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SECP proposes changes in Modaraba Ordinance 1980

ISLAMABAD (January 10 2009): The Securities and Exchange Commission of Pakistan (SECP) has decided to amend Modaraba Ordinance 1980 to empower the registrars for issuing directives, circulars, codes and guidelines to the Modaraba management companies to safeguard the interests of the investors. The SECP is also planning to introduce the concept of appointment of 'Trustee' for Modarabas through an amendment ...

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SECP sets new criteria for valuation of debt securities

ISLAMABAD (January 10 2009): The Securities and Exchange Commission of Pakistan (SECP) has unveiled a fresh criteria for valuation of debt securities held by the Collective Investment Schemes (CIS) from January 10, 2009. The SECP has superseded Circular 6 of 2008 through a circular No 1 of 2009 issued on Thursday for mutual fund industry. Under the new procedure, the ...

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SBP says that Islamic banking failed to penetrate rural areas

KARACHI (January 04 2009): Although the performance and pace of branch extension by Islamic banking institutions (IBIs) seems impressive, they have largely failed to penetrate the rural areas, and no real efforts have been made in this direction by them, said State Bank of Pakistan (SBP) in its report. According to SBP report on Islamic banking industry for June 2008, ...

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Competition Commission asks SECP to withdraw Circular on Valuation of Securities by Mutual Funds

ISLAMABAD (January 03 2009): The Competition Commission of Pakistan (CCP) has asked the Securities and Exchange Commission of Pakistan (SECP) to withdraw a circular pertaining to valuation of debt securities by mutual funds. It is learnt here on Friday that the CCP has issued a policy advice to the SECP to withdraw circular 26/2008 of November 5, 2008. The circular ...

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SBP Issues Guidelines on Agreements of Exchange Companies with Foreign Entities

KARACHI (January 02 2009): State Bank of Pakistan has issued new guidelines for home remittances related agreements of Exchange Companies with Foreign Entities. SBP said that over a period of time, while reviewing agency arrangements of Exchange Companies, certain structural weaknesses have been identified which could impair Exchange Companies ability to effectively mobilise funds from overseas. Therefore, in order to ...

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SBP extends deadline for CNIC submission requirement for account holders

KARACHI (January 01 2009): The State Bank of Pakistan has extended the date for the submission of Computerised National Identity Card (CNIC) to June 30, 2009. This decision was taken after the representation received from the banks, indicating difficulties in meeting the extended deadline of December 31, 2008. Despite the banks and DFIs' instructions several account holders have not submitted ...

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SBP relaxes rules for repatriation of export proceeds

KARACHI (December 31 2008): The State Bank of Pakistan has announced one-time waiver for those exporters, who have failed to repatriate their export proceeds in 90 days, and instructed banks to give them Export Refinance Facility. The central bank has received complaints from various exporters' associations that banks are not allowing export refinance facilities under the scheme to exporters due ...

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SBP issues guidelines on CAR for banks and DFIs

KARACHI (November 26 2008): The State Bank of Pakistan on Tuesday announced reduction in the minimum Capital Adequacy Ratio (CAR) for banks and DFIs from 10 percent to 9 percent by the end of December 2008. This move allows banks to take on more risk-weighted assets. — At present, manufacturing, agricultural and commodity sectors require sufficient financing from banks and ...

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Finance Bill 2008 – Full Text

Thursday, June 12, 2008 – ISLAMABAD: Finance Minister Naveed Qamar on Wednesday presented the Finance Bill to give effect to the financial proposals of the federal government for the year beginning on the first day of July, 2008, and to amend certain laws. Following is the text of the bill. WHEREAS it is expedient to make provisions to give effect ...

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