Business
No change in instruction on purchase of foreign currency notes by banks: SBP
Karachi, July 22, 2019: State Bank of Pakistan has clarified that it has changed instructions on purchase of foreign currency notes by the banks. SBP on Monday said that Foreign exchange policy and its operations in Pakistan are formulated and regulated in accordance with the provisions of the Foreign Exchange Regulations Act, 1947 (FERA). For…
Input tax inadmissibility should be made in stages: Industry
Karachi, July 22, 2019: Input tax inadmissibility against sales made without CNIC should be as a percentage of such sales applied in stages increasing progressively, Saud Mahmood, Chairman SITE Taxation and Trade Policy. In order to dampen the effect a major policy decision of submission of CNICs, SAI strongly recommends that input tax inadmissibility should be made in stages giving time for the…
SBP revises selected chapters of Foreign Exchange manual
Karachi, July 20, 2019: Considering the market dynamics, business environment and changes in way of doing business, the State Bank is in the process of revising the Foreign Exchange Manual in consultation with relevant stakeholders in a phased manner. The revision is mainly aimed at simplification of the existing instructions, adoption of best international practices,…
PSX shows recovery on Friday
Karachi, July 19, 2019: Pakistan Stock Index oscillated ~650 during the session with +240 points and -408 points. The first session ended 240 points down and 49 million shares traded, whereas the second session saw a recovery in the index resulting in +240 points (unadjusted). News of State Enterprise / Market Opportunity Fund by State…
Banks to post robust growth in FY20
Karachi, July 19, 2019: Banking sector is most likely to witness robust growth during this fiscal year (FY20) supported by higher interest rates. According to JS Global, outperform stance on banks for CY19 on account of healthy profitability growth driven by recent monetary tightening (1QCY19 Net Interest Income growth: 25 percent YoY), which is expected…