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Pakistan's foreign exchange reserves up to record $8.445 billion

KARACHI (October 25 2002) : Pakistan's foreign currency reserves rose $169 million to a record $8.445 billion in the week ended Oct. 17, said State Bank of Pakistan, the central bank. The country revised foreign currency reserves target last month to $10 billion for the year ending June 30, 2003 from earlier estimates of $7 billion. But after continuous flow ...

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Securities, Exchange Commission notifies list of Authorised Insurance Companies

LAHORE (October 25 2002) : Securities and Exchange Commission of Pakistan (SECP) has notified as many as 51 insurance companies, including four foreign companies for carrying out insurance business in Pakistan. According to sources in SECP, only the notified companies have been authorised to make transaction regarding non-life/general insurance business in Pakistan. These companies have been registered under Section 6 ...

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PICIC declares dividend at 33.5pc

KARACHI, Oct 23: Relying on the steadfast clientele, Pakistan Industrial Credit and Investment Corporation (PICIC), on Wednesday set a new record among the banks and Development Finance Institutions by declaring highest dividend of 33.5 per cent for the year ended June 30, 2002. This was noted in the AGM of the PICIC held here with its chairman Khursheed K. Marker ...

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Hubco posts Rs 11 million increment in profit

KARACHI (October 24 2002) : Hub Power Company profit in three months up to September 30, 2002, has shown an increment of Rs 11 million, to Rs 1.474 billion, compared with the profit in same period a year ago. The company held a meeting on Wednesday and, through an announcement at the Karachi Stock Exchange, said that the earning per ...

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SBP Announces its Panel of Audit Firms

KARACHI (October 24 2002) : The State Bank of Pakistan on Wednesday has announced to induct 36 Chartered Accountant (CA) firms in its panel of auditors. The Bank has included these firms in three categories. Category A includes 13 firms, Category B includes 12 and Category C includes 11 firms. Following are the categories and names of the auditing firms: ...

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Pakistan banking sector tax rates amount to 75 to 80 percent: World Bank

ISLAMABAD (October 23 2002) : Unlike other sectors, Pakistan's banking sector was highly taxed where all the explicit and implicit taxes raised the effective tax rate of a bank to between 75 percent and 80 percent. This rate has, however, declined but not substantially. Apart from 58 percent corporate income tax (now 50 percent) on the net profits, financial institutions ...

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Action likely against 'governments' holding blns in Personal Ledger Accounts

ISLAMABAD (October 23 2002) : The Auditor General of Pakistan (AGP) is likely to take action against federal and provincial governments for holding billions of rupees in Personal Ledger Accounts (PLAs) in the shape of non-lapsable funds, sources in Finance Ministry told Business Recorder. “We are investigating how billions of rupees are lying in the federal and provincial PLAs and ...

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Central Board of Revenue to recover less paid Sales Tax from cement makers

ISLAMABAD (October 22 2002) : The Central Board of Revenue (CBR) has decided to recover sales tax to the tune of millions of rupees from certain cement manufacturers of Iskandarabad, who wrongly interpreted Central Excise Act, 1944, to pay less sales tax against the actual amount. The tax authorities alleged that the cement manufacturers had cleared their products on ex-factory ...

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