Aug 25

State Bank launches house acquisition scheme for NRPs

KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it is launching new housing scheme for Non-Resident Pakistanis (NRPs). The central bank said that it will launch Roshan Apna Ghar this week for non-resident Pakistanis for acquisition of property in Pakistan. Non-resident Pakistanis can now purchase or obtain financing for a house in Pakistan […]

by Hamza Shahnawaz

Tarin chairs meeting of monetary, fiscal policies board

Aug 25

Finance

Tarin chairs meeting of monetary, fiscal policies board

ISLAMABAD: Finance Minister Shaukat Tarin on Wednesday chaired a meeting of the Monetary and Fiscal Policies Co-ordination Board. Other members of the Board present in the meeting were the Adviser to the Prime Minister on Commerce & Investment, Deputy Chairman Planning Commission, Governor SBP, Dr. Asad Zaman and senior officials of the Finance Division. Finance […]

by Faisal Shahnawaz

KSE-100 index sheds 193 points on selling pressure

Aug 25

Stock & Commodity

KSE-100 index sheds 193 points on selling pressure

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 193 points on Wednesday on selling pressure witnessed during the day. The index closed at 47,636 points as against previous day’s closing of 47,829 points, showing a decline of 193 points. Analysts at Arif Habib Limited said that the market saw continued selling pressure […]

by Hamza Shahnawaz

Dr. Ashfaq assumes charge of FBR chairman

Aug 25

Taxation

Dr. Ashfaq assumes charge of FBR chairman

ISLAMABAD: Dr. Muhammad Ashfaq Ahmed, a BS-21 officer of Inland Revenue Service (IRS) has assumed the charge of the post of chairman, Federal Board of Revenue (FBR). Dr. Ashfaq has replaced Asim Ahmed, who was removed from the post a day earlier. Following is the complete list of FBR chairmen: 1) Dr. Muhhammad Ashfaq Ahmed […]

by Mrs. Anjum Shahnawaz

Allowing tax credit for charitable organization

Aug 25

Taxation

Allowing tax credit for charitable organization

Section 100C of Income Tax Ordinance, 2001 has allowed tax credit to charitable organizations. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001. The Ordinance incorporated amendments brought through Finance Act, 2021.

by Hamza Shahnawaz

Bank Alfalah announces 21% growth in half year profit

Aug 25

Corporate, Money & Banking

Bank Alfalah announces 21% growth in half year profit

KARACHI: Bank Alfalah Limited on Wednesday announced 21 per cent growth in earnings for the half year ended June 30, 2021. The net profit of the bank was at Rs7.02 billion for the first half as compared with net profit of Rs5.78 billion in the same half of the last year. The bank declared Rs3.94 […]

by Mrs. Anjum Shahnawaz

SBP issues instructions on third party sales

Aug 25

Money & Banking

SBP issues instructions on third party sales

KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued revised instructions on sale of third party products in order to bring transparency. In addition to the typical banking products or services, banks often offer or sell other financial products that are provided by other financial institutions, generally referred to as bancassurance or third party […]

by Faisal Shahnawaz

Aug 25

Money & Banking

KIBOR rates on August 25, 2021

KARACHI: State Bank of Pakistan (SBP) on Wednesday issued following Karachi Interbank Offered Rates (KIBOR) on August 25, 2021. Tenor BID OFFER 1 – Week 6.88 7.38 2 – Week 6.94 7.44 1 – Month 7.01 7.51 3 – Month 7.16 7.41 6 – Month 7.31 7.56 9 – Month 7.44 7.94 1 – Year […]

by Faisal Shahnawaz

Dollar moves up sharply to Rs166.28 in interbank

Aug 25

Money & Banking

Dollar moves up sharply to Rs166.28 in interbank

KARACHI: The Pak Rupee sharply fell by Rs1.08 against the dollar on Wednesday owing to rise in import payment demand. The rupee ended Rs166.28 to the dollar from the previous day’s closing of Rs165.20 in the interbank foreign exchange market. The rupee fell to a year low against the dollar. Previously, the rupee fell to […]

by Faisal Shahnawaz