KARACHI: The Model Customs Collectorate (MCC) Appraisement – West, Karachi, has officially announced a public auction of used vehicles, scheduled to take place on December 20, 2019, at Al-Hamd International Container Terminal (AICT).
(more…)Author: Mrs. Anjum Shahnawaz
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Mobile phones import through legal channels surges by over 100pc on mandatory verification
ISLAMABAD: The import of mobile phones has increased by over 100 percent due to mandatory verification of International Mobile Equipment Identity (IMEI).
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Lawyers, doctors require to keep payment receipt record for tax purpose
In a move to enhance transparency and accountability, the Federal Board of Revenue (FBR) has implemented stringent regulations requiring professionals such as doctors, lawyers, and accountants to maintain meticulous records of payments received from clients or patients for income tax purposes.
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Sarhan appointed as Emirates Vice President for Pakistan
Karachi /Dubai: Emirates Airline has appointed Mohammad Sarhan as its new Vice President for Pakistan.
This is part of the airline’s management rotation and positions it to better serve customer needs and respond with agility to market dynamics, a statement said on Tuesday.
Mohammad Sarhan, Vice President Pakistan said: “Pakistan and Emirates have a special bond that spans 34 years, when our first-ever flight flew from Dubai to Karachi on 25 October 1985.
Today, we serve five cities in Pakistan with 67 weekly flights. Pakistan continues to be one of our most important markets and we’re committed to offering our customers convenience, comfort, innovative products and personalised services.
“I’ve always admired the different facets of Pakistan, its people and its culture, and I’m inspired by the country’s massive potential and its growing tourism industry. From the fascinating history and rich culture, to the sumptuous cuisine and breath-taking natural landscape – Pakistan has so much to offer! We will continue to promote Pakistan as a tourist destination to travellers globally and encourage them to visit and experience this great country.
“Our growing base of Pakistani travellers are seeking quality travel experiences worldwide, and we aim to give our customers world-class travel services and value for money to 159 destinations across the globe. I’m really looking forward to my role, working with our local teams, trade partners and strategic associates, further growing our presence in the market, and delighting our customers.”
Previously, Sarhan was Emirates’ Country Manager for Thailand, Myanmar and Cambodia. He began his career at Emirates in 2006 as a Commercial Operations Officer, before being promoted as the Commercial Manager. Between 2009 and 2014, he gained experience on three continents as Country Manager for Ivory Coast, Greece and Vietnam. In these years, Sarhan managed commercial operations and teams, enhanced the customer experience, looked for opportunities to better serve the local community, and worked with internal stakeholders across Emirates’ wide span and network.
Sarhan brings with him extensive experience in the aviation industry, which spans over 13 years. He has a track record of successfully elevating the airline’s operations in challenging markets.
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SECP, universities sign MoU to promote financial literacy
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has signed Memorandums of Understanding (MOU) with five leading universities to promote financial literacy among youths.
SECP’s Commissioner Investor Education Department, Shaukat Hussain inked the MoUs, said a statement on Tuesday.
While universities were represented by their respective Vice Chancellors, Registrars and Directors.
These HEC recognized universities included University of Balochistan, Mehran University of Engineering and Technology Jamshoro, University of Wah, Forman Christian University Lahore and University of Malakand. Including these five MOUs, SECP’s total number of active MOUs with various institutions under its investor education program ‘Jamapunji’ reached 51, giving it leverage of an ever increasing network of partners for spreading investor awareness.
Talking at the occasion, Shaukat Hussain emphasized on the importance of collaborative efforts between the regulator and the educational sector to enable a more aware and responsible financial ecosystem in Pakistan.
He mentioned SECP’s efforts leading to 28 places jump in the World Bank’s Ease of Doing Business Index, making Pakistan among the top 10 countries with the most improved business climate.
He lauded each of these universities for their established Offices of Research, Innovation and Commercialization (ORICs), which encourage and facilitate aspiring student entrepreneurs.
The Commissioner apprised participants of SECP’s dedicated Startup Portal and ongoing collaboration with various National Incubation Centers across Pakistan.
He informed participants that SECP is member of HEC’s National Curriculum Revision Committees (NCRC) and providing due input in improving ‘ Economics’ and ‘ Business Administration’ tertiary level curricula.
He was of the view that a curricula with components of capital markets, insurance sector and basics of financial literacy would help in producing astute entrepreneurs.
The representatives appreciated SECP’s efforts for cultivating financial literacy.
Under the MoU, SECP will be holding regular seminars at universities on a continuing basis to impart knowledge to students on the basics of savings, financial planning, investing and capital markets.
Visiting university delegates committed to extending their full support through their vast network of colleges and campuses, radio channels, faculty resources, infrastructure and premises, information exchange etc., to make meaningful impact hand in hand with SECP.
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SBP issues instructions on foreign currency loan by private sector
KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued instruction to banks and exchange companies related to foreign currency loan by private sector.
A circular issued by the central bank said that the chapter 19 of Foreign Exchange Manual 2019 contained that it is required to register all foreign currency (FCY) loans, above USD one (1) million, with Exchange Policy Department, State Bank of Pakistan.
In this regard, the SBP decided that all FCY loans will be registered by the banks and exchange companies irrespective of the amount. ADs will be responsible to ensure that FCY loans registered by them, are in compliance with all the parameters given against each type of FCY loan, in Chapter 19 of FEM 2019. However, prior permission of SBP will continue to be required for raising following FCY Loans:
Private sector FCY loans mobilized through securitized instruments, issuance of bonds and financing under Islamic arrangements.
Long term FCY borrowing by ADs.
FCY borrowing by other Financial Institutions i.e. NBFIs, DFIs, PSOs, PSPs, Leasing Companies, House Building Finance Companies & Insurance Companies.
The SBP said that authorized dealers shall also ensure to have independent assessment of each FCY loan proposal/ transaction from money laundering/ terrorism financing risk and foreign exchange risk perspective, by their Compliance or Risk Management Department, prior to its registration. For this purpose, ADs shall conduct appropriate due diligence of the proposal including particulars of lender and shall determine the ultimate beneficial ownership, if it is not a Financial Institution.
In case, the lending entity is controlled by residents, ADs shall ensure that their investment abroad is in compliance with foreign exchange regulations. Further, ADs shall conduct annual focused Internal Audit of FCY Loan Registration function.
Further, the minimum tenor of loans raised as PSBA for working capital under Para 7(iii) and FSBA for liquidity management purposes under Para 9(iii) of Chapter 19 of FEM 2019 has been reduced to one month.
For reporting these foreign private loans (FPL) data on Data Acquisition Portal (DAP), all ADs are required to get Loan Registration Number (LRN) of each loan from Statistics and Data Warehouse Department by 5th of the following month by providing information along with repayment schedule.
All other terms, conditions and instructions in the matter shall remain unchanged. Accordingly, Chapter 19 of the FEM 2019 has been revised and is attached herewith. ADs are advised to bring the above contents to the notice of all their constituents and ensure meticulous compliance.
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Foreign investment witnesses massive growth to $2bn in five months
KARACHI: The inflows of foreign investment registered unprecedented growth to $2 billion during first five months (July – November) of 2019/2020 owing to significant investment in debt securities.
According to data of foreign investment in Pakistan by State Bank of Pakistan (SBP) on Tuesday, the total investment increased to $2 billion during first five months of current fiscal year as compared with $146.7 million in the same period of the last fiscal year.
The total foreign private investment registered 493 percent growth to $869.7 million during the period under review as compared with $146.7 million in the same period of the last fiscal year.
The major component under this head i.e. foreign direct investment grew by 78.1 percent to $850 million during July – November 2019/2020 as compared with $477.3 million in the same period of the last fiscal year.
The portfolio investment in the equity market registered 106 percent growth to $19.5 million during first five months of current fiscal year as compared with outflow of $330.6 million in the corresponding months of the last fiscal year.
The debt securities witnessed substantial investment of $1.136 billion during first five months of current fiscal year as compared with nominal amount in the corresponding period of the last fiscal year.
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Equity market makes gains amid court decision, gas tariff hike
KARACHI: The equity market gained 124 points on Tuesday amid decisions of the apex court and repots of gas tariff hike.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSC) closed at 41,769 points as against 41,645 points showing an increase of 124 points.
Analysts at Arif Habib Limited said that the market saw wide moves today with an initial increase of 411 points and then sustaining loss of -620 points (a drop of almost 1000 points), which was first caused by gas tariff hike proposed by OGRA followed by Court’s decision against Pervez Musharaf that dented the investor sentiment.
E&P stocks rallied despite negative triggers and both OGDC and PPL traded on upper circuits. Banking sector followed suit and showed price gains.
Among volume leaders, O&GMC sector led the table with 71.4 million shares, followed by Food (43.5 million) and Cement (42 million). Scrip wise activity shows FFL on top with 40.5 million shares, followed by HASCOLR1 (35.6 million) and UNITY (26.2 million).
Sectors contributing to the performance include E&P (+226 points), Banks (+100 points), Inv Banks (+50 points), Power (-45 points), Tobacco (-38 points), Cement (-36 points), Fertilizer (-24 points), Textile (-20 points).
Volumes increased further from 358.1 million shares to 412.3 million shares (+15 percent DOD). Average traded value also increased by 26 percent to reach US$ 113.6 million as against US$ 90.3 million.
Stocks that contributed significantly to the volumes include FFL, HASCOLR1, UNITY, JSCL and TRG, which formed 34 percent of total volumes.
Stocks that contributed positively include PPL (+102 points), OGDC (+100 points), HBL (+81 points), DAWH (+53 points) and ENGRO (+36 points). Stocks that contributed negatively include FFC (-48 points), PAKT (-37 points), HUBC (-37 points), PSO (-21 points), and LUCK (-21 points).
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Rupee recovers six paisas on inflows of export receipts
KARACHI: The Pak Rupee recovered six paisas against dollar on Tuesday owing to inflows of exports and remittances, dealers said.
The rupee ended Rs154.95 against dollar from previous day’s closing of Rs155.01 in interbank foreign exchange market.
The dealers said that the rupee was under pressure earlier in the day due to demand for import and corporate payments. However, the rupee managed to recover on inflows of exports and remittances.
The foreign currency market was initiated in the range of Rs155.00 and Rs155.05. The market recorded day high of Rs155.05 and low of Rs154.95 and closed at Rs154.95.
The exchange rate in open marked witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs154.40/Rs154.70, same as the previous day’s closing, in cash ready market.
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SRB suspends sales tax registration of Pak Tractors
KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s Pak Tractors for defaulting tax payment and failure to comply with return filing.
In a notice for suspension of registration, the SRB said that M/s. Pak Tractors failed to make the payment of Sindh Sales Tax on Service to the tune of Rs3.45 million for the period of February 2016 to October 2019.
Similarly, the company also failed to file monthly sales tax returns for the period of February 2016 to October 2019.
The provincial tax authority directed the company to take remedial actions by December 20, 2019 in order to revoke the suspension.
In case of non-satisfactory response or failure to take remedial measures as suggested on or above before December 20, 2019, the case would be further proceeded for cancellation of the registration, the SRB said.