Archives of Week at A Glance

1. WEDNESDAY OCTOBER 13: Rs 12 billion decline in export financing

   2010-10-22 10:31:27 GMT : (Main/Week at A Glance)

   KARACHI: Financing under Export Finance Scheme (EFS) for export promotion witnessed a decline of Rs 12 billion in the first half of 2010, from its peak of Rs 198 billion in December 2009 to Rs 186 billion at the end of June, 2010. The rising mark-up rate of EFS may be a major reason of decline in financing as the following the directives of IMF to rationalise the mark-up rates under the EFS,...

2. WEDNESDAY OCTOBER 13: FBR to launch 'Consumers Lucky Draw'

   2010-10-22 10:26:48 GMT : (Main/Week at A Glance)

   ISLAMABAD: The Federal Board of Revenue (FBR) has decided to announce a new kind of lucrative scheme "Consumers Lucky Draw" as an incentive to the general public for documentation of the national economy, broadening the tax-base and increasing revenue collection during 2010-2011. A senior tax official on condition of anonymity told this scribe on Wednesday that "Consumers Lucky Draw" would o...

3. THURSDAY OCTOBER 14: MCR fixed at Rs 10 billion: SBP tightens criteria for setting up bank

   2010-10-22 10:25:33 GMT : (Main/Week at A Glance)

   KARACHI: The State Bank of Pakistan on Wednesday enhanced the minimum paid up capital requirement (MCR) (free of losses) by 400 percent, to Rs 10 billion, with immediate effect, with a view to tightening criteria for setting up a commercial bank. ...

4. THURSDAY OCTOBER 14: Flood-hit areas rehabilitation: Centre cuts PSDP by 30 percent

   2010-10-22 10:21:04 GMT : (Main/Week at A Glance)

   ISLAMABAD: The Federal government has reduced its Public Sector Development Programme (PSDP) by 30 percent, from Rs 280 billion to Rs 196 billion, for reconstruction and rehabilitation of flood affected areas, it is learnt. ...

5. SUNDAY OCTOBER 17: Package for farmers approved: decision on wheat support price proposal deferred by ECC

   2010-10-22 10:20:30 GMT : (Main/Week at A Glance)

   ISLAMABAD: The Economic Co-ordination Committee (ECC) of the Cabinet on Friday deferred decision on the proposal for increase in wheat support price, and approved one-time incentive package for flood affected areas farmers. The meeting was presided over by Minister for Finance, Dr Abdul Hafeez Sheikh. ...

6. SUNDAY OCTOBER 17: Load-shedding plan for CNG stations, industry: ministry asked to seek cabinet's approval

   2010-10-22 10:15:53 GMT : (Main/Week at A Glance)

   ISLAMABAD: Economic Co-ordination Committee (ECC) of the cabinet has not approved the one-day a week gas load shedding plan for Compressed Natural Gas (CNG) stations and industry and directed Ministry of Petroleum to seek its approval from Cabinet, senior official of Ministry of Petroleum said. ...

7. SATURDAY OCTOBER 16: Donors must yield first year's funding: World Bank will not drop Pakistan's debt

   2010-10-22 10:14:01 GMT : (Main/Week at A Glance)

   BRUSSELS: Pakistan needs funds for at least one year of reconstruction after its devastating floods, but in turn it must assure donors it will revamp tax and subsidy regimes, a senior World Bank official said on Friday. "What is important is to pledge at least the entire amount that is needed for the first eight-to-12 months. ... That cannot wait," Rachid Benmessaoud, World Bank country dire...

8. SATURDAY OCTOBER 16: Exchange for aid: World tells Pakistan to shape up

   2010-10-22 10:09:06 GMT : (Main/Week at A Glance)

   BRUSSELS: World powers told Pakistan that post-flood aid was part of a "two-way" deal on reform Friday, as Islamabad also offered to lend a hand to regional peace by facilitating Afghan-Taliban talks. After US Secretary of State Hillary Clinton demanded Pakistan's "affluent and elite" be made to pay through tax changes, ministers attending a major aid meeting on Pakistan also insisted there ...

9. FRIDAY OCTOBER 15: Talks held to resolve transfer issues of major 10 services

   2010-10-22 10:05:53 GMT : (Main/Week at A Glance)

   ISLAMABAD: In consultation with the Federal Board of Revenue (FBR), National Finance Commission (NFC) Technical Standing Committee on Reformed General Sales Tax (RGST) on services on Thursday tried to resolve transfer issues of major 10 services involving input adjustment/tax credit from provinces to federal government. ...

10. FRIDAY OCTOBER 15: Computer software, aircraft, ships, defence stores and tractors: MoF urged to abolish ST exemptions

    2010-10-22 10:05:15 GMT : (Main/Week at A Glance)

    ISLAMABAD: The Federal Board of Revenue (FBR) has proposed the Ministry of Finance to abolish sales tax exemptions on computer software, aircrafts, ships, defence stores, tractors, bulldozers/combined harvesters and components, import and supply of fully dedicated CNG Euro-2 buses and other exemptions under the reformed general sales tax (RGST). ...

11. Load-shedding plan for CNG stations, industry: ministry asked to seek cabinet's approval

    2010-10-22 07:27:39 GMT : (Main/Week at A Glance)

    ISLAMABAD (October 18, 2010) : Economic Co-ordination Committee (ECC) of the cabinet has not approved the one-day a week gas load shedding plan for Compressed Natural Gas (CNG) stations and industry and directed Ministry of Petroleum to seek its approval from Cabinet, senior official of Ministry of Petroleum said. ...

12. Package for farmers approved: decision on wheat support price proposal deferred by ECC

    2010-10-22 07:18:27 GMT : (Main/Week at A Glance)

    ISLAMABAD  (October 18, 2010) : The Economic Co-ordination Committee (ECC) of the Cabinet on Friday deferred decision on the proposal for increase in wheat support price, and approved one-time incentive package for flood affected areas farmers. The meeting was presided over by Minister for Finance, Dr Abdul Hafeez Sheikh. ...

13. Exchange for aid: World tells Pakistan to shape up

    2010-10-22 06:58:52 GMT : (Main/Week at A Glance)

    BRUSSELS (October 18, 2010) : World powers told Pakistan that post-flood aid was part of a "two-way" deal on reform Friday, as Islamabad also offered to lend a hand to regional peace by facilitating Afghan-Taliban talks. After US Secretary of State Hillary Clinton demanded Pakistan's "affluent and elite" be made to pay through tax changes, ministers attending a major aid meeting on Pakistan ...

14. Donors must yield first year's funding: World Bank will not drop Pakistan's debt

    2010-10-22 06:55:46 GMT : (Main/Week at A Glance)

    BRUSSELS (October 18, 2010) : Pakistan needs funds for at least one year of reconstruction after its devastating floods, but in turn it must assure donors it will revamp tax and subsidy regimes, a senior World Bank official said on Friday. "What is important is to pledge at least the entire amount that is needed for the first eight-to-12 months. ... That cannot wait," Rachid Benmessaoud, Wor...