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Last update: Tue, 31 May 2016 09pm

Banking & Finance

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 that SBP issued a new design banknote series which started with the issuance of Rs 20 denomination banknote in 2005 to improve the security, durability and aesthetic quality of banknotes.The process of issuance of complete series of new design banknotes comprising eight denominations (Rs 5, 10, 20, 50, 100, 500, 1000 and 5000) was completed in 2008.The commercial/microfinance banks will accept the old design banknotes of Rs 10, 50, 100 and 1000 and exchange the ...

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 ...

Pakistan - Banking & Finance

SBP sucks Rs 61.100bn from money market KARACHI: State Bank of Pakistan (SBP) on Thursday mopped up Rs 61.100 billion from money market for one day through its Open Market Operation (OMO).The rate of return accepted is 5.82 percent per annum, said SBP statement. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Pak forex figure $20.788bn KARACHI: Total liquid foreign exchange reserves of the country stand at $ 20.788 billion, said State Bank of Pakistan (SBP). A SBP's weekly statement on Thursday said that the foreign reserves with State Bank on April 29, amounted $ 15,904.8 million and net foreign reserves held by commercial banks were $ 4,883 million.During the week ending April 29, SBP's liquid foreign exchange reserves decreased by $ 84 million to $ 15.905 million compared to $ ...

Pakistan - Banking & Finance

HBFCL advised to refer matter of 20pc pension increase to its BoD KARACHI: On a pensioner's complaint about alleged delay in increase of pension, the Federal Ombudsman has advised the House Building Finance Company Limited (HBFCL) to refer the matter to its board of directors (BoD) to consider whether pensioners were entitled to 20 percent raise in their pension.The Ombudsman office giving recommendations over a review petition by a HBFCL pensioner, Qamaruddin Siddiqui, sought compliance within 30 days. Qamaruddin Siddiqui, who retired from service on January 12, ...

Pakistan - Banking & Finance

SBP injects Rs1,135.650 billion KARACHI: State Bank of Pakistan (SBP) on Friday injected Rs. 1,135.650 billion into financial system for seven days through its open market operation (OMO).The rate of return accepted is 6.04 percent per annum, said SBP statement. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Speakers propose flat taxation, simplifying tax system ISLAMABAD: Economic experts here on Friday called for simplifying taxation systems and increasing revenues by lowering the tax rate.Policy Research Institute of Market Economy (PRIME) held a seminar the other day titled "Towards flat taxation, the new paradigm", unveiling a breakthrough Study aimed to increase tax revenues by lowering the tax rate, and simplifying the tax code.The study is co-authored by Huzaima Bukhari and Dr. Ikramulhaq.Huzaima Bukhari claimed that by simply lowering taxes and eliminating ...