01192017Thu
Last update: Thu, 19 Jan 2017 10pm

Banking & Finance

Pakistan - Banking & Finance

Loans of Rs2.5bn for farmers LAHORE: Punjab government has allocated Rs 2.5 billion for farmers and would be distributed for Rabi season 2016-17.This was stated by Provincial Minister for Cooperatives Malik Muhammad Iqbal Channar while addressing a meeting here at his office on Thursday.He said that growers who faced destruction due to heavy rains earlier were being given priority.He said that collection of loans of Kahrif season has also been started and the process would be completed soon.Channar said that Punjab government was fully committed to provide maximum facilities to farmers to boost theeconomy of the country.He said that all the branches of the cooperative banks have been computerized and ATM machines have also been installed while all the employees and officers of the bank were being given training to put the department on modern lines.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

SBP cuts SLR by five percent for Islamic banks RIZWAN BHATTIKARACHI: In order to facilitate the Islamic Banking Industry, the State Bank of Pakistan (SBP) has announced a reduction in Statutory Liquidity Requirement (SLR) for Islamic banks and Islamic banking branches by 5 percent to fix at 14 percent. From today (Wednesday) all Islamic banks and Islamic banking branches will be required to maintain a 14 percent SLR compared to 19 percent previously.Sources in the banking industry told Business Recorder that SBP's move will ...

Pakistan - Banking & Finance

CDNS achieves Rs 80 billion by Nov,10 ISLAMABAD: The Central Directorate of National Savings (CDNS) achieved Rs 80 billion in first quarter of current fiscal year from July, 01 to November,10 2016-17.The target for the year 2016-17 was set at Rs 228 billion as the Directorate was able to achieve the target of Rs 218 billion for the previous fiscal year, a senior CDNS official said here on Tuesday.Replying to a question, he said that CDNS is in the process to implement ...

Pakistan - Banking & Finance

Rs5,000, 40,000 prize bond not to be withdrawn Federal Minister for Finance Senator Ishaq Dar has dismissed rumours about the demonetization of Rs 5000 currency notes and withdrawal of Rs 40,000 prize bonds. Ishaq Dar on Monday said in a press statement that these rumours are totally false and are spread by the vested interest for ulterior motives. There is even no such proposal under consideration of the government, added the Finance Minister.This comes after Mohammad Ishaq Dar who was meeting with the ...

Pakistan - Banking & Finance

Rs21bn sales tax refund claims cleared: Dar ISLAMABAD: Minister for Finance Senator Mohammad Ishaq Dar Monday said the Federal Board of Revenue (FBR) had cleared sales tax refund claims of Rs 21 billion which would be electronically transferred in the accounts of tax payers within next 24 hours.Addressing the inaugural ceremony of 'direct electronic credit of sales tax refund system', he said total Rs 25 billion refund claims were pending from June 2015 to June 30, 2016. Claims for Rs 21 billion ...

Pakistan - Banking & Finance

Faysal Bank launches FB First Current Account campaign KARACHI: Faysal Bank Limited (FBL) introduces the Business First Current Account with enhanced multiple benefits to support our dynamic business clients and to fulfil their unique requirements.Faysal Business First Current Account is specifically designed to cater to the financial needs of businessmen in their day to day business activities, said FBL statement here on Monday.The product offers transactional convenience and accessibility through employment of technological support with insurance privileges and financial security - all that ...

Pakistan - Banking & Finance

Old Rs10, 50 and 100 notes to discontinue after Nov 30 After the surprising announcement by India’s Narendra Modi to ban 500 and 100 rupee notes, millions of Indian rushed towards banks to exchange their big bucks to smaller denomination notes.Similar changes could be expected in Pakistan, as per the notification issued by Federal Government on June 4, 2015, all old designed currency notes will cease to have legal value from December 1, 2016. Therefore, Rs10, 50, 100 and thousand rupees old designed currency notes are ...