Day: February 17, 2021

  • Portal launched for expeditious corporate bank account opening

    Portal launched for expeditious corporate bank account opening

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has launched a portal for expeditious bank account opening for newly registered companies, a statement said on Wednesday.

    The online portal provides banks real time access to statutory records of companies, thus enabling them to open corporate accounts without seeking physically certified copies of statutory documents, it added.

    Through this portal, the banks can access and verify company information directly from SECP’s records. The online availability of statutory records will reduce the turn-around-time for opening of corporate bank account or for availing other banking services. On the other hand, it will facilitate banks in carrying out due diligence of their corporate customers, for account opening and other services.

    Any bank can access the portal by applying to the SECP for creating their user accounts. Initially, this facility is being launched for private limited, public limited and companies formed for not-for-profit objects. In due course, data of foreign companies and limited liability partnerships will also be linked and made available.

    The SECP is planning to discontinue issuance of certified true copies in physical form and consequently, banks will only be able to access SECP’s records through this portal.

  • People urged to use CNICs for heavy amount transactions

    People urged to use CNICs for heavy amount transactions

    ISLAMABAD: Special Assistant to Prime Minister on Revenue Dr. Waqar Masood on Wednesday urged people to use their Computerized National Identity Cards (CNICs) at the time of making heavy amount transactions.

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  • Stock market sheds 100 points on profit booking

    Stock market sheds 100 points on profit booking

    KARACHI: The stock market experienced a downturn on Wednesday as the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) dropped by 100 points.

    (more…)
  • PSL becomes nuisance for citizens: Karachi Chamber

    PSL becomes nuisance for citizens: Karachi Chamber

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Wednesday expressed dissatisfaction over traffic management during Pakistan Super League (PSL) sixth edition saying that the return of cricket in metropolis has become the biggest source of nuisance for Karachiites.

    In a statement Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala stated that the return of cricket in metropolis has become the biggest source of nuisance for Karachiites nowadays as more than half of the city’s population suffers terribly for so many hours because of poor traffic management plan in which some of the most critical arteries are blocked which is neither acceptable to Karachiites nor to the business community, hence it must be revisited straightaway.

    Motiwala pointed out that due to complete blockade of roads around the National Stadium, traffic is usually diverted to other roads which causes severe traffic jams at all these roads throughout the day while, the residents of the affected areas, which are densely populated, have to make efforts from pillar to post each day to reach their destinations.

    “Moreover, two biggest hospitals of Karachi are also situated on a road leading to the National Stadium Road which is also closed during PSL.

    “We have been receiving huge number of complaints from patients and their relatives who are either visiting Agha Khan Hospital or Liaquat National Hospital or National Institute of Blood Diseases (NIBD) which is right next to National Stadium as it has been witnessed that many ambulances rushing towards these hospitals remain stuck up in traffic jams on daily basis which enhances the chances of more casualties hence, the city’s administration will have to shred the existing traffic management plan and come up with some other viable strategy in which the main roads should not be blocked at any cost.”

    The Business & Industrial community demands from the city’s administration, particularly Commissioner Karachi Naved Ahmed Shaikh and DIG Traffic Iqbal Dara to look into this serious issue and take steps to reduce the hardships for Karachiites by immediately revisiting the existing traffic management plan, Motiwala said, adding that cricket, which is a source of entertainment, should not become a source of torture for Karachiites who are already suffering badly on the streets of Karachi due to dilapidated state of the infrastructure.

    Zubair Motiwala pointed out that even the business activities suffer badly during PSL days as the citizens of Karachi, after undergoing worst traffic conditions, prefer to somehow reach their homes only and refrain from visiting commercial markets for buying purposes which brings down the commercial activities and causes immense losses to shopkeepers.

    “Although it is a bit difficult to give the exact number for the losses suffered by business community but it could go up to billions of rupees due to diverse range of businesses and a large number of markets including the well-known Bahadurabad, Tariq Road and Millennium Mall etc. where business activities get terribly affected due to road blocks”, he said, adding that who would come to visit Bahadurabad, Tariq Road, Millennium Mall or other nearby markets for shopping from North Karachi, Gulistan e Jauher or any other area when they know it is going to be an uphill task to reach these markets due to road blocks and subsequent traffic jams.

    “Every year, KCCI receives dozens of complaints mainly from the shopkeepers who complain about limited business activities due to PSL and the same has started again this year. Hence, being the premier and largest Chamber of the country, KCCI will not remain silent and raise a strong voice at all available platforms until relief is provided to the perturbed citizens of Karachi”, Chairman BMG said.

    He demanded that instead of closing down the main Stadium Road, police vehicles can be parked to guard the stadium while the number of policemen and Rangers troops must also be enhanced and each law-enforcers should be deployed on the roadside at a distance of at least 20 feet away from the other at all the surrounding roads which would not only secure the stadium by creating a stronghold for preventing any unpleasant incident but would also minimize the hardships for commuters during PSL.

  • 43 IR officers promoted to BS-18

    43 IR officers promoted to BS-18

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday promoted 43 officers of Inland Revenue Service (IRS) from BS-17 to BS-18 on regular basis.

    The notified promotion will take with immediate effect. Following are the officers who are promoted to BS-18:

    1. Azzam-ul-Asad Mazhar

    2. Hayat Omer Malik

    3. Ms. Tooba Ahmed Khan

    4. Ms. Saman Zahra

    5. Ahmad Faiz

    6. Ms. Mehak Fatima

    7. Ms. Fatima Anjum

    8. Ray Muhammad Najam Nawaz Saqib

    9. Ms. Shahida Nazeer

    10. Muhammad Naeem Orakzai

    11. Ms. Rafia Nawaz Ranjha

    12. Usama Amin

    13. Ms. Haneen Saif

    14. Ms. Maheen Ali

    15. Ms. Rabia Haider Bokhari

    16. Kamran Hussain

    17. Sohail Anjum

    18. Syed Shah Faisal

    19. Ms. Farah Khan

    20. Najam-ul-Hassan

    21. Ms. Sania Makhdoom

    22. Umair Malik

    23. Khan Muhammad

    24. Muhammad Yousaf

    25. Ms. Samayya Qayyum

    26. Ms. Amna Sharif

    27. Arsalan Ali

    28. Abdullah Zulfiqar

    29. Muhammad Junaid

    30. Malik Khan

    31. Ms. Sanam Rasool

    32. Usman Asif

    33. Rizwan Manzoor

    34. Abdur Rehman

    35. Ms. Aqsa Ali

    36. Ms. Anoshe Fakhruddin

    37. Razi Ul Haq Qureshi

    38. Ms. Aqsa Gharshin

    39. Muhammad Anique uz Zaman Khan

    40. Arshad Ali Nadeem

    41. Malik Ghulam Abbas

    42. Muhammad Usman Rashid

    43. Ghulam Nabi Shaikh

    The FBR said that the promoted officers would actualize their regular promotion to BS-18 at their present places of posting.

    The officers at Sr. Nos. 19, 26 & 33 will actualize their promotion to BS-18 from the date they will return from study leave / deputation and join FBR (Hq), Islamabad.

    The officers who are drawing performance allowance will continue to draw the same after promotion.

  • Rupee gains 28 paisas against dollar

    Rupee gains 28 paisas against dollar

    KARACHI: The Pak Rupee made gain of 28 paisas against the dollar on Wednesday after positive sentiments prevailed on upcoming transfers of $500 million from the International Monetary Fund (IMF).

    The rupee ended Rs159.26 to the dollar from previous day’s closing of Rs159.54 in the interbank foreign exchange market.

    Currency experts said that market was remained positive over an agreement between the IMF and the government of Pakistan.

    After the approval of IMF board the country will received a tranch of $500 million.

    Besides, they said that the market was also optimistic about gain in rupee value owing to improved inflows of workers’ remittances and export receipts.

  • Habib Bank posts 100 percent growth in annual profit

    Habib Bank posts 100 percent growth in annual profit

    KARACHI: Habib Bank Limited on Wednesday declared 100 percent growth in net profit for the year ended December 31, 2020.

    The bank recorded after tax profit of Rs31 billion for the year 2020 as compared with Rs15.5 billion in the preceding year.

    The healthy annual profit can be attributed to gain on securities of Rs7 billion in the year 2020 as compared with loss in securities of Rs2.65 billion in the preceding year.

    Banking experts said that high participation of banks in market treasury bills and Pakistan Investment Bonds resulted in significant yields in profits.

    According to the financial results the net mark-up and interest income of the banks increased to Rs130 billion during the year under review as compared with Rs101 billion in the preceding year.

    Total income of the banks increased to Rs160 billion for the year 2020 as compared with Rs125.5 billion in the preceding year.

    Operating expenses of the banks was at Rs94 billion for the year 2020 as compared with Rs92.23 billion in the preceding year.

    The bank declared earnings per share increased to Rs21.06 for the year 2020 as compared with Rs10.45 in the preceding year.

    A final cash dividend for the year ended December 31, 2020 at Rs3 per share i.e. 30 percent. This is in addition to interim dividends already paid at Rs1.25 per share i.e. 12.5 percent.

  • Allied Bank declares 28pc growth in annual profit

    Allied Bank declares 28pc growth in annual profit

    KARACHI: Allied Bank Limited on Wednesday announced 28 percent growth in net profit for the year ended December 31, 2020.

    The bank recorded after tax profit of Rs18.03 billion for the year 2020 as compared with Rs14.11 billion in the preceding year.

    The healthy annual profit can be attributed to gain on securities of Rs3.42 billion in the year 2020 as compared with Rs1.58 billion in the preceding year.

    Banking experts said that high participation of banks in market treasury bills and Pakistan Investment Bonds resulted in significant yields in profits.

    According to the financial results the net mark-up and interest income of the banks increased to Rs48.42 billion during the year under review as compared with Rs42 billion in the preceding year.

    Total income of the banks increased to Rs61 billion for the year 2020 as compared with Rs52.7 billion in the preceding year.

    Operating expenses of the banks was at Rs29.87 billion for the year 2020 as compared with Rs28.55 billion in the preceding year.

    The bank declared earnings per share increased to Rs15.75 for the year 2020 as compared with Rs12.32 in the preceding year.

    A final cash dividend for the year ended December 31, 2020 at Rs6 per share i.e. 60 percent. This is in addition to interim dividends already paid at Rs2 per share i.e. 20 percent.

  • SECP issues list of approved CA firms for audit of insurance companies

    SECP issues list of approved CA firms for audit of insurance companies

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday issued a list of chartered accountant (CA) firms to conduct audit of insurance companies.

    Following is the list of approved auditors to conduct audit of insurance, re-insurance and Takaful entities:

    Category ‘A’ Firms:

    01. A. F. Ferguson & Co. Chartered Accountants

    02. Grant Thornton Anjum Rahman, Chartered Accountants

    03. RSM Avais Hyder Liaquat Nauman, Chartered Accountants

    04. BDO Ebrahim & Co., Chartered Accountants

    05. EY Ford Rhodes, Chartered Accountants

    06. Kreston Hyder Bhimji & Co., Chartered Accountants

    07. Ilyas Saeed & Co., Chartered Accountants

    08. KPMG Taseer hadi & Co., Chartered Accountants

    09. Deloitte Yousuf Adil, Chartered Accountants

    10. Rahman Sarfaraze Rahim Iqbal Rafiq, Chartered Accountants

    11. Riaz Ahmed & Co., Chartered Accountants

    12. Crow Hussain Chaudhury & Co., Chartered Accountants

    Category ‘B’ Firms:

    01. Baker Tilly Mehmood Idrees Qamar, Chartered Accountants

    02. PKF F.R.A.N.T.S., Chartered Accountants

    03. ShineWing Hameed Chaudhri & Co., Chartered Accountants

    04. Muniff Ziauddin & Co., Chartered Accountants

    05. Naveed Zafar Ashfaq Jaffery & Co., Chartered Accountants

    06. Parker Randall – A.J.S., Chartered Accountants

    07. S.M. Suhail & Co., Chartered Accountants

    08. Amin Mudassar & Co., Chartered Accountants

    09. Raenda Haroon Zakaria & Co., Chartered Accountants

    10. Junaid Shoaib Asad, Chartered Accountants

    11. Sarwars, Chartered Accountants

    12. IECnet S.K.S.S.S., Chartered Accountants

    13. H.A.M.D & Co., Chartered Accountants

    The SECP said that audit firms in category A are eligible to conduct audit of all insurance, re-insurance and Takaful entities.

    The audit firms in category B are eligible to conduct audit of all insurance, re-insurance and Takaful entities having gross written premium and total assets less than Rs 1 billion as per the financial statements in the immediate preceding year.