KARACHI: Pakistan’s liquid foreign exchange reserves have slightly down by $38 million to $27.065 billion by week ended September 10, 2021 as compared with $27.103 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves maintained by commercial banks fell by $38 million to $7.042 billion by week ended September 10, 2021 as compared with $7.08 billion by week ended September 03, 2021.
KARACHI: Meezan Bank will provide its state-of-the-art Transaction Banking Solution (eBiz+) for payments and collections to the subsidiaries of G&T Group including Gatron (Industries) Limited and Novatex Limited.
Gani & Tayub (G&T) Group, the country’s leading group with companies across different sectors including Synthetic & Rayon and Power Generation, has embarked on an enterprise-level digital journey with the implementation of SAP for all areas of their operations including banking and finance.
Accordingly, after a thorough evaluation, Meezan Bank’s Transaction Banking solution eBiz+ has met G&T’s highest standards for host-to-host connectivity with SAP for payments and collections.
An agreement was hence recently signed by the management of respective entities represented by Rizwan Diwan – Executive Director, G&T Group, Shabbir Diwan – Executive Director – G&T Group and Muhammad Abdullah Ahmed – Group Head, Corporate & Institutional Banking and Muhammad Saqib Ashraf – EVP & Head of Transaction Banking from Meezan Bank at G&T Tower, Karachi.
As per the agreement, Meezan Bank will provide its state-of-the-art Transaction Banking Solution (eBiz+) for payments and collections to the subsidiaries of G&T Group including Gatron (Industries) Limited and Novatex Limited. This core suite of integrated solutions will ensure efficient cash flow management and ease of reconciliation providing the G&T Group with operational excellence.
At this occasion, Rizwan Diwan shared G&T’s ambition for developing G&T as a digital conglomerate signified by the implementation of SAP and appreciated Meezan’s contribution as a banking partner in such an initiative.
Abdullah Ahmed responded in support, “As one of the major players in the industry, Meezan Bank is focusing largely on producing and delivering innovative cash management solutions to commercial and corporate businesses in Pakistan. The addition of G&T Group to this growing portfolio is a monumental opportunity for us to offer streamlined cash flow processes via eBiz+ effectively automating transactions and thus, reducing the inherent risk of all the companies simultaneously.”
This agreement is expected to strengthen the relationship as Meezan Bank supports G&T through the digitalization of transactions and efficiently manages day-to-day operations.
181D. Business licence scheme.-(1) Every person engaged in any business, profession or vocation shall be required to obtain and display a business licence as prescribed by the Board.
(2) Where a person fails to obtain business licence under sub-section (1), the Commissioner may, in addition to and not in derogation of any punishment to which the person may be liable under this Ordinance or any other law, impose a fine of –
(a) twenty thousand Rupees, in case of a taxpayer deriving income chargeable to tax under this Ordinance; or
(b) five thousand Rupees, in all other cases.
(3) The Commissioner may, by an order in writing, cancel a business licence issued under sub-section (1) after providing an opportunity of being heard to the person, if –
(a) such person fails to notify any change in particulars within thirty days of such charge; or
(b) such person is convicted of any offence under any federal tax law.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
The Federal Board of Revenue (FBR) in Pakistan has reinforced the requirement for businesses to prominently display their National Tax Number (NTN) at all places of operation, in accordance with Section 181C of the Income Tax Ordinance, 2001.
The latest service will help PTCL enterprise customers to leverage technology for reaching their full business potential.
The agreement was signed by Sayyed Muhammad Imran Ali, EVP, Digital Services, PTCL and Naveed Khan, Director, Data Center Solutions for Asia Emerging Markets, Dell Technologies, during a signing ceremony held at the PTCL Headquarters, Islamabad, in presence of senior executives from both organizations.
The upcoming Azure Stack Hub is an extension of Microsoft Azure that brings the flexibility and innovation of Cloud Computing to the Cloud Services providers in their on-premises infrastructure.
When deployed at PTCL, the Azure Stack Hub will be used to provide Azure consistent services, either connected to the internet and Azure or in disconnected environments with no internet connectivity.
Azure Stack Hub uses the same underlying technologies as global Azure, which includes the core components of Infrastructure-as-a-Service (IaaS), Software-as-a-Service (SaaS), and Platform-as-a-Service (PaaS) capabilities.
On the occasion, Sayyed Muhammad Imran Ali, EVP, Digital Services, PTCL, said: “PTCL Azure Stack is a leap towards digitization, Cloud readiness and innovation. It has potential of helping SMEs and large enterprises to reinvent their customer experiences and allowing governments and academic institutions to innovate. This partnership will enable us to broaden our enterprise customers’ capabilities and ensure faster growth.”
Also speaking at the event, Naveed Khan, Director, Data Center Solutions for Asia Emerging Markets, Dell Technologies, said: “We are honored to support PTCL to extend their cloud reach in Pakistan to help businesses innovate and adopt hybrid cloud with confidence. With the Dell Technologies Azure Stack, PTCL customers can experience Azure Cloud services without moving their applications and data out of the country.”
The Cloud Computing Services will not only bolster PTCL business customers to realize their full potential but also reinforce the national telecom carrier’s long-term drive for fostering digitization in the country in consistence with the vision of Government of Pakistan for a ‘Digital Pakistan’.
Banking on Equality policy is SBP’s flagship policy initiative for reducing the gender gap in financial inclusion. The policy with its tagline ‘Mali Shamooliat – Sinifi Imtiaz key Bagher’ aims to transform the banking sector in the adoption of women-friendly business policies and practices. The policy has an overarching theme of improving women’s access to financial services and specifies the following key pillars:
— Gender diversity in financial institutions and access points to encourage women towards formal financial services.
— Women-centric products that cater to women‘s financial needs specifically while increasing financial literacy and awareness about women-centric product offerings.
— Women’s champions and specialized resources at all customer touchpoints for a better customer experience.
— Robust collection of gender-disaggregated data and target setting for informed policy interventions and post-launch monitoring & evaluation.
— Policy forum on gender and finance to prioritize women’s financial inclusion, drive the agenda forward, and increase buy-in from multiple stakeholders for added momentum.
The Policy has been developed after having extensive consultation with relevant stakeholders including domestic as well as international institutions, thought leaders and gender experts.
In a progressive move towards acknowledging and rewarding responsible taxpayers, the Federal Board of Revenue (FBR) has introduced the concept of a taxpayer honor card through an amendment to the Income Tax Ordinance, 2001.
Analysts at Arif Habib Limited said that after posting consecutive losses in the past 2 sessions, the index bounced back and put a recovery of 242 points during the session, closing +204 points.
Besides the rebound in Technology sector, E&P stocks posted gains. Cement and O&GMCs remained under selling pressure, whereas nominal gains were witnessed in Steel, Chemical and Banking sector stocks.
Sentiment at the bourse improved after PKR started recovering against USD and posted partial gains in the Interbank market after supposed SBP intervention.
Among scrips, SERFR posted top volumes with 61.6 million shares, followed by WTL (44.8 million) and TRG (32.3 million).
Sectors contributing to the performance include Technology (+90 points), E&P (+49 points), Banks (+42 points), Textile (+29 points) and Vanaspati (+20 points).
Volumes increased from 332.8 million shares to 405.2 million shares (+22 per cent DoD). Average traded value also increased from US$ 68 million to reach US$ 98.2 million (+44 per cent DoD).
Stocks that contributed significantly to the volumes include SERFR, WTL, TRG, UNITY and TELE, which formed 45 per cent of total volumes.
Stocks that contributed positively to the index include TRG (+101 points), OGDC (+25 points), PPL (+23 points), UNITY (+20 points) and FABL (+17 points). Stocks that contributed negatively include AGP (-11 points), MEBL (-9 points), LUCK (-7 points), SYS (-7 points) and MTL (-7 points).
Market sources said that dollar inflows were seen during the day. They believed that the State Bank of Pakistan (SBP) had intervened to support the local currency.
The demand of the greenback remained high during the day for import payments.
