Washington—The World Bank has warned that world
is falling into the first global recession since
World War-II as the crisis that started in the
United States engulfs once-booming developing
nations, confronting them with massive financial
shortfalls that could turn back the clock on
poverty reduction by years. World Bank also
cautioned that the cost of helping poorer
nations in crisis would exceed the current
financial resources of multilateral lenders.
Islamabad—Director General Federal Board of
Revenue Aziz Ahmad Bilour has said that the
decision regarding income and sales tax audit
has been taken in the larger interest of county.
Its not against anyone, rather audit will help
improve collections which will help country
stand on its own feet. Reservations on the part
of some circles are unfounded, he said.
Karachi—The State Bank of Pakistan reminded the
business community that it is already charging
lower mark-up rate from exporters against export
refinance facility under EFS to enable them to
become competitive in the international market.
The Bank said Monday that in this regard, it has
been decided to further incentivise financing
under EFS (Part-II) by way of lowering mark-up
rates for high performers, according to a SBP
circular issued to Chief of all banks.
Karachi—Counsellor and Head of Commercial Wing,
High Commission of India in Islamabad, R.K.
Sharma, visited the Federation House,
headquarters of Federation of Pakistan Chambers
of Commerce and Industry (FPCCI) here on Monday.
FPCCI President Sultan Ahmad Chawla said India
is the most potential market for Pakistan with
the advantage of being the next door neighbour
and showed full interest in expanding trade and
exports with India, according to a FPCCI release
here.
Islamabad—The Securities and Exchange Commission
of Pakistan (SECP), in consultation with the
Mutual Funds Association of Pakistan, has
introduced the criteria for categorization of
open-end schemes managed by Asset Management
Companies with effect from March 6, 2009.
According to SECP circular the categorization
has been introduced to facilitate investors in
making informed investment decisions, specify
investment parameters and eligible asset
classes, identify risk profile of a scheme, and
enable investors to compare performance of
various open-end schemes with others and against
a relevant benchmark and bring uniformity.
