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Author: Mrs. Anjum Shahnawaz

  • Overseas Pakistanis send $2.04 billion in July

    Overseas Pakistanis send $2.04 billion in July

    KARACHI: Overseas Pakistani workers have remitted $2.04 billion in the first month of fiscal year 2019/2020 as compared with $1.98 billion in the same month of the last fiscal year, State Bank of Pakistan (SBP) said on Friday.

    During July 2019, the inflow of worker’s remittances amounted to $2.04 billion, which is 23.91 percent more than June 2019 and 2.9 percent more than July 2018.

    The country wise details for the month of July 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $470.95 million, $427.33 million, $332.37 million, $299.27 million, $198.06 million and $58.30 million respectively compared with the inflow of $437.48 million, $446.25 million, $291.87 million, $298.51 million, $199.30 million and $64.96 million respectively in July 2018.

    Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during July 2019 amounted to US $253.01 million together as against US $243.35 million received in July 2018.

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  • SBP to monitor ATMs working during Eid holidays

    SBP to monitor ATMs working during Eid holidays

    KARACHI: State Bank of Pakistan (SBP) will monitor the working of Automated Teller Machines (ATMs) during Eid holidays to ensure uninterrupted availability of cash.

    The central bank on Friday said that it had provided a sufficient quantity of fresh and good quality ATM notes of higher denominations to commercial banks for smooth ATM operations during the Eid Holidays.

    “In this regard, special teams of SBP and SBP BSC officials shall inspect and monitor the working of ATMs across Pakistan to ensure uninterrupted availability of cash to the general public during the Eid holidays.”

    The SBP, through 16 field offices of its subsidiary SBP Banking Services Corporation (SBP BSC), issued fresh banknotes of various denominations aggregating to Rs284 billion, including Rs.274 billion via commercial banks and Rs.10 billion via cash counters of SBP BSC , during days leading to Eid-ul-Azha.

    Out of the total notes issued to commercial banks, Rs. 12 billion of lower denominations (upto Rs.100), fresh notes have been provided for onward distribution among general public and account holders, the SBP said.

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  • Pakistan cuts trade ties with India; notifications issued

    Pakistan cuts trade ties with India; notifications issued

    ISLAMABAD: Pakistan has completely cut trade ties with India as the ministry of commerce issued notification for banning import and exports with the neighboring country.

    The ministry of commerce on Friday issued SRO 927(I)/2019 and SRO 928(I)/2019 to impose ban on trade with India.

    Through SRO 927 (I)/2019, the ministry of commerce amended Import Policy Order, 2016 and included India in the list of countries having not trade links. Earlier, only one country i.e. Israel was on the list.

    With the amendment the goods of Indian or Israeli origin or imported from India or Israel are prohibited.

    Similarly, through SRO 928(I)2019, the ministry of commerce also restricted exports to India.

    The ban has been imposed on trade with India following decision taken at the National Security Committee (NSC) against atrocities of India on Kashmiri people.

    Prime Minister Imran Khan on Wednesday chaired meeting of the National Security Committee at Prime Minister’s Office.

    The meeting was attended by Foreign Minister, Defence Minister, Interior Minister, Minister for Education, Minister for Human Rights, Minister for KA&GB, Law Minister, Adviser Finance, CJCSC, COAS, CAS, CNS, SAPM on Information, DG-ISI, DG-ISPR, Secretary Foreign Affairs and other senior officers.

    The Committee discussed situation arising out of unilateral and illegal actions by the Indian government, situation inside Indian Occupied Jammu and Kashmir and along LOC.

    The Committee decided to take following actions:- 1. Downgrading of diplomatic relations with India. 2. Suspension of bilateral trade with India. 3. Review of bilateral arrangements. 4. Matter to be taken to the United Nations, including the Security Council. 5. Independence Day this 14 August to be observed in solidarity with brave Kashmiris and their just struggle for their right of self-determination. 15th August will be observed as Black Day.

    PM directed that all diplomatic channels be activated to expose brutal Indian racist regime, design and human rights violations. PM directed Armed Forces to continue vigilance.

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  • Rupee ends down on dollar demand ahead of week-long holidays

    Rupee ends down on dollar demand ahead of week-long holidays

    KARACHI: The Pak Rupee ended down by 19 paisas against dollar on Friday owing to higher demand for import payments ahead of Eid and weekly holidays.

    The rupee closed at Rs158344 to the dollar from previous day’s closing of Rs158.25 in interbank foreign exchange market.

    Currency experts said that demand for greenback was high due to Eid and weekly holidays. The market will remain close for next six days and will reopen next Friday August 16, 2019.

    The government has announced holidays for Eid-ul-Azha from August 12 to August 15.

    The exchange rate in open market also witnessed significant depreciation in rupee value. The buying and selling of dollar was recorded at Rs158.30/Rs159.30 from previous day’s closing of Rs157.40/Rs158.40 in cash ready market.

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  • FBR extends date for filing sales tax, federal excise return

    FBR extends date for filing sales tax, federal excise return

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday extended the date for filing sales tax and federal excise return for the month of July 2019.

    A notification issued by the FBR said that the annexures of sales and purchases, which are due on August 10, 2019 cab be submitted up to August 16, 2019.

    The FBR further said that payment of sales tax and federal excise duty, which is due on August 15, 2019 can be made up to August 19, 2019.

    Similarly, the date for submitting sales tax and federal excise return, which is due on August 18, 2019, has been extended up to August 21, 2019.

    The FBR said that the date has been extended considering the Eid holidays.

  • Ufone celebrates week-long 72 years of Pakistan’s independence

    Ufone celebrates week-long 72 years of Pakistan’s independence

    ISLAMABAD: Ufone concluded its week-long Azaadi celebration on account of Pakistan’s 72 years of Independence with full patriotic fervor.

    The entire organization participated with immense passion and reflected their love for Pakistan. Activities for Azaadi Week carried on for the entire week.

    The company portrayed true patriotism through a series of activities aligned nationwide across Ufone offices ensuring that the spirit of Independence was felt throughout.

    Each activity allowed employees to connect with the rich culture and heritage of the country, enabling them to demonstrate their affection for their beloved homeland.

    In addition, to celebrate the 72nd Independence of Pakistan honoring the spirit of freedom, Ufone set free 72 pigeons into the free sky of Islamabad.

    On this occasion, President and CEO of Ufone, Rashid Khan along with Executive Management Team hoisted the national flag, employees sang the national anthem and vouched to serve their countries to the best of their abilities.

    The telecom operator has always taken great pride in the heritage and traditions of Pakistan; the brand has focused on appreciating the individuality and strength of every Pakistani.

    Through its various campaigns, Ufone has always identified unique and strong Pakistanis who have made a mark for themselves along with making their country proud.

  • FBR reinstates 10 customs officials into service on FST order

    FBR reinstates 10 customs officials into service on FST order

    ISLAMABAD: Federal Board of Revenue (FBR) has re-instated 10 customs officials into service in compliance to order passed by Federal Service Tribunal (FST), Lahore.

    The FBR issued notifications on Thursday to re-instate the officials in pursuance of judgment passed by FST, Lahore on July 11, 2019.

    Following are the notifications:

    01.No. 2072-C-III/2019:- In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.508(L)CS/2017, Zahid Raza Bukhari, Ex-Superintendent, Directorate of Intelligence & Investigation-Customs, Faisalabadwho was removed from service on 08.05.2017 and subsequently converted into compulsory retirement vide FBR’s Notification No.2513-C-III/2017 dated 11.09.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his removal from service. The intervening period from 08.05.2017 to 21.03.2018 during which he remained out of service is treated as period spent on duty.2. He retired from service on 21.03.2018 (A.N.) on attaining the age of superannuation.

    02.No. 2070-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.510(L)CS/2017, Mansoor Alam, Ex-Inspector, Model Customs Collectorate, Faisalabad who was compulsorily retired from service vide FBR’s Notification No.1414-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 todate during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    03.No. 2071-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.511(L)CS/2017, Amjad Iqbal Cheema, Ex-Inspector, Model Customs Collectorate, Faisalabad who was compulsorily retired from service vide FBR’s Notification No.1413-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    04. No. 2069-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.509(L)CS/2017, Muhammad Ramzan, Ex-Inspector, Directorate of Intelligence & Investigation-Customs, Faisalabad who was removed from service on 08.05.2017 and subsequently converted into compulsory retirement vide FBR’s Notification No.2516-C-III/2017 dated 11.09.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his removal from service. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment

    05. No. 2068-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.507(L)CS/2017, Ali Zahid, Ex-Inspector, Model Customs Collectorate, Faisalabad who was removed from service on 08.05.2017 and subsequently converted into compulsory retirement vide FBR’s Notification No.2515-C-III/2017 dated 11.09.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his removal from service. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment

    06. No. 2063-C-III/2019:-In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.496(L)CS/2017, Asad Mahmood, Ex-Inspector, Model Customs Collectorate, Sialkot who was compulsorily retired from service vide FBR’s Notification No.1428-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    07. No. 2066-C-III/2019:- In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.498(L)CS/2017, Syed Akmal Hussain Shah, Ex-Inspector, Model Customs Collectorate, Sialkot who was compulsorily retired from service vide FBR’s Notification No.1430-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment

    08. No. 2060-C-III/2019:- In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.495(L)CS/2017, Shafqat-uz-Zaman Cheema, Ex-Inspector, Model Customs Collectorate, Sialkot who was compulsorily retired from service vide FBR’s Notification No.1429-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    09. No. 2064-C-III/2019:- In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.497(L)CS/2017, Mirza Muhammad Imran Baig, Ex-Inspector, Model Customs Collectorate, Sialkot who was compulsorily retired from service vide FBR’s Notification No.1432-C-III/2017 dated 08.05.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his Compulsory Retirement. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

    10. No.2059-C-III/2019: – In pursuance of judgment dated 11.07.2019 passed by Federal Service Tribunal, Lahore in Appeal No.494(L)CS/2017, Mr. Muhammad Javed, Ex-Inspector, Model Customs Collectorate, Sialkot who was removed from service on 08.05.2017 and subsequently converted into compulsory retirement vide FBR’s Notification No.2298-C-III/2017 dated 22.08.2017, is hereby re-instated into service with effect from 08.05.2017 i.e. the date of his removal from service. The matter of back benefits for the intervening period from 08.05.2017 to date during which he remained out of service, shall depend upon final outcome of denovo proceedings to be initiated against him in due course of time in the light of FST judgment.

  • SBP imposes penalty on four banks for violating AML/KYC

    SBP imposes penalty on four banks for violating AML/KYC

    KARACHI: The State Bank of Pakistan (SBP) has imposed penalty of Rs184.64 million upon four commercial banks for violating laws related to Anti-Money Laundering (AML)/Know Your Customer (KYC).

    The central bank on Thursday said that these penalty amount was imposed during the month of July 2019 against banks included: The Bank of Punjab; JS Bank Limited, Bank Al Habib Limited and Soneri Bank.

    The SBP imposed penalty of Rs13.072 million against The Bank of Punjab on July 15, 2019 for violating in areas of foreign exchange operations.

    In addition to penal action, the bank has been advised to improve its internal processes, the SBP said.

    The Bank of Punjab was again penalized with Rs16.119 million on July 18, 2019 for violating in areas of AML/KYC, unclaimed deposits.

    In addition to penal action, the bank has been advised for improvements in the areas of AML/KYC, the central bank added.

    The SBP penalized JS Bank Limited with penalty amount of Rs48.211 million on July 23, 2019 for violating in areas of AML/KYC.

    In addition to penal action, the bank has been advised to conduct a thorough review of relationship accounts, the SBP said.

    The SBP imposed penalty of Rs51.75 million upon Bank Al Habib Limited on July 25, 2019 for violating in areas of AML/KYC, FX Operations.

    In addition to penal action, the bank has been advised to update its systems and processes, and provide appropriate trainings to the concerned officials, the SBP said.

    The SBP imposed penalty of Rs55.48 million upon Soneri Bank Limited on July 25, 2019 for violating in areas of AML/KYC, Asset Quality, FX Operations.

    In addition to penal action, the SBP advised the bank to improve areas of AML/KYC and credit risk monitoring.

  • FBR defers action against traders till September 30

    FBR defers action against traders till September 30

    ISLAMABAD: Federal Board of Revenue (FBR) has decided not to take any adverse action under tax laws against traders till September 30, 2019 regarding information obtained through Computerized National Identity Card (CNIC).

    FBR Chairman Shabbar Zaidi held a meeting with all groups of traders of Pakistan on Thursday at FBR and discussed various issues about the traders.

    It has been agreed with consensus that no adverse action under the Income Tax Ordinance 2001 and Sales Tax Act, 1990 will be undertaken against the traders merely on the basis of information emanating from providing of CNIC under the Sales Tax Act, 1990 as required under the Finance Act, 2019 for traders till September 30, 2019.

    There will be discussion between the associations and bodies of the traders for the finalization of Scheme for small shopkeepers for which drafts have been furnished by various trade bodies which will be taken into consideration by the FBR.

    The condition of obtaining CNIC number for unregistered persons at the time of supplies by registered person was to applicable from August 01, 2019.

    The condition has been proposed to be applicable from July 01, 2019 through Finance Bill 2019.

    However, through Finance Act, 2019 this condition was to applicable from August 2019.

    An amendment has been introduced through Finance Bill 2019 to Section 23 of Sales Tax Act, 1990 under which it was now required specifically to mention particulars on invoices in Urdu or English language.

    Tax Invoice is also required to reflect CNIC Number of recipient in case supplies are made to unregistered person.

    The Finance Bill 2019 also proposed to require a supplier of textile yarn and fabric to mention count, denier and construction, in addition to description, on tax invoice at the time of making taxable supply.

  • Share market ends down by 539 points on border, political conflicts

    Share market ends down by 539 points on border, political conflicts

    KARACHI: The share market witnessed another decline of 539 points on Thursday amid escalating conflict between Pakistan and India and arrest of PML-N leader by National Accountability Bureau (NAB).

    The benchmark KSE-100 index closed at 29,738 points as against 30,277 points showing a decline of 539 points.

    Analysts at Topline Securities attributed the decline to the latest development amid escalating conflict between Indo-Pak, Pakistan has suspended all bilateral trade with India and has also resolved to downgrade its diplomatic relations with the neighboring country.

    Furthermore Political noise remained high after the arrest of PML-N leader Maryam Nawaz by National Accountability Bureau (NAB) in an alleged corruption scandal.

    Analysts at Arif Habib Limited said that as soon as the market opened, the Index went straight to the negative territory, diminishing the hopes of a technical pull back anticipated by Technical chartists.

    Confrontation at the border took the center stage not only in the Parliament but also at the bourse, denting investor sentiment.

    Persistent across the board selling from mutual funds has been a major problem for local investors, which have seen foreigners selling since past three years and now from local Funds.

    E&P, Autos, Banks and Cement Sectors again caused the onslaught and remained on the negative side. Cement sector led the volumes table with 15.2 million shares, followed by Power (14 million) and Banks (13.5 million). KEL remained on top with 10.3 million shares, followed by UNITY (7.8 million) and MLCF (6.7 million).

    Sectors contributing to the performance include Banks (-213 points), E&P (-150 points), Power (-62 points), Cement (-34 points), Fertilizer (-28 points), and Food (+17 points).
    Volumes increased significantly from 65.3 million shares to 108.7 million shares (+66 percent DoD). Average traded value also increased by 58 percent to reach US$ 27.4 million as against US$ 17.4 million.

    Stocks that contributed significantly to the volumes include KEL, UNITY, MLCF, LOTCHEM and ISL, which formed 31 percent of total volumes.

    Stocks that contributed positively include EFERT (+24 points), NESTLE (+14 points), PSO (+6 points), SHFA (+5 points) and KTML (+4 points). Stocks that contributed negatively include HBL (-55 points), POL (-54 points), OGDC (-53 points), MCB (-51 points) and HUBC (-43 points).

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