KARACHI – The Oil and Gas Development Company Limited (OGDCL) has announced a significant discovery of gas condensate from its Sial-1 exploratory well located in the Hyderabad district of Sindh. This development marks a notable milestone in the company’s ongoing drive to enhance domestic hydrocarbon exploration.
(more…)Author: Mrs. Anjum Shahnawaz
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Rupee recovers by six paisas on contraction in inflation
KARACHI: The Pak Rupee recovered six paisas against the dollar on Tuesday owing to lower growth in inflation for the first month of the current year.
The rupee ended Rs160.16 to the dollar from the previous day’s closing of Rs160.22 in the interbank foreign exchange market.
The rupee depreciated by 12 paisas on the first day of the current week owing to higher demand for import and corporate payments.
Currency dealers said that the market remained positive during the day due to ease in inflation growth for the month of January 2021.
The growth in headline inflation contracted by 5.7 percent on a year on year basis in January 2021 as compared to an increase of 8.0 percent in the previous month and 14.6 percent in January2020.
On a month-on-month basis, it decreased by 0.2 percent in January 2021 as compared to a decrease of 0.7 percent in the previous month and an increase of 2.0 percent in January 2020.
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Customers due diligence made mandatory for securities brokers, others
ISLAMABAD: It is made mandatory for regulated persons for conduct customers due diligence (CDD) of their customers/occasional customers under Anti-Money Launder Act.
The Securities and Exchange Commission of Pakistan (SECP) issued directives through SRO 105(I)/2021 related to customers due diligence.
The regulated person has been explained as securities brokers, futures brokers, insurers, Takaful Operators, NBFCs and Modaraba regulated by SECP under administered legislation.
In exercise of the powers conferred under section 6A of the AML Act, the SECP directed all the regulated persons to comply with following customer due diligence requirements under section 7A(1)(b) of the AML Act and section 8(1) of the SECP AML/CFT Regulations, 2020, namely: –
a. The regulated persons shall, at minimum, conduct CDD of their customers/ occasional customers in circumstances and matters set out in section 7(A)1 of the AML Act.
b. For the purposes of section 7(A)(1)(b) of the AML Act, the regulated persons shall conduct CDD in respect of every occasional customer.
Any person to whom this directive applies and who contravenes or fails to comply with the requirements of this directive shall be subject to sanction in accordance with AML/CFT Sanctions Rules, 2020 issued under the AML Act, 2010 and imposed by the Commission according to Clause (h) of Sub-section (2) of Section 6A of AML Act.
This directive shall not affect anything done, order made, show cause issued, proceeding commenced, penalty imposed, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuance of above referred superseded directive shall be valid and under lawful authority.
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FBR to start marking tax stamps from July 2021
ISLAMABAD: The Federal Board of Revenue (FBR) announced a significant step towards curbing counterfeit products and enhancing tax collection through tax stamps.
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Ombudsman asked to protect banking consumers from scams, financial losses
President of Pakistan, Dr. Arif Alvi, has called on the Banking Mohtasib [Ombudsman] to enhance efforts in protecting banking consumers from scams and financial losses through effective preventive measures.
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Hascol Petroleum BOD approves authorized share capital increase to Rs50 billion
KARACHI: The board of directors of Hascol Petroleum Limited has approved increase in authorized share capital of the company to Rs50 billion from Rs10 billion, according to a communication sent to Pakistan Stock Exchange (PSX) on Monday.
The communication said that at an emergent meeting of the board of director (BOD) of Hascol Petroleum Limited held on January 29, 2021, the board of directors approved the increase in the authorized share capital of the company from Rs10 billion to Rs50 billion, subject to obtaining the requisite approvals from the shareholders of the company, and in that respect to call and hold an extraordinary general meeting of the company on February 23, 2021 to obtain the approval of the shareholders/members of the company for the increase in the authorized share capital of the company and the corresponding amendments to the memorandum and articles of association of the company.
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Regulations notified for local production of mobile phones
ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Monday said that it has issued regulations for encouraging production of mobile phones in the country.
The PTAB issued Mobile Device Manufacturing (MDM) Regulations, 2021. The regulations have come into force with effect from January 25, 2021 and aimed at encouraging local production of mobile devices in Pakistan.
As per the regulations, all devices are to be manufactured as per ITU Telecommunication Standardization Sector (ITI-T) technical standards. Finish/manufactured devices made locally should display the label ‘Manufactured in Pakistan’.
The PTA said that it would consider all applications on merit for authorization to manufacture mobile devices in Pakistan. The key factor such as technical competence, experience of applicant’s management, key members of staff and local participation in the business; and technical viability of the applicant’s business plan for mobile device manufacturing will determine whether authorization is to be granted to the applicant.
The duration of the authorization will be valid for 10 years.
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Hamid Ali posted as Member Customs Policy
ISLAMABAD: Syed Hamid Ali, a BS-21 officer of Pakistan Customs Service (PCS) has been transferred and posted as Member (Customs-Policy), Federal Board of Revenue (Headquarter), Islamabad, a notification said on Monday.
Hamid Ali was previously posted as Member (Legal & Accounting – Customs), FBR (Hq), Islamabad.
The post of Member Customs was remained vacant after Muhammad Javed Ghani assumed the charge as Chairman of the FBR.
Ms. Zeba Hai Azhar, a BS-21 officer of PCS, has been transferred and posted as Member (Legal & Accounting – Customs), FBR (Hq), Islamabad from the post of Director General, Directorate General of Training and Research (Customs), Karachi.
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Headline inflation grows by 5.7 percent in January
ISLAMBAD: The headline inflation based on Consumer Price Index (CPI) has increased by 5.7 percent in the month of January 2021, according to data released by Pakistan Bureau of Statistics (PBS).
The headline inflation in January 2021 was increased when compared to an increase of 8.0 percent in the previous month and 14.6 percent in January 2020.
On month-on-month basis, it decreased by 0.2 percent in January 2021 as compared to a decrease of 0.7 percent in the previous month and an increase of 2.0 percent in January 2020.
CPI inflation Urban, increased by 5.0 percent on year-on-year basis in January 2021 as compared to an increase of 7.0 percent in the previous month and 13.4 percent in January 2020. On month-on-month basis, it decreased by 0.2 percent in January 2021 as compared to a decrease of 0.3 percent in the previous month and an increase of 1.7 percent in January 2020.
CPI inflation Rural, increased by 6.6 percent on year-on-year basis in January 2021 as compared to an increase of 9.5 percent in the previous month and 16.3 percent in January 2020. On month-on-month basis, it decreased by 0.3 percent in January 2021 as compared to a decrease of 1.2 percent in the previous month and an increase of 2.4 percent in January 2020.
Sensitive Price Indicator (SPI) inflation on YoY increased by 7.7 percent in January 2021 as compared to an increase of 9.1 percent a month earlier and an increase of 18.3 percent in January 2020. On MoM basis, it decreased by 0.8 percent in January 2021 as compared to a decrease of 2.7 percent a month earlier and an increase of 0.5 percent in January 2020.
Wholesale Price Index (WPI) inflation on YoY basis increased by 6.4 percent in January 2021 as compared to an increase of 5.7 percent a month earlier and an increase of 15.4 percent in January 2020. WPI inflation on MoM basis increased by 2.5 percent in January 2021 as compared to an increase of 0.3 percent a month earlier and an increase of 1.8 percent in corresponding month i.e. January 2020.
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Foreign investors elect Irfan Siddiqui as body chief
KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has elected Irfan Siddiqui as its president for the 2021 term at its annual general meeting held on Monday. Siddiqui, who currently serves as the President and CEO of Meezan Bank Limited, will lead the chamber, which represents foreign investors in Pakistan.
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