02152016Mon
Last update: Mon, 15 Feb 2016 04am

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The government has decided to give a monthly increase of Rs 67 to the Benazir Income Support Programme (BISP) beneficiaries from July 2015 as compensation against the inflation. According to Finance Ministry announcement, the present government, according to the finance minister, is fully committed to protecting the most vulnerable segments of the society. The BISP beneficiary would now be getting Rs 1,567 monthly instead of Rs 1,500 and Rs 18,800 yearly instead of Rs 18,000.

Iran will load 4 million barrels of crude oil on tankers destined for Europe in the coming 24 hours, a senior official was quoted as saying on Saturday, including 2 million barrels to be bought by France's Total. "In the coming 24 hours, 4 million barrels of crude oil will be loaded onto 3 tankers destined for Europe," Rokneddin Javadi, managing director of the National Iranian Oil Company, was quoted as saying by the Shana news agency.
Thousands of demonstrators gathered in Athens on Saturday in solidarity with farmers who have blocked dozens of highways and border crossings in recent weeks in protest over a pensions overhaul. An estimated 12,000 people gathered in the Greek capital's central Syntagma Square outside parliament, police said.
The Federal Tax Ombudsman (FTO), Abdur Rauf Chaudhry has ruled that retention of seized documents, laptops, Central Processing Units (CPUs), etc by officers of Directorate of Intelligence & Investigation (I&I) over a protracted period is justified as these items constitute material evidence for production in a court of law to prosecute the tax evader. It is learnt that while disposing of a complaint, FTO ruled that in the matter of retention of documentation and other seized materials by the I&I over a protracted period, it is noted that the seized documents, laptops, CPUs, etc, constitute material evidence and would be needed for production in a court of law in case a decision is taken to prosecute the complainant. These materials cannot therefore be returned to the complainant at the present time. The FTO further ruled that key requirement of I&I that the complainant reconcile and explain the balances appearing in the bank statements and other documentation seized from his business premises has been completely ignored by him. The complainant has not explained how and why payments realised from sales/supplies of products manufactured by mills were reflected in the financial statements of the other business concerns in which the complainant had an interest but did not appear in those pertaining to the mill itself. This anomaly has been used by I&I to reach the conclusion that by so diverting payments to entities other than the Mills itself, the complainant was able to drastically suppress turnover and thereby evade sales tax due on a very large scale. The I&I has estimated the complainant's sales tax evasion running in billions of rupees.
Indian Prime Minister Narendra Modi renewed his call Saturday for firms to invest in India and turn it into a global manufacturing hub, painting the country as a bright spot for investment in an uncertain world economy. The right-wing prime minister was addressing a gathering of industry leaders, CEOs and foreign dignitaries in the commercial capital Mumbai to mark the start of Make in India week, which runs until February 18.
The Tax Reform Commission (TRC) has strongly recommended that the Appellate Tribunal Inland Revenue and Customs Tribunal should be merged into a new entity, ie, national tax tribunal. The final report of the TRC submitted to the Federal Board of Revenue (FBR) revealed that after merging Appellate Tribunal Inland Revenue and Customs Tribunal, the new entity should be renamed as National Tax Tribunal.
Saif Power Company has urged National Transmission and Despatch Company (NTDC) to pay an overdue amount of Rs 2.198 billion along with interest and Late Payment Surcharge (LPS) immediately, well informed sources told Business Recorder. National Power Regulatory Authority (Nepra) has recently sought a detailed reply from the Central Power Purchasing Agency (CPPA)/ National Power Control Centre (NPCC) for purchasing expensive electricity from HSD-fired four IPPs ie Saif Power, Orient Power, Saphire and Halmore Power and ignoring cheap gas and furnace oil-fired power plants.