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PTCL’s monopoly in Karachi comes to an end

KARACHI: The monopoly of the state-owned telecom giant, Pakistan Telecommunications Company (PTCL), over fixed line telephones, is coming to an end in Karachi with the start of the new year, as two new private telecom operators are ready to provide fixed line as well as wireless connections to new subscribers. “We are hopeful that Telecard and WorldCall will provide fixed ...

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SECP and bourses to develop models for demutualisation, integration in 15 weeks

ISLAMABAD (December 12 2004): The three stock markets and the Securities and Exchange Commission of Pakistan (SECP) have fixed a schedule of 15 weeks for developing models for demutualisation and integration. In the first ten weeks from now, the three stock markets would develop their individual models for converting their guarantee limited non-profit companies into “for profit concerns” after reviewing ...

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Attock Petroleum plans to offer 10 million shares

KARACHI (December 13 2004): The Attock Petroleum Ltd (APL) will offer 10 million shares at 57.75 rupees by the end of next month through initial public offering which sales range of petroleum products in the country. According to a document, the company would offer 10 million shares while the total shares outstanding are 40 million. The company is an associate ...

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Chartered accountants’ moot on Information/Fiscal Law challenges

Chartered Accountants from all over India will meet on a single platform at a national seminar on the Emerging Information/ Fiscal law challenges and opportunities organised by the Lucknow chapter of the Institute of the Charted Accountants. Renowned names in accountancy like Chetan Dalal from Mumbai, one of the 20 certified fraud examiners of the country, will also be present ...

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Customs barred from raiding factories

ISLAMABAD (December 13 2004): The Central Board of Revenue (CBR) has barred customs officials of Directorate General, Intelligence and Investigation, Customs and Excise from raiding the manufacturing units/factories for carrying out on-the-ground inspections. The decision has been taken to check the misuse of powers by the officials of the directorate. When Business Recorder contacted a senior CBR official to comment ...

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E&Y Confirms Probe Related to PNC

The Securities and Exchange Commission in US is questioning Ernst & Young (E&Y) about the audit firm's involment in designing and auditing financial products for PNC Financial Services Group that the bank allegedly used to inflate profits, noted a Bloomberg report. Officials at the Big Four accounting firm stated that they were co-operating fully with the SEC, but declined to ...

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ICAP announces Foundation/Intermediate Autumn 2004 examination results

KARACHI, November 03, 2004: The Institute of Chartered Accountants of Pakistan (ICAP) has announced the results of its Foundation / Intermediate Examinations Autumn 2004. Result Summary No. of Candidates Complete Passed in Foundation Examination (Modules A & B) 481 Complete Passed in Intermediate Examination (Modules C & D) 273 Passed in Module – A only 573 Passed in Module – ...

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World Bank team visits ICMAP

KARACHI, Oct 30: A two-member World Bank Team visited Institute of Cost and Management Accountants of Pakistan (ICMAP) on Saturday. International Consultant Dr. Huymayun Murshed and Furqan Ahmed Saleem local Consultant/ Coordinator were the members of the team, said a press release issued by ICMAP. The press release stated that ICMAP team led by its President Sher Afgan Malik and ...

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ICAP – Passing criteria set at 50%

KARACHI, Oct 30: The Institute of Chartered Accountants of Pakistan (ICAP) declared on Saturday that the passing marks would be 50 per cent. The disclosure was made for the first time and it aimed at bringing about greater transparency in the examinations of ICAP. A press release issued by ICAP said that decisions made in an earlier meeting of the ...

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No penalty on sales tax returns till October 25

ISLAMABAD (October 19 2004): The Central Board of Revenue (CBR) has waived additional tax and penalty on the late filing of sales tax returns by the international freight forwarders during June-September 2004. This is subject to filing of all outstanding sales tax returns by October 25, 2004. The CBR has given exemption of additional tax/penalty for the months of June, ...

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