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State Bank allows market to increase PIB yields

KARACHI (May 29 2004): The State Bank of Pakistan has finally relented and allowed the market forces to determine the cost of government borrowing by adhering to the target and letting the yield rise by 66, 47 and 88 basis points on three, five and ten-year Pakistan Investment Bonds, respectively, on Friday. Threats to quash the auction in case the ...

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SBP issues Master Circular for SLR

KARACHI (May 29 2004): The State Bank on Friday issued Master Circular containing consolidated instructions about Statutory Liquidity Requirement. In terms of Section 29 of the Banking Companies Ordinance, 1962, banks are required to maintain Statutory Liquidity Requirement in cash, gold or unencumbered approved securities valued at a price not exceeding 'the lower of the cost or the current market ...

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CBR asked not to levy sales tax on computers

ISLAMABAD (May 29 2004): The government has directed the Central Board of Revenue (CBR) not to amend Sixth Schedule of the Sales Tax Act, 1990 for bringing computer hardware and software within the general sales tax (GST) net in the budget. The CBR's proposal to impose 15 percent GST on the import of computer hardware/software was rejected by the policy ...

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Input tax adjustment on diesel used in power generation proposed

ISLAMABAD (May 29 2004): Industries Ministry has proposed that manufacturers having self-generation permission should be allowed to adjust input tax on diesel used in power generation. They demanded of the State Bank to allow available National Saving Schemes (NSS) instruments as security for taking loans for industrialisation. It proposed that one-window operation facility be introduced in Social Security, Employees Old ...

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SBP issues guidelines on internal controls in banks and DFIs

KARACHI (May 29 2004): The State Bank of Pakistan on Friday issued detailed guidelines on internal controls to protect the organisations' assets and profitability from operational losses. Recent developments in financial sector, both at home and abroad, have proved that adequate risk management and good corporate governance are crucial to the strength and success of banking business, said a circular ...

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Procedure for advance tax payment clarified

ISLAMABAD (May 26 2004): The Central Board of Revenue (CBR) has announced procedure for the payment of advance tax in line with the Universal Self Assessment Scheme (USAS). The CBR on Tuesday issued income tax circular Number 2 of 2004 for clarifying advance tax payment and rescinded circular number 4 of 1979. The CBR has issued the circular on queries ...

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Moneychangers allowed to form B category exchange companies

KARACHI (May 26 2004): The State Bank of Pakistan (SBP) has in principle decided that the existing authorised moneychangers may be allowed to establish 'B' category exchange companies (EC (B)). The minimum paid-up capital requirement for these EC (B) will be Rs 25 million and will have to keep 15 percent of its paid-up capital as reserve requirement with the ...

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DFIs to maintain SLR at 15 percent of TDL

KARACHI (May 26 2004): The State Bank has decided that all development finance institutions (DFIs) shall maintain Statutory Liquidity Requirement (SLR) @ 15 percent of their Total Time & Demand Liabilities in the form of liquid assets (excluding Cash Reserve maintained @ 1 percent of their TDL). “They will continue to maintain Cash Reserve (CRR) with State Bank of Pakistan ...

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Duty drawback given on export of staple fibre blended yarn

ISLAMABAD (May 26 2004): The Central Board of Revenue (CBR) has given duty drawback on the export of seven different types of polyester-viscose staple fibre blended yarn and other products from May 24-June 30, 2004. The CBR has amended standard SRO 412(I)/2001 through an SRO 325(I)/2004 issued here on Tuesday. The CBR has also extended duty drawback facility to the ...

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10.5 percent sales tax refund allowed to solvent extractors

ISLAMABAD (May 26 2004): Giving a major relief to oil extraction industry, the Central Board of Revenue (CBR) has allowed 10.5 percent sales tax refund on the amount of tax (per metric ton of oilseeds) paid at the import stage to solvent extractors. The CBR has shared the burden of sales tax with the industry through an SRO 335 (I)/2004 ...

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