Oct 7

NKATI condemns artificial raw material shortage

KARACHI: Manufacturers and exporters have expressed concerns over the severe shortage of industrial raw material that was artificially created by local producers. In a statement on Thursday President, North Karachi Association of Trade and Industry (NKATI), Faisal Moiz Khan, while expressing deep concern over the artificial scarcity created by local producers of industrial raw materials […]

by Faisal Shahnawaz

Oct 7

Finance, Money & Banking

ECC approves loyalty program for home remittances

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet of Thursday approved a loyalty program to encourage overseas Pakistanis to send remittances home through legal channels. The ECC meeting was chaired by the Finance Minister Shaukat Tarin. The finance ministry tabled the summary regarding incentives /rewards to overseas Pakistanis remitters under National Remittance Loyalty Program […]

by Mrs. Anjum Shahnawaz

Advance tax rates on electricity consumption

Oct 7

Taxation

Advance tax rates on electricity consumption

Section 235 of Income Tax Ordinance, 2001 has explained the advance tax rates on electricity consumption. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 235 of Income Tax Ordinance, 2001: 235. Electricity consumption.- (1) There shall be collected advance […]

by Faisal Shahnawaz

Foreign exchange reserves fall to $26 billion

Oct 7

Finance

Foreign exchange reserves fall to $26 billion

KARACHI: The foreign exchange reserves of the country fell by $151 million to $26 billion by the week ended October 01, 2021 as compared with $26.151 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the SBP declined by $126 million to $19.169 billion by the […]

by Faisal Shahnawaz

Oct 7

Money & Banking

KIBOR rates on October 07, 2021

KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on October 07, 2021. Tenor BID OFFER 1 – Week 7.22 7.72 2 – Week 7.26 7.76 1 – Month 7.31 7.81 3 – Month 7.69 7.94 6 – Month 8.08 8.33 9 – Month 8.37 8.87 1 – Year 8.61 9.11

by Faisal Shahnawaz

Saqib Naseem elected central chairman PYMA

Oct 7

Trade & Industry

Saqib Naseem elected central chairman PYMA

KARACHI: Saqib Naseem has been elected unopposed central chairman of Pakistan Yarn Merchants Association (PYMA) while Javed Asghar elected senior vice chairman for the year 2021-22. According to PYMA announcement, Muhammad Junaid Teli was elected as vice chairman for Sind and Balochistan region and Awais Nisar, vice chairman for Punjab & KPK region. The other […]

by Faisal Shahnawaz

KCCI expresses grief over human loss in earthquake

Oct 7

Trade & Industry

KCCI expresses grief over human loss in earthquake

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Thursday expressed deep grief and sorrows over loss of human lives in earthquake, which jolted the Baluchistan province last night. In a joint statement issued, Chairman Businessmen Group and Former President KCCI Zubair Motiwala, Vice Chairmen BMG Tahir Khaliq, Haroon Farooki, Anjum Nisar and Javed Bilwani, […]

by Faisal Shahnawaz

Stocks gain 213 points amid drop in coal prices

Oct 7

Stock & Commodity

Stocks gain 213 points amid drop in coal prices

KARACHI: The stocks have gained 213 points on Thursday owing to drop in coal prices, which helped the cement sector to lead in today’s trading. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,586 points as against previous day’s closing of 44,373 points. Analysts at Arif Habib Limited said that the drop […]

by Faisal Shahnawaz

Rupee recovers against dollar in interbank

Oct 7

Money & Banking

Rupee recovers against dollar in interbank

KARACHI: The Pak Rupee (PKR) recovered nine paisas to the dollar on Thursday owing to tightening of exchange companies regulations by the State Bank of Pakistan (SBP). The rupee ended Rs170.87 to the dollar from the previous day’s closing of Rs170.96 in the interbank foreign exchange market. Currency experts attributed the recovery in rupee value […]

by Faisal Shahnawaz