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Pakistan’s fiscal deficit surged to an unprecedented level of 8.9 percent of Gross Domestic Product (GDP) during the fiscal year 2018-2019, as per the latest data released by the federal finance ministry on Tuesday.
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ISLAMABAD: The total number of registered companies with Securities and Exchange Commission of Pakistan (SECP) has increased to 102,864 by end of July 2019, said a statement on Saturday.
The SECP said that in July it registered 1,525 new companies. As compared to the corresponding month of last financial year, it represents a growth of 41 percent raising the number of total registered companies to 1,02,864.
The massive increase is the result of series of recent reform measures undertaken by the SECP.
Around 71 percent companies were registered as private limited companies, while around 25 percent were registered as single member companies.
Four percent were registered as public unlisted companies, not for profit associations, foreign companies and Limited Liability Partnership (LLP) whereas 96 percent of these companies were registered by using online facility including applications received from overseas subscribers through eService and around 49 percent of these companies were registered on same day.
The SECP has also upgraded its browser’s compatibility and now in addition to Internet Explorer, other browsers like Google Chrome, Mozilla Firefox and Microsoft Edge, Safari and Opera can be used for name reservation and company incorporation process.
The trading sector took the lead and 266 new companies are registered in this sector, construction with 186, Information Technology with 183, Services sector with 177, Tourism with 69, Real Estate Development with 59, Food and Beverages with 56, Engineering with 44, Education with 43, Marketing and Advertisement with 40, Textile with 39, Corporate Agricultural Farming with 36, Pharmaceutical with 30, Healthcare with 29, Transport with 28, Chemical with 27, Mining and quarrying with 24, Communication with 21, Auto and Allied with 18, Fuel and Energy with 16, Logging with 14, Broadcasting and Telecasting with 12, Paper & Board, and Power Generation with 11 each and 86 companies were registered in other sectors.
Foreign investment has been reported in 58 new companies. These companies have foreign investors from, Australia, Austria, Canada, China, Denmark, Germany, Hong Kong, Iran, Italy, Korea South, Norway, Saudi Arabia, Serbia, Sweden,, Turkey, the UAE the UK and the US.
The highest numbers of companies, i.e. 603 were registered in Company Registration Office-Islamabad, followed by 378 and 283 companies registered in Lahore and Karachi respectively.
The Company Registration Offices in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta, and Sukkur registered, 100, 76, 41, 27, 10 and 7 companies, respectively.
KARACHI: The liquid foreign exchange reserves of the country have increased by $27 million to $15.604 billion by week ended August 17, 2019 as compared with $15.577 billion a week ago, State Bank of Pakistan (SBP) on Thursday.
The official reserves held by SBP fell by $26 million to $8.238 billion by week ended August 17, 2019 as compared with $8.264 billion week ago.
The central bank said that its official reserves were declined due to external debt servicing and other official payments.
The foreign exchange reserves held by commercial banks have increased by $53 million to $7.366 billion from $7.313 billion.
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Foreign exchange reserves increase by $557 million to $15.577 billion
KARACHI: The net inflow of foreign direct investment (FDI) has declined by 59 percent in the month of July 2019, according to data released by State Bank of Pakistan (SBP) on Thursday.
The FDI declined to $73 million in July 2019 as compared with $178.9 million in the same month of the last year.
The inflows under FDI declined to $168.4 million in the first month of current fiscal year as compared with $264.6 million in the corresponding month of the last fiscal year. The outflows were at $95 million as compared with $85.6 million.
The total foreign private investment witnessed decline of 21.6 percent to $107.2 million during the month under review as compared with $136.8 million in July 2018.
The inflow of portfolio investment in capital market increased by 180 percent to $34 million in July 2019 as compared with outflow of $42 million in the same month of the last year.
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KARACHI: The current account deficit has narrowed by 73 percent to $579 million in July 2019 as compared with the deficit of $2.13 billion in the same month of the last year, according to statistics of Balance of Payment (BoP) released by State Bank of Pakistan (SBP) on Tuesday.
The SBP said that the deficit of goods trade reduced to $1.84 billion in July 2019 as compared with the deficit of $3.48 billion in the comparative month of the last year.
The inflows of home remittances increased to $2.28 billion in July 2019 as compared with $1.98 billion in the same month of the last year.
Analysts said that reduced current account deficit would bode well for the country.
The current account deficit was reached to $19.897 billion in fiscal year 2017/2018. However, the current account deficit reduced to $13.5 billion in the fiscal year 2018/2019.
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Current account deficit narrows by 31.71 percent in 2018/2019
KARACHI: The foreign exchange reserves of the country have increased by $557 million to $15.577 billion by week ended August 09, 2019 as compared with $15.02 billion a week ago, State Bank of Pakistan (SBP) said on Saturday.
The foreign exchange reserves held by the central bank were increased by $535 million to $8.264 billion by August 09 as compared with $7.729 billion a week ago.
The increase in central bank’s reserves is mainly due to inflow of $500 million received from Asian Development Bank (ADB), the SBP said.
The reserves held by commercial banks also increased by $22 million to $7.313 billion as compared with $7.291 billion.
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KARACHI: The investment in premium prize bonds of Rs40,000 denomination has increased by over 46 percent as the government stopped the circulation of bearer bonds of same denomination and launched campaign to document the economy.
According to statistics released by State Bank of Pakistan (SBP) the total investment into premium prize bonds of Rs40,000 denomination increased to Rs7.665 billion by end of June 2019 as compared with Rs5.245 billion in same month of the last year.
The premium prize bonds were launched by the government in March 2019 with the aim to bring undocumented money into the mainstream economy.
According to salient features of the premium bonds issued by Central Directorate of National Savings (CDNS):
— The bond is available in Rs40,000 denomination
— Registered in the name of investor.
— Quarterly prize money draws as well as bi-annual profit payment.
— For individuals, public and private sector institutions except banks, insurance companies and mutual funds.
— Direct credit and prize money and profit in investors bank account.
— No Application Forms required for claiming prize money & profit.
— Unlimited Investment and Tenure.
— WHT applicable and Exempt from Zakat.
— Transferable and Pledge-able.
— Can be purchased through Cash, Cheque, Pay-Order and Bank Draft
— Can be purchased from offices of State Bank of Pakistan Banking Services Corporations.
The growth in premium prize bonds investment is much faster in the month of June 2019 as compared with the previous month due to the government announcement to stop the circulation of bearer bonds of Rs40,000 denomination.
The investment in Rs40,000 prize bonds denomination grew by 24 percent to Rs7.665 billion in June 2019 as compared with Rs6.17 billion in May 2019.
The government on June 24, 2019 notified withdrawal of Rs40,000 denomination national prize bonds from circulation.
On the same date the State Bank of Pakistan (SBP) issued instructions to chief executives and banks of all banks for compliance.
The SBP instructed:
(a) National Prize Bonds of Rs40,000 denomination shall not be sold after June 24, 2019 and will not be encashed/redeemed after March 31, 2020.
(b) No further draws of Rs40,000 denomination national prize bonds shall be held.
(c) Cash payment for encashment of bonds is ‘Not’ allowed. However, the bond holder(s) shall have the following options to replace/encash the bonds:
1. Conversion of Premium Prize Bonds (Registered)
2. Replacement with Special Saving Certificate (SSC)/Defence Savings Certificate (DSC)
3. Encashment at Face Value.
The SBP also issued Standard Operating Procedure (SOP) for conversion to premium prize bonds (registered).
i. The bonds can be converted to premium prize bonds (registered) through the 16 field offices of SBP Banking Services Corporation, and authorized branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.
ii. The bond holder shall be required to submit a written request for conversion of bearer bonds to premium prize bonds (registered) to be registered in his/her name on the prescribed application form.
iii. The bond holder shall also be required to submit prescribed application form for registration/purchase of premium prize bonds as per the procedure in vogue.
The SBP also issued procedure for replacement with Special Saving Certificate (SSC)/Defence Savings Certificate (DSC).
i. The bonds can be replaced with SSC/DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Saving Centers.
ii. All authorized commercial banks shall therefore, accept requests for replacement of bearer bonds with SSC or DSC on the prescribed application form.
iii. The bond holder shall also be required to submit application form for purchase of SSC/DSC as per the prescribed procedure.
The SBP issued procedure for encashment at face value and said that the bonds will only be encashed by transferring the proceeds to the bond holder’s bank account through the 16 field offices of SBP banking services corporation as well as the authorized commercial bank branches.
The SBP further said that all commercial banks shall receive request for encashment of bearer bonds on the prescribed application form.
The SBP said that the prize bonds encashed/replaced by general public may be surrendered to concerned SBP BSC office through respective regional office of the commercial bank. For the purpose, the regional office may intimate the SBP BSC office three days in advance so that necessary arrangements for receipt of the bonds can be made.
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Investment in saving certificates rises by 19 percent to Rs2,217 billion
KARACHI: The investment in saving certificates has registered 19 percent growth to increase Rs2,217 billion in the last fiscal year owing to better rate of interest and safe investment avenue.
The data released by State Bank of Pakistan (SBP) revealed that the investment increased to Rs2,217 billion by June 2019 as compared with Rs1,865 billion by end of same month of 2018.
Experts said that the weak economic situation and continuous increase in interest rate by the central bank encourage investment in saving schemes.
According to the central bank data the investment in the certificates issued by National Saving Center (NSC) rose by 20 percent to Rs2,096 billion by June 2019 as compared with Rs1,749 billion in the same month a year ago.
The central bank had adopted monetary tightening stance since May 25, 2018 and pushed up interest rates to 13.25 percent from 6 percent during the past eight consecutive policy announcements.
The market sources further elaborated that the deterioration in stock market was also a major factor behind significant investment in the government securities.
As per the data the investment in the Defence Saving Certificates (DSC) increased to Rs393.58 billion by June 2019 as compared with Rs336.24 billion in the same month of last year.
Meanwhile, the investment in Special Saving Certificates (SSC) grew to Rs413.71 billion fro Rs381.87 billion in the period under review.
The data further showed that the investment in Regular Income Certificates posted sharp growth of 41 percent to Rs489.62 billion by June 30, 2019 as compared with Rs347.532 billion in the corresponding month of the last year.
Further the investment in Behbood Saving Certificates grew to Rs914.46 billion from Rs794 billion.
The market sources said that the government drive to document the economy and announcement to stop the circulation of Rs40,000 denomination prize bonds encouraged investors to divert the investments into saving schemes.
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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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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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