anjum Shahnawaz

Fauji Foundation allowed due diligence to acquire majority stake in Silkbank

Jan 28

Corporate, Money & Banking

Fauji Foundation allowed due diligence to acquire majority stake in Silkbank

KARACHI: The board of directors (BOD) of Silkbank Limited on Thursday approved to allow Fauji Foundation to conduct due diligence for acquiring majority stake of the bank. The bank in a notice sent to the Pakistan Stock Exchange (PSX) stated that M/s. Fauji Foundation had expressed an interest in acquiring the majority stake in Silkbank […]

by Mrs. Anjum Shahnawaz

Rupee appreciates by 26 paisas on improved dollar supply

Jan 28

Money & Banking

Rupee appreciates by 26 paisas on improved dollar supply

KARACHI: The Pak Rupee appreciated by 26 paisas against the dollar on Thursday on improved inflows of export receipts and workers’ remittances. The rupee ended at Rs160.28 to the dollar from previous day’s closing of Rs160.54 in the interbank foreign exchange market. Currency dealers said that the market witnessed better supply of the greenback that […]

by Mrs. Anjum Shahnawaz

NPOs require to declare donation details above Rs5,000 to avoid cancellation of approval

Jan 28

Taxation

NPOs require to declare donation details above Rs5,000 to avoid cancellation of approval

ISLAMABAD: Non-profit organizations are required to provide details of all donations above Rs5,000 in order to avoid cancellation of approval granted by Federal Board of Revenue (FBR), sources said on Wednesday. The sources said that under tax laws, an institutions, fund, trust, society or any other non-profit organization established in Pakistan for religious, educational, charitable, […]

by Mrs. Anjum Shahnawaz