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Pak Rupee depreciates by 47 paisas on higher import payment demand

  KARACHI: The Pak Rupee ended down by 47 paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said. The rupee ended Rs166.30 to the dollar from last Friday’s closing of Rs165.83 in interbank foreign exchange market. Currency dealers said that the demand for dollar was remained higher as the market was opened after ... Read More »

SBP keeps policy rate unchanged at 7pc

KARACHI: The State Bank of Pakistan (SBP) announced on Monday it is maintaining the monetary policy unchanged at 7 percent. The central bank announced on Twitter that the SBP’s Monetary Policy Committee (MPC) is meeting today to discuss the country’s monetary policy for the next two months. “Governor SBP Dr Reza Baqir will announce the decision today at 5pm and ... Read More »

KPT shipping movements report Sep 21

KARACHI: Following were the Movements of Ships at Karachi Port Trust (KPT) during last 48 hours, ending at 0700 hours on Monday. SHIPS BERTHED: Green Belt Tanker Cosco Aden Container Ship Al Rumeila Container Ship Cosco Rotterdam Container Ship Fpmc 29 Tanker Al Soor IITanker Diyala Container Ship Ksl Ruiyang General Cargo Thorsky Container Ship Al MahboobahTanker SHIPS SAILED: Saxonia ... Read More »

FIA recovers billions from Salman Shahbaz’s employees’ bank accounts

ISLAMABAD: The banking crime circle of the Federal Investigation Agency has discovered billions of rupees stashed in bank accounts of staffers of Salman Shahbaz, the son of Shehbaz Sharif, it emerged on Monday. Reports suggest the agency found a staggering Rs9.5 billion in bank accounts of staffers working at the Ramazan and Al-Arabia Sugar Mills. Providing a breakdown of the ... Read More »

FBR issues list of cities contributing tax above Rs1b

ISLAMABAD: Federal Board of Revenue (FBR) has issued details of tax contribution by major cities in the country. The FBR issued directory for tax year 2018 and provided details of tax contribution by major cities of the country. Following is the list of cities contributed above Rs1 billion to the national exchequer: Karachi Rs209.10 billion — Karachi Central Rs9.059 billion ... Read More »

Sale & production of cars fell by 0.42pc, 42.97pc respectively in July-August 2020

ISLAMABAD: The sale and production of cars decreased by 0.42 percent and 42.97 percent respectively during the first two month of current financial year 2020-21 compared to corresponding period of last year. During the July-August 2020, as many as 20,008 cars were sold against the sale of 20,094 units while the production of cars decreased from 27,108 units to 15,457 ... Read More »

Leather manufactures exports increase record 8.39pc

ISLAMABAD: Leather Manufactures exports during First two months of current fiscal year grew by 8.39 per cent as compared to the exports of the corresponding period of last year. During the period from July-August, Leather Manufactures worth US $ 98,232 thousand were exported as compared to the exports of US $ 90,627 thousand of same period of last year. According ... Read More »

RCCI elects Nasir Mirza as unopposed president

RAWALPINDI: Muhammad Nasir Mirza elected unopposed as President of the Rawalpindi Chamber of Commerce and Industry (RCCI) for the year 2020-21. The 3-member RCCI Election Commission consisting of Malik Zahoor, Fazlurahman Malik and Sheikh Hafeez Ahmad announced the winners in this regard in a meeting held here. The announcement of newly elected Senior Vice President Usman Ashraf and Vice President ... Read More »

‘Common Expo Centre to be established in four cities of Punjab’

GUJRAT: Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood has said that a common Expo Centre would be established in four cities of Punjab to boost industry sector. Abdul Razak Dawood said this during an official visit to Gujrat Chamber of Commerce and Industries. A ‘common expo centre’ will be established for Sialkot, Gujrat, Wazirabad and ... Read More »

Asian markets weighed by virus spikes & stimulus gridlock

HONG KONG: Most Asian markets fell Monday following another disappointing performance on Wall Street with investors growing concerned about an uptick in infections in Europe and the US, as well as the lack of movement in Washington on a new stimulus. After months of big gains around the world, fuelled by government stimulus and central bank largesse, equities are beginning ... Read More »

SBP to announce monetary policy today, expected to keep interest rate unchanged

KARACHI: The State Bank of Pakistan (SBP) will announce its decision on the monetary policy today with the analysts forecasting that there will be no change in the current policy rate. The central bank announced on Twitter that the SBP’s Monetary Policy Committee (MPC) is meeting today to discuss the country’s monetary policy for the next two months. “Governor SBP ... Read More »

Tender for construction of important M-8 section issued: Asim Saleem Bajwa

LAHORE: China–Pakistan Economic Corridor (CPEC) Chairman Authority Asim Saleem Bajwa announced that the tender for the construction of an important section of the M-8 has been issued. In a tweet, Bajwa said that the M-8 would “improve the connectivity of Gwadar Port, revolutionise socio-economic development of the region and bring prosperity through addressing the long term deprivation”. According to Bajwa, ... Read More »

Textile sector production revs up as virus spread decelerates

ISLAMABAD: The country’s textile sector has dramatically increased its scale of production, restoring it to pre-corona levels of maximum capacity as the containment of corona virus has significantly improved in the country, leading to a higher international demand for its products. The textile industry boasts a significant presence in Pakistan, being the largest manufacturing industry and the largest export earning ... Read More »

Multan Customs lodges FIR against owner of private warehouse  

MULTAN: Collectorate of Customs Enforcement & Compliance (E&C) Investigation and Prosecution (I&P) branch lodged FIR against unknown accused who were involved in smuggling of different contraband items recovered from warehouse. Sources told Customs Today, Customs Anti-Smuggling Organization Multan team raided a private warehouse identified as Rana House located near Bahawalpur Bypass during their intelligence-based action. Customs Anti-Smuggling teams found that ... Read More »

KCCI concerned over sudden rise in law & order incidents

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan, while expressed deep concerns over sudden rise in law & order incidents in Karachi, urged the Sindh Government, Police and Rangers Authorities to immediately take notice of the worsening law & order situation by adopting stringent security measures for maintaining complete peace and tranquility in every nook ... Read More »

Tax directory 2018: 71pc return filing companies declare income below Rs500,000: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that around 71 percent return filing corporate entities have declared income less than Rs500,000. According to directory for tax year 2018 issued by the FBR on September 18, 2020 revealed that only 44,609 companies had filed their returns for the year. As per Income Tax Ordinance, 2001 companies registered with the Securities ... Read More »

VIS Credit Rating Co. suspends IR issued by SNPCL

KARACHI: VIS Credit Rating Company has suspended the instrument ratings of single A assigned to the Privately Placed Term Finance Certificates of Sindh Nooriabad Power Company Limited and Sindh Nooriabad Power Company Phase-II (Pvt) Limited with immediate effect. The action has been taken due to non-availability of current information for ratings analysis. The ratings would be reassessed as and when ... Read More »

Customs Court approves interim charge sheet against suspect in smuggling of Ajinomoto Salt case

KARACHI: The Customs Court approved interim charge sheet and issued non-bail able warrants against absconding suspect namely Muhammad Iqbal Bhutto son of Dhani Bux Bhutto owner of vehicle, who was nominated in a case of attempting to smuggle 7,000 kg monosodium glutamate (Ajinomoto Salt) worth Rs2,170,000. On 18 September 2020, investigation officer appeared before the court and submitted charge sheet ... Read More »

Customs court approves progress report against owner of M/s ZY & Co arrested in smuggling case

KARACHI: Investigation officer of Customs Enforcement & Compliance Karachi has submitted progress report against suspects namely Ghulam Shoaib son of Khawaja M Yaqoob, owner of M/s ZY & Co and Umair Sabir son of Sabir Ali, manager of M/s ZY & Co in a case of smuggling 500 MT vinyl acetate monomer worth Rs67,200,000 and duty and taxes are involved ... Read More »

DWP express concerns over rising number of theft cases of goods from Karachi to Lahore

KARACHI: DWP expressed their serious concerns over rising number theft of goods from containers by transporters, driver during transit from Karachi Port to Lahore and appealed to PEMA members to take action in this regard. In the recent past these incidences have triggered and this mafia including transporters, drivers and their associates started this whole game. They have no fear ... Read More »