A Senate panel on Thursday endorsed a proposed legislation that would lead to the closure of all bank accounts of non-filers having bank balances of over Rs1 million and would even bind filers to first explain the source for buying a home or a car. The Senate Standing Committee on Finance unanimously backed the Tax Laws Amendment Act 2024 with certain amendments to make the law more stringent.
The State Bank of Pakistan (SBP) injected Rs575.8 billion into the market through an open market operation (OMO) reverse repo purchase on Thursday. The SBP conducted the OMO reverse repo purchase (injection) for an eight-day tenor and accepted Rs575.8 billion offered through three bids to address short-term liquidity needs. The OMO received bids at rates ranging from 13.07% to 13.10%, with the
Disturbances on the western border and comments from a former US official about the opposition leader’s incarceration further fuelled panic-selling in the stock market, resulting in the benchmark KSE 100 index extended overnight losses. Topline Securities Ltd said the index experienced a steeper decline, closing the session at 110,423 points, down by 1,991 points or 1.77pc day-on-day. The mark
Wall Street stocks headed lower on Thursday and US benchmark Treasury yields scaled the highest level since April in light, post-Christmas trading. The modest but broad-based sell-off pulled all three major US stock indexes modestly lower despite the so-called Santa Claus rally, in which stocks often get a holiday season boost from low liquidity, tax loss harvesting and investment of year-end b
OGDCL has revived and enhanced the production of oil to 900 barrels per day (BPD) from 480 BPD from Pasakhi-5 Well, located in District Hyderabad, Sindh. This well is part of the Pasakhi Development and Production Lease (D&PL) in which OGDCL holds a 100pc working interest, the company said in a stock filing on Thursday.