12082016Thu
Last update: Thu, 08 Dec 2016 02pm

Banking & Finance

Pakistan - Banking & Finance

PERA 1992: SBP objects to proposed amendments ZAHEER ABBASIISLAMABAD: State Bank of Pakistan has reportedly objected to some amendments proposed by Chairman Senate Standing Committee on Finance to the Protection of Economic Reforms Act (PERA) 1992 and stated that these would create problems for regulators from foreign exchange prospective.Sources said that SBP submitted comments to the proposed amendment bill 2014 introduced in the Senate and subsequently forwarded these to the Senate Standing Committee for a discussion.State Bank of Pakistan submitted in a written comment to the committee that regarding substitution of existing section 5 of the PERA, 1992 with the proposed section 5, it may be mentioned that existing section provides certain immunities to foreign currency accounts.SBP was of the view that as per the existing foreign exchange regulations, proceeds for goods and services exported from Pakistan are required to be repatriated to Pakistan within the prescribed time period.The delay in repatriation of export proceeds or non-repatriation ...

Pakistan - Banking & Finance

Pak forex figure $24.189 bn KARACHI: Total liquid foreign exchange reserves of the country stand at dollars 24.189 billion, said State Bank of Pakistan.According to SBP's weekly statement here on Thursday, the foreign reserves held by State Bank on October 28, were $ 19,130.5 million and the net foreign reserves held by commercial banks amounted $ 5,058.8 million.During the week, the country's total reserves decreased by $ 138 million to $ 24,189 million.The decrease in reserves was due to external ...

Pakistan - Banking & Finance

UBG lauds Dar for releasing ST refunds ISLAMABAD: The United Business Group (UBG) of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Wednesday lauded Finance Minister Ishaq Dar for directing Federal Board of Revenue (FBR) to release Sales Tax refunds.The FBR has started transferring refunds worth almost Rs 30 billion directly in the accounts of exporters and other recipients which is heartening as it will relieve exporters and others businessmen of liquidity crunch, said Zubair Tufail, Secretary General UBG.He lauded ...

Pakistan - Banking & Finance

Demonetization of all old design banknotes KARACHI: The old design banknotes will cease to be legal tender with effect from December 01, 2016 in the light of Federal Government's gazette notification of June 4, 2015.SBP has decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1000, said SBP statement here on Wednesday.The Rs 5 banknote and the old design Rs 500 banknote have already been demonetized.State Bank of Pakistan issued a new design banknote series ...

Pakistan - Banking & Finance

Filing of Tax returns extended to November 15 ISLAMABAD: The Federal Bureau of Revenue (FBR) has extended the date of filing of Returns of total income/statements of final taxation which was due on August 31,2016 and extended upto October 31,2016 has been further extended upto November 15,2016.A notification of FBR issued here said.Similarly, the date of filing of Income tax returns, returns of final taxation which was due on September 30,2016 and extended upto October 31,2016 for individuals and Associations of Persons has ...

Pakistan - Banking & Finance

SBP's profit declines 43 percent in FY16 RIZWAN BHATTIKARACHI: The State Bank of Pakistan's profit fell drastically by 43 percent during the last fiscal year 2015-16 (FY16), mainly due to massive reduction in the discount and other operating incomes.According to State Bank of Pakistan's (SBP) Annual Performance Review for the year 2015-16 (FY16), issued Monday, the SBP earned a net profit of Rs 229.535 billion during FY16 compared to Rs 401.751 billion in FY15, showing a decline of 42.9 percent or Rs ...

Pakistan - Banking & Finance

JCR-VIS withdraws entity ratings of Burj Bank KARACHI: JCR-VIS Credit Rating Company Limited has withdrawn the entity ratings of Burj Bank Limited (BBL) of `BBB+ /A-2' (Triple B Plus/ A-Two) on account of merger with Al Baraka Bank (Pakistan) Limited.The pervious rating action was announced on May 6, 2016, said a press release here on Monday. Copyright APP (Associated Press of Pakistan), 2016 ...