Tag: Rs

islamabad - The Securities and Exchange Commission of Pakistan (SECP) has taken notice of unregistered futures trading at the country's commodity exchange to protect the interest of small investors. In this concern, the apex regulator said, the SECP had issued an order against Ravi Oil Cake Traders, a partnership firm, for operating an illegal commodity exchange. It said the firm had violated Section 3 (1) of the Securities and Exchange Ordinance 1969 by providing unauthorized trading

KARACHI - The State Bank of Pakistan (SBP) has revised the credit limit for banks and Development Financial Institutions (DFI) under consumer financing at Rs 5.0 million.
The central bank has also allowed commercial banks and DFIs to waive the requirement of 50 percent debt burden in case the borrower's credit card and personal loan happens to be properly secured through liquid assets with a minimum 30 percent margin.
The State Bank introduced the new regulations with

ISLAMABAD - The federal audit authorities have revealed that Pakistan Agricultural Storage and Services Corporation (PASSCO) suffered a loss of Rs 463.496 million in three separate cases by violating rules due to lack of internal control.
Pakistan's audit report 2009-10 pointed out that the PASSCO suffered a loss of Rs 411.260 million due to the purchase of sub-standard rice in violation of purchase agreement. "PASSCO's letter dated February 18, 2009 instructed all zonal heads to

ISLAMABAD - Thirty-three franchised stores located in six districts have defaulted on Rs 9.2 million payments to the Utility Stores Corporation (USC) of Pakistan.
A source in the USC said that out of the 33 defaulter franchises, 19 are located in Multan, the home district of Prime Minister Syed Yusuf Raza Gilani. Together they owe Rs 2.3 million to the USC.
Nine franchised stores are located in Rahim Yar Khan, two in Khanewal, and one each in Haripur, Sialkot and

KARACHI - The federal government appears all set to sustain its dependence on private sector borrowings for meeting its budgetary requirements during the third fiscal quarter, despite warnings from the International Monetary Fund (IMF) and the State Bank of Pakistan.
The central bank has set a target of Rs 1.060 trillion, to be raised form the open market, through issuance of Government Ijara Sukuk (GIS), Government Market Treasury Bills (GMTBs) and Pakistan Investment Bonds

ISLAMABAD - The Oil and Gas Regulatory Authority (OGRA) has proposed a hike in petroleum prices from Rs 2 to Rs 6 per litre for January, an official source said on Thursday.
The final decision to implement the new prices would be decided by the government today (Friday), the source said, adding that the government had maintained the petroleum prices in December and picked up the Rs 2 billion differential in prices in January.
He said the crude oil prices had risen by 20

KARACHI - The federal government has declared that the old-design banknote of Rs 500, which was introduced in April 1986, shall cease to be legal tender with effect from October 1, 2011 and hence cannot be exchangeable from this date.
Accordingly, the State Bank has asked the general public to exchange the old-design banknote of Rs 500 from the field offices of SBP Banking Services Corporation and the branches of all commercial banks throughout the country up to September 30,

ISLAMABAD - Minister for Law, Justice and Parliamentary Affairs Dr Babar Awan on Wednesday informed the National Assembly that the PML-Q government had provided grants of Rs 17.6 million to different bar associations during year 2007-08.
In contrast, the PPP government multiplied these grants manifold and released Rs223.90 million in grant for various bar associations and the bar councils during the last financial year.
"During 2009-10, Punjab's bar associations received Rs

ISLAMABAD - The National Electric Power Regulatory Authority on Wednesday reduced power tariff for 8 distribution companies (DISCOs) by Rs 1.08 per unit and that of the Karachi Electric Supply Company (KESC) by Rs 0.46 per unit under the monthly fuel adjustment for November.
Under the monthly fuel price adjustment, the power tariff has reduced by Rs 2.09 per unit during the last 4 month. NEPRA reduced power tariff by Rs 0.33 per unit for August, Rs 0.36 per unit for September and

ISLAMABAD - The Punjab government has not been able to recover over Rs 574 million from the officers/officials and contractors of the Punjab Food Directorate, mainly owing to its ineffective and insufficient recovery mechanism, points out an AGPR audit report for the year 2009-10.
The report reveals Rs 574.847 million were recoverable from a number of officers, officials and contractors of the Punjab Food Directorate. The scrutiny of the directorate's monthly recovery statements

KARACHI - The year 2010 will be remembered as the year of massive borrowings by the federal government for budgetary support. In a period of less than six months, (July to Dec ember 18, 2010) the budgetary borrowings of the government surpassed the quantum of total annual borrowings in FY10.
In 2009-10, the federal government borrowed Rs 330 billion, while from July-Dec 18, 2010, the budgetary borrowings went up to Rs 400 billion, Rs 70 billion higher than 2009-10. During the

KARACHI - Provincial conservator Hussain Bux Bhaagat was transferred from Karachi to Sukkur and the law that asks for a fee of Rs 5000 for possessing a falcon was amended when President Asif Zardari's Arab friend, carrying two falcons, was stopped at the Karachi airport and asked for documents and fee slips, sources told Pakistan Today.
Arif al Zarooni, emissary of Lieutenant General Sheikh Ahmed and the brother of Dubai's ruler Sheikh Rashid al Maktoum was stopped at the Jinnah

LAHORE - Kashf Foundation has announced successful closure of the term loan deal worth Rs 225 million with MCB Bank Limited under the Microfinance Guarantee Fund (MGF) in collaboration with the State Bank of Pakistan (SBP). Kashf Foundation,
which is considered as an industry pioneer with around three hundred thousand active borrowers, has secured a two year facility of Rs 225 million under the SBPs MGF. This credit line will help Kashf Foundation meet its funding requirements

KARACHI - With unprecedented floods and rains intensifying an already fragile macro-economic environment of the country, the non-performing loans (NPLs) of the banking system surged by 7.4 percent to Rs 494 billion during July-September 2010.
According to the State Bank of Pakistan (SBP), the persistent macro-environment issues would pose a stiff challenge for some banks to enhance their minimum capital requirement (MCR) to Rs 7 billion by the end of calendar year 2010.