Wednesday , June 23 2021
Breaking News
Home / Author Archives: CT Report (page 3)

Author Archives: CT Report

SBP foreign reserves rise $2m to $16.42b

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves were recorded at 16,417.3 million during the week ending on June 11, showing an increase of $4 million or 0.01%. According to the central bank, Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,586.5 million. Net reserves ... Read More »

RCCI organizes post budget session, urges govt to withdraw Section 203A

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI)has shown strong reservations on the federal and provincial budgets 2021-22. Addressing a post-budget meeting at Chamber House President Mohammad Nasir Mirza said that Section 203A authorizes the tax officer to arrest a tax-payer. This will increase harassment, bribery and blackmail and demanded for immediate withdrawal of the Section 203 A. He ... Read More »

Govt should allow coal unloading at Karachi Port Trust: APCMA

KARACHI: Cement-makers have asked the federal government to allow the discharge of imported coal at Karachi Port Trust (KPT) as their demurrage mounts on account of the alleged mishandling of cargo at Pakistan International Bulk Terminal (PIBT), the country’s only coal-handling terminal with a single dedicated berth at Port Qasim. According to the coal vessel lineup at PIBT, ships are ... Read More »

Covid-19 vaccine procurement top priority of govt: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin Friday said that providing safety to our citizens through the timely procurement of vaccine is foremost priority of the government. While chairing the meeting, he directed Economic Affairs Division (EAD) to start the process of availing the credit lines with our development partners for ensuring timely payments to the vendors as ... Read More »

Talks with IMF over sixth economic review remain inconclusive

ISLAMABAD: The talks between Pakistan and the International Monetary Fund (IMF) over a sixth review of the $6 billion loan programme remained inconclusive. Finance Minister Shaukat Tarin confirmed that the talks with the Fund over the sixth economic review remained inconclusive. He said the government cannot put burden on the poor, adding talks with the Fund would continue. Tarin said ... Read More »

Govt raises over Rs1tr through T-bills

ISLAMABAD: The government raised Rs1.096 trillion through auction of treasury bills and Rs70bn through Pakistan Investment Bonds. However, the cut-off yields on all the tenors of the T-bills were unchanged. According to a local media report, the government raised Rs388.7bn against the bids of Rs749bn for three-month at 7.32 per cent. The highest amount of Rs707.6bn was raised for 6-month ... Read More »

SCCI, BoI to form joint working group to resolve business issues

PESHAWAR: Sarhad Chamber of Commerce and Industry and Board of Investment (BoI) Islamabad have decided to form a joint working group to resolve the business community issues as well as to attract investment in KP, including newly merged districts by creating favorable business climate under Prime Minister’s vision of ‘Ease of Doing Business’. The decision was made during a meeting ... Read More »

Banks given time to develop model for housing loans

KARACHI: The State Bank of Pakistan has directed banks to come up with their informal income proxy models operational for low-cost housing within four weeks as the process of lending for housing is still much below than the expectations of the government. “In order to facilitate low-cost housing finance applicants with informal income, the State Bank has asked banks to ... Read More »

MoF revises profit rates of National Savings certificates

ISLAMABAD: The Finance Ministry has revised the profit rates on National Savings Schemes certificates, a notification issued in this regard said. The profit rate for the Defense Savings Certificates has been moved up from 9.29% to 9.35%, while the return on Regular Income Certificates has been increased from 8.64% to 8.76%. Likewise, the return on Short Term Savings Certificates, which ... Read More »

SBP Governor updates Shaukat Tarin on progress of different policy initiatives

ISLAMABAD: Governor State Bank of Pakistan, Dr. Reza Baqir called on Minister for Finance and Revenue, Shaukat Tarin in Islamabad on Thursday. The Governor updated the Finance Minister on the progress of different policy initiatives that are designed for the uplift of the rural and urban youth. He briefly touched upon the simplification of regulation the Central Bank has proposed ... Read More »

Steel sector warns govt of massive losses over scrapping FED in tribal areas

ISLAMABAD: Pakistan’s steel industry has strongly protested moving the sector from the FED to GST sales tax regime and warns the PTI government that this will have disastrous consequences for the industry and economy. “The government will have to bear a revenue decrease of Rs50 billion per annum as loss on sales tax by this move. There has been no ... Read More »

SBP caps feeless interbank fund transfer at Rs25,000 per month

KARACHI: The State Bank of Pakistan (SBP) directed banks to continue providing free of cost digital fund transfer services to individual customers for up to Rs25,000 per month per account/wallet. However, banks may choose to set this aggregate limit at a higher amount as well. “This would allow individual customers to make as many free fund transfer transactions remaining within ... Read More »

Collector Irfan Javed’s Quetta Customs thwarts attempt to smuggle Iranian diesel worth Rs30m

QUETTA: Collectorate of Customs Enforcement and Compliance (E&C) has seized non-duty paid vehicles and an oil tanker loaded with Iranian diesel, and arrested four persons. The market value of seized goods comes to Rs39 million. Sources said that on the directives of Chief Collector Gul Rehman, Collector Irfan Javed, Additional Collector Yasir Kalwar, Deputy Collector Akbar Jan and Assistant Collector ... Read More »

Vegetable exports increased record 1.51pc in 10 months

ISLAMABAD:  Vegetable exports during first ten months of FY 2020-21 grew by 1.51 per cent as compared to the exports of the corresponding period of last year. During the period from July-April 20-21, Vegetables worth US $ 277,507 thousand exported as compared to worth US $ 273,383 thousand of same period of last year. According to the data released by ... Read More »

FBR directs customs officers of BS-19-20 to submit asset declaration, PERs by July 10

ISLAMABAD: Federal Board of Revenue (FBR) directed officers of Pakistan Customs Service (PCS) from Grade – 19 to Grade – 20, who are in promotion zone, to submit asset declaration and performance evaluation reports (PERs) by July 10, 2021. The FBR said that the meeting of Central Selection Board (CSB) for promotion of Pakistan Customs Service from BS-20 to BS-21 ... Read More »

Tarin rules out possibility of Pakistan’s exit from IMF programme

ISLAMABAD: Federal Minister for Finance Shaukat Tarin has said that it is not possible for Pakistan to come out of the IMF programme, as he agreed to review the Federal Board of Revenue’s (FBR) powers of arresting taxpayers in consultation with senators. The federal minister’s comments came during his discussion with the Senate Standing Committee on Finance in Parliament House ... Read More »

DG Khan ASO seizes huge quantity of smuggled betel nuts

MULTAN: Collectorate of Customs Enforcement & Compliance (E&C) Multan has seized huge quantity of betel nuts under the garb of coal from Dera Ghazi Khan region.   The value of the seized betel nuts was almost Rs.4 million. According to details, Collector MCC Enforcement & Compliance Muneeza Majeed received reliable information that huge quantity of contraband items will be smuggled through ... Read More »

Govt slashes levy on petroleum products

ISLAMABAD: The federal government on Wednesday reduced the levy on petroleum products. According to sources, sales tax on petrol and high speed diesel has been increased, while levy on petrol has been reduced by Rs 1.83 per liter from Rs 4.80 to Rs 2.97 per liter. The levy on high speed diesel has been reduced by Rs 1.53 per liter ... Read More »

ECC approves foreign funding policy for NGOs

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today. Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Sawati, Federal Minister for Economic Affairs Division Omar Ayub Khan, Federal Minister for Maritime Affairs Ali Haider Zaidi, Federal Minister for National Food Security & Research Syed ... Read More »

Pakistani company gets largest IT order from Japanese corporation

ISLAMABAD: A Japanese company, building high-tech platform to expand its global services, announced to award orders to a Pakistani company for creation of an information technology platform for real estate. “We are happy that Bears Inc Japan has chosen Saffran Group from Pakistan for this product, which will be completed by high-tech IT experts in Pakistan,” a press release issued ... Read More »