Author: Bushra -

On  Oct,2020 ,the FBR issued rules to regulate the business of used-cars and collect sales tax from sales and purchase of vehicles. The ruled were notified through a statutory regulatory order (SRO 931 (I)/2020). A tax official said the FBR will get 17 percent sales tax on such transactions. If the sale of a used car is made to an unregistered person then a three percent further tax will also be imposed, Recently ,the amendments is made in above rule for the buyers of old and used vehicles from the sale/auction of government departments /autonomous bodies would not be legally…

Prime Minister(PM) Mr. Imran Khan paid rich tribute to Overseas Pakistanis for their overwhelming response to the Roshan Digital Account (RDA). The Prime Minister appreciated the out-of-the-box approach of the SBP and the banking industry in digitally connecting Overseas Pakistanis to the Pakistani banking system and economy through RDA. The success of RDA under this scheme demonstrate that if the public and private sector work together in a spirit of cooperation, any project is bound to succeed, PM added. Governor SBP, Dr. Reza Baqir, thanked the Honourable Prime Minister for his vision of connecting the Pakistani diaspora through financial services…

The State Bank of Pakistan (SBP) has invited applications from eligible institutions for appointment of Primary Dealers for investment bond and market treasury bills. In this regard ,they have decided to introduce two additional categories of dealers, in addition to the full-fledge Primary Dealers, under the Primary Dealers System of marketable Government Securities.  There shall be three categories of Primary Dealership, namely: Primary Dealers (“PDs”) Preliminary Primary Dealers (“PPDs”) Special Purpose Primary Dealers (“SPDs”) The procedure is to select PDs for Pakistan Investment Bonds and Market Treasury Bills, for the fiscal year 2021-22, under the terms of rule C-1 of…

Government suggested stricter lockdown due to recorded deaths i.e more than 200 by Covid-19 in a day for the first time since the start of the pandemic on Tuesday A total of 201 new deaths were recorded on Tuesday, bringing the country’s overall death toll from the virus to 17,530, according to the National Command Operation Centre (NCOC), which oversees the government’s pandemic response. The previous highest daily death count was 157 recorded on April 23. A total of 5,292 new cases were reported on Tuesday, bringing the total cases to 810,231. The national positivity ratio, the number of infections…

Karachi: Due to the increase in COVID-19 cases, the National Command and Operation Centre (NCOC) has asked the provincial governments to prepare for a two-week lockdown in 20 cities at the beginning of next month As the  government has warned multiple times that the SOP implementation is weak across the country and a lockdown will have to be imposed if situation will not  be improved. The authorities directed that a two-week city-wise lockdown in affected districts is cautiously planned and provinces need to carry out necessary planning at the earliest NCOC has written letters to the provincial authorities where the…

The need to improve housing in the country and the important role of construction sector, the Government of Pakistan decided to increase the number of housing units manifold in coming years and has taken several measures in this regard. To support the vision of the Government of Pakistan, the State Bank of Pakistan has taken several measures since July 2020 to support the provision of financing for the housing and construction sector by way of giving incentives and targets to the banks. A key regulatory measure in this direction is assigning mandatory targets to banks to increase financing for mortgages…

ISLAMABAD: The gold imports fall by 48.10 percent during the first three quarters of the current fiscal year as compared to the corresponding period of last year according to Pakistan Bureau of Statistics (PBS). Pakistan had recorded gold imports during July-March (2020-21) at $5.947 million as compared to the $11.459 million gold imported in the last fiscal year. In terms of quantity, Pakistan imported 98 kilograms of gold during the period as compared to the imports of 272 kilograms last year, showing a decline of 63.97%. On year-on-year basis: on a year-on-year basis, the gold imports into the country witnessed…

State Bank of Pakistan has imposed heavy penalties of nearly Rs. 98 million on three country’s most profitable major banks namely Habib Bank Limited, MCB Bank, and United Bank Limited on the account of violation of its rules and regulations. According to the enforcement order issued by the central bank, the three banks were slapped with separate penalties of Rs. 97.5 million in the first quarter of January to March 2021. Habib Bank Limited (HBL): The biggest and the most profitable bank in the country, was hammered with a penalty of Rs.39.7 million for violations of regulatory instructions pertaining to…

ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives, Asad Umar announced that the Pakistanis at the age of 40 or above can register for the coronavirus from April 27,2021. The federal minister said that the government has also decided to start walk-in vaccination for all registered citizens of the 50 plus age group. In his tweet he also mentioned that” if you are 40 years or older, please register and encourage others to register as well.” Although the government is yet to acquire more vaccines for coronavirus, it is still hoping to vaccinate at least 70 million people by…

ISLAMABAD: On Saturday 24 April 2021, 157 death cases has been reported due to COVID-19 making it the country’s highest death toll since the coronavirus pandemic began in 2020. Total Covid-19 Cases: According to the National Command and Operations Centre (NCOC), the country recorded at least 5,908 new covid-19 cases during the same time period, taking the country’s coronavirus cases tally to 790,016. The new deaths have taken the country’s death tally to 16,999. The most deaths in the country were reported in Punjab followed by Khyber Pakhtunkhwa in the last 24 hours. In this way, Pakistan’s national positivity ratio shot up to…