Jan 22

SBP keeps policy rate unchanged at 7 percent

KARACHI: The Monetary Policy Committee (MPC) has decided to keep key policy rate unchanged at 7 percent for next two months, Dr. Reza Baqir, Governor, State Bank of Pakistan (SBP) said on Friday. The MPC noted that since the last meeting in November, the domestic recovery has gained some further traction. Most economic activity data […]

by Mrs. Anjum Shahnawaz

Rupee depreciates by 13 paisas ahead weekly holidays

Jan 22

Money & Banking

Rupee depreciates by 13 paisas ahead weekly holidays

KARACHI: The Pak Rupee depreciated by 13 paisas against the dollar on Friday owing to higher demand ahead of weekly holidays and deficit in current account on increased import bill. The rupee ended Rs160.75 to the dollar from previous day’s closing of Rs160.62 in the interbank foreign exchange market. Currency dealers said that the demand […]

by Mrs. Anjum Shahnawaz

Ordinance notified to extend tax amnesty for construction sector

Jan 22

Taxation

Ordinance notified to extend tax amnesty for construction sector

ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified changes made through presidential ordinance to tax amnesty scheme available to developers and builders. The Presidential Ordinance has been promulgated on January 19, 2021, which is called as the Income Tax (Amendment) Ordinance, 2021 and it has been enforced from January 01, 2021. Through the ordinance […]

by Mrs. Anjum Shahnawaz

Housing loan: SBP launches complaint resolution portal

Jan 21

Finance, National

Housing loan: SBP launches complaint resolution portal

KARACHI: The State Bank of Pakistan (SBP) has launched a compliant resolution portal in order to resolve complaints of potential customers under Markup Subsidy Scheme for affordable housing initiated by the government. Prime Minister Imran Khan chaired a meeting of National Coordination Committee on Housing, Construction and Development (NCCHCD) in Islamabad on Thursday. Governor State […]

by Mrs. Anjum Shahnawaz

Yarn merchants demand duty, tax incentives for cost reduction

Jan 21

Trade & Industry

Yarn merchants demand duty, tax incentives for cost reduction

KARACHI: Pakistan Yarn Merchants Association (PYMA) has demanded incentives in rates of duty and taxes in order to reduce the cost of production, according to a statement issued on Thursday. The issues were raised at a meeting of yarn merchants with Member Inland Revenue (Operations) Federal Board of Revenue (FBR) held last week. The office […]

by Mrs. Anjum Shahnawaz

Stern action initiated against companies using FBR, SECP registrations for illegal investment

Jan 21

Corporate, Stock & Commodity

Stern action initiated against companies using FBR, SECP registrations for illegal investment

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has initiated stern action against companies engaged in attracting the general public for unauthorized investments by using registrations of relevant authorities. In a statement on Thursday, the SECP said that mere registration of a company with SECP does not authorize acceptance of deposits from general public. […]

by Mrs. Anjum Shahnawaz

Share market gains 307 points on buying activities

Jan 21

Stock & Commodity

Share market gains 307 points on buying activities

KARACHI: The share market gained 307 points on Thursday as buying activities seen on positive sentiments. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,984 points as against 45,677 points showing an increase of 307 points. Analysts at Arif Habib Limited said that the market went up today with 467 points during […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves fall by $399 million to $20.12 billion

Jan 21

Finance

Foreign exchange reserves fall by $399 million to $20.12 billion

KARACHI: The liquid foreign exchange reserves of the country fell by $399 million to $20.12 billion by week ended January 15, 2021, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $20.519 billion by week ended January 08, 2021. The official reserves of SBP also fell by […]

by Mrs. Anjum Shahnawaz

Rupee ends down by 12 paisas on reports of higher current account deficit

Jan 21

Money & Banking

Rupee ends down by 12 paisas on reports of higher current account deficit

KARACHI: The Pak Rupee ended down by 12 paisas against the dollar on Thursday owing to negative sentiments prevailed after higher than expected current account deficit in December 2020, dealers said. The rupee ended Rs160.62 to the dollar from the previous day’s closing of Rs160.50 in the interbank foreign exchange market. The dealers said that […]

by Mrs. Anjum Shahnawaz

SBP directs banks to facilitate taxpayers in e-payment of duty, taxes

Jan 21

Money & Banking

SBP directs banks to facilitate taxpayers in e-payment of duty, taxes

KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to facilitate taxpayers in their payments of duty and taxes through digital/electronic (e-payment) system. The SBP said that the collection of Federal Board of Revenue (FBR) taxes and duties through Alternate Delivery Channels (ADC) was initiated in March 2018 in parallel to the traditional […]

by Mrs. Anjum Shahnawaz