Thursday , March 4 2021
Breaking News
Home / Author Archives: CT Report (page 5)

Author Archives: CT Report

Circular debt to reach Rs2.8tr in next four months, NA panel told

ISLAMABAD: The National Assembly’s Standing Committee on Finance and Revenue was informed that the country’s circular debt would surge to Rs2,805 billion in the next four months of the current fiscal year. The additional secretary of the Power Division, while briefing the meeting about the sector-wise circular debt, stated that the debt was recorded at Rs2,303 billion till December 2020, ... Read More »

SBP defers Rs657.16b under refinancing scheme during COVID-19

ISLAMABAD: The State Bank of Pakistan (SBP), under its refinancing scheme for protecting businesses from the impact of COVID-19, has so far deferred Rs657.14 billion principal repayments of loans up to one year. The bank also allowed restructuring or rescheduling of around Rs235.8 billion so far, according to the updated data of the central bank. The number of borrowers that ... Read More »

Shipping activity at Port Qasim on Feb 23

KARACHI: Four ships, MSC Heidi, Sphene, Gas Athena and Maritime Tuntiga carrying Container, Petroleum gas and Palm oil were arranged berthing at Container Terminal, Chemicals Terminal and Liquid Terminal respectively during last 24 hours. Meanwhile four more ships, Maersk Sea Barok, MSC Asya, Zhou Shan Hai and Harriet-P carrying Containers, Coal and Soya bean also arrived at outer anchorage of ... Read More »

Importers to pay duty & taxes through e-payment system: Collector Muneeza Majeed

MULTAN: The Federal Board of Revenue (FBR) has taken initiative measure towards digitalisation and automation of economy in compliance with FATF. The federal government has made it mandatory on all importers to make payment of duties and taxes exceeding Rs1 million through the e-payment system. Collectorate of Appraisement and Facilitation Faisalabad has also issued notification regarding that all duties and ... Read More »

Majority banks to start processing foreign exchange digitally by February end: Ashraf Khan

KARACHI: Managing Director of State Bank of Pakistan’s Banking Services Corporation Muhammad Ashraf Khan has said that digitalization of foreign exchange, which started in March 2020, has been expanded from 8 to 13 banks and majority of the banks will be processing 88 percent of foreign exchange digitally by the end of February 2021 and 98 percent by April whereas ... Read More »

CDWP approves Rs25 billion development projects

ISLAMABAD: Central Development Working Party (CDWP) meeting approved four projects at an estimated cost of Rs25 billion and recommended two projects worth Rs44.3 billion to the Executive Committee of the National Economic Council (ECNEC) for further consideration. The CDWP meeting, which was chaired by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan, also had senior officials from the Planning Commission, federal ... Read More »

FBR forms committees for promotion of customs officials

ISLAMABAD: Federal Board of Revenue (FBR) constituted department promotion and selection committees for making recommendation for promotions and selections of Customs officials. A notification issued by the FBR stated that in pursuance of Establishment Division’s concurrence conveyed vide OM No. 13/16/2015-R.IV dated February 12, 2021, the following departmental promotion/selection committees in respect of posts in BS-17 to BS-18, BS-16 to ... Read More »

Govt actions to be reviewed as FATF meeting begins

ISLAMABAD: The Financial Action Task Force (FATF) four-day virtual Plenary session, during which Pakistan’s performance in terms of measures taken against money laundering and terror funding will be reviewed began on Monday. According to a local media report, FATF had updated the overall performance of all countries ahead of the meeting, revealing that Pakistan has been shown improving compliance on ... Read More »

KP govt introduces online system to monitor uplift projects in tribal districts

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has introduced an online system to actively monitor tribal districts’ development programme. As per officials, each project under the programme will now be assessed through the online system by the officials of Planning and Development department (P&D). The online system, developed by P&D in collaboration with the United Nations Development Programme, is dubbed as ... Read More »

FBR chairman Javed Ghani directs to depute additional staff for smooth clearance of consignment

KARACHI: Federal Board of Revenue (FBR) Chairman Mohammad Javed Ghani has assured the customs clearing agents of expeditious consignment clearance by deputing additional staff at the customs station. In a statement, Karachi Customs Agents Association (KCAA) said that in order to resolve certain issues relating to exports and imports the delegation of the association led by its President Wasiq Hussain ... Read More »

CDNS reaches at Rs530b free deposits

ISLAMABAD: The savings of the Central Directorate of National Savings (CDNS) has reached to the free deposit of Rs530 billion during the last 7 months in the current Fiscal Year (FY) 2020-21. The Central Directorate of National Savings (CDNS) had compensated an amount of Rs258 billion to its investors after the termination of major prize bonds of Rs40,000 and also ... Read More »

Current account deficit reduced to US$229m in January, announces SBP

KARACHI: The State Bank of Pakistan (SBP)  announced that the current account deficit has reduced to US$229 million in January 2021 from US$652 million last month. Taking to Twitter, the SBP said that for the first seven months of the fiscal year 2020-21, the current account surplus is $912 million, a significant turnaround from the deficit of $2,544million during the ... Read More »

SECP suggests making payment of cash dividends in three days

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday proposed to reduce time limit to three days for making payment of cash dividends. The SECP issued SRO 229(I)/2021 dated February 18, 2021 to introduce draft amendment in the Companies (Distribution of Dividends) Regulations, 2017. According to the draft an amendment has been proposed to Regulation 3 of the ... Read More »

Remittance growth credit positive for Pakistani banks: Moody’s

ISLAMABAD: Rating agency Moody’s has termed growth in remittances in Pakistan as credit positive for banks, saying foreign inflows improve their access to low-cost and stable deposits. Moody’s in its latest report on Pakistan has stated that increase in workers’ remittances for 7MFY21 is contrary to their expectation that the pandemic would keep remittances flat and the World Bank’s forecast ... Read More »

FDI declines over 27pc in Jul-Jan FY21

KARACHI: Foreign Direct Investment (FDI) declined by 27.4 percent during the period July-Jan 2021 of the fiscal year. According to the State Bank of Pakistan (SBP) latest data, Pakistan fetched FDI amounting to $1,145.3 million in July-Jan of FY21 compared to $1,577 million in the same period of the last fiscal year (FY20), depicting a decline of $431.7 million. The ... Read More »

QCCI seeks immediate release of pistachio consignments

QUETTA: Quetta Chamber of Commerce and Industry (QCCI) noted the Local Valuation Committee of Model Customs Collectorate (MCC), Quetta, in consultation with the DG of Customs (Valuation), Custom House, Karachi, had determined the Custom Value of Pistachio and Pistachio Shelled imported via land routes from Iran through Taftan. The said ruling contained the details/rationale for determining the different custom value ... Read More »

TPL Properties to develop Technology Park in Sindh

KARACHI: TPL Properties announced to develop first ever Technology Park in Sindh with high end technology facilities. In an information shared with Pakistan Stock Exchange (PSX), the company said that in continuation to the disclosure made by TPL Properties Limited dated November 11, 2020, whereby the company had announced entering into an Agreement to Sell. “We are pleased to announce ... Read More »

Collector Irfan Javed’s Quetta Customs to start crackdown against under-invoicing

QUETTA: Collectorate of Customs Preventive, Collectorate of Customs Appraisement and Directorate of Customs I&I (I&I) Quetta adopted a comprehensive strategy to coordinate and joint crackdown on under-invoicing of imported goods. According to sources, customs officials in the first phase attempted to bring smuggled goods into the tax net through facilitating the traders wherever needed.  This policy will help to curb ... Read More »

Increase in prices of edible items at Utility Stores notified

ISLAMABAD: Massive increase in the prices of edible items at the outlets of Utility Stores Corporation (USC) was notified after the approval of the Economic Coordination Committee (ECC) in this regard a day earlier. According to the notification, the rate of ghee has been jacked up by Rs48 per kilogramme, taking the new price to Rs251 per kg. Similarly, the ... Read More »

Pakistan Customs impounds non-duty paid vehicles worth Rs11.3b

ISLAMABAD: Pakistan Customs has impounded non-duty paid motor vehicles worth Rs11.3 billion during first seven months (July – January) of the current fiscal year, said a spokesman of the Federal Board of Revenue (FBR). The seizure of non-duty paid motor vehicles registered growth around 66 percent as the customs authorities seized motor vehicles worth Rs6.8 billion in the same period ... Read More »