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SECP sets roadmap for the promotion of Islamic Finance

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has set a roadmap for the promotion of Islamic Finance in Pakistan. SECP aims the enhancement of Shariah compliance in the capital market of Pakistan by restructuring and reorganizing the Islamic capital market. According to Media and Corporate Communication Department of …

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FBR exempts customs duty for Thar Coal Field

ISLAMABAD: The Federal Board of Revenue has allowed exemption of customs duty on imported coal mining equipment, machinery, and vehicles for Thar Coal Field. According to S.R.O. 268(I)/2015 of FBR, exemption is granted for those, equipment, machinery, and vehicles that are not manufactured locally. Moreover, FBR has imposed certain conditions …

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Pakistan’s weekly Liquid Forex Reserves at $16,194.2 million

KARACHI: Pakistan’s total liquid foreign exchange (forex) reserves are at $16194.2 million for the week ended on March 27 as compared to $16,131.9 million of the previous week, ended at March 20, as reported by Domestic Markets & Monetary Management Department of the State Bank of Pakistan (SBP). Advertisements During the week, …

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Govt must focus on foreign direct investment: OICCI

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has asked the government to concentrate on pulling in foreign direct investment (FDI) with steady levy strategies and favourable taxation policies. The financial specialist’s body on Wednesday presented its 54-page document – contains more than 100 wide-range budgetary recommendations – …

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Revised paid-up capital requirement for life insurance and non-life insurance companies

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has raised the minimum paid-up capital requirement  for life insurance and non-life insurance companies to Rs. 700 million and Rs. 500 million respectively by 2017 to strengthening the insurance industry and non-insurance industry. According to S.R.O 225 (I)/2015 of SECP, SECP …

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The proposal for increase petroleum prices sent to PM for April

ISLAMABAD: Finance Ministry of Pakistan on Tuesday has dispatched summary to prime minister for upcoming month’s new prices for petroleum products. A session, presided by finance minister Ishaq Dar, was held in Islamabad on Tuesday in which Oil & Gas Regularity Authority’s (OGRA) designed summary demanding increase in the prices …

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Chairman SECP directs Stock Markets to remain alert

KARACHI: The Chairman Securities and Exchange Commission of Pakistan (SECP) Mr. Zafar Hijazi directed the country’s stock markets management to remain alert and counter any kind of rumors pertaining to the stock exchanges in a timely manner, direction released by Media and Corporate Communications Department of SECP. He asked the …

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SBP directs banks not to reissue Rs. 10 & Rs. 100 notes of old design from April 1

KARACHI: The State Bank of Pakistan (SBP) has advised the all commercial and microfinance banks to stop the issuance of old design banknotes of Rs. 10 & Rs. 100 denominations w.e.f from April 01, 2015 (today), statement released by Finance Department of SBP. However, these banknotes in circulation will remain …

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KSE-100 index crashed by 1,251 points during intra-day trading

KARACHI: Blue-chip stocks’ prices faced considerable decline across the board on Monday, with the benchmark index touching 28,707 points, down 4% from the starting of the session, during intra-day trading. The Karachi Stock Exchange (KSE)-100 index had lost 1,251 points by 1:44 PM largely on the back of huge selling …

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Institute for Policy Reforms objects SBP’s Monetary Policy Statement

LAHORE: Institute of Policy Reforms (IPR) released a ‘Fact Sheet’ against Monetary Policy Statement (MPS) of State Bank of Pakistan for March that was released by SBP on March 21, 2015. According to IPR, SBP’s MPS gives too optimistic picture of  the national economy. According to IPR, MPS totally fails …

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Seminar on ‘Promoting Agriculture Value Chain Financing’ to be held on March 30

KARACHI: The State Bank of Pakistan (SBP) is going to conduct a Seminar on ‘Promoting Agriculture Value Chain Financing’ in Pakistan on March 30, 2015 at Marriott Hotel, Karachi. The seminar will be held in collaboration with Food and Agriculture Organization (FAO) of the United Nations Organizations. The purpose of …

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SBP to establish Centre of Excellence in Islamic Finance Education

KARACHI: State Bank of Pakistan aimed to establish the Centre of Excellence in Islamic Finance Education (CEIFE) after getting proposals from the HEC certified universities having business schools, reported by External Relations Department of State Bank of Pakistan. The Finance Minister Ishaq Dar, addressing at the opening ceremony of proposals …

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Utility Store Corporation is providing subsidy on 400 commodities: Managing Director

ISLAMABAD: Managing Director of Utility Store Corporation (USC), Dr. Mukhtar Ahmed said that USC is providing subsidy on almost 400 commodities of daily use to ease general public. Talking to the media, Dr. Mukhtar said that the subsidy is being given on essential basic items that includes cooking oil, ghee, …

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FBR warns cotton ginners to pay taxes by March 30

ISLAMABAD: Federal Board of Revenue has warned ginners to pay their taxes of Rs 1 billion by March 30 to save themselves from trouble in case of default in payment of tax up to prescribed time. Officials of Pakistan Cotton Ginners Association (PCGA) has also said to the members to …

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