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Nov 23, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2013-07-20
The viability of agri income tax

The viability of agri income tax

The new government has many burning issues to deal with. Some of these have been highlighted by the media and some by the politicians themselves. The budgetary constraint that is visible and made now clear in the negotiations with the IMF is the scarcity
Published 20 Jul, 2013 12:00am
EU observers' report

EU observers' report

Much to the delight of the Election Commission of Pakistan (ECP) and the Hazar Khan Khoso-led erstwhile caretaker government, the EU Election Observation Mission considers the May 11 general elections as better organised than those of 2008. That May 11 el
Published 20 Jul, 2013 12:00am
Jump in foreign investment

Jump in foreign investment

After witnessing a steep fall in the last few years, foreign private investment surged by 106 percent or dollar 806 million to dollar 1.567 billion during FY13. Foreign Direct Investment (FDI), which was the major part of this investment and is a real cat
Published 20 Jul, 2013 12:00am
The rise and fall of an Asian tycoon

The rise and fall of an Asian tycoon

Mohsin Hamid understands corruption. His new novel, How to Get Filthy Rich in Rising Asia, is an insightful fictional portrait of a crooked yet oddly sympathetic tycoon. Hamid doesn't condone skullduggery, but this detailed profile is an instructive guide
Published 20 Jul, 2013 12:00am
Chaklala Cantt Board: Rs 750 million budget approved

Chaklala Cantt Board: Rs 750 million budget approved

A budget of Rs 750 million has been approved for Cantonment Board Chaklala for the current fiscal year. In the budget, Rs 300 million have been allocated for the development projects, while non-developmental budget is more than this figure. According to t
Published 20 Jul, 2013 12:00am
Chaklala Cantt Board: Rs 750 million budget approved

Chaklala Cantt Board: Rs 750 million budget approved

A budget of Rs 750 million has been approved for Cantonment Board Chaklala for the current fiscal year. In the budget, Rs 300 million have been allocated for the development projects, while non-developmental budget is more than this figure. According to t
Published 20 Jul, 2013 12:00am
Petroleum Ministry receives 900 applications against 12 positions

Petroleum Ministry receives 900 applications against 12 positions

The Ministry of Petroleum and Natural Resources has received 900 applications for 12 positions in different attached departments of the Ministry, it is learnt. The Petroleum Ministry on June 28 published an advertisement and sought applications from eligi
Published 20 Jul, 2013 12:00am
'Punjab government pursuing comprehensive policy on education'

'Punjab government pursuing comprehensive policy on education'

Punjab Finance Minister Mian Mujtaba Shuja-ur-Rehman has said that Punjab government is pursuing a comprehensive policy for the promotion and upgradation of school education and Rs 3.5 billion have been provided for the provision of missing facilities in
Published 20 Jul, 2013 12:00am
Former minister rejects allegations about vehicles' allotment

Former minister rejects allegations about vehicles' allotment

PPP activist and former Khyber Pakhtunkhwa Minister for Excise and Taxation Liaquat Shabab has rejected allegations of the massive allotment of the forfeited vehicles of the department during last government. Addressing a news conference here at Peshawar
Published 20 Jul, 2013 12:00am
Dr AQ Khan squashes rumours

Dr AQ Khan squashes rumours

Founding father of Pakistan's nuclear programme and head of Tehrik-e-Tahafuz Pakistan, Dr Abdul Qadeer Khan has said that statement affixed to him that he was leaving politics was baseless. Talking to the media on Friday, Dr Abdul Qadeer Khan said that he
Published 20 Jul, 2013 12:00am
Imran condemns killing of eight unarmed Kashmiris

Imran condemns killing of eight unarmed Kashmiris

Chairman PTI Imran Khan on Friday strongly condemned the killing of 8 unarmed Kashmiris by Indian forces in Indian Occupied Kashmir (IOK). He also condemned the internment of Kashmiri leaders. Khan regretted that IOK had one of the highest concentrations
Published 20 Jul, 2013 12:00am
Taxi driver's killing: three Rangers sent on physical remand

Taxi driver's killing: three Rangers sent on physical remand

A Judicial Magistrate on Friday sent three Rangers officials on physical remand till July 22 in the murder case of a taxi driver. Nazir, Waqar and Barkat were produced before the Judicial Magistrate amid tight security. The judge remanded them in police c
Published 20 Jul, 2013 12:00am
Senate body not satisfied with 'meagre' allocations for hydel projects

Senate body not satisfied with 'meagre' allocations for hydel projects

The Senate Functional Committee on Problems of Less Developed Areas on Friday expressed dissatisfaction over Rs 30 billion allocation for hydel power generation projects under PSDP 2013-14 and suggested that it should be enhanced considerably. The committ
Published 20 Jul, 2013 12:00am
Benazir Muawinat cards Rs 220.30 million Zakat to be distributed

Benazir Muawinat cards Rs 220.30 million Zakat to be distributed

Sindh Zakat and Ushr department would release some Rs 220.30 million in the next couple of days to the NADRA as more than 65 thousands enrolled beneficiaries can collect their various Zakat allowances through Benazir Muawinat cards before Eid-ul-Fitr,
Published 20 Jul, 2013 12:00am
JI terms PSM's 'closure' as economic murder

JI terms PSM's 'closure' as economic murder

Jamaat-i-Islami former lawmakers termed the 'closure' of Pakistan Steel Mills (PSM) an economic murder of thousands of families. In a statement issued here on Thursday, JI ex-legislators Muzaffar Ahmed Hashmi, Laeeq Khan, Nasrullah Khan Shajih, Hameedulla
Published 20 Jul, 2013 12:00am
KESC condemns mob protests, violence against employees

KESC condemns mob protests, violence against employees

Karachi Electric Supply Company has expressed concern over the rising trend of mob protests and violence at its sensitive installations and advised people to refrain from disturbing the power transmission and distribution system in their own interest.
Published 20 Jul, 2013 12:00am
BHC orders action against Zehri's security guards

BHC orders action against Zehri's security guards

The Balochistan High Court on Friday heard a suo motu notice case regarding suspension of SP Quetta City by CM Balochistan for stopping the security guards of senior PML-N leader. Chief Justice Balochistan High Court Justice Qazi Faez Isa headed a two-mem
Published 20 Jul, 2013 12:00am
Citibank, PPAF celebrate excellence in microentrepreneurship

Citibank, PPAF celebrate excellence in microentrepreneurship

The Citi-PPAF Microentrepreneurship Awards (CMA) ceremony was held at a local hotel. Ahsan Iqbal, Federal Minister for Planning and Development and Citi Country Officer Nadeem Lodhi led the ceremony where twenty microentrepreneurs were awarded. This prest
Published 20 Jul, 2013 12:00am
New fisheries minister faces major challenges

New fisheries minister faces major challenges

The challenges of fisheries sector are aggravating for the lack of official priority to settle them on a permanent basis, as the hostile environment is all set to test the new fisheries minister's abilities to deal with the unattended problems. The former
Published 20 Jul, 2013 12:00am
PPCBL, PTCL sign MoU on ICT collaboration

PPCBL, PTCL sign MoU on ICT collaboration

The Punjab Provincial Co-operative Bank Limited (PPCBL) has signed a Memorandum of Understanding (MoU) on ICT collaboration with PTCL here on Friday. The MoU was signed by PPCBL President/CEO, Syed Talat Mahmood and PTCL SEVP, Hamid Farooq. On the occasio
Published 20 Jul, 2013 12:00am
PML-N government losing public support rapidly: JI chief

PML-N government losing public support rapidly: JI chief

Ameer, Jamaat-i-Islami Syed Munawar Hasan has said that the new government was losing public support fast as the people who voted them to power were disappointed by its poor performance so far. Addressing the Friday congregation at Mansoora, he said the r
Published 20 Jul, 2013 12:00am
'Majestic Punjab' and 'Vibrant Lahore' projects to be launched

'Majestic Punjab' and 'Vibrant Lahore' projects to be launched

Punjab government has envisioned "Majestic Punjab" and "Vibrant Lahore" projects under public-private partnership with the Tourism Development Corporation of Punjab and the stakeholders affiliated with the tourism development in Punjab. Under this initiat
Published 20 Jul, 2013 12:00am
Four killed in road accident

Four killed in road accident

At least four people were killed and 15 others injured in head-on collision between an oil tanker and a mini-truck here late on Thursday night. According to rescue sources, an over speeding oil tanker and a mini-truck rammed into each other near Garha rou
Published 20 Jul, 2013 12:00am
NUST team to help compile data for power sector

NUST team to help compile data for power sector

A National University of Science and Technology (NUST) team of experts on energy will survey 17 districts of the Punjab province to help Punjab Agriculture Department's 'Crop Biomass Cell' compiling data for generating power from biomass in the province.
Published 20 Jul, 2013 12:00am
Over Rs 17 billion Faisalabad budget approved

Over Rs 17 billion Faisalabad budget approved

City District Government, Faisalabad, has approved annual budget for the year 2013-14 having total outlay of Rs 17,655.391 million. The budget was approved at a meeting held here on Friday under the chairmanship of Administrator City District Government a
Published 20 Jul, 2013 12:00am
Over Rs 17 billion Faisalabad budget approved

Over Rs 17 billion Faisalabad budget approved

City District Government, Faisalabad, has approved annual budget for the year 2013-14 having total outlay of Rs 17,655.391 million. The budget was approved at a meeting held here on Friday under the chairmanship of Administrator City District Government a
Published 20 Jul, 2013 12:00am
PIAF urges Prime Minister to look into TDAP affairs

PIAF urges Prime Minister to look into TDAP affairs

Expressing grave concern over the reports of misappropriation of Rs 600 million by TDAP officials under the garb of freight subsidy, Pakistan Industrial and Traders Associations Front (PIAF) has appealed to the Prime Minister Nawaz Sharif to look into aff
Published 20 Jul, 2013 12:00am
PML-Q lauds Supreme Court directions on LB polls

PML-Q lauds Supreme Court directions on LB polls

Pakistan Muslim League-Q has lauded Supreme Court's directions to the provinces to hold local bodies' elections and said local governments would strengthen democracy and solve problems at the grass-roots level. Talking to Business Recorder PML-Q Ce
Published 20 Jul, 2013 12:00am
Gas supply: Prime Minister given us new hope: FCCI chief

Gas supply: Prime Minister given us new hope: FCCI chief

Mian Zahid Aslam, President Faisalabad Chamber of Commerce and Industry (FCCI) said that the recent visit of Prime Minister Nawaz Sharif and Chief Minister Shahbaz Sharif has given a new hope to the industrialists as they have committed to resolve the pen
Published 20 Jul, 2013 12:00am
Political, economic strength a must for country's dignity: Ahsan

Political, economic strength a must for country's dignity: Ahsan

Federal Minister for Planning and Development Ahsan Iqbal on Friday said strengthening of politics and economy was necessary for dignity and sovereignty of the country. Talking to a private TV channel, he said that the government wanted to increase foreig
Published 20 Jul, 2013 12:00am
Place of business: NTN display a must

Place of business: NTN display a must

Finance Act, 2013 has introduced a new section in the Income Tax Ordinance 2001 to make it compulsory for every person deriving income from business chargeable to tax to display his National Tax Number at a conspicuous place of his business.
Published 20 Jul, 2013 12:00am
Minister underlines importance of research

Minister underlines importance of research

Federal Minister for Science and Technology Zahid Hamid has said that research and innovation was imperative for the Muslim Ummah to reclaim its rightful place in International community, adding that the COMSTECH can play crucial role in this regard.
Published 20 Jul, 2013 12:00am
Sindh government hands over SM Science College to SMIU after 39 years

Sindh government hands over SM Science College to SMIU after 39 years

The government of Sindh has handed over S.M. Science College to its mother institution-the Sindh Madressatul Islam University (SMIU) after 39 years. A SMIU statement here on Friday said that a notification in this regard was issued on July 18.
Published 20 Jul, 2013 12:00am
WHT on imports rationalised through Finance Act 2013

WHT on imports rationalised through Finance Act 2013

The withholding tax on imports under Section 148 of the Income Tax Ordinance has been rationalised through Finance Act 2013. Explaining the important amendments made in the Income Tax Ordinance through Finance Act 2013, the Federal Board of Revenue (FBR)
Published 20 Jul, 2013 12:00am
Presidential polls: Rana Ikram obtains form

Presidential polls: Rana Ikram obtains form

Former provincial minister Rana Ikram Rabbani, here on Friday obtained nomination form for the election of the president of Pakistan. The PML-N leader obtained the form from Registrar Lahore High Court. Talking to media at the court premises, he said he f
Published 20 Jul, 2013 12:00am
Income from property to be taxed as part of total income

Income from property to be taxed as part of total income

The income from property is now taxable as part of total income at normal rates as provided in the Income Tax Ordinance, 2001. The income tax circular 6 of 2013 issued on Friday said that prior to Finance Act, 2013, income from property was taxed as a sep
Published 20 Jul, 2013 12:00am
Non-filers of IT returns to face penalties

Non-filers of IT returns to face penalties

Finance Act 2013 has imposed a minimum penalty of Rs 20,000 and a maximum penalty of 50 percent of the tax payable for non-filing of income tax return under Section 114 of the Income Tax Ordinance. According to the budgetary explanatory circular issued he
Published 20 Jul, 2013 12:00am
State oppression in Bangladesh: World community urged to play its role

State oppression in Bangladesh: World community urged to play its role

Secretary-General, Jamaat-i-Islami Liaqat Baloch, urged the world community to play due role against state oppression in Bangladesh. Addressing the Friday congregation at a Faisal Town mosque, he said the death sentence and life term to elderly JI leaders
Published 20 Jul, 2013 12:00am
JuD condemns killing of six people in IHK

JuD condemns killing of six people in IHK

More than 150 activists of Jamaat-ud-Dawah (JuD) here on Friday burnt Indian flag and staged a demonstration at Chowk Rasheedabad in scorching heat to condemn the killing of six people protesting at a raid by the occupied troops on an Islamic school in Ka
Published 20 Jul, 2013 12:00am
Coordination among police, prosecutors & judicial officers stressed

Coordination among police, prosecutors & judicial officers stressed

Advisor to Punjab Chief Minister on Prosecution, Rana Maqbool Ahmad has said that in order to provide speedy justice to citizens, an outstanding co-ordination should exist among police, prosecutors and judicial officers. He said that officers should devot
Published 20 Jul, 2013 12:00am
UAF to hold energy conference

UAF to hold energy conference

University of Agriculture Faisalabad (UAF) will hold a three-day international conference on "Renewable energy technologies in Pakistan" on October 1. A spokesman for the university said on Friday that all abstracts clearly indicating aims and conclusions
Published 20 Jul, 2013 12:00am
12 factories sealed for gas theft

12 factories sealed for gas theft

A special team of Sui gas conducted raids in various areas of Lahore, Multan and Sheikhupura and sealed 12 factories for gas theft while cases have been registered against them in the concerned police stations. According to SNGPL officials Irfan Steel R-R
Published 20 Jul, 2013 12:00am
Cop's thrashing: Bail granted to MPA's son

Cop's thrashing: Bail granted to MPA's son

The son of Tahir Sindhu MPA accused of thrashing a police constable was bailed out on a security bond of Rs 20,000 by the local court here on Friday. Tahir Sindhu MPA's son arrested on Thursday for beating a police constable was produced before First Clas
Published 20 Jul, 2013 12:00am
Chenab, Jhelum likely to attain medium to high flood levels

Chenab, Jhelum likely to attain medium to high flood levels

The Flood Forecasting Centre has cautioned that the River Chenab at Marala and River Jhelum at Mangla may attain medium to high flood level on Saturday and Sunday. Nullahs of River Ravi & Chenab may also attain medium to high flood level after 36-hours.
Published 20 Jul, 2013 12:00am
PCCC budget not approved because of anomalies in draft

PCCC budget not approved because of anomalies in draft

The executive committee of Pakistan Central Cotton Committee (PCCC) did not approve the budget of the committee for the year 2013-2014 after detecting anomalies in the budget draft, sources told Business Recorder on Friday. Sources said that execut
Published 20 Jul, 2013 12:00am
The Weather

The Weather

The weather report on Friday (July 19, 2013) and the forecast for Saturday (July 20, 2013).

Published 20 Jul, 2013 12:00am
12 new jails being constructed in Punjab: minister

12 new jails being constructed in Punjab: minister

Provincial Minister for Prisons Chaudhry Abdul Wahid Arain on Friday said that there are more than 49,000 prisoners in 32 prisons of the province which is almost double the capacity of prisons, therefore, 12 new jails are being constructed in Punjab. He s
Published 20 Jul, 2013 12:00am
PQFTL announces unit prices

PQFTL announces unit prices

Pak-Qatar Family Takaful Managed Fund (PQFTL) announced unit prices for the following funds on July 16, 2013.

Published 20 Jul, 2013 12:00am
PQFTL announces unit prices

PQFTL announces unit prices

Pak-Qatar Family Takaful Managed Fund (PQFTL) announced unit prices for the following funds on July 16, 2013.

Published 20 Jul, 2013 12:00am
PQFTL announces unit prices

PQFTL announces unit prices

Pak-Qatar Family Takaful Managed Fund (PQFTL) announced unit prices for the following funds on July 16, 2013.

Published 20 Jul, 2013 12:00am
Railways launches third freight train

Railways launches third freight train

Pakistan Railways on Friday started its third freight train, as accelerating the freight operations is inevitable for the revenue generation. Steps have been taken to comply with the Minister's directive, resultantly the number of freight trains has been
Published 20 Jul, 2013 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Friday (July 19, 2013).

Published 20 Jul, 2013 12:00am
Heroin smuggling bid foiled

Heroin smuggling bid foiled

The custom officials foiled smuggling bid of heroin to Qatar and Sharja here at Lahore and Sialkot airports on Friday. According to details, a passenger named Masood was searched by the Anti Narcotics Force (ANF) at Allama Iqbal International Airport and
Published 20 Jul, 2013 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Friday (July 19, 2013).

Published 20 Jul, 2013 12:00am
'British Prime Minister's visit reflects strong bilateral ties'

'British Prime Minister's visit reflects strong bilateral ties'

Advisor to Prime Minister on Foreign and Security Affairs Sartaj Aziz has said that the visit of British high officials including Prime Minister David Cameron and Foreign Secretary to Pakistan William Hague reflect strong bilateral ties between Islamabad
Published 20 Jul, 2013 12:00am
LME official prices

LME official prices

The following were Thursday official prices.

Published 20 Jul, 2013 12:00am
Killing of taxi driver: Sindh police asked to submit challan in court

Killing of taxi driver: Sindh police asked to submit challan in court

The Supreme Court on Friday expressed annoyance over the killing of a taxi driver in Karachi by Rangers. It issued directions to the Sindh police to submit a challan in the concerned court within one week. Taxi driver Murid Abbas was shot dead in Karachi'
Published 20 Jul, 2013 12:00am
LME official prices

LME official prices

The following were Thursday official prices.

Published 20 Jul, 2013 12:00am
Three killed in different areas of Karachi

Three killed in different areas of Karachi

At least three persons were killed in separate incidents of violence in the metropolis here on Friday. According to police and rescue sources, unidentified armed men killed a man in Pipri Shah Town in the limits of Bin Qasim police station. Police said th
Published 20 Jul, 2013 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Friday (July 19, 2013).

Published 20 Jul, 2013 12:00am
Commercial power users: Tax return threshold curtailed to Rs 0.5 million

Commercial power users: Tax return threshold curtailed to Rs 0.5 million

The threshold for filing of income tax return has been curtailed to Rs 500,000 from Rs one million in case of a person who is the holder of commercial or industrial connection of electricity under Finance Act, 2013. According to the circular 6 of 2013 iss
Published 20 Jul, 2013 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Friday (July 19, 2013).

Published 20 Jul, 2013 12:00am
Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX (Formerly National Commodity Exchange Limited - NCEL) Trading Summary on Friday (July 19, 2013).

Published 20 Jul, 2013 12:00am
Grenade hurled at furniture shop

Grenade hurled at furniture shop

A passer-by on Friday sustained injuries when armed assailants hurled a hand grenade at Aram Bagh Furniture Market. According to police and rescue sources, armed riders lobbed a hand grenade at the furniture market and sped away. A passer-by Fazal-ur-Rehm
Published 20 Jul, 2013 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (July 19, 2013).

Published 20 Jul, 2013 12:00am
Food being wasted in Ramazan

Food being wasted in Ramazan

During the holy month of Ramazan, a huge amount of food is wasted as hotels outdo each other in presenting Iftar consisting of 40 to 50 dishes that left customers biting off more than they can chew. A large portion of the food ended up in garbage. "Most p
Published 20 Jul, 2013 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (July 19, 2013).

Published 20 Jul, 2013 12:00am
Tax Year 2014: Company tax rate to be 34 percent under Finance Act

Tax Year 2014: Company tax rate to be 34 percent under Finance Act

The rate of tax imposed on the taxable income of a company other than a banking company, shall be 34 percent for the Tax Year 2014 under Finance Act 2013. The income tax circular issued on Friday said that through Finance Act, 2013 a proviso has been adde
Published 20 Jul, 2013 12:00am
FBR expands scope of company's definition

FBR expands scope of company's definition

The Federal Board of Revenue (FBR) has expanded the scope of definition of company by including co-operative society, finance society or any other society; non-profit organisation; trust, an entity or a body of persons established or constituted by or und
Published 20 Jul, 2013 12:00am
THE RUPEE: all-round gains

THE RUPEE: all-round gains

The rupee managed to recover against the dollar and euro on the currency market on Friday in the process of trading, dealers said. The rupee posted fresh gain of seven paisa in terms of the dollar for buying at Rs 100.68 and it picked up eight paisa for s
Published 20 Jul, 2013 12:00am
THE RUPEE: all-round gains

THE RUPEE: all-round gains

The rupee managed to recover against the dollar and euro on the currency market on Friday in the process of trading, dealers said. The rupee posted fresh gain of seven paisa in terms of the dollar for buying at Rs 100.68 and it picked up eight paisa for s
Published 20 Jul, 2013 12:00am
Suspicious transactions: banks required to provide information to FBR

Suspicious transactions: banks required to provide information to FBR

Banks would provide Federal Board of Revenue a copy of each Currency Transactions Report and Suspicious Transactions Report generated and submitted by it to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010. The FBR on Friday explain
Published 20 Jul, 2013 12:00am
Suspicious transactions: banks required to provide information to FBR

Suspicious transactions: banks required to provide information to FBR

Banks would provide Federal Board of Revenue a copy of each Currency Transactions Report and Suspicious Transactions Report generated and submitted by it to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010. The FBR on Friday explain
Published 20 Jul, 2013 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Friday (July 19, 2013).

Published 20 Jul, 2013 12:00am
Suspicious transactions: banks required to provide information to FBR

Suspicious transactions: banks required to provide information to FBR

Banks would provide Federal Board of Revenue a copy of each Currency Transactions Report and Suspicious Transactions Report generated and submitted by it to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010. The FBR on Friday explain
Published 20 Jul, 2013 12:00am
IHK shuts down over killing of protesters

IHK shuts down over killing of protesters

Indian held Kashmir largely shut down amid heavy security Friday after occupation troops shot dead four people during a protest over a paramilitary raid on madressah. Shops, banks, schools and most government offices were closed after a Kashmiri leader ca
Published 20 Jul, 2013 12:00am
IHK shuts down over killing of protesters

IHK shuts down over killing of protesters

Indian held Kashmir largely shut down amid heavy security Friday after occupation troops shot dead four people during a protest over a paramilitary raid on madressah. Shops, banks, schools and most government offices were closed after a Kashmiri leader ca
Published 20 Jul, 2013 12:00am
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