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NAB’s effective Awareness and Prevention Strategy starts yielding excellent results: Chairman Justice Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman NAB chaired a meeting to review progress/performance on the awareness and prevention campaign of NAB in order to aware people about the ill effects of corruption at NAB Headquarters. Honorable Mr. Justice Javed Iqbal, Chairman NAB said that corruption is a method and a technique adopted just to bypass the rule of law and engulfing ... Read More »

Public transport fares cut by 18pc in Punjab

LAHORE: Punjab transporters on Saturday announced to slash fares by 18 percent after successful talks with the Punjab government. The Punjab govt has demanded transporters to decrease fares across the province in order to provide relief to people amid the coronavirus pandemic. Consensus has been made with provincial government to reduce fares by 18 percent across the province, announced President ... Read More »

Global economy could suffer loss between $5.8tr & $8.8tr due to Covid-19: ADB

NEW YORK: The global economy could suffer between $5.8 trillion and $8.8 trillion in losses—equivalent to 6.4% to 9.7% of global gross domestic product (GDP)—as a result of the novel coronavirus disease (COVID-19) pandemic, says a new report released by the Asian Development Bank (ADB). The report, Updated Assessment of the Potential Economic Impact of COVID-19, finds that economic losses ... Read More »

Punjab govt to reopen shopping malls, auto industry from Monday

LAHORE: Punjab Information Minister Fayyaz-ul-Hassan Chohan has said that as a part of lifting the lockdown in phases, the provincial government will reopen shopping malls and allow the automotive industry to resume operations from Monday. The minister’s statement came as Punjab recorded more than 14,000 cases of the coronavirus and more than 240 deaths. Chohan said that the overall situation ... Read More »

Punjab millers announce Re1 per kilogram increase in flour price

LAHORE: Punjab flour mills owners announced increase in the flour prices by Re 1 per kilogram in the province. According to flour mills sources, new rate of flour has been fixed in the open market at Rs 41.25 per kg which was Rs 40.25 per kg a day ago. The new rate of 20kg flour bag in the open market ... Read More »

Time limit for customs valuation issuance should be fixed: FPCCI

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in its proposals for budget 2020/2021, said that the validity of Valuation Ruling under Section, 25-A of the Customs Act, 1969 is life time utill or unless revised or rescinded by the competent authority and Genuine Importer suffer as the Assessing Offices reject the transaction Values and Increase the Values ... Read More »

Construction of Gwadar airport in ‘full swing’ after ease in lockdown

GWADAR: Construction of the much-awaited New Gwadar International Airport has entered its second phase, as the joint Pakistan and China project pushes towards completion. The airport is located in Gurandani, some 26 kilometers northeast of the city of Gwadar in Balochistan. Its total cost is $230 million. “In the second phase a permanent station is being built,” Zhang Baozhong, chairman ... Read More »

Businessmen demands abolishing of tax audits amid Covid-19 

RAWALPINDI: Business community has demanded that the tax audits should be abolished amid Covid-19. No business audit should be done as businesses are struggling in these challenging times. These demands were unanimously adopted at the Twelfth all Pakistan Chambers Presidents Conference, organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) via video link,  with a participation of more than ... Read More »

Coronavirus likely to distort economic fabric of Pakistan: Hafeez Shaikh

ISLAMABAD: Coronavirus led impacts are expected to deeply distort economic fabric of Pakistan, said Dr. Abdul Hafeez Shaikh, Advisor to the Prime Minister on Finance and Revenue. He called for demonstration of fiscally responsible attitude as corona led impacts are expected to deeply distort economic fabric of Pakistan. He has also called on all the federal ministries and divisions to ... Read More »

Sindh to resume public transport before or after Eid

  KARACHI: Sindh Transport Minister Syed Awais Qadir Shah has announced resumption of public transport in the province before or after Eid ul Fitr, without giving a specific date. Provincial transport minister in a statement said that SOPs for public transport have been prepared and medical teams are being constituted for the purpose. A four-point summary has been prepared and ... Read More »

ECC okays Emergency Cash Assistance for labours affected by COVID-19

ISLAMABAD: The Economic Coordination Committee of the Cabinet in its meeting approved the Emergency Cash Assistance (Criteria and Mechanism) to the labour whose livelihoods has been affected by the COVID_19 Pandemic. The announcement was made earlier by the Prime Minister and required the formal approval of the ECC. The meeting of the Economic Coordination Committee of the Cabinet was chaired ... Read More »

PSX witnesses bullish trend as index gains 203 points

KARACHI: Stocks rallied on the last session of the week as investors anticipated a rate cut in the country’s monetary policy, which was announced after the session’s conclusion. Breaking the selling pattern, foreign investors closed the previous session (Thursday) as net buyers, registering a net inflow of $0.069 million. According to analysts, the Pakistan Stock Exchange (PSX) remained positive throughout ... Read More »

SBP cuts key interest rate by one percent

KARACHI: The State Bank of Pakistan (SBP) on Friday cut its key interest rate by one percent. The new rate has come down from 9 percent to 8 percent. The State Bank’s Monetary Policy Committee announced the decision. The interest rate has been reduced keeping in view the coronavirus situation in the country. Earlier, the SBP announced that it will ... Read More »

Appraisement West seals Assessment Hall after two appraisers tested positive for COVID-19

KARACHI: Collectorate of Customs Appraisement West sealed Assessment Hall after two appraising officers (AOs) tested positive for corona virus. Sources told that two appraisers Asif Jamil and Khizar Hayat had been transferred from Karachi International Container Terminal (KICT) to Appraisement West. The Collector immediately directed to seal Assessment Hall which is being sanitized and disinfected using chemicals provided by Reliance ... Read More »

Govt decides to partially resume train service before Eid: sources

LAHORE: The federal government has decided to partially resume train service before Eid. According to sources, In first phase 24 trains will be operated and the Standard Operating Procedures (SOPs) have been finalised in this regard, sources said. It was further learnt that the offices of the railways will remain close and the tickets will be booked online only. The ... Read More »

Govt making efforts to control economic losses: Razak Dawood

FAISALABAD : Adviser to Prime Minister on Commerce, Textile and Investment Abdul Razak Dawood has said that the government is making efforts to control the economic losses incurred by fragile national economy in the wake of coronavirus lockdown. Talking to office-bearers of Faisalabad Chamber of Commerce & Industry (FCCI) through video-link, he discussed in detail the problems being confronted by ... Read More »

Asian markets mixed at end of a uneasy week

HONG KONG: Most markets were mixed Friday, at the end of a tough week for global equities that have been wracked by worries over a second wave of infections, rising China-US tensions and uncertainty about how long any economic recovery will take. A generally downbeat mood was compounded by another spike in US jobless claims and overshadowed news several countries ... Read More »

Coronavirus outbreak: Pakistan extends suspension of int’l flight operations till May 31

ISLAMABAD: Pakistan has extended the ban on international flight operations till May 31, announced the Civil Aviation Authority (CAA) on Friday. “As per the decision of the GoP, the suspension of international flight operations as effected earlier has been extended up to Sunday, May 31, 2020 at 2359 hours PST. Remaining provisions as applicable to the suspension of international flights ... Read More »

FPCCI recommends audit exemption for commercial importers

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended to allow immunity to commercial importers from audit. In its proposals for budget 2020/2021, the FPCCI said that under the last year’s audit policy, the commercial importers who pay advance value added Sales Tax at 3 percent at customs stage were exempted from audit vide Clause 58-E(2) of ... Read More »

FBR extends date for payment, return filing up to May 12

ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing monthly sales tax return and payment for March 2020. In a notification issued on Friday, the FBR extended the date for payment of sales tax and federal excise duty for the month of March 2020 which was due on April 15, 2020 and extended up to May ... Read More »