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Finance

Probe started in export of pirated CDs

ISLAMABAD (November 25 2002) : The government has started investigation against the undocumented exporters of compact discs (CDs) violating piracy law by making unauthorised copies pertaining to software, music and video films. The Ministry of Commerce and Central Board of Revenue (CBR) have jointly launched countrywide drive to ascertain that the compact disc plants in Pakistan are subject to any ...

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'Tariff petition be submitted by Disco, not by Water, Power Development Authority'

ISLAMABAD (November 25 2002) : The National Electric Power Regulatory Authority (Nepra) has returned Wapda's two-part tariff petition, asking it that applications should be filed by the distribution companies (Discos), sources told Business Recorder. They said that the Water and Power Development Authority (Wapda) had submitted a two-part tariff petition to Nepra a few days back, but the regulator did ...

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Cut in interest rate settles badla rate in 14 percent range

KARACHI (November 25 2002) : The badla rate at the Karachi Stock Exchange (KSE) was in the range of 14 percent after central bank cut the interest rate and now lenders adjusting themselves with the new 10-day badla system. This adjustment coupled with the central bank's signal (through 1.5 percent cut in discount rate) of reduction in interest rate helped ...

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Saudi aide denies money link to September 11 hijackers

WASHINGTON (November 25 2002) : An aide to Crown Prince Abdullah denied on Saturday that the Saudi government had sent money to two of the hijackers in the Sept. 11 attacks and said his country was pursuing al Qaeda mercilessly. Adel al-Jubeir, foreign policy adviser to the kingdom's de facto ruler, told CNN from Riyadh that Saudi officials had worked ...

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Pakistan, UNDP, ILO launch poverty reduction project

ISLAMABAD (November 24 2002) : Pakistan, United Nations Development Programme (UNDP) and International Labour Organisation (ILO) have launched a joint Project “Poverty Reduction through Employment Promotion and Better Distribution of Income” with an initial fund of $160,000 here on Saturday. Under this project UNDP will assist Government of Pakistan in analysing the progress of Poverty Reduction Strategy Paper (PRSP) in ...

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Pak-Afghan trade relations becoming tense

ISLAMABAD (November 24 2002) : Trade relations between Pakistan and Afghanistan have become tense as Kabul has refused to welcome Pakistan's Commerce Minister, sources told Business Recorder. “We extended two invitations to Pakistan Commerce Minister, asking him to visit Kabul, which have not been given weightage. Now it will be a shame for us if we welcome him here,” sources ...

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O'Neill says poverty, terror a challenge in Asia

NEW DELHI (November 25 2002) : Wrapping up a tour of three South Asian nations plagued by poverty and terrorism, US Treasury Secretary Paul O'Neill on Sunday rejected the idea the two were directly linked but added wealthy nations must help Afghanistan, Pakistan and India deal with both scourges. After a week in the region that featured a rapid visit ...

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CBR launches tea traders' registration drive for general sales tax

ISLAMABAD (November 23 2002) : Taking a major step to broaden the general sales tax (GST) base, the federal tax authorities have launched a countrywide registration drive to bring thousands of local tea manufacturers, traders and suppliers into the tax net. The Central Board of Revenue (CBR) has estimated a reasonable increase in the sales tax collection probing sales tax ...

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Balloting of Income Tax returns for total audit on November 27

ISLAMABAD (November 23 2002) : The Central Board of Revenue (CBR) would hold computer balloting on November 27, 2002 for selection of income tax returns to conduct total audit under Self Assessment Scheme (SAS), official sources told Business Recorder on Friday. Previously, the authorities had set November 20-21, 2002 as final date for random ballot. However, the event was delayed ...

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