Business

Govt’s focus on reducing external imbalances bearing fruit: PM Khan

ISLAMABAD: Prime Minister Imran Khan on Wednesday praised his government's efforts to improve Pakistan's economy, saying their economic policies were beginning to bear fruit. The premier said this hours after State Bank of Pakistan announced that Pakistan's current account deficit had fallen by a massive 73 per cent to $579 million in July, the first month of this fiscal year,...

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PM Khan praises overseas Pakistanis for high remittances

ISLAMABAD: Prime Minister Imran Khan on Thursday cherished overseas Pakistani workers for sending more remittances through banking channels. "Remittances for the past fiscal year came in much higher at 9.7 percent annual growth and totaled $21.8 billion for the year," the Premier said in a tweet. The Premier thanked the overseas workers for the remittances, which he said were much...

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FBR Head claims no new taxes imposed

ISLAMABAD: Federal Bureau of Revenue Chairman Shabbar Zaidi claimed on Monday that the government has not imposed any new taxes. The chairman FBR was addressing a ceremony in Faisalabad, where he said that there the issue of corruption in sales tax and the officials are automating it. Shabbar Zaidi said that the system will be improved in consultation with the...

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$235 MN loan approved by ADB to assist Karachi Bus Rapid Transit project

ISLAMABAD: The Asian Development Bank (ADB) on Friday approved a $235 million loan to help develop the bus rapid transit (BRT) system in Karachi. “The Karachi Bus Rapid Transit Red Line Project will deliver the 26.6-kilometer (km) Bus Rapid Transit Line Red Line corridor and associated facilities benefiting as many as 1.5 million people, about 10 per cent of Karachi’s...

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Extended deadline for FBR amnesty scheme ends today

The extension in the Federal Board of Revenue's (FBR) Assets Declaration Scheme ends on Wednesday. The scheme, which started in May, was initially suppose to end on June 30. However, the government decided to extend the deadline for the scheme to July 3. Under the scheme, assets within the country and abroad (except for real estate) can be whitened at...

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Pakistani rupee gains strength against dollars

KARACHI:  Pakistani rupee maintained uptrend on the first working day of the new fiscal year 2019-20 on Tuesday following an increase in the supply of dollars in the economy. The currency improved Rs2 to Rs158 to the US dollar in intra-day trade in the inter-bank market. In totality, the rupee has strengthened Rs6 against the greenback in the two days. The...

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Gas price revision notification issued by OGRA

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) issued a notification on Sunday of gas sale price for domestic, commercial and industrial sectors, which would be effective from July 1. As per the notification, the authority has determined Rs121 per Million British Thermal Unit (MMBTU) for domestic consumers using up to 0.5hm3 (in cubic hectometers) gas per month, Rs300 per...

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People of Pakistan are axis of budget: Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh on Sunday said the people of Pakistan are axis of the budget 2019-20 which was approved in a good manner. Speaking in a press conference with the economic team here at the federal capital, the Adviser announced the extension of asset declaration scheme deadline till July 3, and said,...

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Govt’s Asset Declaration Scheme deadline extended till July 3

ISLAMABAD: The deadline for the government’s Asset Declaration Scheme has been extended till July 3, announces Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh on Sunday. The federal government had introduced the Asset Declaration Scheme in May, whose deadline comes to an end today. However, Prime Minister Imran Khan has hinted at extending the deadline of the assets declaration...

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FBR reduces tax on sale of immovable property

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to reduce the rate of tax on the sale of immovable property. The tax body has exempted the real estate sector from paying Capital Gains Tax on sales of open plots after ten years. At present, there is no tax if the property is held for more than three years. However,...

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US Dollar falls by Rs3.5 in Interbank market

KARACHI: Following an intense upward flight, the US dollar finally took a dunk and fell by Rs3.5 in the Interbank market on Friday. US Dollar fell to Rs161 from Rs164.05 as recorded a day earlier during trading hours. The upward flight of dollar came after the rupee continued to devalue against it following an agreement with the International Monetary Fund...

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OGRA proposes to increase petroleum prices by Rs2.30 per litre

KARACHI: The Oil and Gas Regulatory Authority (Ogra) on Friday proposed the Petroleum Division to increase petrol price by Rs2.30 per litre. A decrease of Rs0.77 per litre in price of petrol has been suggested by Ogra. According to sources, Ogra has also purposed to increase prices of high-speed diesel and kerosene oil by Rs2.30 per litre and Rs2.94 per...

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Dollar on upsurge again, hits Rs164 in interbank

The dollar, continuing his upsurge in the markets, hit the Rs164 in interbank trading. While in the open market, the dollar is being traded at Rs163 in the open market. Similarly, an immense increase in the value of gold has also been observed during this week, with the yellow metal trading at Rs80,500 per 12 grams today. The dollar has...

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Online tax profiling system launched by FBR

The Federal Board of Revenue (FBR) on Friday formally launched the online FBR Tax Profiling System, enabling 53 million people to check their bank details, properties, utility bills, and travel history data. Addressing a press conference here at the federal capital, the FBR chairman Shabbar Zaidi introduced the system, using which citizens can check their tax profile after paying a...

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$918 MN worth loan agreement signed by World Bank, Pakistan

ISLAMABAD. The Government of Pakistan and World Bank signed three loan agreements worth US$ 918 million to help support revenue mobilisation and higher education development in the country on Tuesday. The agreements were signed by Secretary of Economic Affairs Division Noor Ahmed on behalf of the federal government and World Bank Country Director Patchamuthu Illangovan while the representatives of Higher...

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Stocks lose 404 points after four session streak

KARACHI: The stock market shattered the four-session gaining streak and relapsed to the negative territory. On Monday, the KSE-100 index lost 404.13 points (1.14 per cent) and closed at 35,168.82. It cleaned up minor gains of 68 points (0.19pc) that the index had built up the previous week as a result of the market’s oversold position. The market commenced in...

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SBP Governor expresses confidence in Pakistan’s economic future

State Bank of Pakistan (SBP) Governor Reza Baqir on Monday expressed confidence in the country's economic future, and provided assurance that the "two main causes of our instability are being effectively addressed in a credible manner". Speaking in a press conference days after unveiling of the 2019-20 federal budget, the SBP chief describing uncertainty as "the biggest opponent" facing the...

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