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Finance

Six-month forward dollar premium hits all-time low

KARACHI (January 20 2003) : The dollar took the battering after broad based sell-off during the week due to selling by exporters and large inflows of funds from Pakistanis living abroad. The dollar also look the thumping in tenor. Three-month forward was dealt at 3 paisa discount. Six-month forward dollar broke all-time lows of 20 paisa to hit the new ...

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Ghee units allowed input tax adjustment

ISLAMABAD (January 20 2003) : The Central Board of Revenue (CBR) has allowed the manufacturers of ghee/cooking oil to claim input tax adjustment on the total amount of general sales tax (GST) paid at import stage. The auditors and Pakistan Vanaspati Manufacturer's Association (PVMA) were divided over the percentage of input adjustment to be paid at the import stage. Ghee/cooking ...

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Scheduled banks assets up by 18 percent in 2002

KARACHI (January 20 2003) : Total assets of scheduled banks jumped by Rs 393 billion, or 18 percent, in 2002 as deposit base recorded substantial increase after inflow from expatriates, and investment rose sharply in the treasury bills. The abnormal inflows into the economy after the Sept 11, 2001 events are evident from the banking sector statistics for the year ...

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Eight insurance firms not granted registration

KARACHI (January 18 2003) : The Securities Exchange Commission of Pakistan has not granted new certificates of registration to eight insurance companies, which failed to meet the set guidelines under the insurance law. According to a release of the SECP, these companies are no longer authorised to transact insurance business in the country. With the promulgation of the Insurance Ordinance, ...

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Banks and development finance institutions asked for report on loan write-offs

KARACHI (January 18 2003) : The State Bank of Pakistan on Friday asked all banks and development finance institutions (DFIs) to submit reports regarding the implementation status of SBP guidelines on write-off of irrecoverable loans and advances. The SBP had issued detailed guidelines on write-offs of irrecoverable loans in the mid-October 2002. All banks and DFIs were advised to submit, ...

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Imported drugs retail margin raised to 15 percent

ISLAMABAD (January 18 2003) : The government has increased retail profit/margin on all imported medicines to 15 percent to put an end to the controversy between the importers and retailers, and a formal notification to this effect is expected shortly. Sources told Business Recorder on Friday that the decision on retail profit/margin on imported medicines was taken at a meeting ...

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Remittances soar to $2.148 billion in six months

KARACHI (January 17 2003) : Remittances from overseas Pakistanis skyrocketed in first six months of the current fiscal year and was nearly doubled as compared with the same period corresponding year. According to the statement released by the State Bank of Pakistan, on Thursday, the home remittances during the first six months of the current fiscal year (July-December 2002) amounted ...

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Duty relief allowed on eight new pharmaceutical raw materials

ISLAMABAD (January 17 2003) : The Central Board of Revenue (CBR) has exempted eight new pharmaceutical raw material, chemicals and active ingredients from payment of custom duty in excess of five percent ad valorem to promote local pharmaceutical industry. The concessionary rate of duty would be applicable on the import of Benzoyl Chloride, Hexamethyldisilazane, Imidazole, Methyl Chloroformate, N-Methyl Morpholine, Sodium ...

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Furnace oil prices increased by up to 5.14 percent

KARACHI (January 17 2003) : The oil companies in the country raised the furnace oil prices by as much as 5.14 percent, the rates are effective from Thursday. Pakistan State Oil Ltd, raised the prices by Rs 545 a tonne or 4.54 percent to Rs 12,547 per tonne while Shell Pakistan increased the price of furnace oil by Rs 617 ...

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