ISLAMABAD: Asim Ahmed, on Friday, has been appointed as Federal Board of Revenue (FBR) new chairman as a notification from the Establishment Division mentioned. The federal government on Friday appointed Asim Ahmed, as he is from the Inland Revenue. Following the retirement of incumbent chairman Javed Ghani, he was given charge of the tax regulatory …
Category Archives: Business
CPEC projects are not limited to infrastructure: Asad Umar
KARACHI: Federal Minister for Planning and Development, Asad Umar has said that the projects under the China-Pakistan Economic Corridor (CPEC) projects are not just restricted to infrastructure now, with a $240 million investment, a Chinese company will construct a steel mill in the Rashakai SEZ. He also said that CPEC is entering into the second …
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NEPRA reduces electricity tariff, spokesman
ISLAMABAD: In an effort to lower the electricity tariff, the National Electric Power Regulatory Authority (Nepra) has reduced the Return on Equity (ROE) and Return on Equity During Construction (ROEDC) components of 12 thermal power plants. “Nepra has reduced the ROE and ROEDC components of those 12 thermal power plants that were built under the …
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Inflation touches the highest peak in March, PBS
ISLAMABAD: The Pakistan Bureau of Statistics (PBS) announced on Thursday that inflation rose to over 9% in March, the highest rate in three months, due to increases in food and electricity prices, especially in rural areas of the country. Three days after Prime Minister Imran Khan sacked Finance Minister Dr Abdul Hafeez Shaikh for not …
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SBP and CGA Sign MOU for Digitizing Government Payments through Raast
The State Bank of Pakistan (SBP) and the Controller General of Accounts Pakistan (CGAP) signed a Memorandum of Understanding today to digitize federal government payments using RAAST, Pakistan’s First Instant Payment System, which will be launched by SBP in January 2021. Raast is SBP’s flagship initiative, providing a simple, fast, low-cost, interoperable, and safe online …
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Pakistani Rupee maintains uptrend against US dollar
KARACHI: The Pakistani currency has continued its upward trajectory towards the US dollar, reaching a new all-time high of Rs154.58 to the US dollar in the interbank market on Friday, as foreign currency supplies outnumber demand. On the same day that the World Bank accepted $1.3 billion for Pakistan, including $600 million for the Ehsaas …
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Pakistan receives another loan of $1.3b from World Bank
ISLAMABAD: Pakistan has received another loan from the world bank on Friday loan of worth $1.3 billion including $600 million for budget support. This borrowing will prove to be beneficial to revive the financial state of the country. The amount includes a $200 million loan to combat locust attacks, a scheme that has been met …
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Govt to maintain the control of SOEs
ISLAMABAD: Even if a new Act of Parliament is approved, the federal government will have a powerful presence in state-owned enterprises (SOEs), which runs counter to the aim of maintaining productive and financially stable public sector companies by eliminating political intervention. According to the proposed State-owned Enterprises (Governance and Management) Act 2021, the government also …
SBP records highest growth in Islamic banking assets
KARACHI: State bank of Pakistan (SBP) in a statement has reported that the overall assets and deposits of the Islamic banking industry have shown significant growth of 30 percent and 27.8 percent, for the year 2020. According to SBP’s statement, “this is the highest increase in assets in a year and the highest deposits since …
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SNGPL, SSGC asked OGRA for a major rise in gas price
ISLAMABAD: The Sui Southern Gas Company (SSGC) and Sui Northern Gas Private Limited (SNGPL) have asked the Oil and Gas Regulatory Authority to raise the gas tariff. SSGC has requested a tariff increase of Rs109.78 per metric million British thermal unit (mmbtu), while SNGPL has requested an increase of Rs857.40 per mmbtu. They want the …
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