09292016Thu
Last update: Thu, 29 Sep 2016 11pm

Banking & Finance

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 for the month of July 2016 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $ 378.69 million, US $ 293.72 million, US $ 169.68 million, US $ 143.61 million, US $ 169.61 million and US $ 35.74 million respectively compared with the inflow of US $ 474.42 million, US $ 367.51 million, US $ 255.32 million, US $ 232.33 million, ...

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 ...

Pakistan - Banking & Finance

Operation against tax defaulters SARGODHA: A grand operation against property tax defaulter would be conducted in the division and August 30 deadline has been given to property owners to pay their taxes.According to Director Excise & Taxation Sargodha Division, Rana Intikhab, above 720 properties in the division have been declared as defaulted, adding that final notices were served to such property owners with directions to deposit taxes by August 30.Defaulters properties in Sargodha district were 340,in Khushab district there ...

Pakistan - Banking & Finance

Old design banknotes to be demonetized by December: SBP ISLAMABAD: The government has decided to phase out all remaining old design banknotes demonetized from December 1, 2016 in order to improve aesthetic quality of banknotes.According to a statement issued by the State Bank of Pakistan (SBP) on Monday, the old design banknotes will cease to be legal tender with effect from December 1.It is worth mentioning that the SBP issued a new design banknote series which started with the issuance of Rs 20 denomination ...

Pakistan - Banking & Finance

Banks disbursed Agricultural Credit of Rs598.3bn in FY16 KARACHI: During the fiscal year 2016, banks have made agricultural credit disbursement of Rs 598.3 billion which is almost 100% of the overall annual target of Rs 600 billion and 16% higher than the disbursement of Rs 515.9 billion made during fiscal year 2015.A State Bank of Pakistan (SBP) statement here on Monday said that it is important to note that despite negative growth of agriculture sector due to a number of real side factors, ...

Pakistan - Banking & Finance

No ban on Pakistani currency in Afghanistan ISLAMABAD: The Afghanistan Government has imposed no ban on holding of Pakistani currency in Afghanistan, the Finance Ministry said here on Monday.Minister for Finance, Muhamamd Ishaq Dar made a telephonic conversation with Afghan Ambassador to Pakistan Dr. Hazrat Omar Zakhilwal regarding the reported ban on the holding of Pakistani rupee in Afghanistan, the statement issued by the ministry said.Dr Hazrat Omar Zakhilwal informed the finance minister that the Afghan Government had imposed no such restriction ...