07262016Tue
Last update: Tue, 26 Jul 2016 07pm

Banking & Finance

Pakistan - Banking & Finance

Workers' remittances rise to US $17.8 billion in the first eleven months of FY16: SBP ISLAMABAD: Overseas Pakistani workers remitted US $ 17841.63 million in the first eleven months (July to May) of FY16, showing a growth of 5.6% compared with US $ 16898.32 million received during the same period in the preceding year.According to a statement of the Central Bank issued on Friday said that during May 2016, the inflow of worker's remittances amounted to US $ 1799.39 million, which is 8.6% more than April 2016 and 8.2% higher than May 2015.The country wise details for the month of May 2016 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $ 547.77 million, US $ 380.74 million, US $ 202.1 million, US $ 240.58 million, US $ 216.71 million and US $ 41.64 million respectivelyWhile the inflow of US $ 528.35 million, US $ 399.49 million, US $ 221.12 million, ...

Pakistan - Banking & Finance

SBP injects Rs 1357.5 bn into market KARACHI: State Bank of Pakistan (SBP) on Friday injected Rs 1357.5 billion into money market for seven days through its open market operation (OMO).The rate of return accepted is 5.79 percent per annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Pakistan’s first mobile based credit account launched Pakistan’s first mobile-based credit account service has been launched by Telenor EasyPasia, which offers term deposit plus running finance service.According to local media reports, the EasyPaisa deposit product offers a 10 percent return on savings with a monthly profit payout; which are being considered some of the best terms available in the traditional banking sector. “With our pioneering digital products suite, we have paid special attention to the needs of our customers by expanding the ...

Pakistan - Banking & Finance

ETD recover Rs1.89bn tax FAISALABAD: Excise and Taxation Department (ETD) has recovered Rs. 1.89 billion tax during first eleven months of current fiscal year.Director ETD Faisalabad, Ahmed Saeed told media that ETD was given a target of Rs. 2.4753 billion for recovery from district Faisalabad and it has so far recovered Rs. 1.897828 billion.ETD recovered Rs.1.049821 billion under the head of property tax, Rs.680.535 million under vehicle registration and token tax, Rs.87.013 million under excise tax, Rs.63.76 million under ...

Pakistan - Banking & Finance

SBP injects Rs191bn into financial system KARACHI: State Bank of Pakistan (SBP) on Thursday injected Rs 191 billion into money market for eight days through its open market operation (OMO).The rate of return accepted is 5.79 percent per annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Tax recovery target to be completed SARGODHA: Tax recovery target through various heads will be achieved till June 30 at any cost.Director Excise and Taxation Abdullah Khan talking to journalists said last date of depositing token tax payments without fine had been extended to June 30.He said counters for payment of token tax had also been established at Post Offices where taxes could be deposited without challan receipts of motor registration authority.He said properties of defaulters would also be sealed without ...

Pakistan - Banking & Finance

Forex slip to $21.267bn KARACHI: The total liquid foreign exchange reserves of the country stand at dollars 21.267 billion, said State Bank of Pakistan.According to SBP's weekly statement here on Thursday, the foreign reserves held by State Bank on June 3, amounted $ 16,462.6 million and the net foreign reserves with the commercial banks were $ 4,804 million.During the week ending June 03, SBP's liquid foreign reserves decreased by $ 344 million to $ 16,463 million as compared to ...