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The Federal government is in hot water on overall fiscal deficit due to increasing current expenditure and depleting cash balance position of the provincial governments, it is learnt.

The Directorate General of Post-Clearance Audit (PCA), Federal Board of Revenue (FBR), has deleted a tax fraud case tax fraud case, which shows involvement of appraisement staff of Model Customs Collectorate (MCC) Pakistan Customs Computerised Clearance System (PaCCS) Karachi and a Karachi-based contractor who wrongly obtained exemption of customs duty and sales tax on import of seamless steel pipes/tubes, causing massive loss to the national kitty.
The Special Committee of Parliament on Kashmir has prepared recommendations for convening joint sitting of Trade and Foreign Ministries with Kashmiri leadership on the issue granting India Most Favoured Nation (MFN) status for trade. Parliamentary Kashmir Committee met on Saturday in Parliament House, Islamabad, with Fazlur Rahman in the chair.
The Pakistan State Oil (PSO) has requested the government to release Rs 150 billion, urgently so that it could pay outstanding liabilities to avoid the looming default, which at present stands at Rs 188 billion. According to sources, PSO's total circular debt has almost touched Rs 400 billion mark, and if Rs 150 billion is not being provided, the entity could default.
In order to boost bilateral trade and participate in tri-nation dialogues, president of Iran will visit Pakistan in the last week of this month, said Abbas Ali Abdollhi, Consul General of Islamic Republic of Iran. Addressing a press conference, here on Saturday, he said that a high-level, 60/70-member trade delegation led by Deputy President Iran would be visiting Pakistan on February 6-7.
The Federal Board of Revenue (FBR) has selected certain cases for income tax and sales tax audit through computer balloting and the details of registered persons have been communicated to field formations.
The nation celebrates Eid Milad-un-Nabi (PBUH) with religious reverence and fervour on Sunday (today) with a pledge to follow the teachings of Holy Prophet Muhammad (PBUH). The day will begin with special prayers for the progress, prosperity and integrity of the country and unity amongst the Muslim Ummah.
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China Wholesale

brindex
9098.8   Arrow 29.37
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Banking Review 2011


The Wall

ArrowEuro 1.3158
ArrowSterling 1.5815
ArrowSwiss Franc 0.9182
ArrowYen 76.6015
ArrowGold 1740.300
ArrowCotton 96.340
ArrowOil 97.840
Index Closing Chg%
Arrow DJIA 12,862.20 1.23
Arrow Nasdaq 2,905.66 1.61
Arrow S&P 1,344.90 1.46
Arrow FTSE 5,901.07 1.81
Arrow DAX 6,766.67 1.67
Arrow CAC-40 3,427.92 1.52
Arrow Nikkei 8,831.93 0.51
Arrow H.Seng 20,757.00 0.08
Arrow Sensex 17,605.00 0.99

The Rupee

Interbank closing rates for dollar on Saturday.
BuyingRs 90.40
SellingRs 90.45
Rates keep coming down

Annual2010/11
Foreign Debt $59.53bn
Per Cap Income $1254
GDP Growth 2.4%
Average CPI 14.10%
MonthlyDecember
Trade Balance $-2.41 bln
Exports $1.85 bln
Imports $1.26 bln
WeeklyJanuary 26, 2012
Reserves $16.802 bln
ArrowBRIndex-30 9,104.17
ArrowKSE-30 Index 11,258.08
ArrowKSE-100 Index 11,982.62
ArrowLSE-25 Index 3,122.96
ArrowISE-10 Index 2,627.71
ArrowGold Per 10gm 50,914.00
ArrowKCA Spot Rate 5,700.00
ArrowLibor Rate 0.76850

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