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Author Archives: CT Report

PM Imran invites foreign companies to explore business opportunities

ISLAMABAD: Prime Minister Imran Khan has invited foreign companies to explore business opportunities in the E-commerce sector in Pakistan, according to media on Thursday. He said this while talking to Chairman of the supervisory Board Huawei Li Jie, who called on PM Imran along with his delegation at PM House. During the meeting, chairman Li Jie informed the Prime Minister ... Read More »

Quetta Customs foils bid to smuggle foreign origin cloth worth Rs80m

QUETTA: Collectorate of Customs anti-smuggling squad foiled a bid to smuggle huge quantity of foreign origin cloth worth Rs80 million. Sources told Customs Today that Chief Collector Zulfiqar Ali Chaudhary received credible information about smuggling of foreign origin cloth. He immediately directed Collector Preventive Dr. Iftikhar Ahmad to take all necessary measures to foil the attempt of smuggling. Collector Iftikhar ... Read More »

SBP’s reserves jump $443m to $8.35b

KARACHI: The State Bank of Pakistan’s (SBP) reserves increased by $443 million to $8.35 billion during the week ending November 1. According to the central bank, the total liquid foreign reserves held by the country stood at $15.51 billion. The break-up of the foreign reserves position is as under: Foreign reserves held by the State Bank of Pakistan:  $8.35 billion ... Read More »

Gold prices remain unchanged in local market

KARACHI: Gold rates in the local market remained unchanged at Rs87,250 per tola on Thursday, according to media. Similarly, the rate of 10 grams of yellow metal witnessed no change and was priced at Rs74,802. Meanwhile, gold fell in the global market, losing some of its safe-haven appeal as signs of progress in U.S.-China trade negotiations rekindled a rally in ... Read More »

FBR to have fully automated ‘Track and Trace’ system

ISLAMABAD: The Federal Board of Revenue (FBR) will be instituting within this financial year a fully automated ‘Track and Trace’ system for at least four major sectors, Chairman Syed Shabbar Zaidi said on Thursday. Taking to the micro-blogging site, Twitter, he said: “FBR will be instituting within this financial year, fully automated ‘Track and Trace’ system’ for at least four ... Read More »

PSX gains 105 points in narrow range trading

KARACHI: The stock market increased by 105 points on Thursday in a narrow band trading activities. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,758 points as against 35,6553 points showing an increase of 105 points. Analysts at Arif Habib Limited said that the market traded in a narrow range between -195 points and +181 points, closing ... Read More »

FBR I&I to start action against unregistered manufacturers, suppliers

ISLAMABAD: Federal Board of Revenue (FBR) has given go ahead to directorate of intelligence and investigation for conducting raids against manufacturers and suppliers not registered under sales tax laws. In this regard the Directorate of Intelligence and Investigation, Inland Revenue carried out raids against three unregistered units in Gujranwala, said a statement issued by Federal Board of Revenue (FBR) on ... Read More »

US dollar loses 5 paisa against Pak rupee

ISLAMABAD: The exchange rate of US dollar against rupee decreased by 05 paisa in the interbank and was traded at Rs 155.54 against the closing of Rs155.59 during last trading day, State Bank of Pakistan (SBP) reported Thursday. The SBP further reported that in interbank, the price of Euro depreciated by Rs 0.15 and was traded at Rs 172.37 against ... Read More »

SECP introduces ‘Trading only Brokers’ concept

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a concept paper to introduce the categorization of brokers for addressing the issue of custody of client assets. This concept is in line with international best practices and tailored to local market requirements, a press release said. The SECP said the commission has been undertaking a reform agenda to ... Read More »

Inflation drops slightly to 11pc during October

ISLAMABAD: Pakistan’s two key inflation indicators eased in October but chances for monetary easing remained remote due to a second round of inflationary pressure which was expected to emerge soon. For the third consecutive month, the headline inflation, called the Consumer Price Index (CPI), remained in double digits and stood at 11% in October 2019 compared to the same month ... Read More »

Asian  stocks frustrated as trade doubts resurface

SYDNEY: Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated at the lack of concrete progress. In early European trades, the pan-region Euro Stoxx 50 futures were up slightly while those for German DAX were flat. London’s FTSE futures rose 0.2%. ... Read More »

Japan approves $60,613 for Social Development Project

ISLAMABAD: The Government of Japan has decided to provide financial assistance of US $60,613 for a street pavement project in Union Council Beer, Haripur district in Pakistan The grant will be provided to Badban Enterprises Development Forum- a local non-government organization in Haripur district said a statement issued from embassy of Japan in Islamabad. Agreement for the project was signed ... Read More »

Pakistan seeks IMF to drop FATF conditionality, allow reduction in tax target

ISLAMABAD: As the final round of talks in this quarter of the year between the federal government of Pakistan and a staff mission of the International Monetary Fund (IMF) enter its final phase in Islamabad, Pakistan actively looks forward to persuade the global moneylender to drop three of its conditionalities, including reduction in tax target, the recommendations of the Financial ... Read More »

FEBR urges taxpayers to file returns to avoid penalties

LAHORE: Friends of Economic & Business Reforms (FEBR) has urged taxpayers to file tax returns as per schedule. A notification issued in this regard read “it is mandatory for every person registered in Punjab Revenue Authority (PRA) to file monthly sales tax return. In case of NO tax liability, nill return should be submitted. Otherwise as per law, if a ... Read More »

Pakistan decides to settle $90.35m case with Russia

ISLAMABAD: Pakistan would return $90.35 million to Russia as part of arrangements to settle a 39-year-old case involving the two countries. Sources in Foreign Office said Moscow was willing to make huge investment in Steel Mills and Pakistan’s energy sector. The sources further said the Russian government’s hands were tied due to some local laws which do not allow investment ... Read More »

World Bank lauds govt’s economic reforms  

ISLAMABAD: World Bank Vice President Ms Ceyla Pazarbasioglu on Thursday appreciated the economic reforms program initiated by Pakistan Tehreek-e-Insaf (PTI) led government to stabilize the country’s economy and accelerate broad-based growth, according to media. She made this statement during a meeting with Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh at his office in Islamabad. Pazarbasioglu, ... Read More »

NAB summons Akram Durrani in corruption cases

RAWALPINDI: The National Accountability Bureau (NAB) has summoned senior leader of Jamiat Ulema-e-Islam (JUI-F) Akram Khan Durrani on November 8 in various corruption cases. According to sources, NAB Rawalpindi has summoned Akram Khan Durrani to record his statement. He is being investigated in three different corruptin cases; assets beyond means, illegal recruits and allotment of plots for mosques. According to ... Read More »

RCCI lauds district administration efforts in controlling dengue epidemic

RAWALPINDI: Deputy Commissioner Rawalpindi, Saifullah Dogar has said that with concrete steps and surveillance, the district administration successfully lowered the count of daily Dengue patients. As weather is becoming cold, so it was expected that it will further lowered the volume of cases, currently its 43/day in RWP. The fogging and spray will be continued even in December and January ... Read More »

FBR directs all chief commissioners IR to form committees with traders

ISLAMABAD: Federal Board of Revenue (FBR) Chief (IR-Operations) Bakhtiar Muhammad has issued notification for formation of committees. A notification issued in this regard stated that all chief commissioners of Inland Revenue department should take following actions with immediate effect. Identify market(s) in the area of their jurisdiction and constitute committees after consultation with trade bodies for each market comprising of ... Read More »

NAB to auction Ishaq Dar’s properties

ISLAMABAD: An accountability court in Islamabad on Thursday permitted the National Accountability Bureau (NAB) to auction the properties belonging to the former finance minister Ishaq Dar, according to media. The court has rejected the plea of Ishaq Dar to stop auction of his properties by the anti-corruption watchdog in assets beyond income reference. Following the rejection of the petition, the ... Read More »