02082016Mon
Last update: Mon, 08 Feb 2016 07am

Banking & Finance

Pakistan - Banking & Finance

Finance Ministry okays customized Prize Bond scheme ISLAMABAD: The Finance Ministry has accorded approval to the customized Registered Prize Bonds secheme of the National Savings of Pakistan to generate more funds and ensure further security.The scheme will offer its customers, cash prizes by normal draw, besides, profit on a quarterly basis, Radio Pakistan reported.Eleborating further details on the plan an official of National Savings informed that these bonds will be registered on the name of the purchasers and no other will be able to claim them. This, he said, will further enhance the security of bonds in case of theft or lost.The policies for other saving schemes like Pensioner's Benefit Account and Bahbood Savings Certificates have also been revised and now these are fixed at 10.56 percent to facilitate customers, the official said.The purchaser's details (name and contact information) will be recorded and kept on a special file with the National Savings, allowing the organization to pay ...

Pakistan - Banking & Finance

SBP voted best Central Bank for promoting Islamic Finance KARACHI: State Bank of Pakistan (SBP) has been voted as the best Central Bank for promoting islamic finance by a poll conducted by 'International Finance News', an arm of Red Money Group Malaysia.The votes were received from various institutions, practitioners and academicians from all over the world, said SBP statement here on Friday.After the announcement, Deputy Governor SBP Saeed Ahmad reacted that SBP remained committed in promoting Islamic banking and finance and would continue to ...

Pakistan - Banking & Finance

National Savings collected Rs135bn in second quarter of current fiscal year ISLAMABAD: The Central Directorate of National Savings (CDNS) has collected Rs135 billion savings as against the proportionate target of Rs151 billion till December 31, during the current fiscal year (2015-16).An official of the CDNS told APP here on Friday, the estimated target of the national savings for the year 2015-16 has been set for Rs302bn.Likewise, he said during the first quarter of current fiscal year, the CDNC collected Rs82bn as against the proportionate target of ...

Pakistan - Banking & Finance

Pak forex figure $ 20.8bn KARACHI: Total liquid foreign exchange reserves of the country stand at dollars 20.8 billion, said State Bank of Pakistan (SBP).SBP's weekly statement here on Thursday said that the foreign reserves held by State Bank on January 1, amounted $ 15,883.4 million and net foreign reserves with banks were $ 4,926.7 million.During the week ending Jan. 1, SBP's liquid foreign exchange reserves decreased by $289 million to $15,883 million compared to $16,172 million in the previous ...

Pakistan - Banking & Finance

Tax collection target stands at 99.6pc ISLAMABAD: Parliamentary Secretary for Finance Rana Muhammad Afzal on Thursday informed the National Assembly that government had achieved 99.6 percent tax collection target during 2015-16.Replying to a question of Sheikh Salahuddin regarding tax collection targets, Parliamentary Secretary said that target was achieved to the extent of 99.6% during July-December, 2015-16. He said the provisional collection during July-December, 2015 was Rs1,385 billion against target of Rs1,390 billion.The target of FBR collection for the second quarter i.e. ...

Pakistan - Banking & Finance

Old design banknotes cease to be legal tender from December 1, 2016 ISLAMABAD: State Bank of Pakistan (SBP) on Wednesday said that the old design banknotes will cease to be legal tender with effect from December 1, 2016.A statement of the Central Bank issued on Wednesday that as per Federal Government's Gazette Notification of June 4, 2015, the old design banknotes will cease to be legal tender with effect from December 1, 2016."Therefore, it has now been decided to phase out all remaining old design banknotes of ...

Pakistan - Banking & Finance

Dar asks FBR, SBP to ensure proof of payment for non-LC imports ISLAMABAD: Minister for Finance Ishaq Dar directed State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) to take steps to ensure that source and modalities for funding of Non-LC (Letter of Credit) imports were declared by the importers of various goods into Pakistan.Ishaq Dar was chairing a meeting regarding import related payments through banking channels late Tuesday.The meeting was attended by senior officials of the Ministry of Finance, FBR and State Bank of ...