05272016Fri
Last update: Fri, 27 May 2016 09am

Banking & Finance

Pakistan - Banking & Finance

Inland Revenue Reward Rules 2016 approved ISLAMABAD: The Federal Board of Revenue's (FBR), Board in Council has approved Inland Revenue Reward Rules 2016 to give rewards to the officers and officials rendering meritorious services."I am positive that these reward rules will act as a catalyst for all such officers and officials who are working very hard and producing outstanding results," said Dr. Muhammad Irshad, Member Inland Revenue Operation in a letter sent to all officers of Inland Revenue.With the approval of these Reward Rules, IR could also establish its Inland Revenue Welfare Fund for general welfare of the serving officers and officials of the IR services.Irshad urged the officers to be more cautious and treat this with utmost discretion and said that he was confident that the sanctioning authorities will be using these reward rules with full responsibility and with the sense that we all are accountable to our conscience.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Pakistan budget promises pro-business policies ISLAMABAD: Rising remittances and private investments has been supporting country's economic growth, as federal government has promised to unveil a more pro-business budget for fy-2017.While the current financial year 2016 moves towards its close on June 30, international analysts and multilateral institutions are praising Sharif's government and forecasting "renewed and continuing economic, business and financial growth" compared to last government's five-year rule which ended in May 2013, reported Khaleej Times.Report quoting the World Bank's latest ...

Pakistan - Banking & Finance

Religious Ministry likely to receive Rs945mn budget in next FY ISLAMABAD: The Ministry of Religious Affairs and Interfaith Harmony is likely to receive Rs 945 million budget during the next financial year 2016-17, said a ministry's official.Talking to APP, he said the ministry had received Rs 898 million budget during the last financial year. The ministry's budget had been enhanced by 4.75 percent during the current financial year.He said 60 percent of the budget of the ministry is spent on salaries of the employees and ...

Pakistan - Banking & Finance

State Bank denies issuing any press note on fake currency KARACHI: State Bank of Pakistan has categorically rejected the news item appearing in a section of local press relating to circulation of counterfeit currency notes of denomination of Rs. 500, Rs. 1000, and Rs. 5000 in the market by unscrupulous elements.In statement here Friday, SBP spokesman said the news item directly refers to a press note issued by State Bank of Pakistan which was factually incorrect.The spokesman said that SBP did issue press releases to ...

Pakistan - Banking & Finance

FBR to introduce modified e-filing, processing procedure system ISLAMABAD: The Federal Board of Revenue (FBR) would introduce a modified automated e-filing and procedure system for filing of Sales Tax and Federal Excise (ST&FE) returns to facilitate taxpayers."In order to facilitate the taxpayers and resolve issues arising out of post-return cross-matching of declarations, the FBR intends to launch a modified automated system for filing of ST&FE returns," said notification of the board.The system requires early submission of sales invoice data enabling the buyers to ...

Pakistan - Banking & Finance

Old banknotes cease to be legal tender from Dec 1st ISLAMABAD: The old design banknotes will cease to be legal tender with effect from December 1st 2016 as per Federal Government's Gazette Notification dated 4th June, 2015, State Bank of Pakistan (SBP) informed.According to SBP notification, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 & 1000 while the Rs 5 banknote and the old design Rs 500 banknote have already been demonetized.It is worth mentioning ...

Pakistan - Banking & Finance

SBP injects Rs1,127.5bn KARACHI: State Bank of Pakistan (SBP) on Friday injected Rs 1,127.5 billion into money market for seven days through its open market operation.The rate of return accepted is 6.03 percent per annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...