Tag: Rs

KARACHI - MCB Asset Management Company and Arif Habib Investments (AHI) are set to sign the country's largest mutual funds merger worth Rs 26 billion. A formal share holder agreement, in this regard, is to be signed in a few days.
This was disclosed by the AHI Chief Executive Officer Nasim Beg, in a meeting with selected journalists; at his headquarter here in Karachi. He said that talks for a merger have been underway since months, while the merger will complete in the upcoming

LAHORE - The Water and Power Development Authority (WAPDA) has transferred the remaining Rs 3.0 billion to the Azad Jammu and Kashmir (AJK) government for compensation of built-up property belonging to those affected by the Mangla Dam Raising Project. Therefore, total compensation for Mangla Dam Raising Project has now been made to the AJK Government. This also includes payment to the old affectees of Mangla Dam.
The AJK Government has started disbursement of the amount to the

KARACHI - The net assets of JS Growth Fund (JSJF) have mounted to over Rs 3.382 billion after the Fund repurchased over 0.8 million of its own certificates during last week. JSJF, having so far made aggregate purchases of some 22,753,801 certificates at over Rs 120.226 million, repurchased some 809,246 certificates of its own last week during January 10 to 14.The new acquisition has taken total assets of the JSJF to over Rs 3.382 billion against Rs 3.333 billion on January 13, the

KARACHI - The Sindh government would allocate Rs 250 million for minorities in the next budget and presently, many projects are under way for their welfare at a cost of Rs 100 million, Adviser to Sindh Chief Minister on Information and Archives, Sharmila Farooqui said on Monday.
"These funds will be used to renovate minorities' religious and cultural places, give stipends for poor students and provide financial assistance to needy families," she said while talking to a delegation

ISLAMABAD - The Supreme Court on Monday gave another deadline to Techno Energy, a Sialkot-based firm, to refund a mobilisation advance of Rs 780 million with a mark up of Rs 300 million by today (Tuesday) for its failure to import machinery for a 150MW rental power project despite keeping the amount with it for over two years.
A three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday was hearing a suo motu case

KARACHI - The Sindh government would allocate Rs 250 million for minorities in the next budget and presently, many projects are under way for their welfare at a cost of Rs 100 million, Adviser to Sindh Chief Minister on Information and Archives, Sharmila Farooqui said on Monday.
"These funds will be used to renovate minorities' religious and cultural places, give stipends for poor students and provide financial assistance to needy families," she said while talking to a delegation

KARACHI - The net assets of the mutual funds have exhibited impressive growth in the current financial year. In June 2010, the net assets held by the funds stood at Rs 199.70 billion which have improved to Rs 221.17 billion by November 2010, showing a growth of Rs 21.47 billion in just five months. With the industry total standing at Rs 221.17 billion, NIT is the largest Asset Management Company (AMC) in Pakistan with a share of Rs 40.4 billion which constitutes roughly 18.2 percent

LAHORE - Federal Tax Ombudsman Dr Shoaib Suddle has said that all pending claims from 2005 to 2009 have been liquidated. The delayed refunds of Rs six billion have been issued to taxpayers and there are no pending cases older than three month.
He was addressing the officials of the Inland Revenues Service, Large Taxpayers Unit, and Customs Collectorate at Regional Tax Office here on Saturday. Suddle acknowledged that though the Federal Tax Ombudsman (FTO) office had to look into

ISLAMABAD - The Supreme Court on Friday gave another deadline to Techno Energy, a Sialkot-based firm, to refund a mobilisation advance of Rs 780 million along with a mark up by January 17 for its failure to import machinery for a 150MW rental power project despite keeping the amount for over two years.
A three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday, was hearing a suo motu case involving allegations of

ISLAMABAD - To expedite the construction of Diamer Bhasha Dam, the government on Thursday allowed the Water and Power Development Authority (WAPDA) to raise Rs 20 billion from the market through Sukuk and Term Finance Certificates (TFC).
This decision was made at the meeting of the Economic Coordination Committee of the cabinet that met under the chairmanship of Finance Minister Dr Abdul Hafeez Shaikh.
According to official sources, the government would provide the

PESHAWAR - The Government of Germany, as a result of sincere and tireless efforts of Sardar Hussain Babak, Khyber-Pakhtunkhwa Minister for Education, has released Rs 405 million to the education department for the early reconstruction and repair of the schools devastated during the floods and terrorism in the province.
The provincial government is making every possible effort for the reconstruction and repair of the schools badly affected as a result of the devastating floods and

LAHORE - The Provincial Minister for Finance, Planning and Development Tanvir Ashraf Kaira has said that Punjab's share, as per the new NFC award, would be augmented by Rs 100 billion in the current year. However, there is a dire need to increase province's resources by substantially expanding the tax-net.
He expressed these views while addressing MPAs during a pre-budget briefing session organised by PILDAT. He said that the government would consider suggestions by assembly

KARACHI - The federal government has borrowed Rs 240 billion from the scheduled banks in order to meet budgetary expenditures from July 2010 to Jan 1, 2011 and escape public criticism.
Total budgetary borrowings of the federal government aggregated to Rs 408 billion, Rs 168 billion from the State Bank of Pakistan and Rs 240 billion from the scheduled banks, Pakistan Today learnt on Tuesday.
The federal government has basically changed the mode of borrowings and switched to

KARACHI - Three robbers looted Rs 0.66 million from the branch of a private bank in Nazimabad No 1 within the jurisdiction of Rizvia police station on Monday.
However, police suspect that the guards, Altaf Hussain and Rizwan, are involved in the heist and arrested the two men.
DSP Sultan Khan said three armed men entered the bank at around
12:45 pm and after few minutes one of them started beating up a security guard. His two companions pulled out their weapons and held

KARACHI - The Securities and Exchange Commission of Pakistan (SECP) received an overwhelming response from the corporate sector to its companies regularisation (CRS) and companies easy exit (CEES) schemes.
The schemes not only generated huge revenues but also enhanced the corporate compliance rate and have opened new avenues for future revenue generation. During the period from July to September, 1,264 companies regularised their defaults under CRS through filing 6,736 returns,

KARACHI - A Singapore-based majority shareholding company of the NIB Bank has injected Rs 6.40 billion ($74.08 million) into the bank. Bugis Investments, a wholly owned subsidiary of Fullerton Financial Holdings of Singapore, has injected its share of the proposed capital increase of Rs 6.4 billion in the bank, NIB announced on Friday. It said in August last year the NIB Bank had shown its intention to increase its capital with a view to make the bank stronger. To this end, the bank

KARACHI - The authorities of National Accountability Bureau (NAB) Sindh, on Friday arrested two directors of private industry on allegations of willful loan default of Rs 174 million availed from National Bank of Pakistan (NBP). According to an announcement of NAB , accused Anwar Ahmed Rajwani and Salman Karim Rajwani were engaged in the business of garment manufacturing as ARK Garments.
The Karachi based industry availed financial facility of Rs 174 million from NBP in 1985 and