A bearish rampage took hold of the Pakistan Stock Exchange on Wednesday as the benchmark index dropped because of reduced investors’ confidence. Topline Securities said no positive development took place on the front of the International Monetary Fund programme, which hurt investors’ sentiments. In addition, continuous institutional selling in the run-up to the end of 2022-23 kept the overall m
The government on Wednesday raised over Rs2.4 trillion through the auction of treasury bills, collectively borrowing Rs4.6tr in the last seven days. On Wednesday it picked up Rs2.276tr through T-bills and Rs33bn through non-competitive bids.The banks offered bids of Rs3.3tr against the auction target of Rs2.25tr. The cut-off yields were almost the same but the highest amount of Rs2.222tr was
The State Bank of Pakistan (SBP) on Wednesday issued revised regulations for electronic money institutions (EMIs) for enhancing outreach and scope of the innovative fintech-enabled payment companies. The updated regulations now allow EMIs to offer their customers, including minors and freelancers, increased monthly wallet limits along with offering new payment services such as Payments Aggregat
The Federal Board of Revenue (FBR) has detected a reputed company evading billions of rupees in sales tax through the use of illegal credit notes. On June 20, the Directorate of Intelligence and Investigation (Inland Revenue) in Lahore recovered sales tax amounting to Rs1.358 billion and a default surcharge of Rs26 million. An official announcement of the FBR released on Wednesday said that
With K-Electric’s payables to the national grid at Rs592 billion and rising at Rs16bn per month, the Economic Coordination Committee (ECC) of the Cabinet on Wednesday decided to increase KE’s consumer tariff by Rs1.52 per unit for a year earlier blocked by the private utility for over three years through litigation. On top of this, the ECC led by Finance Minister Ishaq Dar also decided to injec