06272016Mon
Last update: Mon, 27 Jun 2016 12pm

Banking & Finance

Pakistan - Banking & Finance

KP Home Deptt utilizes less than 20pc its 2015-16 ADP PESHAWAR: The Home and Tribal Affairs Department Khyber Pakhtunkhwa utilized only Rs 960.95 million out of the total allocated budget of Rs 6.37 billion in the outgoing fiscal of 2015-16 which comes to below 20 percent of utilization.Official document stated that not a single penny was released for 82 construction projects in the Home Department during the current fiscal and the same confined just to paper work. While 24 projects remained uncompleted despite initiation of work.To make Peshawar secure under Safe City Project, a sum of Rs 250 million were allocated in budget 2015-16 and despite release of Rs 100.61 million but not a single penny was utilized in this project.Likewise, an amount of 100 million rupees was allocated for Peshawar Prison and surprisingly nothing was release for this project of prime importance.To boost security at province's seven high-risk jails, rupees 50 million were allocated and though an amount of ...

Pakistan - Banking & Finance

Over Rs4.8trn Federal Budget to be presented on Friday ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar will present the fourth Federal Budget of Pakistan Muslim League-Nawaz government with an outlay of over Rs 4.8 trillion for the fiscal year 2016-17 in the Parliament on June 3 (Friday).Special budget sessions of the National Assembly and Senate have already been summoned by President Mamnoon Hussain.According to official sources, the budget will envisage further improving economic growth, overcoming challenges, particularly the energy crisis, maintaining fiscal discipline and ...

Pakistan - Banking & Finance

Meezan Bank to provide Qarz-e-Hasna to Hamdard University students ISLAMABAD: Hamdard University and Ihsan Trust (IT) of Meezan Bank have signed an MoU for providing Qarz-e-Hasna (Interest Free Loan) to the students of Hamdard University (HU), purely on need-cum-merit basis.The purpose of this MoU is to strengthen each other's capacity and playing their role in providing education to those communities and individuals who have been admitted to Hamdard University on merit and they are unable to afford the tuition fees.This agreement will benefit the ...

Pakistan - Banking & Finance

Rs5mn sales tax recovered from housing societies, restaurants BAHAWALPUR: A total sum of Rs5 million has been recovered on account of sales tax from different housing societies and restaurants in Bahawalpur.This operation of sales tax recovery was supervised by Additional Commissioner Income Tax Zeeshan Nazir Khan.Under the direction of Chairman Punjab Revenue Authority, Raheal Ahmad Siddiqui a vibrant campaign to check the record of various restaurants and housing societies has been launched in Bahawalpur division.In this campaign the relevant documents pertaining to sales ...

Pakistan - Banking & Finance

Liquid foreign reserves reach US$21,611.7 million KARACHI: The total liquid foreign reserves held by the country stood at US$21,611.7 million on 20 May 2016. The break-up of the foreign reserves position is as under:Foreign reserves held by the State Bank of Pakistan (SBP) reached US$16,810.4 million; Net foreign reserves held by commercial banks were US$ 4,801.3 million; and total liquid foreign reserves were recorded at US$21,611.7 million.During the week ending 20 May 2016, SBP's Liquid FX Reserves increased by US$292 million ...

Pakistan - Banking & Finance

25pc of total education budget in FY 2016-17 urged for higher education ISLAMABAD: Federal and Provincial governments must take serious measures to maintain quality of higher education in the country.This was stated by Kanwar Muhammad Dilshad, Chairman of National Democratic Foundation (NDF) and former Secretary Election Commission of Pakistan while addressing NDF-PSSP Joint briefing session on their letters sent to four Chief Ministers, here on Friday.Chairman Pakistan Social Services Partnership (PSSP) Kanwar Muhammad Javed Iqbal emphasized that provision of at-least 25% of education budget towards higher education ...

Pakistan - Banking & Finance

Market rates of bullion in Lahore LAHORE: Following bullion rates were received from markets here on Friday:BULLION (PER 10 GRAM)=====================GOLD TEZABI-24 CT---- 42310.00GOLD 22 CT-------------38784.00 GOLD 21 CT-------------37020.00SILVER TEZABI------------590.00SILVER THOBI-------------569.00Copyright APP (Associated Press of Pakistan), 2016 ...