08292016Mon
Last update: Mon, 29 Aug 2016 10pm

Banking & Finance

Pakistan - Banking & Finance

Pak reserves stand at $22.5bn KARACHI: The total liquid foreign reserves held by the country stood at US$ 22,595.1 million on August 5, 2016.The State Bank of Pakistan (SBP) announced here on Thursday that the break-up of the foreign reserves position is as under: i) Foreign reserves held by the SBP: US$ 17,664.2 million ii) Net foreign reserves held by commercial banks: US$ 4,930.9 million iii) Total liquid foreign reserves: US$ 22,595.1 millionThe SBP further pointed out that during the week ending August 5, 2016, SBP's Liquid FX Reserves had decreased by US$ 397 million to US$ 17,664 million, compared to US$ 18,061 million in the previous week.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

FBR, AGPR join hands to check tax evasion ISLAMABAD: Federal Board of Revenue (FBR) and Auditor General for Pakistan Revenues (AGPR) have joined hands to check tax evasions of billions of rupees by monitoring sale and purchase activities of government vendors."The FBR in collaboration with AGPR has put a mechanism in place to monitor and access complete data of sale and purchase of government vendors through Monitoring and Invoice Verification System in order to check almost 80 percent of the sales tax evasion ...

Pakistan - Banking & Finance

Overseas Pakistanis remit US $1.32bn in July: SBP KARACHI: Overseas Pakistani workers remitted US $ 1328.18 million in the first month (July) of financial year 2016-17 as compared with US $ 1663.61 million received during the same period in the preceding year.During July 2016, the inflow of worker's remittances amounted to US $ 1328.18 million, which is 36 per cent less than June 2016 and 20.16 per cent less than July 2015, said a statement issued by SBP on Wednesday.The country wise details ...

Pakistan - Banking & Finance

Bank credit rises on uptick in Pakistan economy ISLAMABAD: Commercial bank credit and bank investments are on the rise in Pakistan on the back of a significant uptick in the economy with 42-year low interest rates of 5.25%, according to a report.The new monetary policy and the benchmark discount rate, expected to be announced later this week, are likely to strengthen this trend, reported Khaleej Times.International financial organisations, the ministry of finance and the State Bank of Pakistan (SBP), the central bank, report ...

Pakistan - Banking & Finance

Sales Tax automation to generate billions of additional tax for FBR ISLAMABAD: The newly introduced sales tax automation system would help generate additional billions of rupees for the national exchequer besides ensuring transparency, discipline and proper monitoring of sales and purchase all across the country." The Sales Tax Real-time Invoice Verification Strive System' has been put in place to check leakages in the tax system and improve over-all revenue collections," Member Sales Tax, Dr. M. Irshad said while talking to APP here.He said that the purpose ...

Pakistan - Banking & Finance

Operation against tax defaulters SARGODHA: A grand operation against property tax defaulter would be conducted in the division and August 30 deadline has been given to property owners to pay their taxes.According to Director Excise & Taxation Sargodha Division, Rana Intikhab, above 720 properties in the division have been declared as defaulted, adding that final notices were served to such property owners with directions to deposit taxes by August 30.Defaulters properties in Sargodha district were 340,in Khushab district there ...

Pakistan - Banking & Finance

Old design banknotes to be demonetized by December: SBP ISLAMABAD: The government has decided to phase out all remaining old design banknotes demonetized from December 1, 2016 in order to improve aesthetic quality of banknotes.According to a statement issued by the State Bank of Pakistan (SBP) on Monday, the old design banknotes will cease to be legal tender with effect from December 1.It is worth mentioning that the SBP issued a new design banknote series which started with the issuance of Rs 20 denomination ...