Hascol Petroleum BOD approves authorized share capital increase to Rs50 billion

Feb 1

Corporate, Energy

Hascol Petroleum BOD approves authorized share capital increase to Rs50 billion

KARACHI: The board of directors of Hascol Petroleum Limited has approved increase in authorized share capital of the company to Rs50 billion from Rs10 billion, according to a communication sent to Pakistan Stock Exchange (PSX) on Monday. The communication said that at an emergent meeting of the board of director (BOD) of Hascol Petroleum Limited […]

by Mrs. Anjum Shahnawaz

Regulations notified for local production of mobile phones

Feb 1

IT & Telecom

Regulations notified for local production of mobile phones

ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Monday said that it has issued regulations for encouraging production of mobile phones in the country. The PTAB issued Mobile Device Manufacturing (MDM) Regulations, 2021. The regulations have come into force with effect from January 25, 2021 and aimed at encouraging local production of mobile devices in Pakistan. As […]

by Mrs. Anjum Shahnawaz

Hamid Ali posted as Member Customs Policy

Feb 1

Pakistan Customs

Hamid Ali posted as Member Customs Policy

ISLAMABAD: Syed Hamid Ali, a BS-21 officer of Pakistan Customs Service (PCS) has been transferred and posted as Member (Customs-Policy), Federal Board of Revenue (Headquarter), Islamabad, a notification said on Monday. Hamid Ali was previously posted as Member (Legal & Accounting – Customs), FBR (Hq), Islamabad. The post of Member Customs was remained vacant after […]

by Mrs. Anjum Shahnawaz

Headline inflation grows by 5.7 percent in January

Feb 1

Finance

Headline inflation grows by 5.7 percent in January

ISLAMBAD: The headline inflation based on Consumer Price Index (CPI) has increased by 5.7 percent in the month of January 2021, according to data released by Pakistan Bureau of Statistics (PBS). The headline inflation in January 2021 was increased when compared to an increase of 8.0 percent in the previous month and 14.6 percent in […]

by Mrs. Anjum Shahnawaz

Foreign investors elect Irfan Siddiqui as body chief

Feb 1

Trade & Industry

Foreign investors elect Irfan Siddiqui as body chief

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has elected Irfan Siddiqui as president of the chamber for the term 2021 at its annual general meeting held on Monday. Irfan Siddiqui is presently President and CEO of Meezan Bank Limited. The OICCI, the body to represent foreign investors in Pakistan, also elected Ghiasuddin Khan, […]

by Mrs. Anjum Shahnawaz

Joint bank account of pensioners prohibited

Feb 1

Money & Banking

Joint bank account of pensioners prohibited

KARACHI: The finance division has barred opening of joint account for disbursement of pension amount. The State Bank of Pakistan (SBP) on Monday circulated instructions issued by the Finance Division regarding the payment of pension through bank accounts. The central bank pointed out BC&CPD Circular Letter No. 01 dated January 18, 2016, regarding Standard Operating […]

by Mrs. Anjum Shahnawaz

Stock market slips by 137 points on profit booking

Feb 1

Stock & Commodity

Stock market slips by 137 points on profit booking

KARACHI: The stock market slipped by 137 points on Monday owing to profit booking during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,248 points as last Friday’s closing against 46,385 points showing a decline of 137 points. Analysts at Arif Habib Limited said that the market retested a high […]

by Mrs. Anjum Shahnawaz

Rupee ends down by 12 paisas on higher payment demand

Feb 1

Money & Banking

Rupee ends down by 12 paisas on higher payment demand

KARACHI: The Pak Rupee ended down by 12 paisas against the dollar on Monday owing to higher demand of the foreign currency against import and corporate payments as market opened after two weekly holidays. The rupee ended Rs160.22 to the dollar from last Friday’s closing of Rs160.10 in the interbank foreign exchange market. The currency […]

by Mrs. Anjum Shahnawaz

NSS: tax rate at 10% on profit subject to furnishing certificate

Feb 1

Taxation

NSS: tax rate at 10% on profit subject to furnishing certificate

ISLAMABAD: Persons deriving profit less than Rs500,000 on national saving schemes are required to provide a certificate in order to get reduced income tax rate at 10 percent, official sources said. Officials at Central Directorate of National Savings (CDNS) said that at present the rate of income tax on profit from national savings scheme is […]

by Mrs. Anjum Shahnawaz