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Author Archives: CT Report

FBR to start verification of imported goods from September 1

FBR-Logo

ISLAMABAD: Under the instructions of Chairman FBR, the Federal Board of Revenue has started a phased program to combat sale of smuggled goods in the local market. According to the details, it has been decided that Special Joint Teams of the FBR will be visiting major shopping areas especially large retailers in major cities to check the import documents of ... Read More »

Gold price increases by Rs600 per tola

A customer tries on a gold necklace inside a jewellery showroom in the southern Indian city of Hyderabad April 11, 2012. Indian gold futures are likely to extend losses this week, falling below a one-week low touched on Monday, hurt by a firm dollar overseas, although a revival in physical demand ahead of key festival could limit the downside, analysts said. Picture taken April 11, 2012. REUTERS/Krishnendu Halder (INDIA - Tags: BUSINESS COMMODITIES)

LAHORE: Gold price is continuously rising in the country and the current price of the yellow metal stands at Rs89,000 per tola after an increase of Rs600 per tola. Per tola gold in Lahore, Peshawar, Quetta, Gujranwala, Multan, Faisalabad, Karachi, Hyderabad and other sarafa markets was sold at Rs89,000. The jewelers association said a record increase of Rs34,650 per tola ... Read More »

ADB approves $25m loan to support lending operations of Kashf Foundation

Asian Development Bank

ISLAMABAD: The Asian Development Bank (ADB) has approved a $25 million syndicated loan to support the lending operations of Kashf Foundation, one of Pakistan’s leading microfinance service providers to low-income households and women-led micro, small, and medium-sized enterprises (MSMEs). The loan would help expand women’s access to finance in Pakistan and empower them economically. “There is a need to improve ... Read More »

Govt appoints Aamir Khan as SECP chairman

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ISLAMABAD: The federal government on Saturday appointed Aamir Khan as the new chairman of the Securities and Exchange Commission of Pakistan (SECP) with immediate effect, a notification issued by the Finance Division said. Khan replaces Farrukh Sabzwari, who was appointed the corporate sector regulator’s chairperson just seven months ago. The federal cabinet had last week decided to change chairmen of ... Read More »

Foreign exchange reserves increase to $15.577b

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KARACHI: After receiving inflows of US$500 million from the Asian Development Bank (ADB), the country’s total liquid foreign reserves held by the country stood at US$15,577.5 million as on August 09, 2019, State Bank of Pakistan (SBP) reported Saturday. The foreign reserves held by the State Bank of Pakistan stood at US$8,264.4 million while the net foreign reserves held by ... Read More »

KPT shipping intelligence report

port and shipping

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Saturday. ALONG SIDE (Bulk Oil Pier) OP-I Breezy Victoria D. Mogas Alpine 15/08/19 OP-II Quetta D. Crude Oil PNSC 17/08/19 ALONG SIDE (East Wharves): 2 Al Safa D. Jet Oil East Wind 15/08/19 10/11 Navios Sagittarius D. Meal Bulk-Sh. 16/08/19 ... Read More »

PFA imposes fine on food units in Sargodha

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SARGODHA: Punjab Food Authority (PFA) teams have imposed collectively Rs.232,500 fine on 53 food units over sub-standard production by using defective material and lack of cleanliness. According to PFA sources here on Saturday that the teams conducted raids at different bakeries, hotels, milk shops, poultry shops, ice factories and other food shops in Sargodha division and imposed collective Rs232,500 fine ... Read More »

FBR forms committee to finalise tax regime for businessmen

Nausheen Javaid

ISLAMABAD: The Federal Board of Revenue (FBR) constituted a committee to finalise a new income tax regime for traders, as the government and the traders remain poles apart over the key issue of disclosing their identity for trading purposes. The 15-member committee has been directed to finalise a “fixed tax scheme for small traders/shopkeepers and simplified tax procedure for traders” ... Read More »

World markets rise at end of turbulent week

Japan World Markets

LONDON: Global stock markets rose on Friday as investors put economic growth fears and trade jitters to one side, deciding that they had had enough drama and losses for one week. “We’re ending a turbulent week on a more positive note as exhausted traders the world over head into the weekend in a more buoyant mood,” said Craig Erlam, senior ... Read More »

Trade suspension will not apply to shipments in pipeline

shipments

ISLAMABAD: The Commerce Division clarified that the trade suspension decision with India will not apply to those shipments already in the pipeline before the announcement. A week after the issuance of notifications, the division in an official statement said that the trade suspension decision will not affect all those shipments for which letters of credit or bill of lading have ... Read More »

Trade deficit shrinks 29pc during July

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ISLAMABAD: The government’s battle against bloated trade deficit is bearing fruits as it shrank by 29 per cent in the first month of this fiscal year, driven largely by a decline in non-essential luxury items. According to media, the trade deficit decreased 28.84pc to $2.27 billion in July, from $3.19bn over the corresponding month of last year. The government has ... Read More »

Pakistan, Malaysia vows to expand cooperation in investment, tourism sectors

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ISLAMABAD: President Dr Arif Alvi said that Pakistan and Malaysia can explore the scope of their close and fraternal ties, particularly in the fields of investment and tourism. Talking to High Commissioner-designate to Malaysia Amna Baloch, the President said the relations between the two countries were based on solid foundation of a shared faith, culture, and cooperation. The president said ... Read More »

NEPRA to investigate K-Electric over electrocution deaths during monsoon rains

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KARACHI: The National Electric Power Regulatory Authority (NEPRA) has launch a probe against K-Electric to determine if the power distribution company violated any laws causing fatal accidents or prolonged power outages during recent monsoon rains in Karachi. In a press release issued on Saturday, the regulatory body said several fatal and accidents occurred due to electrocution in Karachi during the ... Read More »

FBR further extends date for filing sales tax, FE returns

FBR

ISLAMABAD: Federal Board of Revenue (FBR) extended the last date for filing sales tax and federal excise (FE) return for the tax period of July 2019. Previously the FBR extended the date for filing sales tax and federal excise return on August 09 considering the Eid holidays. As per the latest notification, the FBR further extended the date for filing ... Read More »

Overseas businessmen invited to invest in Pakistan

Saleem-Mandviwalla

LONDON: Senate Deputy Chairman Saleem Mandviwalla has invited overseas businessmen to take advantage of favourable investment opportunities in Pakistan. Addressing the UK-Pakistan Investment Conference, he highlighted the vast potential of promotion of trade between Pakistan and the United Kingdom. Speaking on the occasion, Prime Minister’s spokesperson on Trade and Investment for the UK and European regions Sahibzada Jahangir said visas ... Read More »

RCCI to hold 2nd Gems and Jewelry Expo on August 23

RCCI

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) is going to organize three day 2nd Gems and Jewelry exhibition on August 23-25 in Islamabad. RCCI President Malik Shahid Saleem said that the exhibition would provide opportunity to the businessmen to showcase the best of Pakistani gemstones, diamonds, jewellery, watches and mineral specimens from across the country. Giving details, the ... Read More »

ANF recovers heroin from courier parcel

US Customs seizes heroin

KARACHI: The Anti- Narcotics Force (ANF) Sindh Clifton Police Station here on Saturday intercepted a parcel at courier service office and recovered 890 grams of heroin. The drugs were concealed tactfully in 7 cartons and the parcel was booked from Karachi by Kashif Khan son of Momin Khan which was to be received by Ahmed Khan in UK, said a ... Read More »

Govt sanctions Rs15.4b for PSDP

PSDP

ISLAMABAD: The development work in the public sector has slowed down in new fiscal year, as the planning ministry has authorized only Rs15.4 billion for spending due to less demand for budget by the line ministries. From July through August 9, the planning ministry authorised to release Rs15.4 billion for spending under Public Sector Development Programme (PSDP) 2019-20, according to ... Read More »

PSX loses 664.44 points to close at 28,764 points

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

ISLAMABAD: The Pakistan Stock Exchange (PSX) Friday witnessed bearish trend as KSE 100 index lost 664.44 points (2.31 percent) to close at 28,764.63 points. A total of 53,423,210 shares were traded, whereas the value of shares traded during the day stood at Rs3.323 billion. Out of 283 companies, share prices of 73 companies recorded increase while 194 companies registered decrease ... Read More »

Dollar gains 51 paisa in interbank market against Pak rupee

Pak rupee 3

KARACHI: The exchange rate of US dollar increased by 51 paisas in interbank market to close at Rs158.95 on Friday. In the open market, the local currency gained 20 paisa to close at Rs159.40 against the greenback. The rupee had recovered over Rs2.13 within last nine working days. Earlier, the rupee was observed to cumulatively depreciate against the US dollar, ... Read More »