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Author Archives: CT Report

Pakistan’s Liquid Foreign Reserves cross $ 17.717 billion

ISLAMABAD: Pakistan’s Liquid Foreign Reserves crossed US $ 17.717 billion on April 24, 2015, said a statement issued by the State Bank of Pakistan on Thursday. It said that foreign reserves held by the State Bank of Pakistan stood at US$ 12,565.1 million, while net foreign reserves held by banks were US$ 5,152.5 million on April 24. The SBP said ... Read More »

ANF DG Khawar terms international parternership mandatory to eradicate drug menace

ISLAMABAD: Anti-Narcotics Force (ANF) Director General Khawar Hanif said that international partnership was mandatory for eradication of the drug menace.  ANF organized interaction with international partners in drug control at ANF Academy, Islamabad. ANF presented an overview of its efforts for drug control. Director General ANF, Major General Khawar Hanif also exchanged his views on the occasion, said a press ... Read More »

Federal Minister Bosan says farmers’ friendly policies to be introduced

FCA fixes Kharif crop production targets, reviews Rabi crop performance ISLAMABAD: Federal Minister for Food Security and Research Sikander Hayat Khan Bosan said that government was determined to safeguarding the growers’ rights by introducing agriculture friendly policies. Federal minister stated this at a meeting with Federal Committee on Agriculture (FCA) Thursday to review the performance of Rabi crops 2014-15 and fixed ... Read More »

Govt. decides not to change petroleum prices for May 

ISLAMABAD: Contrary to consumers’ expectations for cut in petrol and High speed diesel prices, the government has decided not to change the prices of all petroleum products for next month (May) and maintain the previous prices as same. In a press briefing on Thursday, Ishaq Dar said that after making adjustment in sales tax and petroleum levy, the prices of ... Read More »

ANF Rawalpindi recovers 5 kg charas, 900 grams ice drug  

RAWALPINDI: Anti Narcotics Force (ANF) Rawalpindi road check team has recovered 5 kg charas from a bike rider near Mangla Bypass, Jhelum. Taking action on secret information, ANF intercepted a motorcyclist namely Liaqat Ali, resident of Gujrat near Mangla Bypass, Jhelum and recovered 5 kg charas from his personal possession. As per reports, the accused is involved in supply of ... Read More »

PM Nawaz Sharif sets up ‘Special Delivery Unit’ to work on CPEC

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif on Thursday announced setting up of a special unit for effective implementation of projects along Pakistan China Economic Corridor (CPEC). The unit that started functioning from today would be called Pakistan’s first Prime Minister’s Delivery Unit (PMDU). The Prime Minister was given a presentation by the PMDU team members, led by Spokesman Musaddiq Malik, ... Read More »

NAB arrests owner of Royal Foundry on illegal utilization of electricity   

PESHAWAR: National Accountability Bureau (NAB) Khyber Pakhtunkhwa Wednesday arrested owner of Royal Foundry on illegal utilization of electricity in connivance with TESCO Officers for his steel furnace and causing loss of Rs 26.4 million to the government exchequer. As per details the Royal Foundry is situated in Shahkas area of Khyber Agency (FATA) initially the case was taken-up by FIA ... Read More »

Senate body approves various expenditures for next fiscal year

ISLAMABAD: The Senate Finance Committee Wednesday granted approval to various expenditures earmarked for the next fiscal including approval of the Revised Budget Estimates for the year 2014-2015 and the budget estimates for year 2015-2016. The first meeting of the reconstituted Senate Finance Committee was held at the Parliament House and the meeting was presided over by Chairman Senate Mian Raza ... Read More »

PAC directs TDAP to regularized its financial matters

ISLAMABAD: Public Accounts Committee (PAC) on Wednesday directed the Trade Development Authority of Pakistan (TDAP) to get regularized its financial matters from Finance Division.      The PAC met here under the chairmanship of Syed Khursheed Ahmed Shah and discussed the Audit Paras of the Ministry of Commerce for the year 2010-11.      The PAC was told by the Audit that TDAP concluded ... Read More »

KSE has suspended operations of ACE Securities on investor complaints       

KARACHI: The Karachi Stock Exchange (KSE) has suspended the operations of ACE Securities Limited (ACE) from April 27, after failure to respond to KSE’s notice for explanation pertaining to investor complaints received by KSE for the first time on April 20, 2015. KSE statement here on Wednesday said that since the first complaint, KSE followed the regulatory procedure set forth ... Read More »

SECP issues ‘Unit Linked Products and Funds Rules’ for insurance sector

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued the Unit Linked Products and Funds Rules, 2015, through S.R.O 343(I)/2015, here on Wednesday. The new rules have addressed the investment governance process of the unit-linked funds, net asset valuation methodology and the disclosure of investment risk to the insurance policyholders, according to statement issued here. Additionally, certain features ... Read More »

Minister for Petroleum Shahid Khaqan meets Shahbaz Sharif  

ISLAMABAD: Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi on Wednesday met with Punjab Chief Minister Muhammad Shahbaz Sharif to discuss the matters pertaining to energy sector. The Chief Minister said that record decrease in the prices of petroleum products has resulted in substantial relief to the masses. He said that the ongoing projects in energy sector are being ... Read More »

SBP denies any hidden deal about KASB Bank with Chinese investors

KARACHI:  State Bank of Pakistan (SBP) has denied any deal about KASB Bank and clarifies that a Chinese investor approached State Bank through the bank’s existing shareholders. In a clarification issued here on Wednesday, State Bank said that as part of its mandate it is responsible for protecting the interest of depositors and ensuring stability of the banking system. Fulfilling ... Read More »

NAB aims to facilitate business community to earn more for country: DG

KARACHI: Director General National Accountability Bureau (NAB) Sindh, Col. (Retd) Siraj Naeem here on Wednesday said that NAB believes that national income is based on individual incomes and we should facilitate the business community to earn more for themselves and the country as well. In a meeting with Acting President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Abdul ... Read More »

TDAP’s Pavilion at Leather world Middle East from May 4-6  

KARACHI: Five exhibitors from Pakistan are expected to participate in the Middle East’s premier trade show “Leather world Middle East-2015” dedicated to the leather industry, scheduled to be held from May 4 to 6. Leather world Middle East is expected to attract wide participation from upstream exhibitors (tanneries, chemicals, and machinery) from the Middle East, Asia and Africa and downstream ... Read More »

Govt. focusing on agriculture, infrastructure, energy, telecommunication sectors: Dar

ISLAMABAD: Minister for Finance, Senator Mohammad Ishaq Dar said on Tuesday that in order to achieve broad-based economic development, the government had been focusing on agriculture, infrastructure, energy, and telecommunication sectors. “It is our belief that advancements in these sectors can propel the country to achieve an economic growth rate of around 7 percent by 2017-18”, Dar said while addressing ... Read More »

EPA to establish ‘Geomatic Center’ for environment monitoring  

ISLAMABAD: Pakistan Environmental Protection Agency (Pak-EPA), adopting measures for better atmosphere, plans to establish a ‘Geomatic Center’ for environment monitoring data base development in Islamabad. Protection of environment is a continuous phenomenon; however, during tenure of present government, some of the important programmes at the federal level are being pursued. Sources at Climate Change Division on Tuesday listed some major ... Read More »

Wheat production likely to be less than expectation this year

MULTAN: Special Secretary Agriculture, Syed Gulzar Hussain Shah has said that wheat production could be lower than expected this year in Punjab largely due to climatic conditions, but the situation would benefit farmers financially by ensuring good returns to them. In a release issued by Punjab agriculture department on Tuesday, the Special Secretary Agriculture, who is conducting visits to different ... Read More »

Faisalabad Excise conducts auction of ‘favourite’ numbers

FAISALABAD: Excise and Taxation Department earned Rs 490,000 from the auction of favorite numbers of new registration serial FDO 15 held in the office. According to sources,’FDO-1′ remained most favorite number of the new serial and it was auctioned in Rs 27,000 and another three digit number FDO-381 was auctioned in Rs 11,600. No one took interest in other single ... Read More »

Faisalabad Excise impounds 50 vehicles  

FAISALABAD: Excise and Taxation Department Faisalabad during general checking in the district impounded 50 vehicles and seized registration documents of 85 others. According to official sources, teams of motor vehicle branch of District Excise and Taxation Department set up pickets at important roads, checked hundreds of vehicle to find 135 vehicle owners defaulter of token tax, while 38 were using ... Read More »