08282016Sun
Last update: Sun, 28 Aug 2016 07pm

Money and Banking: Pakistan

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The rupee slipped against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee after maintaining a firm trend in terms of the dollar for a long time, shed five paisas for buying and selling at Rs 106.05 and Rs 106.25, they said. The rupee, however, gain Re.one versus the euro for buying and selling at Rs 118.00 and Rs 119.25, they added.
The federal government has decided to introduce coins of Rs 10 and revise composition of Rs 5 coin by reducing intrinsic value from Rs 3.04 to Rs 2.60 and other features, sources close to Secretary Finance told Business Recorder. The federal government, sources said, in its meeting held on January 17, 2007, approved the change of metal composition of Rs 1, Rs 2 and Rs 5 coins and authorised the State Bank of Pakistan (SBP) to issue the coins with the changed metal composition, diameter, weight and intrinsic value.
The International Monetary Fund (IMF) has recommended that the tax policy reforms must introduce presumptive taxes on agricultural turnover and land-based tax rates for better taxation of agricultural sector, common rate schedule of Capital Gains Tax regime (CGT) for all financial assets and integration of GST regime (goods and services) with a single statutory rate under one collection agent to increase revenue collection.
Meezan Bank Ltd, the largest Islamic bank in Pakistan, is using Oracle Exadata Database Machine to cut the close of business time by 30 percent. Meezan Bank was also able to reduce their data center footprint by running their core banking database on Oracle's flagship engineered system.
The rupee was almost unchanged against the dollar on the money market on Friday in the process of trading, dealers said. The rupee shed two paisas in relation to the dollar for buying and selling at Rs 104.81 and 104.83 respectively, dealer said.
Jubilee Life Insurance Managed Growth Fund Rates on Friday (August 26, 2016).

Jubilee Life Insurance Capital Growth Fund Rates on Friday (August 26, 2016).