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Finance

Maladministration delays transfer of 6,000 cases to RCITs

ISLAMABAD (November 04 2002) : The maladministration at Regional Commissionerates of Income Tax has delayed the processing of over 6,000 income tax cases of leading sectors of Karachi. Out of 6,625 cases, only 481 cases were transferred from Regional Commissioner of Income Tax, Southern Region, Karachi to Regional Commissioner of Income Tax (RCIT), Corporate Region, Karachi. These cases were required ...

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Banking Companies Ordinances 1962 further amended

ISLAMABAD (November 05 2002) : President, General Pervez Musharraf on Monday promulgated the Banking Companies (Amendment) Ordinances, 2002, further amending the Banking Companies Ordinance, 1962. The ordinance may be called “the Banking Companies (Amendment) Ordinance, 2002”, and will come into force at once. Following is the text of the ordinance:- The following ordinance promulgated by the President is hereby published ...

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Finance minister sees 4.6 percent GDP growth this fiscal year

ISLAMABAD (November 01 2002) : Finance Minister Shaukat Aziz has said that Pakistan would achieve 4.6 percent GDP growth during ongoing fiscal year, which is marginally higher (0.10 percent) than envisaged 4.5 percent for the same year and 1 percent higher than last year's 3.6 percent GDP growth. The 4.6 percent GDP growth seems achievable as the government expects the ...

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Export refinance rate for November stays unchanged

KARACHI (November 01 2002) : The State Bank of Pakistan (SBP) said that the refinance rate for exporters for the month of November stayed unchanged at 6.5 percent per annum. In a circular to all banks, issued on Thursday the central bank said that its earlier circular dated March 30, 2002 under which 6.5 percent per annum rate of refinance ...

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Rs 123.5 billion tax collected in July-October

ISLAMABAD (November 01 2002) : The federal tax authorities have collected Rs 123.5 billion in the first four months (July-October) of the current financial year (2002-2003) against the target of Rs 124.8 billion, showing a shortfall of Rs 1.3 billion. These are provisional figures compiled by the tax machinery till Thursday. The monthly net collection in October was Rs 33.1 ...

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Gas prices increased; Cement industry saved

ISLAMABAD (October 31 2002) : The government has increased gas prices from October 25, by 1.63 percent, applicable equally to domestic and commercial consumers including public as well as industrial sector, sources told Business Recorder on Wednesday. This is for the first time that increase will be applicable even to those consumers who consume gas up to 100 units. However, ...

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Issuance of duplicate three-year FEBC, FCBC allowed

KARACHI (October 31 2002) : The Federal Government has allowed the issuance of duplicate Foreign Exchange Bearer Certificates (FEBC) and Foreign Currency Bearer Certificates (FCBC), of three-year tenor, if these are stolen, destroyed, lost mutilated or burnt. According to the Exchange & Debt Management Department circular No. 18 of the State Bank of Pakistan issued to all scheduled banks and ...

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KESC Privatisation Delayed

ISLAMABAD (October 31 2002) : The Privatisation Commission has delayed the sale of 74 percent stake in Karachi Electric Supply Corporation (KESC) as the pre-qualified bidders wanted more time to assess the political government, sources said. The sale, which was earlier planned before the general elections on October 10, has been delayed until March or April next year to give ...

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PTCL Profits up by 18 percent

KARACHI (October 31 2002) : Pakistan Telecommunication Limited profit for the first quarter ended Sept 30, 2002, posted an increase of nearly 18 percent, to Rs 4.977 billion, translating into an earning per share of Re 0.98, compared with the same period a year ago. Revenue depicted a 5 percent growth, to Rs 16.55 billion, compared to same period a ...

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Over 100 companies fail to pay dividend

KARACHI (October 29 2002) : About 100 companies failed to pay any dividend to their shareholders in 2001-02 as compared to last year, the annual report of the State Bank of Pakistan said on Monday. During 2001-02, 165 companies paid dividend up to 20 percent, bonus shares were issued by 18 companies and right shares by three companies. While the ...

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