Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Meezan Bank, Amreli Steels sign agreement for dealers collection

    Meezan Bank, Amreli Steels sign agreement for dealers collection

    KARACHI: Meezan Bank, the largest Islamic bank in Pakistan, and Amreli Steels Limited have joined hands to streamline dealers collections.

    Under this transaction banking agreement, Meezan Bank, through the provision of its state-of-the-art online banking solution, named eBiz+, will enable Amreli Steels to fully automate its dealer collections, a statement said on Tuesday.

    The partnership will further create value for Amreli Steels by serving as an end-to-end transaction banking solution delivering standardized reporting, greater safety and efficiency.

    The agreement was signed by M. Saqib Ashraf – Head of Transaction Banking, Meezan Bank and Taha Umer – Financial Controller, Amreli Steels Limited. Also present at the occasion were Senior Executives of both organizations including Abdullah Ahmed – Group Head, Corporate & Institutional Banking, Meezan Bank, Amanullah Shaikh – General Manager South, Corporate & Institutional Banking, Meezan Bank, Shayan Akberali – CEO, Amreli Steels Limited and Fazal Ahmed – CFO & COO, Amreli Steels Limited.

    Abdullah Ahmed, while speaking at the occasion said, “It is a pleasure to on-board Amreli Steels as a Transaction Banking customer.

    Meezan Bank has always been a futuristic institution that aims to create even more attractive offerings to facilitate its customers.

    At Meezan, we realize that corporations of all sizes need creative cash management strategies to support their operations and we are glad that Amreli Steels has taken this initiative.”

    Shayan Akberali also commended the Bank for successfully launching cash management services and bringing forth operational efficiency in their collections process.

  • SECP proposes amendments to prevent corporate money laundering

    SECP proposes amendments to prevent corporate money laundering

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has proposed amendments laws to prevent money laundering through corporate entities.

    A statement issued on Tuesday said that the SECP has issued a set of notifications, soliciting public consultation on drafts of amendments to the Companies (Incorporation) Regulations, 2017, Companies (General Provisions and Forms) Regulations, 2018, Foreign Companies Regulations, 2018, and Limited Liability Partnership Regulations, 2018.

    The proposed amendments collectively make disclosures regarding the ownership and control structure of the companies and limited liability partnerships more transparent.

    These amendments, issued in line with the recommendations on transparency of legal persons issued by the Financial Action Task Force, will help in identifying the real owners of such entities.

    The amendments also propose to explicitly prohibit the issuance or transfer of equity and debt securities of a bearer nature as well as to increase the period for retention of records of dissolved companies.

    The amendments will address the deficiencies highlighted in the country’s mutual evaluation report published by the Asia Pacific Group on Money Laundering in October 2019.

    With the effect of propose amendments, Companies and LLPs would have to provide additional information to SECP, if the ownership and control structure of such entities is obscured through a chain of multiple entities, whether registered in Pakistan or abroad.

    The draft Regulations define an ultimate beneficial owner as a person who exercises ownership or control rights over a company or LLP indirectly through multiple layers of corporate entities or other legal persons or any other arrangements.

    Amendments suggested specifying a threshold of a minimum of 25 percent of ownership or control rights of the ultimate beneficial owner in the reporting entity, which would be owned through multiple layers of intermediate corporate entities.

    In order to give effect to the proposed amendments, the Commission has also publicized the substantive provisions being added to the enabling laws, i.e. the Companies Act, 2017 and the Limited Liability Partnership Act, 2017.

    The proposed amendments are placed on SECP’s website for public consultation.

  • Finance ministry urges careful media reporting over ebb

    Finance ministry urges careful media reporting over ebb

    ISLAMABAD: The ministry of finance on Tuesday urged the media for careful reporting over the ebb and flows of Pakistan Stock Exchange (PSX).

    “Yesterday as being unfortunate as such reports highlighting sharp volatility in the market damage the interest of the small investors and create uncertainty in the market,” a statement said.

    “The role of the media in reporting the ebb and flow in the market needs to be carefully analyzed particularly in the wake of rumors spread by a section of the media regarding alleged changes in the government’s economic team which sent wrong signal to the market and damaged the interest of small investors and hurt overall sentiment in the market,” says it added.

    The Ministry of Finance has noted that it is natural for the market to see a correction after rising sharply by over 50 percent.

    “Yesterday, the market fell 846 points. Today the market gained 417 points. These ebbs and flows of the market are driven by sentiments, whereas the fundamentals remain strong and continue to improve.”

    The Ministry of Finance also pointed out that after rising by 50 percent from August 2019 to January 2020, the KSE 100 index had already been named as the top performing market in the world by Bloomberg in December 2019.

    The improved investor confidence was based on corrective measures taken by the government to reduce the twin deficits.

    These measures were also strongly endorsed by Moody’s Investor Services in December 2019 with an upgrade in outlook to ‘stable’ from ‘negative’.

    Foreign portfolio investment in the stock market during the first 6 months of the current fiscal year has also stood at US$ 18.8 million after 4 years of heavy selling by foreign investors.

  • Stock market recovers 418 points

    Stock market recovers 418 points

    KARACHI: The stock market gained 418 points on Tuesday as market made recovery of past days losses.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,714 points as against 39,296 points showing a make of 418 points.

    Analysts at Topline Securities said that the market opened on a positive note in line with regional and international markets, but lost momentum and traded sideways for most part of the day.

    However, in eleventh hour aggressive buying was observed by investors, as index gained to close at 39,714 level (up by 1.05 percent).

    Late buying was witnessed in the cement sector, as MLCF and PIOC from the sector gained to close on their respective upper circuits.

    Investor participation continue to be limited, as traded volume and value for the day stood at 161 million shares and Rs.6 billion respectively.

    HASCOL which was today`s volume leader with 12.8 million shares gained to close on its upper circuit.

  • Car sales decline by 45% in seven months

    Car sales decline by 45% in seven months

    KARACHI – The car sales in Pakistan witnessed a significant decline during the first seven months (July–January) of the fiscal year 2019–2020, as total sales of locally assembled vehicles fell by 45 percent.

    (more…)
  • PTCL declares 14.5% decline in annual net profit

    PTCL declares 14.5% decline in annual net profit

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) has declared 14.5 percent decline in net profit for the year 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the company announced net profit of Rs6.347 billion for the calendar year ended December 31, 2019 as compared with Rs7.422 billion profit in the preceding year.

    The earnings per share for the year of the company also came at Rs1.24 as compared with the EPS of Rs1.46 declared in the last year.

    A final cash dividend for the year ended December 31, 2019 was at Re0.50 per share i.e. 5 percent. This is in addition to the interim dividend already paid at Re0.5 per share i.e. 5 percent.

    The gross profit of PTCL was recorded at Rs16.98 billion for the year 2019 as compared with Rs53.53 billion in the previous year.

    Administrative and general expenses of the company was at Rs6.76 billion in 2019 as compared with Rs6.257 billion in the preceding year.

    PTCL declared operating profit at Rs4.94 billion as compared with Rs6.51 billion.

    The profit before tax was recorded at Rs9.33 billion for the year 2019 as compared with Rs10.757 billion in the preceding year.

  • FBR notifies transfer, postings of BS-20 Customs officers

    FBR notifies transfer, postings of BS-20 Customs officers

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified transfers and postings of Pakistan Customs Service (PCS) officers in BS-20 with immediate effect and until further orders.

    Following officers have been transferred and posted:

    01. Abdul Qadir Memon (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Collectorate of Customs, (Appeals), Karachi from the post of Chief, Federal Board of Revenue (HQ), Islamabad.

    02. Ms. Seema Raza Bokhari (Pakistan Customs Service/BS-20), who is currently posted as Collector, Model Customs Collectorate, Islamabad has been given look after charge of Collector, Model Customs Collectorate of Gilgit-Baltistan in addition to her own duties.

    03. Muhammad Junaid Jalil Khan (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Collectorate of Customs, (Appeals), Islamabad from the post of Chief, Federal Board of Revenue (Hq), Islamabad.

    04. Dr. Tahir Qureshi (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate, Gwadar from the post of Collector, Model Customs Collectorate, Gilgit-Baltistan.

    05. Muhammad Jamil Nasir Khan (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi from the post of Chief, Federal Board of Revenue (Hq), Islamabad.

    06. Imran Ahmad Ch. (Pakistan Customs Service/BS-20) is currently posted as Director, Directorate of Post Clearance Audit(North), Islamabad. The officer will also look after the charge of Director, Directorate of Internal Audit-North (Customs), Islamabad.

    07. Ms. Azmat Tahira (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate (AIIA), Lahore from the post of Director, Directorate of Internal Audit-North (customs), Islamabad.

    08. Basit Maqsood Abbasi (Pakistan Customs Service/BS-20 has been transferred and posted as Collector Model Customs Collectorate of Enforcement and Compliance, Lahore from the post of Collector, Model Customs Collectorate (AIIA), Lahore.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • Rupee makes slight gain amid high dollar demand

    Rupee makes slight gain amid high dollar demand

    The Pakistani Rupee made a slight gain against the US Dollar on Tuesday, closing at Rs154.42 compared to the previous day’s rate of Rs154.43 in the interbank foreign exchange market. This modest increase comes amid significant demand for the greenback for import and corporate payments, according to market dealers.

    (more…)
  • Pulses prices fall up to Rs20/kg in wholesale market

    Pulses prices fall up to Rs20/kg in wholesale market

    KARACHI: Prices of pulses have come down up to Rs20 per kilogram in wholesale market due to lower demand and improved supply, market sources said.

    Anis Majeed, patron in chief, Karachi Wholesale Grocer’s Association (KWGA) and Malik Zulfiqar Ali, chairman, in a statement on Tuesday, said pulses prices have decreased in the market by 10 to 20 rupees per kg.

    KWGA Leaders said due to low demand and huge supply of pulses, Dal Chana price has reduced by 20 rupees from Rs150 per kg to Rs130.

    Similarly, the price of Dal Masoor has reduced by 15 rupees from Rs. 115 to Rs. 100 per kg, dal mash price has reduced by 20 rupees from Rs.185 to 165 rupees per kg, dal moong price has reduced by 10 rupees from Rs.220 to 210 rupees per kg and white chana price has reduced by 10 rupees from Rs.110 to 100 rupees per kg.

    Anis Majeed and Malik Zulfiqar Ali have asked retailers to cut down on retail prices and benefit consumers by providing relief to the masses in the recent inflation and prove that they are a responsible trader.

  • FBR starts enforcing NTN displaying at business premises

    FBR starts enforcing NTN displaying at business premises

    KARACHI: Federal Board of Revenue (FBR) has started enforcement dive to ensure displaying National Tax Number (NTN) at place of business.

    Sources in FBR said on Tuesday that the tax offices had started campaign to ensure displaying of NTN at place of the business.

    The tax authorities will imposed penalty of around Rs5000 on persons who fail to display the NTN at the place of business as required under Income Tax Ordinance, 2001.

    Section 181C of Income Tax Ordinance, 2001 explains the displaying of National Tax Number.

    Every person deriving income from business chargeable to tax, who has been issued a National Tax Number, shall display his National Tax Number at a conspicuous place at every place of his business.