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Author Archives: CT Report

President promulgates Pakistan Food Security Flow and Information Ordinance

ISLAMABAD: In an effort to reduce inflation, President Dr Arif Alvi on Thursday promulgated an ordinance Pakistan Food Security Flow and Information Ordinance against those who deliberately increase prices. The President has promulgated the Pakistan Food Security Flow and Information Ordinance under which those involved in hoarding, artificial inflation, or adulterating will be liable to imprisonment for six months and ... Read More »

Tourism agreement between Sino- Pak cities to promote tourism: Fareena Mazhar

ISLAMABAD: Federal Secretary Board of Investment (BOI), Ms. Fareena Mazhar on Thursday said that the signing of an Memorandum of Understanding (MoU) between the cities of China and Pakistan will help to promote tourism in Shanghai Cooperation Organization (SCO) countries. Secretary Board of Investment (BOI), Ms. Fareena Mazhar expressed that the signing of an MoU on Establishing Cooperation Mechanisms among ... Read More »

NCCPL announces to collect capital gain tax on Sept 24

KARACHI: National Clearing Company of Pakistan Limited (NCCPL) informed all clearing agents that it will collect capital gain tax (CGT) on the disposal of securities for the month of July 2021. The NCCPL will collect the CGT for the period July 01 – July 31, 2021, on Friday, September 24, 2021, through the respective settling banks of the clearing members. ... Read More »

Pakistan Customs taking effective measures to curb smuggling: ADC Shafiq-ur-Rehman

  MULTAN: Pakistan Customs is taking all possible measures to curb smuggling in the region while on the other hands Pakistan Customs is making all out efforts to promote and facilitate legitimate trade and business in country. This was said by Additional Collector Shafiq-ur-Rehman during his visit to various departments of Multan Customs Enforcement & Compliance (E&C) Office. Newly transferred ... Read More »

FTO asks FBR to complete all pending inquiries against officials on priority basis

ISLAMABAD: The Federal Tax Ombudsman has advised the Federal Board of Revenue to direct inquiry officers to complete all the pending inquiries initiated against the officers under the Efficiency and Discipline Rules, 1973 and E&D Rules, 2020 expeditiously. Since 2015, around 180 FBR officials are facing inquiries on charges of corruption and inefficiency, but the enquiry officers were delaying the ... Read More »

PKR breaks losing streak, up by Rs1.41 per USD

KARACHI: The Pakistani Rupee (PKR) broke its recent downtrend in the early trading session Thursday, appreciating by over Rs1.41 against the US dollar in the interbank market. The dollar was being quoted at 167.70 compared to the previous day’s close of 169.116 against the greenback, an all-time high. Read More »

SBP enables Pakistanis to open bank accounts through digital channels

KARACHI: State Bank of Pakistan (SBP) has devised ‘Customers’ Digital Onboarding Framework’, which will facilitate banks and Microfinance Banks (MFBs) to conveniently and remotely open bank accounts of resident Pakistanis by using digital channels including websites/portal, mobile applications and digital kiosks. The central bank, in a statement, said that with the rapid growth in adoption of electronic banking channels, especially ... Read More »

PSO’s new LNG contract allegedly burdens RLNG consumers with $31mn: sources

ISLAMABAD: The Pakistan State Oil (PSO) has reportedly canceled an LNG term cargo from Qatar for September and bought a spot cargo in its place at a higher rate with an impact of $31 million on RLNG consumers. According to OGRA sources, PSO, which imports five term cargoes every month from Qatar under a 15-year agreement at price of 13.37 ... Read More »

ECC approves provision of 300,000 metric ton of wheat to AJK

ISLAMABAD: Economic Coordination Committee on Wednesday approved the provision of 300,000 Metric Ton of wheat to Azad Jammu and Kashmir. A decision to this effect was taken at ECC meeting, which held in Islamabad today with Finance Minister Shaukat Tarin in the chair. The provision of wheat will be at the ratio of 80/20 as mixture of local and imported ... Read More »

German investors express interest to bring investment in various sectors

ISLAMABAD: The German investors have expressed interest to bring investment in various sectors and also observe new avenues to enhance the business and investment ties between Pakistan and Germany. They expressed interest in dairy industry, communication, automobile and service sector as potential sectors in regards to investment in Pakistan, said a press release issued by BOI here on Wednesday. During ... Read More »

Govt increases petrol price by Rs5 per litre

ISLAMABAD: Government on Wednesday approved an increase of Rs5 per litre in the price of petrol. According to a notification issued by the Finance Division, the price of petrol has been increased by Rs5 per litre and new price will be Rs123.30 while High Speed Diesel price increased by Rs5.01 and the new price will be Rs120.04. The price of ... Read More »

Tarin chairs NPMC meeting

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin, presided over the National Price Monitoring Committee (NPMC) held at the Finance Division. Among others, Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Khusro Bakhtiar, Adviser on Commerce Abdul Razak Dawood, Secretary Finance Division, Secretary Petroleum, Secretary M/o Industries & Production, Provincial ... Read More »

Pakistan Stock Exchange wins Best Islamic Stock Exchange Award 2021

KARACHI: The Pakistan Stock Exchange (PSX) has bagged the Best Islamic Stock Exchange Award 2021 by Global Islamic Finance Awards (GIFA). According to a statement, GIFA is an international platform that recognises excellence in banking and finance in the Islamic world. “PSX has a robust platform for providing Shariah-compliant products including dedicated Islamic indices, Shariah-compliant equities and debt instruments,” the ... Read More »

Govt reduces additional customs duty from 7pc to 2pc on import of auto parts

ISLAMABAD: The Federal Cabinet approved the reduction of additional customs duty on import of auto parts from seven percent to two percent. The decision has been taken to promote indigenous production of vehicles in the country. This was disclosed by Minister for Information and Broadcasting Chaudhry Fawad Hussain at a press conference. He said that on the proposal of the ... Read More »

Hyderabad ASO foils bid to smuggle betel nuts worth Rs10m near Jacobabad

HYDERABAD: Collectorate of Customs, Anti-Smuggling Organization has foiled a bid to smuggle betel nuts worth Rs10 million mear Jacobabad. Sources said that Collector Dr. Sadiqullah Khan received credible information about smuggling of betel nuts. He directed Anti-Smuggling Organization to take all necessary measures to foil any attempt of smuggling. The Anti-Smuggling Organizations (ASO) deputed at Shaheed Abdul Ghaffar Shaikh Customs ... Read More »

German delegation visits KCCI to assess business, investment opportunities in Karachi

KARACHI: A 19-member German-Emirati Chamber of Commerce & Industry (AHK) delegation led by CEO AHK Oliver Oehms visited the Karachi Chamber of Commerce & Industry (KCCI) to hold Business-to-Business Meetings and assess the overall business and investment opportunities in Karachi. Chairman Businessmen Group & Former President KCCI M. Zubair Motiwala joined the meeting online via Zoom facility whereas Consul General ... Read More »

Multan Customs generates Rs13.43m through auction of perishable items

MULTAN: Collectorate of Customs Enforcement & Compliance has generated Rs13.43 million from auction of perishable food items lying at the State Warehouse. The Collectorate has carried out special auction to dispose perishable goods. Perishable goods were seized by Customs Anti-Smuggling Organization in their various operations. The auction was held at Customs House after the approval of Collector Imran Ahmad Chaudhry. ... Read More »

PSW launches online registration of banking profile

ISLAMABAD: The Pakistan Single Window (PSW) in collaboration with the State Bank of Pakistan (SBP) launched the ‘online registration of banking profile’ in Pakistan Single Window. A handout issued by PSW states that Dubai Islamic Bank (DIB) has become the first bank to successfully integrate with PSW. Integration of banking profile with PSW is a major reform initiative aimed at ... Read More »

Iran seeks promotion of digital markets with Pakistan

ISLAMABAD: Iran and Pakistan have great scope to enhance mutual trade relations and should consider setting up digital markets to boost bilateral trade up to the potential of both countries. This was stated by Syed Mohammad Ali Hosseini, Ambassador of Iran while interacting with the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI) along with ... Read More »

Tarin briefed on development of Social Impact Fund

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin was briefed on the ongoing efforts of National Investment Trust Limited (NITL) in developing Pakistan’s ‘First Social Impact Fund (SIF). The SIF was primarily dedicated to finance strategic and financially sustainable social initiatives such as women empowerment, agriculture value chains, MSME development, low cost renewable energy and low cost housing schemes ... Read More »