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SECP automates Ultimate Beneficial Ownership Form for companies

ISLAMABAD; The Securities and Exchange Commission of Pakistan (SECP) has launched a facility on its eService portal for online submission of statutory Form-45, required to submit the declaration of ultimate beneficial ownership (UBO), under Section 123A of the Companies Act, 2017. “This is another forward step to promote the beneficial ownership transparency,” the SECP said in a press release on ... Read More »

Govt slashes petrol price by Rs1.79 per liter

ISLAMABAD:  The government on Thursday slashed prices of petroleum products by up to Rs2.32 per litre effective from April 15, 2021. It reduced the price of high-speed diesel (HSD) by Rs2.32 per litre and the price of petrol by Rs1.79 per litre. the prices of kerosene and light diesel oil have also been slashed by Rs 2.06 and Rs 2.21 ... Read More »

Elite privilege eats up $17.4b of Pakistan’s economy, UN report finds

ISLAMABAD: Pakistan’s elite groups enjoy an estimated Rs17.4 billion in economic privileges, which is 6% of the economy, according to a recent United Nations report. Elite groups include the corporate sector, feudal landlords, political class and the country’s powerful military. The UN Development Programme’s (UNDP) National Human Development Report (NHDR) for Pakistan was released last week. It focuses on issues ... Read More »

Spices import increased 31.32pc in 8 months of FY21

ISLAMABAD: The import of spices into the country has witnessed an increase of 31.32 percent during eight months of the current financial year (2020-21) as compared to the corresponding period of last year. Pakistan imported spices worth US $138.361 million during July-February (2020-21) as compared to the imports of US $105.365 million during July-February (2019-20), showing growth of 31.32 percent, ... Read More »

KP excise dept decides to expand tax net

PESHAWAR: The Khyber Pakhtunkhwa (KP) Excise, Taxation and Narcotics Control department has decided to expand tax net by adding new rating areas, instead of putting more burden on existing tax payers. In view of the situation arising out of coronavirus pandemic in the province, the Excise Department held a high level meeting to review the performance of the first nine ... Read More »

SHC orders NAB to file reference against grabbers of forest land

KARACHI: Sindh High Court Sukkur bench ordered the NAB to file a reference against persons who have illegally grabbed the forest department’s land. A bench comprised of Justice Aftab Gorar and Justice Faheem Ahmed Siddiqui heard the case. The counsel told the court that Jahangir Tareen has also grabbed forest land in Ghotki district. “We know many influential persons have ... Read More »

Pak Rupee falls by 8 paisa against USD

KARACHI: The exchange rate of US Dollar increased by 08 paisa in the interbank on Tuesday against Pakistani rupee. The greenback closed at Rs152.83 on second business day of the week compared to previous closing of 152.75. However, since start of April, dollar has declined by 47 paisa or 0.3 percent. The greenback has lost 15.6 rupees or 9. 71 ... Read More »

Parwaaz, HBL & IBP to train Cybersecurity specialists to secure Pakistan’s financial sector

  KARACHI: Parwaaz, HBL and Institute of Bankers Pakistan (IBP) signed a Memorandum of Collaboration (MoC) to develop a skilling program for Parwaaz’s financial services incubator. The incubator will equip current and aspiring bankers with skills to become cybersecurity specialists. The MoC was signed by Mr. Jawad Khan, Country Head Parwaaz and CEO Punjab Skills Development Fund (PSDF); Mr. Muhammad ... Read More »

ICAO audit team likely to postpone Pakistan visit

ISLAMABAD: The International Civil Aviation Organisation (ICAO)’s audit team has proposed the Civil Aviation Authority (CAA) to postpone its scheduled visit, from July 5 to 15, in the summer to Pakistan due to a surge in the coronavirus cases, according to local media reports. However, the CAA has suggested to the ICAO not to postpone the visit saying the Pakistani ... Read More »

Germany to boost investment in Pakistan

BERLIN: Germany expressed the intent to increase investment in Pakistan’s diverse sectors and boost trade relations. As per details, German Foreign Minister, Heiko Maas and Foreign Minister, Shah Mahmood Qureshi, at a joint press conference in Berlin agreed to strengthen bilateral ties with particular focus on increasing trade and investments. The German foreign minister termed the Qureshi’s visit a good ... Read More »

PSX loses 208.43 points to close at 44,978.05 points

ISLAMABAD: The KSE-100 index of the Pakistan Stock Exchange (PSX) on Monday witnessed bearish trend, losing 208.43 points, with negative change of 0.46 percent, closing at 44,978.05 points against 45,186.48 points on the last working day. A total 503,526,595 shares were traded during the day compared to the trade of 688,037,488 shares the previous day whereas the price of shares ... Read More »

Govt fixes Nisab for Zakat at Rs80,933

ISLAMABAD: The government has fixed Nisab for Zakat deduction on bank accounts for the current lunar year at Rs80,933. According to a notification issued by the Administrator General Zakat for the lunar year 1441-42 Hijri, people having a minimum of Rs80,933 balance in savings, profit and loss sharing or similar bank accounts on the first day of Ramazan will be ... Read More »

SBP to remain closed for public dealing on 1st Ramazan

KARACHI: The State Bank of Pakistan (SBP) will remain closed for public dealings on the 1st of Ramadan which shall be observed as a “Bank Holiday” for the deduction of Zakat. “All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1442 A.H.,” a statement from the central bank said. A day earlier, the ... Read More »

China offers full support to Pakistani business community

KARACHI: Ambassador of China in Pakistan Nong Rong along with Chinese Consul General in Karachi Li Bijian and his team visited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday. The meeting took note of various subjects pertaining to economic relationship between Pakistan and China particularly in reference to China Pakistan Economic Corridor and China-Pakistan Free Trade ... Read More »

Hammad directs FBR to hold consultative sessions with stone crushing association

ISLAMABAD: A delegation of senior members of Stone Crushing Associations, led by the Minister for Labour and Human Resource, Punjab Ansar Majeed Khan, called on the Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar, at the Finance Division. Additional Secretary, M/o Industries and Production, Member (Operations) FBR and other senior officers participated in the meeting. The Finance ... Read More »

Over 35 bank accounts of Jahangir Tareen, family frozen

LAHORE: More than 35 bank accounts of estranged Pakistan Tehreek-i-Insaf (PTI) leader Jahangir Khan Tareen and two members of his family have been frozen over alleged involvement in the sugar scandal. Well-placed sources told that a total of 36 accounts at nine different banks were frozen. Of the frozen accounts, the PTI leader owns 14, his son 21 and his ... Read More »

Confidence of Pakistani consumers on economy below global average: survey

ISLAMABAD: A survey has shown that the confidence of Pakistani consumers in the country’s economy has declined and is below the global average recorded. IPSOS in its recent survey on the global consumer confidence index revealed that the Pakistani consumers are not only dissatisfied with future investment but are also expressing no-confidence in important purchases. Besides this, the majority of ... Read More »

USC unveils special discount package for Ramazan

KARACHI: The state-owned Utility Stores Corporation (USC) unveiled the ‘Ramazan relief package’ approved by the federal government last month. A special ‘Ramzan discount Package’ would start from April 10 at all utility stores of the country with affordable rates, giving subsidy to over 19 essential commodities. According to the announcement, a subsidy of Rs10 per kilogram announced on daal channa ... Read More »

Ramazan timings for govt offices announced

ISLAMABAD: The federal government on Thursday announced the Ramadan timings for government offices. For offices working five days a week, the timings will be 08:00am to 04:00pm from Monday to Thursday. On Fridays, the office hours will be from 08:00am to 01:00pm. For government offices working six days a week, the timings will be as follows: Monday to Thursday and ... Read More »

Pakistani rupee hits 22-month high against US dollar

KARACHI: The Pakistan rupee strengthened by 23 paisas against the United States (US) dollar at the start of today’s trading, hitting a 22-month high. According to forex dealers, the local currency is currently trading at Rs152.95 against the greenback. The rupee had closed at Rs153.18 against the US dollar the other day. The local unit has gained considerable ground on ... Read More »