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Banking & Finance

Pakistan - Banking & Finance

FBR rebuts news about inclusion of non-tax revenue in tax collection ISLAMABAD: Federal Board of Revenue (FBR) on Monday strongly denied reports appearing in a section of the press that non-tax revenue has been included in the taxes and duties collected by FBR to overstate the tax collection figure.Through its sustained and untiring efforts the FBR was able to achieve and surpass the revenue targets for the just concluded financial year and the above referred report was an attempt to undermine the efforts of the FBR and the government resulting in a more than 20% increase in collection over that recorded for the preceding year, said an FBR spokesman in a statement.He said as per the provisional collection figures, FBR had made a net collection of Rs 3,112 billion for the year ended 30th June 2016 as against Rs 2,589 billion collected in the year ending on 30th June 2015 thereby registering a 20% increase over the last year.The spokesman said ...

Pakistan - Banking & Finance

SBP's remedial steps to ensure payments to pensioners KARACHI: The State Bank of Pakistan (SBP) has taken remedial measures to ensure payments to pensioners and provision of banking service to general public.A statement here on Saturday said that the National Bank of Pakistan (NBP) on Saturday experienced `unanticipated technical difficulties in their operating system while catering to extraordinary demand for cash on the occasion of Eid ul Fitr and countrywide monthly pension disbursements'.It maintained that the customers of the Bank had to face ...

Pakistan - Banking & Finance

PRA collects record revenue LAHORE: The Punjab Revenue Authority (PRA) has set a new record by collecting Rs 7.45 billion revenue in June this year.Punjab Finance Minister Dr Ayesha Ghaus Pasha congratulated the PRA officials during a meeting, here today at PRA's head office.The finance minister also appreciated key initiatives of the PRA including the Tax Day, observed on April 10, the Restaurant Invoice Monitoring System (RIMS) and the Amanat Scheme.This took PRA's collection tally for the year to ...

Pakistan - Banking & Finance

Pakistanis continue to stack money in Swiss banks: report Money kept by Pakistani nationals in Swiss banks has risen by 16 percent standing at 1.5 billion francs (PKR 161bn), revealed the latest data released by Swiss National Bank (SNB). According to Economic Times, the total amount of funds belonging to Pakistan in Swiss banks stood at CHF 1,513 million at the end of 2015, up over 16pc from CHF 1,301 billion, in 2014. In doing so, Pakistanis have even left behind next door neighbor ...

Pakistan - Banking & Finance

Pak economy maintained its growth momentum during FY16: SBP KARACHI: State Bank of Pakistan (SBP) on Friday released its Third Quarterly Report for fiscal year 2016 on the `State of Pakistan's Economy'.According to the report, Pakistan's economy maintained its growth momentum during FY16, despite suffering from heavy losses in the agriculture sector.The report particularly highlighted the acceleration in industrial and services sectors' growth on the back of better energy supply and improvement in security situation in the country.Other key macro-economic indicators also improved during ...

Pakistan - Banking & Finance

JCR VIS Revises Entity Ratings of 5MB Leasing limited KARACHI: JCR-VIS Credit Rating Company Limited has revised the entity ratings of SME Leasing Limited (SLJ) [rom 'BB-/B' (Double B Minus/Single B) to 'B/B' (Single B /Single B). Outlook on the assigned ratings is `Negative'.The previous rating action was announced on July 9, 2015, says a press release on Friday.SME Leasing Limited (SLL) is sponsored by SME Bank Limited (SMEBL), which in turn is primarily owned by the Government of Pakistan. Assigned ratings incorporate weakening ...

Pakistan - Banking & Finance

Pakistan's Liquid Foreign Reserves position KARACHI: The total liquid foreign reserves held by the country stood at US$21,765.8 million on June 24, 2016, said weekly forex reserves report issued by the State Bank of Pakistan (SBP) here on Thursday.The break-up of the foreign reserves position is as under:-Foreign reserves held by the SBP:US$ 16,819.6 million, Net foreign reserves held by commercial banks:US$ 4,946.2 million, Total liquid foreign reserves: US$ 21,765.8 million.During the week ending June 24, 2016, SBP's Liquid FX ...