Nov 22

IMF Board to approve $1.059bn by Jan 12, 2022: Tarin

ISLAMABAD: Shaukat Tarin, Adviser to Prime Minister on Finance and Revenue, on Monday said that staff-level agreement has been finalized and IMF executive board would approve the tranche by January 12, 2022. The adviser said an agreement between Pakistan and International Monetary Funds (IMF) under Extended Fund Facility (EFF) worth $1.059 billion had been finalized. […]

by Mrs. Anjum Shahnawaz

Formation of Directorates under Sales Tax Act

Nov 22

Taxation

Formation of Directorates under Sales Tax Act

Section 30B to 30DDD of Sales Tax Act, 1990 has explained formation of Directorates under Sales Tax Act, 1990. The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021. Following is the text of section 30B to 30DDD of the Sales Tax Act, 1990: 30B. Directorate […]

by Hamza Shahnawaz

Age limit of banks CEO/President reduced to 65 years

Nov 22

Money & Banking

Age limit of banks CEO/President reduced to 65 years

KARACHI: The State Bank of Pakistan (SBP) has reduced the maximum age of a president of Chief Executive Officer (CEO) to be appointed by banks. The SBP in a notification stated that the maximum age of a President or CEO has been reduced from 70 years to 65 years. This change in age will be […]

by Mrs. Anjum Shahnawaz

Apex trade body resents gas supply suspension

Nov 22

Trade & Industry

Apex trade body resents gas supply suspension

KARACHI: The apex trade body of the country has resented the suspension of gas supply to non-export-oriented industries. Mian Nasser Hyatt Maggo, the president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in a statement on Monday expressed his profound concern and disappointment on the government’s decision to suspend gas supply to […]

by Faisal Shahnawaz

Pakistan allows sales tax exemption on Afghan fruits

Nov 22

Taxation

Pakistan allows sales tax exemption on Afghan fruits

The Federal Board of Revenue (FBR) in Pakistan issued a sales tax notification, SRO 1501(I)/2021, on Monday, formalizing the government’s decision to exempt the sales tax on the import of most Afghan fruits.

by Hamza Shahnawaz

Supernet awarded telecom projects worth Rs100 million

Nov 22

IT & Telecom

Supernet awarded telecom projects worth Rs100 million

ISLAMABAD: Supernet Limited, one of Pakistan’s leading telecommunications service providers and systems integrators, has secured telecommunication projects worth Rs100 million A statement issued on Monday said that the company had been awarded three equipment supply projects consisting of equipment and services in the domains of satellite communications, telecommunications, and power with a combined equivalent value […]

by Hamza Shahnawaz

Nov 22

Money & Banking

KIBOR rates on November 22, 2021

KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on November 22, 2021. Tenor BID OFFER 1 – Week 8.79 9.29 2 – Week 8.86 9.36 1 – Month 8.98 9.48 3 – Month 9.49 9.74 6 – Month 9.78 10.03 9 – Month 10.13 10.63 1 – Year 10.31 10.81

by Faisal Shahnawaz

SBP issues customers exchange rates for November 22

Nov 22

Money & Banking

SBP issues customers exchange rates for November 22

Karachi, November 22, 2021 – The State Bank of Pakistan (SBP) has announced the official exchange rates for customers, effective as of November 22, 2021.

by Faisal Shahnawaz

Stocks plunge by 744 points on interest rate hike

Nov 22

Stock & Commodity

Stocks plunge by 744 points on interest rate hike

KARACHI: Stocks plunged 744 points on Monday while reacting to an unexpected hike in interest rate by the central bank. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 45,745 points as against last Friday’s closing of 46,489 points. Analysts at Arif Habib Limited said that bears ruled over the bulls today […]

by Hamza Shahnawaz

Rupee appreciates 46 paisa on monetary tightening

Nov 22

Money & Banking

Rupee appreciates 46 paisa on monetary tightening

KARACHI: The Pak Rupee (PKR) on Monday appreciated by 46 paisas against the dollar on Monday following tightening in monetary policy by the central bank. The rupee ended Rs174.77 to the dollar as compared with last Friday’s closing of Rs175.23 in the interbank foreign exchange market. The State Bank of Pakistan (SBP) on November 19, […]

by Faisal Shahnawaz