Home » News » Finance (page 50)

Finance

Rules for issuing shares unveiled

KARAHI (July 17 2004): The Securities and Exchange Commission of Pakistan (SECP) has issued detailed guidelines on issuing shares at discount for listed and non-listed companies to facilitate and speed up the process. According to a statement of SECP, under section 84 of the Companies Ordinance, 1984, all companies, whether listed on a stock exchange or non-listed, are required to ...

Read More »

Imports under SRO 410: PRGMEA resents bank guarantee condition

KARACHI (July 05 2004): The Central Board of Revenue has laid down a new condition in revised SRO 410 allowing duty-free accessories imports, directing exporters to furnish bank guarantee equal to the amount of full duty at the time of clearance. Earlier, exporters were required to submit a post-dated cheque. This was stated by Tahir Aziz, Chairman, Pakistan Readymade Garments ...

Read More »

Foreign exchange regime further liberalised for info-tech payments

KARACHI (July 08 2004): The State Bank of Pakistan (SBP) has further liberalised foreign exchange regime, and allowed authorised dealers to release foreign exchange up $100,000 for payment for the information technology (IT). The SBP issued a circular in this connection on Wednesday as follows: “Authorised dealers are hereby granted general permission to release foreign exchange up to a maximum ...

Read More »

Mobile Customs squads' powers taken away

ISLAMABAD (July 08 2004): The Central Board of Revenue (CBR) has barred mobile customs squads from searching private vehicles throughout the country. The cars used by the squads have been withdrawn by CBR. Sources told Business Recorder here on Wednesday that the powers of mobile customs squads, particularly pertaining to search of vehicles, have been taken away and cars have ...

Read More »

Unilever accepts Westbury's Rs 1.33 billion bid for edible oil business

KARACHI (July 13 2004): The board of directors of Unliver Pakistan has recommended for acceptance of the bid for Rs 1.33 billion from Westbury Group, its associates and certain senior management employees of Unilever Pakistan, who have now formed a separate company, Dalda Foods (Private) Ltd. Unilever Pakistan Ltd will take approval of the shareholders at the extraordinary general meeting ...

Read More »

Procedure for imports clearance fine-tuned

ISLAMABAD (July 12 2004): To streamline imports clearance procedure, the Central Board of Revenue (CBR) has announced that importers will have to use separate copies of 'Goods Declaration (GD) form' for delivery of goods, refund/rebate and two other GD copies for clearing agent and State Bank of Pakistan (SBP). The importers will follow the procedure for clearance of imported consignments ...

Read More »

Stricter government procurement rules come into force

ISLAMABAD (July 05 2004): In order to bring about good governance, transparency, accountability and improvement in public procurement of goods, works and services, the federal government has issued Public Procurement Rules – 2004 which will apply to new tenders worth Rs 300 billion in fiscal 2004-05. A gazette notification issued by the Federal Finance Ministry states that these rules supersede ...

Read More »

SECP and SBP announce Margin Financing rules

ISLAMABAD (July 04 2004): To reduce speculations at stock market by replacing badla trading, the Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP) have introduced the Margin Financing Rules 2004 and Regulations for Margin Financing by banks and development finance institutions to brokers. This was announced by SECP Chairman Dr Tariq Hasan in a joint ...

Read More »

SECP finalises Margin Trading Rules, 2004

KARACHI (July 03 2004): The Security and Exchange Commission of Pakistan (SECP) has finalised the Margin Trading Rules, 2004 to replace the COT/Badla financing. The phasing out of Carry Over Trade (COT) and initiative to replace it with margin financing had been undertaken. In order to avoid systemic risk associated with COT/Badla financing, the SECP has finalised the Margin Trading ...

Read More »

SECP extends Companies Easy Exit Scheme (CEES)

KARACHI (July 03 2004): The Securities and Exchange Commission of Pakistan (SECP), on representations received from corporate entities, has extended the 'Companies Easy Exit Scheme' (CEES) up to December 31, 2004. The CEES provides an opportunity to dormant private limited companies, non-listed public companies and companies limited by guarantee to avail the exit facility and get their names struck off ...

Read More »
X