Missions abroad: move for handing over passport operations to consular staff opposed
ISLAMABAD: The directorate general of immigration and passports has opposed the idea of handling of machine-readable passport (MRP) operations by consular staff at the country’s missions abroad and said the move is neither practicable nor feasible.
1,050 acres approved for M-3 Industrial City
FAISALABAD: As many as 1,050 acres have been allocated at the M-3 Industrial City for setting up a state-of-the-art Expo Centre, a coal-powered power plant and a textile unit to be established by a Chinese company.
Wathra made SBP’s acting governor
ISLAMABAD: Ashraf Mahmood Wathra was appointed acting governor of the State Bank of Pakistan by Finance Minister Ishaq Dar on Friday.
Centralised’ central bank
FOR a party avowedly committed to modernising the system, the PML-N frequently does something or the other that betrays an irrepressible urge to control and centralise.
Surgical forging units resist FBR move
SIALKOT: About 200 surgical forging units in Sialkot and Daska have rejected the sales tax registration policy of the Federal Board of Revenue (FBR).
Uniform cheque printing from June
KARACHI: The State Bank has decided to implement a uniform standard for cheque printing across the banking industry and prescribed guidelines relating to their layout. June 30, 2014 has been set as the deadline for implementation of the standard.
Ogra wants petrol price cut, govt says no
ISLAMABAD: The government has refused to pass on the relief to consumers as worked out and recommended by Ogra in the wake of huge reduction in world price of oil and gains in the value of the rupee against the dollar.
The poor state of the State Bank
In modern days, a central bank has an important role to play in managing the economy. The positions of the governor and deputy governors of a central bank are of utmost importance for its effective contribution to development and implementation of a macroeconomic framework to promote economic growth, contain inflation and ensure balance of payments viability. Similarly,
ECC cancels power subsidy
ISLAMABAD: Economic Coordination Committee (ECC) has cancelled the subsidy for electricity consumers who consume more than 200 units of power. The decision has given way to burdening the domestic and commercial consumers with Rs300 billion.
APCNGA stands defunct
KARACHI: The All Pakistan CNG Association (APCNGA) stands defunct after the Directorate General of Trade Organizations, Ministry of Commerce, rejected its application for the renewal of its licence, an official said.
Experts urge clarity on govt policies
LAHORE: Entrepreneurs stressed the need for a dialogue on economic issues among all the stakeholders as well as the clarity in government policies. They also said the government needs to understand the issues impeding growth.
Cheap labour attracts Chinese investors
ISLAMABAD: Director General Trade Development Authority of Pakistan (TDAP) Shahzad Hussain Rana said that cheap and quality labour in Pakistan could attract Chinese investment since labour cost in China had gone up.
Petrol‚ diesel prices to stay put
ISLAMABAD: The government has decided to reduce the prices of kerosene by Rs1.24 and light diesel by Rs1.02 per litre, while the prices of petrol‚ HOBC and high speed diesel will remain unchanged.
Wathra named acting SBP governor, many names on list
ISLAMABAD: While giving acting charge of Governor State Bank of Pakistan to Ashraf Mahmood Wathra by the government on Friday, different names are under consideration including Wathra,
Wathra appointed acting SBP governor
Finance Minister Senator Mohammad Ishaq Dar has appointed Ashraf Mahmood Wathra, Deputy Governor, State Bank of Pakistan (SBP) Acting Governor till further orders. The Governor SBP Yaseen Anwar had been directed to hand over the charge to Ashraf Mahmood Wathra upon close of business hours on Friday. Meanwhile, SBP, in a press statement, has said that there have been media reports speculating various reasons as to why Governor Yaseen Anwar has resigned from the State Bank of Pakistan.
Major oil products'' prices kept Unchanged
The government on Friday kept the prices of major oil products unchanged while nominally reducing prices of kerosene oil and light speed diesel. The govt announcement is against the recommendations of Oil and Gas Regulatory Authority (Ogra). Ogra had recommended to the government to reduce petrol price by Rs 3.04 per litre, High Speed Diesel Rs 5.27 per litre, kerosene oil Rs 4.50, light diesel oil Rs 4.28 per litre, high octane blending component Rs 4.48 per litre and JP-1 by Rs 4.91.
India Show: Customs allows 'on site examination' of goods
Collector of Customs, Model Customs Collectorate (Preventive) Lahore has allowed the 'on site examination' of the goods to be imported for 'India Show' being held at the Expo Center Lahore from February 14 to 16. According to a notification issued on Friday by the Model Customs Collectorate (Preventive), the collector customs in exercise of the powers conferred upon him under Section 80 (5) of the Customs Act 1969 has allowed the "on site examination" of the goods at Expo Center, Lahore.
Export target: TDAP DG assures private sector full support
The granting of GSP Plus status to Pakistan by the European Union has opened up new opportunities for boosting exports and improving private sector, said.Shahzad Hussain Rana, Director General, Trade Development Authority of Pakistan (TDAP) He said the private sector should accelerate its efforts for achieving US $30 billion export target to reap full benefits of this facility, while exchanging views with business community.
Asma Jahangir receives Polish award
Renowned lawyer and former president of the Supreme Court Bar Association (SCBA) Asma Jahangir has received an HR award from the minister of foreign affairs of The Republic of Poland Radosaw Sikorski during a celebration held in Warsaw on the 29th of January, the International Human Rights Day.
SBP issues new guidelines on layout of Cheques
State Bank of Pakistan has decided to implement a uniform standard for cheque printing across the banking industry in Pakistan latest by 30th June, 2014. SBP has issued new guidelines and prescribed standards relating to the layout of cheques. For minimum requirements in respect of security features and printing techniques, banks are required to follow the guidelines issued through CPD Circular No 1 of 2014. SBP has also issued specimen for new cheque book.
Linkages of money laundering: Customs planning to probe commercial exporters
The Customs department is planning to investigate the transactions of commercial exporters to stumble on the linkages of money laundering, it was learnt on Friday. According to sources, the issue came to light when Model Customs Collectorate of Exports, Karachi, caught one of the leather industries, which was reportedly involved in exporting consignments to United Arab Emirates (UAE) on fake documents.
Fiscal Year 2013 revenue shortfall: FBR chief holds top management, workforce responsible
The Federal Board of Revenue (FBR) Chief Tariq Bajwa has reportedly held his top management and workforce responsible for massive shortfall in last year's revenue collection. He considers current fiscal year target unrealistic, it is learnt. Sources said a report was presented to the Economic Co-ordination Committee (ECC) of the Cabinet revealing a dismal performance of FBR and consequent shortfall in revenue collection.
PTI questions resignation of SBP Governor
Pakistan Tehreek-e-Insaf on Friday accused the federal government of launching a "systematic assault" on economic institutions, saying the government is forcing heads of autonomous organisations to resign. The party members also sought explanation from the government on the resignation of Governor State Bank Yaseen Anwar. Speaking on a point of order in the National Assembly, PTI''s Dr Arif Alvi said the governor State Bank of Pakistan resigned on the pressure of the government and finance ministry.
There is scope of smooth sunning of business in Malaysia
Clarification by S.B.P
There should be balance in Trade with India
Work on 24th Hours trade with India completed
Private sector should try to achieve export target of 30th billion US$
Law and order condition improved in Karachi