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Finance

Flaws in new 'Registration Rules' pointed out

ISLAMABAD (December 23 2002) : After thorough scrutiny of 'Registration and De-registration Rules, 2002', leading chartered accountant firms and sales tax consultants expressed doubts in the applicability of certain clauses pertaining to new businessmen desirous of registration with the sales tax department. They opined that these rules would be instrumental in hindering sales tax net expansion drive. Under the proposed ...

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1.64 percent drop in banks' mark-up rate in four months

KARACHI (December 23 2002) : The average interest rate Pakistan's banks charge on loans to companies and consumers fell by 1.64 percentage points in the four months up to October 31 to revive growth. The average rate fell to 11.48 percent, from 13.12 percent, in the year ended June 30, 2002, the State Bank of Pakistan, the central bank, said ...

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Nine public corporations owe Rs 286 billion in liabilities

ISLAMABAD (December 23 2002) : Total outstanding debt and liabilities are Rs 286.04 billion of nine government sector corporations and companies at the end of September, 2002. These include Wapda's Rs 172.15 billion, KESC's Rs 14.8 billion, Pakistan Railways' Rs 29.98 billion, PTCL's Rs 22.24 billion, PIA's Rs 9.83 billion and PSM's Rs 17.65 billion by September, 2002. Beside, OGDCL ...

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United Bank Limited to provide $14.3 million trade facilities to Mobilink

ISLAMABAD (December 23 2002) : Mobilink has signed a Memorandum of Understanding (MoU) with United Bank Limited to obtain structured trade facilities worth $ 14.3 million from the bank. This facility, along with a Rs 210 million short-term loan, will be utilised as part of Mobilink's expansion plans for the year 2003. The signing ceremony, held on December 19, 2002, ...

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67.45 percent rise in National Saving Schemes investment in four months

KARACHI (December 23 2002) : Investments in National Saving Schemes (NSS) ballooned by 67.45 percent in the four months up to October 31, 2002, on expectations that the government would cut the rates on these schemes following the cut in Pakistan Investment Bonds (PIBs) rates. Ever since the launch of the market-based government debt instruments, ie PIBs, in December 2000, ...

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SBP allows prepayment of foreign private loans

KARACHI (December 22 2002) : The State Bank of Pakistan has allowed prepayment of foreign private loans, a move to reduce the burden of expensive commercial loans on the country which amount to about 2 billion dollars. The central bank on Saturday issued a circular for all authorised dealers informing them that it has been decided to allow prepayment of ...

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Paris Club rescheduling to bring 40 percent cut in net present value

ISLAMABAD (December 22 2002) : With the cancellation of debt, debt swaps and interest rate reduction, the relief from Paris Club bilateral loans rescheduling would bring 40 percent reduction in net present value (NPV) of existing $ 12.5 billion debt stock. Based on rescheduling alone, a 30 percent reduction in net present value of outstanding stock of debt was envisaged. ...

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SBP: Leasing cos can go for house financing

KARACHI, Dec 21: Suggesting the leasing companies to focus on the small and medium enterprises and agriculture sectors, Governor State Bank, Dr Ishrat Hussain has clarified that the leasing companies can go for house finance or real estate leasing ventures. Talking to the reporters, after a meeting with the Leasing Association of Pakistan here on Friday night, Dr Ishrat Hussain ...

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MCB to open Islamic banking branches

KARACHI, Dec 21: Muslim Commercial Bank Ltd will open dedicated Islamic banking branches at its selected premises to offer the entire range of Islamic mode of financing. This was stated by head and SEVP, Corporate and Islamic Banking Group, MCB, Shoaib Qureshi, while speaking at a Haj seminar organized by the bank for pilgrims at New Haji Camp here on ...

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Karachi Stocks Exchange records second largest turnover in history: index hits 105-month high

KARACHI (December 20 2002) : The second largest turnover was recorded in the history of the Karachi Stock Exchange (KSE) where PTCL, Hub Power and Sui Northern Gas dominated the proceedings and the index touched 105-month high level on Thursday after buying ignited from financial institutions and banks. The KSE-100 index registered an unprecedented rise of 34.32 points, or 1.37 ...

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