06272016Mon
Last update: Mon, 27 Jun 2016 04pm

Banking & Finance

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 rest amount consumed on paying utility bills, maintaining Haji camps, running training programmes of Hujjaj, etc.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

State Bank denies issuing any press note on fake currency KARACHI: State Bank of Pakistan has categorically rejected the news item appearing in a section of local press relating to circulation of counterfeit currency notes of denomination of Rs. 500, Rs. 1000, and Rs. 5000 in the market by unscrupulous elements.In statement here Friday, SBP spokesman said the news item directly refers to a press note issued by State Bank of Pakistan which was factually incorrect.The spokesman said that SBP did issue press releases to ...

Pakistan - Banking & Finance

FBR to introduce modified e-filing, processing procedure system ISLAMABAD: The Federal Board of Revenue (FBR) would introduce a modified automated e-filing and procedure system for filing of Sales Tax and Federal Excise (ST&FE) returns to facilitate taxpayers."In order to facilitate the taxpayers and resolve issues arising out of post-return cross-matching of declarations, the FBR intends to launch a modified automated system for filing of ST&FE returns," said notification of the board.The system requires early submission of sales invoice data enabling the buyers to ...

Pakistan - Banking & Finance

Old banknotes cease to be legal tender from Dec 1st ISLAMABAD: The old design banknotes will cease to be legal tender with effect from December 1st 2016 as per Federal Government's Gazette Notification dated 4th June, 2015, State Bank of Pakistan (SBP) informed.According to SBP notification, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 & 1000 while the Rs 5 banknote and the old design Rs 500 banknote have already been demonetized.It is worth mentioning ...

Pakistan - Banking & Finance

SBP injects Rs1,127.5bn KARACHI: State Bank of Pakistan (SBP) on Friday injected Rs 1,127.5 billion into money market for seven days through its open market operation.The rate of return accepted is 6.03 percent per annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

SBP sucks Rs 61.100bn from money market KARACHI: State Bank of Pakistan (SBP) on Thursday mopped up Rs 61.100 billion from money market for one day through its Open Market Operation (OMO).The rate of return accepted is 5.82 percent per annum, said SBP statement. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Pak forex figure $20.788bn KARACHI: Total liquid foreign exchange reserves of the country stand at $ 20.788 billion, said State Bank of Pakistan (SBP). A SBP's weekly statement on Thursday said that the foreign reserves with State Bank on April 29, amounted $ 15,904.8 million and net foreign reserves held by commercial banks were $ 4,883 million.During the week ending April 29, SBP's liquid foreign exchange reserves decreased by $ 84 million to $ 15.905 million compared to $ ...