06262016Sun
Last update: Sun, 26 Jun 2016 06pm

Banking & Finance

Pakistan - Banking & Finance

Workers' remittances rise 5.2pc to $16bn in 10 months KARACHI: State Bank of Pakistan (SBP) here Tuesday said that overseas Pakistani workers remitted US $ 16034.39 million in the first ten months (July to April) of FY16, showing a growth of 5.25% compared with US $ 15235 million received during the same period in the preceding year.During April 2016, the inflow of worker's remittances amounted to US $ 1656.85 million, which is 3.17% lower than March 2016 and 1.02% higher than April 2015.The country wise details for the month of April 2016 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $ 488.78 million, US $ 345.99 million, US $ 189.84 million, US $ 221.88 million, US $ 199.53 million and US $ 39.85 million respectively compared with the inflow of US $ 519.65 million, US $ 398.41 million, US $ 214.45 million, US $ ...

Pakistan - Banking & Finance

Workers' remittances rise 5.2% to US $16 billion: SBP ISLAMABAD: Overseas Pakistani workers remitted US $ 16034.39 million in the first ten months (July to April) of FY16, showing a growth of 5.25% compared with US $ 15235 million received during the same period in the preceding year.During April 2016, the inflow of worker's remittances amounted to US $ 1656.85 million, which is 3.17% lower than March 2016 and 1.02% higher than April 2015, said a statement issued by the Central bank on Tuesday.The ...

Pakistan - Banking & Finance

Govt likely to set tax recovery target at Rs3,600bn for FY 2016-17 ISLAMABAD: Government is likely to set tax recovery target at Rs 3,600 billion in the federal budget for Fiscal Year 2016-17.According to a private news channel quoting sources privy to the Finance Ministry said that tax recovery target could be at least 16 percent higher than the current fiscal year.Taxes amounting to Rs 2,345 billion have been recovered in FY 2015-16 until May out of the set target of Rs 3,103 billion.Federal Board of Revenue ...

Pakistan - Banking & Finance

SBP issues prepaid card regulations ISLAMABAD: In order to promote electronic payments in Pakistan by introducing alternate digital means of payments and achieve greater financial inclusion by taking advantage of the technological developments in the card industry, SBP has issued Prepaid Card Regulations.A statement of the Central Bank issued on Monday said prepaid Card is a payment instrument built around a pay early, spend later model rather than the pay now and pay later models used in debit and credit ...

Pakistan - Banking & Finance

Inland Revenue Reward Rules 2016 approved ISLAMABAD: The Federal Board of Revenue's (FBR), Board in Council has approved Inland Revenue Reward Rules 2016 to give rewards to the officers and officials rendering meritorious services."I am positive that these reward rules will act as a catalyst for all such officers and officials who are working very hard and producing outstanding results," said Dr. Muhammad Irshad, Member Inland Revenue Operation in a letter sent to all officers of Inland Revenue.With the approval of ...

Pakistan - Banking & Finance

Pakistan budget promises pro-business policies ISLAMABAD: Rising remittances and private investments has been supporting country's economic growth, as federal government has promised to unveil a more pro-business budget for fy-2017.While the current financial year 2016 moves towards its close on June 30, international analysts and multilateral institutions are praising Sharif's government and forecasting "renewed and continuing economic, business and financial growth" compared to last government's five-year rule which ended in May 2013, reported Khaleej Times.Report quoting the World Bank's latest ...

Pakistan - Banking & Finance

Religious Ministry likely to receive Rs945mn budget in next FY ISLAMABAD: The Ministry of Religious Affairs and Interfaith Harmony is likely to receive Rs 945 million budget during the next financial year 2016-17, said a ministry's official.Talking to APP, he said the ministry had received Rs 898 million budget during the last financial year. The ministry's budget had been enhanced by 4.75 percent during the current financial year.He said 60 percent of the budget of the ministry is spent on salaries of the employees and ...