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Author: Mrs. Anjum Shahnawaz

  • SBP updates list of chartered account firms for audit of banks

    SBP updates list of chartered account firms for audit of banks

    KARACHI: State Bank of Pakistan (SBP) has issued updated list of panel of audit firms, which are allowed to conduct audit of banking companies.

    The central bank updated the list up to December 21, 2020.

    State Bank of Pakistan’s Panel of Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962

    Following is the list of chartered accountant firms with their categories to conduct audit:

    Category Description
    Category ‘A’
    Audit Firms in Category “A” are eligible to conduct audit of all Banks and DFIs
    Category ‘B’
    Audit Firms in Category “B” are eligible to conduct audit of Banks and DFIs having assets up to Rupees 100 billion or branches up to 160.
    Category ‘C’
    Audit Firms in Category “C” are eligible to conduct audit of banks and DFIs having assets up to Rupees 15 billion or branches up to 30.

    Category ‘A’

    A1. A.F. Ferguson & Co. State Life Building No. 1/C, I.I. Chundrigar Road, Karachi. Tel: +92 (021) 32426711-15 Fax: +92 (021) 32415007 Web: www.affco.com.pk

    A2. Baker Tilly Mehmood Idrees Qamar, 4th Floor, Central Hotel Building, Civil Lines, Mereweather Road, Karachi. Tel: +92 (021) 35644872-77 Fax: +92 (021) 35694573 Email: [email protected] Web: www.bakertillymiq.com

    A3. BDO Ebrahim & Co. 2nd Floor, Block ‘C’ Lakson Square, Building No. 1, Sarwar Shaheed Road, Karachi. Tel: +92 (021) 35683030 Fax: +92 (021) 35684239 Email: [email protected] Web: www.bdo.com.pk

    A4. Crowe Hussain Chaudhury & Co. 25-E, Main Market, Gulberg II, Lahore. Tel: +92 (042) 37759223-5 Fax: +92 (042) 35759226 Email: [email protected] Web: www.crowe.pk

    A5. EY Ford Rhodes, 6th Floor, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 111-113-937 Fax: +92 (021) 35681965 E. mail: [email protected] Web: www.ey.com

    A6. Grant Thornton Anjum Rahman, 1st & 3rd Floor, Modern Motors House, Beaumont Road, Karachi. Tel: +92 (021) 35672951-56 Fax: +92 (021) 35688834 Email: [email protected] Web: www.gtpak.com

    A7. Ilyas Saeed & Co. A-4, Sea Breeze Homes, Shershah Block, New Garden Town, Lahore. Tel: +92 (042) 35861852, 35868849 Fax: +92 (042) 35856145 Email: [email protected] Web: www.ilyassaeed.com

    A8. KPMG Taseer Hadi & Co. 1st Floor, Sheikh Sultan Trust Building No. 2, Beaumount Road, Karachi. Tel: +92 (021) 35685847 Fax: +92 (021) 35685095 Email: [email protected] Web: www.kpmg.com.pk

    A9. Kreston Hyder Bhimji & Co. Suite No. 1601, 16th Floor, Kashif Centre, Main Shahrah-e-Faisal, Karachi. Tel: +92 (021) 35640050-52 Fax: +92 (021) 35640053 Email: [email protected] Web: www.krestonhb.com

    A10. Muniff Ziauddin & Co. F/17/3, Business Executive Centre, Block No. 8, Clifton, Karachi. Tel: +92 (021) 35375127-28, 35872283 Fax: +92 (021) 35820325 Email: [email protected] Web: www.mzco.com.pk

    A11. Naveed Zafar Ashfaq Jaffery & Co. 1st Floor, Modern Motors House, Beaumount Road, Karachi. Tel: +92 (021) 111-774-422, 35671909 Fax: (021) 5210626 Email: [email protected] Web: www.nzaj.com.pk

    A12. Rahman Sarfaraz Rahim Iqbal Rafiq, Rahman Sarfaraz House, 54-P, Gulberg II, Lahore. Tel: +92 (042) 35875965-67 Fax: +92 (042) 35758621 Email: [email protected] Web: www.rsrir.com

    A13. Riaz Ahmad & Co. 10-B, Saint Mary Park, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35718137-39 Fax: +92 (042) 35718136 Email: [email protected] Web: www.racopk.com

    A14. Yousuf Adil, Cavish Court, A-35, Block 7 & 8, K.C.H.S.U. Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34546494-97 Fax: +92(021) 34541314 Email: [email protected] Web: www.yousufadil.com

    Category ‘B’

    B1. Amin Mudassar & Co. 4th Floor, IEP Building, 97-B/D-1, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35717261-62 Fax: +92 (042) 35717263 Email: [email protected]

    B2. HLB Ijaz Tabussum & Co. 303, Sawan Road, G-10/1, Islamabad. Tel: +92 (051) 32354801-03 Fax: +92 (051) 32354800 Email: [email protected]; [email protected]; Web: www.hlbitc.com

    B3. IECnet S.K.S.S.S. Suite No. 209, Parsa Tower, PECHS Block 6, Main Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34150811-13 Fax: +92 (021) 34150814 Email: [email protected] Web: www.iecnet.com.pk

    B4. Mudassar Ehtisham & Co. 50/2, Lawrence Road, Lahore. Tel: +92 (042) 36370215, 35466618 Fax: +92 (042) 36363614 Email: [email protected] Web: www.mudassarehtisham.com

    B5. Mushtaq & Co. 407, Commerce Centre, Maulana Hasrat Mohani Road, Karachi. Tel: +92 (021) 32638521-24 Email: [email protected]

    B6. Nasir Javaid Maqsood Imran, Office No. 807, 8th Floor, Plot No. 11/2, Q.M. House, Ellander Road, Opp. Shaheen Complex, Off. I.I. Chundrigar Road, Karachi Tel: +92 (021) 32212382-83, 32211515-16 Fax: +92 (021) 32211515 Email: [email protected] Website: www.njmi.net

    B7. Parker Randall – A.J.S. 6-C, 2nd Floor, ST Plaza, Kohinoor Town, College Road, Faisalabad. Tel: +92 (021) 32621703-04 Fax: +92 (021) 32621701 Email: [email protected] Web: www.parkerrandallajs.pk

    B8. PKF F.R.A.N.T.S. 16/II, ‘N’ Lane, Commercial Avenue, Phase IV, D.H.A, Karachi. Tel: +92 (021) 35315275 Fax: +92 (021) 35315276 Email: [email protected] Website: www.pkf.com.pk

    B9. Reanda Haroon Zakaria & Co. M1-M4, Mezzanine Floor, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 35674741-44 Fax: +92 (021) 35674745 Email: [email protected] Web: www.hzco.com.pk

    B10. Riaz Ahmad Saqib Gohar & Co. 5-Nasim, C.H.S. Major Nazir Bhatti Road, Off Shaheed-e-Millat Road, Karachi. Tel: +92 (021) 34945427, 34946112 Fax: +92 (021) 34932629 Email: [email protected] Web: www.rasgco.com

    B11. RSM Avais Hyder Liaquat Nauman, Suite No. 407, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 35655975-76 Fax: +92 (021) 35655977 Email: [email protected] Web: www.rsm.global/pakistan

    B12. ShineWing Hameed Chaudhri & Co. H.M. House No. 07, Bank Square, Off Shahrah-e-Quaid-e-Azam, Lahore. Tel: +92 (042) 37235084-87 Fax: +92 (042) 37235083 Email: [email protected] Website: www.hccpk.com

    B13. Suriya Nauman Rehan & Co. House No. 02, Street No. 02, F-7/3, Islamabad. Tel: +92 (051) 32610931-32 Fax: +92 (051) 32610954 Email: [email protected] Web: www.nrcca.pk

    B14. Tariq Abdul Ghani Maqbool & Co. 173-W, Block-2, P.E.C.H.S, Karachi Phone: +92 (021) 34322582-83, (021) 34322606-07 Fax: +92 (021) 34522492 Email: [email protected] Website: www.tagm.co

    B15. UHY Hassan Naeem & Co. 193-A, Shah Jamal, Lahore. Tel: +92 (042) 35403550-51, 35403588 Fax: +92 (042) 35403599 Email: [email protected] Web: www.uhy-hnco.com

    B16. Zahid Jamil & Co. 1st Floor, Al-Jamil, 7-Madina Town Ext, Kohinoor Chowk, Off. Jaranwala Road, Faisalabad. Tel: +92 (041) 38725065-68 Fax: +92 (041) 38725070 Email: [email protected] Web: www.zahidjamilco.com

    Category ‘C’

    C1. Fazal Mahmood & Co. 147 – Shadman I, Lahore. Tel: +92 (042) 37426771-73 Fax: +92 (042) 37426774 Email: [email protected] Web: www.fmc.com.pk

    C2. Feroze Sharif Tariq & Co. 4-N/4, Block No. 06, P.E.C.H.S. Karachi. Tel: +92 (021) 34540891, 34542607 Fax: +92 (021) 34540891 Email: [email protected]

    C3. H.A.M.D & Co. 302, Land Mark Plaza, Mohammed Bin Qasim Road, Off I.I Chundrigar Road, Karachi. Tel: +92 (021) 32630651 Fax: +92 (021) 35872521 Email: [email protected]; [email protected]

    C4. Ibrahim Shaikh & Co. 259-260 Panorama Centre, Fatima Jinnah Road, Saddar, Karachi. Tel: +92 (021) 35210577, 35671853 Fax: +92 (021) 35676591 Email: [email protected]

    C5. Junaidy Shoaib Asad 1/6-P, Block No. 06, P.E.C.H.S, Mohtarma Laeeq Begum Road, Off Shahra-e-Faisal. Karachi. Tel: +92 (021) 34371910-13 Fax: +92 (021) 34371916 Email: [email protected] Web: www.jsa.com.pk

    C6. H.Y.K & Co. SKP House, 321 Upper Mall, Lahore. Tel: +92 (042) 111-772-000, 35789330-1 Fax: +92 (042) 35789182 Email: [email protected] Web: www.hyk.com.pk

    C7. Khalid Majid Rehman & Co. 7-A, Street No. 65, F-8/3, Islamabad. Tel: +92 (051) 32287713-17 Fax: +92 (051) 32287710 Email: [email protected] Web: www.kmr.com.pk

    C8. Qavi & Co. Suites No. 717 & 718, Caesars Tower, Shahrah-e-Faisal, Karachi. Tel: +92 (021) 32791966-68 Fax: +92 (021) 32791969 Email: [email protected] Web: www.qaviandco.com

    C9. Rafaqat Mansha Mohsin Dossani Masoom & Co. Suite No. 113, 3rd Floor, Hafeez Centre, A/34, K.C.H.S, Block No. 07 & 08, Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34392361-62 Fax: +92 (021) 34320693 Email: [email protected] Web: www.mmdk.com.pk

    C10. Sarwars, Office No. 12 & 14, 2nd Floor, Lahore Centre, 77-D, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35782920-22 Fax: +92 (042) 35773825 Email: [email protected] Web: www.saewarsca.com

    C11. S. M. Suhail & Co. Suite No. 1001-1014, 10th Floor, Uni Centre, I.I. Chundrigar Road, Karachi Tel: +92 (021) 32414057, 32414163 Fax: +92 (021) 32416288 Email: [email protected], Web: www.smsco.pk

    C12. Uzair Hammad Faisal & Co. 37- Main Gulberg, Lahore. Tel: +92 (042) 35877470, 35879310 Email: [email protected] Web: www.uhf.com.pk

  • PSX announces list of recipients of top 25 companies award

    PSX announces list of recipients of top 25 companies award

    KARACHI: Pakistan Stock Exchange (PSX) has announced the recipients of the Top 25 Companies Awards for the year 2019, a statement said on Monday.

    As per tradition, the criteria for selecting such companies was also updated and upgraded in 2019 in line with the evolving business environment and requirements.

    For the said year, the pre-requisites included a minimum distribution of 30 percent (including at least 15 percent cash dividend), shares traded 50 percent of the total trading days during the year, and that the company is not in the Defaulters’ Segment of the Exchange or trading in its shares have not been suspended on account of violation of Listing Companies & Securities Regulations of the Exchange during the said year.

    The Top 25 Companies Award is a tradition at Pakistan Stock Exchange which goes back to 1978. Historically, the best performing listed companies in Pakistan are awarded this distinction.

    Broadly speaking, companies which have outperformed others in the spheres of corporate governance, financial performance, and have added to shareholder value based on specific quantitative criteria, amongst other factors, make it to the Top 25 Companies List.

    This award takes into account the excellent performance metrics of such companies and recognizes the able guidance of their boards and strong management.

    By awarding and recognizing such role models, Pakistan Stock Exchange seeks to promote more such listed companies to come to the fore and make their rightful claim on the award by virtue of their excellent performance and contribution to Pakistan’s economy.

    On the announcement of the Top 25 Companies Awards recipients, the MD & CEO of Pakistan Stock Exchange, Farrukh H. Khan, stated, “Top 25 Companies Award is the most prestigious recognition of overall corporate performance in Pakistan. I would like to congratulate all the companies that have achieved this distinction for 2019.

    “They are leaders and role models for other corporates to emulate. These companies have created tremendous shareholder value, contributed significantly to Pakistan’s economy and have projected a positive image of Pakistan globally.”

    He further stated, “I am also excited to share that for the year 2020, PSX has further improved the criteria for the Top 25 Companies award to take into account current trends and developments in the investment industry. This includes focus on total shareholder returns rather than just dividends, reporting on diversity and sustainable development goals (SDGs), amongst others changes.“

    In 2019, the distribution of marks awarded to the companies was based on the criteria of Capital Efficiency (20.5 percent marks), Dividend Distribution including Bonus (20 percent marks), Growth in Operating Revenue (6 percent marks), Change in EBITDA Margin (6 percent marks), Free-float of Shares (10 percent marks), Turnover of Shares (2.5 percent marks), Corporate Governance & Investor Relation (35 percent marks). This brings the total to 100 percent marks signifying the different criteria for selecting companies for the Top 25 Companies Awards.

    The companies that made it to the Top 25 Companies Awards list in 2019, in order of their performance ranking, are:

    1. Fauji Fertilizer Company Limited

    2. Nestle Pakistan Limited

    3. Lucky Cement Limited

    4. Habib Bank Limited

    5. Archroma Pakistan Limited

    6. Engro Fertilizers Limited

    7. Security Papers Limited

    8. Bank AL Habib Limited

    9. United Bank Limited

    10. Colgate – Palmolive (Pakistan) Limited

    11. Mari Petroleum Company Limited

    12. Attock Petroleum Limited

    13. Dawood Hercules Corporation Limited

    14. Pakistan Oilfields Limited

    15. Bata Pakistan Limited

    16. International Industries Limited

    17. MCB Bank Limited

    18. International Steels Limited

    19. Millat Tractors Limited

    20. Agriautos Industries Limited

    21. Engro Corporation Limited

    22. EFU General Insurance Limited

    23. ZIL Limited

    24. AGP Limited

    25. Gadoon Textile Mills Limited

    In the challenging economic environment faced by Pakistan in view of the coronavirus pandemic, the recognition of these companies by Pakistan Stock Exchange will not only bring them the attention of local and foreign investors, analysts and portfolio managers but will also cast a positive light on Pakistan’s business, economic and financial sectors, locally as well as globally.

  • Stock market falls by 407 points on lower international oil prices

    Stock market falls by 407 points on lower international oil prices

    KARACHI: The stock market ended down by 407 points on Monday owing to lower oil prices in international markets after lockdown fears on fast spread of coronavirus.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,334 points as against 43,741 points showing a decline of 407 points.

    First day of the rollover week met the vengeance of international crude oil prices, which fell by more than 5 percent during the trading hours today (due to lock-down fears in the developed countries).

    Scrips that are the subject of rollover largely performed well as against the main board.

    E&P sector saw heavy selling pressure, followed by Bank and Cement sectors primarily due to profit booking as was observed on Friday when the Index virtually touched base with 44,000 level. Among scrips, WTL topped the volumes with 36.5 million shares, followed by TRG (35.1 million) and ICIBL (30.9 million).

    Sectors contributing to the performance include E&P (-178ps), Banks (-92 points), Cement (-45 points), Fertilizer (-36 points) and Autos (-23 points).

    Volumes increased from 482.6 million shares to 516.3 million shares (+7 percent DoD). Average traded value however, declined by 5 percent to reach US$ 139.7 million as against US$ 147.6 million.

    Stocks that contributed significantly to the volumes include WTL, TRG, ICIBL, PRL and PAEL, which formed 28 percent of total volumes.

    Stocks that contributed positively to the index include PAKT (+14 points), SRVI (+14 points), FFC (+9 points), TRG (+9 points) and KTML (+8 points). Stocks that contributed negatively include OGDC (-69 points), PPL (-60 points), HBL (-33 points), ENGRO (-32 points) and POL (-31 points).

  • IRS officers to be deputed in NAB

    IRS officers to be deputed in NAB

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday asked officers of Inland Revenue Service (IRS) of BS-19 to submit their CVs, who intend to post in National Accountability Bureau (NAB) on deputation basis.

    The FBR said that the NAB had urgently required services of BS-19 officers having sufficient experience in Information Technology for their posting in NAB against equivalent posts on deputation basis in NAB (Headquarters), Islamabad and its regional offices.

    The FBR directed the intended officers to provide their CVs by December 22, 2020.

    The NAB in its letter on December 10, 2020 requested the establishment division for provisions of panels of BS-19 officers for selection of suitable officers for their posting in NAB on deputation basis.

    The NAB – the apex anti-corruption organization of Pakistan – is striving hard for efficient performance of its functions so as to fulfil its vision of making the country free from corruption and corrupt practices.

    In order to accomplish the task, which is also a national cause, the bureau urgently requires the services of BS-19 officers, having sufficient experience in information technology for their posting in NAB against equivalent posts, on deputation basis in NAB (HQ), Islamabad and its regional offices.

  • MCC Gwadar announces auction of confiscated vehicle on December 24

    MCC Gwadar announces auction of confiscated vehicle on December 24

    KARACHI: Model Customs Collectorate, Gwadar has announced auction of confiscated vehicle to be held on December 24, 2020 at Custom House, Gaddani.

    Following vehicles to be presented for the auction:

    01. Toyota Premio X Car, Reg: No AAK-046, Chassis No. ZZT240-0112894, Engine No. Nil, Model: 2006

    02. Toyota Surf, Reg No. QBA-0162, Chassis No. KZN185-0043878, Engine No. 1KZ-TE2982, Model: 1997

    03. Toyota Land Cruiser, Reg No. BC-0448, Chassis No. HJ61-002060, Engine No. Nil, Model: 1986,

    04. Pajero,Reg No. JAA-030, Chassis No. 049WLJ400621, Engine No. Nil, Model: 1990

    05. Hino Mazda Truck, Reg No. JW-1236, Chassis No. AK176KA-43256, Engine No. 12181, Model: 1992

    06. Hino Bus, Reg No. BSB-808, Chassis No. AK1JRKA-16027, Engine JO8CB16832, Model:2012

    07. Coach, Reg No. BSA-515, Chassis No. AK1JMKA-1415, Engine No. Nil, Model: Nil

    08. Zamyad Pickup, Reg No. PAC-968, Chassis No. NAZPL-140DH-0486475, Engine No. Z21-2517487, Model: Nil

    09. Toyota Land Cruiser (Red), Reg No. BA-8164, Chassis No. BJ160-009711, Engine No. Not Traceable, Model: 1985

    10. Indus Corolla Car, Reg No. GF-1411, Chassis No. AE100-0028693, Engine No. Not Traceable, Model: 1994

    11. Toyota Probox Car, Reg No. AAM-923, Chassis No. NCP51-0107883, Engine No. B15149, Model: 2005

    12. Toyota Succeed, Reg No. AXY-531, Chassis No. NCP58-0031359, Model. Nil

    13. Probox Car, Reg No: ABK-783, Chassis: NCP50-0021677, Model. 2003

    14. Probox Car, Reg No: AVY-782, Chassis No. NCP51-0090826, Model. Nil

    15. Corolla Car, Reg No: AAL-662, Chassis No.EE102-0094351, Model: 2002

    16. Toyota Succeed car, Reg No. AAF-745, Chassis No. NCP58-0056515, Model :2004

    17. Land Cruiser Prado, Reg No. Not Traceble, Chassis No. LJ78-0002499, Model. 1990

    18. Toyota Land Cruiser, Reg No.BA-5186, Chassis No. HJ60-009651, Model. 1984

    19. Toyota X Corolla, Reg No. Nil, Chassis No NZE124-3016977, Model: 2004

    20. Probox Car, Reg No. AKL-244, Chassis No. NCP51-0001414, Model: 2002

    21. Toyota Land Cruiser, Reg: JAA-889, Chassis No. BJ-60-020679, Model: 1988

    22. Mitsubishi Pajero, Reg: JAL-231, Chassis No. LO48G-3005856, Model: 1985

    23. Land Cruiser, Reg: QAB-1649, Ch# HJ61-013994, Model:1989

    24. Toyota Jeep Land Cruiser, Reg: AFR-2015, Ch: FJ40-371932, Model: 1989

    25. Toyota Land Cruiser, Reg: Nil, Ch:# LJ78-0039971, Eng:# ZL-33868, Model: 1993

    26. Honda Civic Car, Reg: Nil, Ch:# ESI-1600827, Eng:#D1610173-004871, Model: 2002

    27. BMW, Reg: Nil, Ch:# WBAGL62090DJ92594, Eng:#CC-300, Model: 2002

    28. Toyota Land Cruiser, Reg: Nil, Ch:# FZJ-800102056, Eng:#IFZFES4476, Model: 1996

    29. Toyota Surf, Reg: Nil, Ch:# KZN130-9032504, Eng:#Not Traceable, Model: 1993

    30. Hino Truck, Reg: No TKZ-343, Chassis No. FMIJNPD-18518, Engine No. Nil, Model: 2010

    31. Toyota Land Cruiser, Reg No. LSA-3469, Chassis No.FJ55-88824, Engine No. Nil, Model: 1992

    32. Hino Bus, Reg No. CH-14538, Chassis No. AK8JRKA-14538, Engine No. Nil, Model: 2016

    33. Hino Bus, Reg No. BSA-554, Chassis No. AK1JRKA-11056, Engine No. Nil, Model: Nil

    34. Hino Bus, Reg No. JB-3335, Chassis No. AK8JRKA-15635, Engine No., Model: 2012

    35. Hino Bus, Reg No. BSA-327, Chassis No. AK17X-41808, Engine No., Model: 1992

    36. Hino Bus, Reg No. BSA-571, Chassis No. AK-I-JRKA-16707, Engine No. Nil, Model: 2011

    37. Hino Truck, Reg No. TUD-300, Chassis No. FMIJNPD-18051, Engine No. Nil, Model: 2009

  • Rupee depreciates by 62 paisas on rising dollar demand

    Rupee depreciates by 62 paisas on rising dollar demand

    The Pakistani Rupee experienced a significant drop of 62 paisas against the US Dollar on Monday, closing at Rs160.71 compared to the previous Friday’s rate of Rs160.09 in the interbank foreign exchange market. This decline is attributed to increased demand for foreign currency driven by import and corporate payment requirements.

    (more…)
  • POL Products: import unit price plunges by 46%; retail price up 35% in five months

    POL Products: import unit price plunges by 46%; retail price up 35% in five months

    ISLAMABAD: The unit price of imported POL products fell by 46 percent during first five months (July – November) of the current fiscal year, yet the retail petrol price increased by 35 percent during the period under review.

    According to Pakistan Bureau of Statistics (PBS) the import of POL products fell by 16.51 percent to $1.815 billion during first five months of the current fiscal year as compared with $2.17 billion in the same period of the last fiscal year.

    At one end where import payment for finished petroleum produces fell by 16.51 percent the quantity of same products has increased by 54.42 percent during the period under review.

    The country paid $1.815 billion for the import of 6.08 million metric tons of petroleum products during July – November 2020. However, the payment for POL Products was $2.17 billion for the import of 3.93 million metric tons. Therefore, the unit price came down by 46 percent for the period under review.

    On the other hand, the government increased the price of petrol by 35 percent during the period under review. The per liter petrol was Rs74.52 on July 01, 2020 and it was increased to Rs100.69 per liter up to November 30, 2020.

    It is interestingly to note that the exchange rate during the period also witnessed appreciation in the local currency. The rupee appreciated by 4.47 percent during the period under review. The rupee was at Rs166.89 to the dollar on July 01, 2020 and it appreciated to Rs159.42 to the dollar on November 30, 2020.

  • APTMA protests against FBR’s coercive action

    APTMA protests against FBR’s coercive action

    LAHORE: All Pakistan Textile Mills Association (APTMA) has demanded the government of stopping coercive action initiated by the Federal Board of Revenue (FBR) and withdraw cases lodged against exporters and manufactures.

    In a statement issued on Saturday, APTMA chairman Adil Bashir said that Prime Minister of Pakistan was all out to support the export-oriented sectors of Pakistan but some vested interests are bent upon frustrating the intents of the government by harassing exporters and hindering the unprecedented growth in exports.

    According to him, exports from Pakistan have registered an impressive uplift over the last few months due to unflinching support by the prime minister but the pace of potential upsurge in exports may be retarted by unfriendly attitude of certain government functionaries.

    He said that FASTER and Weboc systems of FBR have become hub of errors and glitches, and FBR has itself repeatedly publicly admitted that FASTER system had multiple flaws, mistakes and deficiencies.

    He regretted that instead of correcting the system and making it more efficient, field formations of FBR have started lodging stereo typed FIRs without applying judicious mind and without an iota of evidence of malafide intention and mens rea on part of the said taxpayers.

    In the absence of any willful default and without mens rea which are essential ingredient of initiating criminal proceedings, FIRs are being lodged which may pollute congenial business environment created due to hard efforts by the government. He asked how it was possible that an exporter claiming refund of tens of millions of rupees would indulge in any petty malpractice by adding another few million and create problem for himself.

    In this regard, he particularly mentioned that Large Taxpayers Office (LTO), Lahore has recently registered FIRs against leading textile exporters in total disregard to the fact that computer system of FBR had itself erroneously uploaded input tax adjustment of sales tax twice.

    Bashir said FBR system had uploaded the data twice erroneously due to system error in September 2019 and there was no misdeclaration or omission on part of the taxpayers.

    He added that the alleged offence relate to only the month of September 2019 which establishes that it was not an individual act but result of systematic error of FBR itself.

    He said that initiating criminal proceedings by LTO Lahore against major reputed companies even without confronting them or issuing show-cause notices is contrary to the principles of natural justice and amounts to gross harassment of leading taxpayers.

    He said that it was very painful to name and shame all Directors of the mills by nominating them in the FIR without even conducting a meaningful inquiry and in the absence of any incriminating evidence.

    He stressed that in case any agency of FBR finds any lapse in the compliance of tax laws, it should serve proper show cause notice upon the alleged taxpayer and no criminal proceedings should be initiated against any such person unless and until the case has stood scrutiny and test of an impartial judicial forum.

    Adil Bashir offered the services of APTMA to FBR in conducting any meaningful inquiry against tax evaders, he added.

    He expressed the hope that the Federal government would take stock of the situation and issue necessary directions to FBR for immediate withdrawal of FIRs in the larger interest of the business environment in the country and fostering of exports.

  • SBP sets target of 20 million women bank accounts by 2023

    SBP sets target of 20 million women bank accounts by 2023

    KARACHI: The State Bank of Pakistan (SBP) has set a target of 20 million women bank accounts by year 2023 in order to reduce the gender gap in financial inclusion, a statement said on Saturday.

    The SBP said that women’s access to financial and economic opportunities is essential for sustainable and inclusive economic growth.

    However, women in Pakistan are disproportionately under-served by the financial system.

    Only 18 percent of adult women in Pakistan have an active bank account compared with 51 percent men.

    “In order to address the gender disparities, the central bank has adopted a medium-term national target of 20 million active women bank accounts by 2023 under National Financial Inclusion Strategy.”

    The target will be achieved through the launch of a policy to reduce the gender gap in financial inclusion, titled Banking on Equality, which aims to promote women financial inclusion in Pakistan.

    “Banking on Equality: Reducing the Gender Gap in Financial Inclusion”, is a flagship policy initiative of State Bank of Pakistan for promoting women financial inclusion. The policy will introduce a gender lens within the financial sector through specific measures to bring a shift towards gender friendly business practices.

    To initiate a national dialogue on women financial inclusion, SBP has organized a webinar titled “Consultative Launch of Banking on Equality policy: Reducing the Gender Gap in Financial Inclusion” on Monday, December 21, 2020 at 1730 PKT (Pakistan Standard Time).

    The webinar, that will be shown live on State Bank’s Facebook page [https://www.facebook.com/StateBankPakistan] aims to promote awareness of the significance of women financial inclusion and hold discussions among distinguished international thought leaders to discuss practical ways to give a boost to women financial inclusion in Pakistan.

    SBP Governor, Dr. Reza Baqir will host the consultative launch of the Banking on Equality policy with introductory presentation on the policy by SBP Deputy Governor Ms. Sima Kamil, and followed bya high level panel discussion around women’s financial inclusion. The panel members would include PrincessZahra Aga Khan Director Aga Khan Development Network (AKDN), Ms. CeylaPazarbasioglu from IMF and Dr. Reza Baqir Governor, State Bank of Pakistan while Dr. Anita Zaidi from Bill and Melinda Gates Foundation (BMGF) will moderate the panel discussion.

    Princess Zahra Aga Khan is a Member of the Board of Directors of the Aga Khan Development Network (AKDN). Princess Zahra serves in various leadership roles within the Aga Khan Development Network, including as Trustee of the Aga Khan University and the University of Central Asia.

    Ms. CeylaPazarbasioglu is Director of the Strategy, Policy, and Review Department (SPR) of the IMF. In this capacity, she leads the work on the IMF’s strategic direction and the design, implementation, and evaluation of Fund policies. Ms. Pazarbasioglupreviously served as Vice President at the World Bank Group.

    The panel moderator, Dr. Anita Zaidi, is the President of Gender Equality at Bill and Melinda Gates Foundation. Dr. Zaidi is overseeing a division comprised of the Foundation’s Gender Equality program team and Gender Program Advocacy and Communications team.