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Banking Companies (Amendment) Bill 2009 passed: SBP given powers to take control of banks

ISLAMABAD (February 09 2010): The National Assembly has passed the Banking Companies (Amendment) Bill 2009 enabling the State Bank of Pakistan (SBP) to change management in banks, impose losses on shareholders by writing down their capital, intervene and take control of banks, appoint administrators to manage and restructure banks when symptoms of crises are determined. The National Assembly Monday passed ...

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FBR to credit tax refunds upto Rs 50,000 to bank accounts

KARACHI (January 23 2010): In order to speed up tax refund process, the Federal Board of Revenue (FBR) has decided to credit tax refund amount up to Rs 50,000 directly to the taxpayers' bank accounts without electronic refund claims. Sources told reporters on Friday that the decision was taken at a meeting convened by FBR Chairman Sohail Ahmad at Regional ...

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FBR to issue investment bonds to swap tax refund liability with banks

KARACHI (January 22 2010): The Federal Board of Revenue is going to issue investment bonds to banks to swap tax refund liability of around Rs 15 billion. Sources told reporters on Thursday that the modalities in this regard are being finalised as Pakistan Banks Association (PBA) has accepted the proposal. Sources said the Large Taxpayers Unit (LTU) has been directed ...

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SBP to gradually adopt AAOIFI's Shariah standards

KARACHI (January 17 2010) – The State Bank of Pakistan (SBP) has decided to gradually adopt Shariah standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) keeping in view the local environment and needs of the Islamic banking industry in the country. The decision to adopt AAOIFI Shariah standards has been taken to harmonise and standardise ...

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SECP allows KESC to issue 14.5 percent right shares

KARACHI (December 12 2009): The Securities and Exchange Commission of Pakistan (SECP) has allowed the Karachi Electric Supply Company (KESC) to issue 14.50 percent right shares ie 2.501 billion ordinary shares at per value ie Rs 3.5 per share total amounting to Rs 8.754 billion as announced by the board of directors of the company on October 27, 2209. The ...

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SBP removes conditions on commercial banks for wheat financing

KARACHI (November 11, 2009) – The State Bank of Pakistan (SBP) has withdrawn the conditions placed on commercial banks for giving financing facilities to the private sector for procurement of wheat with immediate effect. “Banks are now free to extend financing facilities to the private sector for procurement of wheat, keeping in view their lending policies, business consideration, risk profile ...

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Bosicor posts heavy loss of Rs10.33bn for 2009

KARACHI (November 11, 2009) – Loss after tax of Bosicor Pakistan refinery has jumped to Rs10.33 billion for the year ended June 30, 2009. It will be worth mentioning here that the company had managed to book a profit after tax of Rs15.12 million last year (2008). Accordingly, loss per share translated into Rs26.35 against earning per share of Rs0.04 ...

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FBR considering changing RTO's jurisdiction for CVT collection to outside Karachi

KARACHI (November 10 2009): The Federal Board of Revenue (FBR) is planning to make suitable amendments in the jurisdiction of Regional Tax Offices (RTOs) to start assertive monitoring of the Capital Value Tax (CVT). Sources told Business Recorder on Monday that the issue was picked up on the recommendation of the Director General, Intelligence and Investigation. He suggested to the ...

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FBR Lays Conditions for Sales Tax Zero-rating on Import of Polyethylene/polypropylene

ISLAMABAD (September 20 2009): The Federal Board of Revenue (FBR) has laid down certain conditions for sales tax zero-rating on import and supply of polyethylene and polypropylene for manufacture of mono filament yarn and net cloth. The FBR has suppressed SRO 769(I)/2009 through a notification issued here on Saturday. According to the notification, the FBR has zero-rated the import and ...

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Signs of Global Economic Recovery Based on Fragile Evidence: ACCA Survey

KARACHI (September 17, 2009) – Claims that the worlds economy is recovering is based on fragile evidence, according to the latest Global Economic Conditions Survey by ACCA (the Association of Chartered Certified Accountants). It has repeated its warning that world economic leaders should guard against complacency – and not confuse less panic over the crisis with strong evidence that the ...

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