09272016Tue
Last update: Tue, 27 Sep 2016 05am

Banking & Finance

Pakistan - Banking & Finance

EOBI pensioners to get their pensions through ATMs soon ISLAMABAD: The pensioners registered with Employees Old Age Benefits Institution (EOBI) would start receiving their pension through Automated Teller Machines (ATM) cards soon.According to the official source, the EOBI has finalized the necessary arrangements to disburse pension among its beneficiaries across the country through ATMs.The registration process of the pensioners of Rawalpindi, Islamabad, Peshawar, Karachi, Hyderabad, Lahore, Multan, Gujranwala, Faisalabad and Quetta started in May 23 would continue in over 600 across country branches of the Bank Al Falah till September 30, 2016.And the pensioners of above mentioned cities would start receiving pensions through ATM cards from October 1,2016.Whereas the biometrics registration of the pensioners hailing from other cities of the country would continue in Bank Alfalah till November 30, 2016. The pensioners would starts receiving pensions through ATM cards from December 1, 2016.The EOBI pensioners have been advised to bring their original Computerised National Identity Card (CNIC), original pension ...

Pakistan - Banking & Finance

State Bank cancels license of East West Exchange Company-B ISLAMABAD: The State Bank of Pakistan (SBP) has cancelled license of M/s East West Exchange Company-B (Pvt) Limited on its request for voluntary liquidation.According to a SBP spokesman, the said exchange company, its head office and branches have been debarred from undertaking any kind of foreign exchange business with immediate effect.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Pak reserves stand at $22.5bn KARACHI: The total liquid foreign reserves held by the country stood at US$ 22,595.1 million on August 5, 2016.The State Bank of Pakistan (SBP) announced here on Thursday that the break-up of the foreign reserves position is as under: i) Foreign reserves held by the SBP: US$ 17,664.2 million ii) Net foreign reserves held by commercial banks: US$ 4,930.9 million iii) Total liquid foreign reserves: US$ 22,595.1 millionThe SBP further pointed out that during the ...

Pakistan - Banking & Finance

FBR, AGPR join hands to check tax evasion ISLAMABAD: Federal Board of Revenue (FBR) and Auditor General for Pakistan Revenues (AGPR) have joined hands to check tax evasions of billions of rupees by monitoring sale and purchase activities of government vendors."The FBR in collaboration with AGPR has put a mechanism in place to monitor and access complete data of sale and purchase of government vendors through Monitoring and Invoice Verification System in order to check almost 80 percent of the sales tax evasion ...

Pakistan - Banking & Finance

Overseas Pakistanis remit US $1.32bn in July: SBP KARACHI: Overseas Pakistani workers remitted US $ 1328.18 million in the first month (July) of financial year 2016-17 as compared with US $ 1663.61 million received during the same period in the preceding year.During July 2016, the inflow of worker's remittances amounted to US $ 1328.18 million, which is 36 per cent less than June 2016 and 20.16 per cent less than July 2015, said a statement issued by SBP on Wednesday.The country wise details ...

Pakistan - Banking & Finance

Bank credit rises on uptick in Pakistan economy ISLAMABAD: Commercial bank credit and bank investments are on the rise in Pakistan on the back of a significant uptick in the economy with 42-year low interest rates of 5.25%, according to a report.The new monetary policy and the benchmark discount rate, expected to be announced later this week, are likely to strengthen this trend, reported Khaleej Times.International financial organisations, the ministry of finance and the State Bank of Pakistan (SBP), the central bank, report ...

Pakistan - Banking & Finance

Sales Tax automation to generate billions of additional tax for FBR ISLAMABAD: The newly introduced sales tax automation system would help generate additional billions of rupees for the national exchequer besides ensuring transparency, discipline and proper monitoring of sales and purchase all across the country." The Sales Tax Real-time Invoice Verification Strive System' has been put in place to check leakages in the tax system and improve over-all revenue collections," Member Sales Tax, Dr. M. Irshad said while talking to APP here.He said that the purpose ...