FBR issues rules for direct transfer of income tax refund payments

Feb 10

Taxation

FBR issues rules for direct transfer of income tax refund payments

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday introduced rules for making payment of income tax refunds directly to taxpayers’ bank account. The FBR issued SRO 175(I)/2021 dated February 10, 2021 to notify draft amendments to Income Tax Rules, 2002. According to the draft rules, a Centralized Income Tax Refund Office (CITRO) would be established […]

by Mrs. Anjum Shahnawaz

ATM transaction charges levied only on obtaining printed receipts: 1Link

Feb 10

Money & Banking

ATM transaction charges levied only on obtaining printed receipts: 1Link

KARACHI: 1Link Pvt Limited on Wednesday said that charges imposed on ATM transactions only on physical receipts. However, electronic information of transactions is remained free of cost. 1LINK is Pakistan’s first fully licensed PSO/PSP, largest payment and switch system, committed to administer and evolve a strong e-payment network in the country. The 1Link in response […]

by Mrs. Anjum Shahnawaz

Telenor awarded contract worth Rs1.37bn for high speed broadband services

Feb 10

IT & Telecom

Telenor awarded contract worth Rs1.37bn for high speed broadband services

ISLAMABAD: Telenor, a leading mobile phone operator in Pakistan, has been awarded a contract worth Rs1.37 billion for providing high speed mobile broadband services in various districts of Kyber Pakhtunkhwa. A statement issued on Wednesday said that the Universal Service Fund (USF) has awarded contract worth approximately PKR 1.37 billion to Telenor for providing High […]

by Mrs. Anjum Shahnawaz

SBP allows investment abroad by resident individuals, companies

Feb 10

Stock & Commodity

SBP allows investment abroad by resident individuals, companies

KARACHI: The State Bank of Pakistan (SBP) on Wednesday allowed resident Pakistani individuals and companies to make equity-based investment in entities abroad on repatriable basis. The central bank issued FE Circular No. 01 dated February 10, 2021 under which the residents of Pakistan including firms and companies are allowed to make equity-based investment in entities […]

by Mrs. Anjum Shahnawaz

State Bank modernizes forex rules to facilitate startups, fintechs

Feb 10

Money & Banking

State Bank modernizes forex rules to facilitate startups, fintechs

KARACHI: State Bank of Pakistan (SBP) has modernized foreign exchange regulations to facilitate startups, Fintechs and exports, a statement said on Wednesday. The central bank notified revisions in chapter 20 of the Foreign Exchange Manual to facilitate Start-ups, Fintechs and Exports. The new policy for equity investment abroad will attract foreign direct investment through the […]

by Mrs. Anjum Shahnawaz

PIA offers 10pc discount on domestic, international tickets to Karachi Chamber

Feb 10

Trade & Industry

PIA offers 10pc discount on domestic, international tickets to Karachi Chamber

KARACHI: Pakistan International Airlines (PIA) has announced a 10 percent discount on air tickets of both domestic and international flights to members and staff of Karachi Chamber of Commerce and Industry (KCCI). The discount is available to members and staff at newly PIA outlet inaugurated at KCCI premises, a statement said on Wednesday. The discount […]

by Mrs. Anjum Shahnawaz

Stock market ends in red as profit booking continues

Feb 10

Stock & Commodity

Stock market ends in red as profit booking continues

KARACHI: The share market ended down by 31 points on Wednesday as profit booking remained continued during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,644 points as against previous day’s closing of 46,675 points, showing a decline of 31 points. Analysts at Arif Habib Limited said that the market […]

by Mrs. Anjum Shahnawaz

PTCL declares 5pc decline in annual profit to Rs6.03 billion

Feb 10

Corporate, IT & Telecom

PTCL declares 5pc decline in annual profit to Rs6.03 billion

KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Wednesday announced a five percent decline in annual profit for the period ended December 31, 2020. According to financial results, the company announced after tax profit of Rs6.03 billion for the year 2020 as compared with the profit of Rs6.35 billion in the preceding financial year. The company […]

by Mrs. Anjum Shahnawaz

Rupee advances by four paisas against dollar

Feb 10

Money & Banking

Rupee advances by four paisas against dollar

The Pakistani Rupee demonstrated resilience in the foreign exchange market on Wednesday, making a noteworthy advancement of 04 paisas against the US Dollar.

by Mrs. Anjum Shahnawaz

MCB Bank declares 21pc rise in annual profit amid unprecedented growth in gain on securities

Feb 10

Corporate, Money & Banking

MCB Bank declares 21pc rise in annual profit amid unprecedented growth in gain on securities

KARACHI: MCB Bank on Wednesday declared over 21 percent increase in net profit for the year ended December 31, 2020, which may be attributed to unprecedented growth in gain on securities. The net profit of the bank grew to Rs29.04 billion for the year 2020 as compared with the profit of Rs23.97 billion in the […]

by Mrs. Anjum Shahnawaz