Silkbank rights process
completing successfully
KARACHI (Staff Reporter): Silkbank rights issuance process will be completed successfully by end September 2015. The rights subscription money is already in and upon completion of the process, Silkbank capital will be in excess of Rs14 billion, which substantially exceeds the regulatory requirement of Minimum Capitaland Capital Adequacy Ratio. Silkbank is backed by strong international sponsors, which include IFC (World Bank Group), Nomura European Investments, Bank Muscat and Sinthos Capital. Post Rights, this Group will be further strengthened by the inclusion of Arif Habib Corporation. The Group will continue to be led by Shaukat Tarin.
SECP approves implementation of Urdu as official language
ISLAMABAD (Staff Reporter): In view of government instructions, the Securities and Exchange Commission of Pakistan (SECP) has approved a comprehensive framework to implement Urdu as its official language. The Commission in meeting on Friday approved the establishment a translation department to ensure translation of all the important laws, rules, and regulations into Urdu. The Commission has decided Urdu will be used as a medium of communication in all official meetings, seminars, roundtables, hearing. In case, the audiences are not Urdu literate, services of translators will be used to facilitate the participants.
It has also been decided that the SECP’s communication with external stakeholders will be done in Urdu very soon. Commission has instructed to initiate work on setting up of SECP’s Urdu language website. The SECP will use as Nastaleeq as official format for Urdu.
Zafar Hijazi, the SECP Chairman, described the Supreme Court’s judgment on Urdu as a “landmark”. He has emphasised the need for implementing this decision with full force and vigor. He said Quaid-i-Azam had also believed that Urdu was the language that ensured national integration and cohesion.
Trade deficit shrinks to 8.38pc in two months
ISLAMABAD (APP): Pakistan’s trade deficit narrowed by 8.38 percent during first two months of current fiscal year as compared to same period of last year. During the period under review the exports reduced by 10.27 percent while imports also witnessed decrease of 9.29 percent as compared to the same period of last year. On year-on-year basis, trade deficit also plunged by 28.72 percent in August 2015 when compared to the deficit of the same month of last year, according to the latest data of Pakistan Bureau of Statistics (PBS). The exports from the country during July-August (2015-16) were recorded at $3.432 million against the exports of $3.825 million recorded during July-August 2014-15.
On the other hand, imports into the country during period under review were recorded at $7.194 million against the imports of $7.931 million during the corresponding period of last year.
Based on figures, the trade deficit during July-August (2015-16) was recorded at $3.762 million against the deficit of $4.106 million in July-August (2014-15), showing negative growth of 8.38 percent.
Meanwhile, on year-on-year basis, exports from the country in August 2015 decreased by 3.52 percent to $1.835 million when compared to the exports of $1.902 million in August 2014.
On the other hand, the imports into the country also decreased by 18.5 percent by going down from $4.691 million in August 2014 to $3.823 million in August 2015, the PBS data revealed.
The trade deficit in August 2015 was recorded at $1.988 million against the deficit of $2.789 million in August 2014.
FBR extends deadline for tax
returns till 30th
ISLAMABAD (APP): The Federal Board of Revenue (FBR) has extended the last date for submission of tax returns for the salaried persons from August 31 to September 30. The last date for filing of tax returns for the non-salaried persons, however would remain same (september, 30), said spokesman of FBR Shahid Hussain Asad here on Friday. Talking to APP, Shahid Hussain said that FBR would issue notices to those non-compliant persons, who would not return their tax returns by the deadline. The Spokesman said the FBR’s administrative reforms were gradually leading to improvement in tax structure and revenue collection. The reforms, he said would continue for addressing the issue of tax compliance and administration.
Shahid Hussain who is also member Inland and Revenue said the FBR was devising a simplified proforma for the new taxpayers to facilitate them in filing of their tax returns.
The FBR Spokesman said the government has directed all Chief Commissioners of Regional Tax Office to accelerate the efforts for the broadening of tax base.
He said that FBR would bring non-filers into tax net and document the national economy at all costs for prosperity of the country.
The spokesman of FBR said the government was firm in its resolve on the issue of charging withholding tax at the rate of 0.3 percent till September 30 from the non-filers.
“We want to take all stakeholders on-board on issue of withholding tax and they have also agreed to resolve the issue with consensus through negotiation process”, he remarked.
He said process of dialogue would restart in coming days and more meetings were expected between the government and business community to resolve the issue of withholding tax aiming to enhance tax to GDP ratio.
Shahid Hussain replying to a question said FBR had collected Rs 140 billion revenues during first month of current fiscal year 2015-16 which was six percent higher as compared to the same period of previous year, as the FBR collected Rs 133 billion in July last year.
Two commerce projects worth Rs70m for KP approved
PESHAWAR (APP): To promote higher and technical education, the provincial govt has approved two mega projects costing Rs70 million for promotion of commerce and management sciences education in the province. Official sources said on Friday that the govt has accorded high priority to repair and maintenance of buildings of colleges of commence and management sciences in the province especially in flood hit and militancy affected areas including Swat and southern parts of KPK. The Government has taken principal decision by approving a mega project "Maintenance and Repair of building of colleges of Commence and Management Sciences that would be completed with an estimated cost of Rs40 million.
The official said work on this project would start from current fiscal year with direction to all the commence colleges to submit reports about maintenance and repair works. The official said the Government would construct and repair the buildings with help of college committees, adding priorities would be given to buildings damaged due to floods and militancy in the province.
Likewise, the Government would construct and rebuild the boundary walls of Government Colleges of Commerce/Management science in the province, which would help ensure added security to the students in the aftermath of Army Public School's carnage. The official said PC-I of this project has been completed and work would start on it in the current fiscal year, adding the Government has allocated Rs30 million for this project in current ADP.
The government accords high priority to technical education and has decided to improve infrastructure facilities and provide equipments to the upgraded Government Polytechnic Institutes (GPIs). The Government would also reconstruct building for Govt Commerce and Management Sciences (Boys) in DI Khan with an estimated cost of Rs200 million besides establishment of Govt Commerce and Management Sciences for Women (GCMS) in Swabi district for which Rs250 were earmarked in the Annual Development Programme (ADP). The GCMS for Women is the long standing demand of people of Swabi and the Govt would fulfill it in current fiscal.
Work on establishment of GCMS (Boys) at Dir Upper costing Rs250million and construction of building for GCMS for Boys Charsadda and Buner costing Rs250 million will start in current fiscal year. All these projects are locally funded and the expenses would be bore by the KP Government.
The official said work on establishment of second GCMS at DI Khan costing Rs226.592 million, construction of building for Commerce College at Karak with allocation of Rs235.782 million and Auditorium at GCMS (Girls) Dalzak Road Peshawar was swiftly underway that would be completed within stipulated time.
Another project "construction of building for 2nd commerce college at Nowshera costing Rs209.460 million and establishment of commerce college for women at Mardan besides rehabilitation of infrastructure facilities at GCMS No.1 Mardan, repair/maintenance of GCMS for Boys Swabi, Haripur, Kohat and rebuilding of GCMS for Boys Abbottabad are also in progress. The Government has earmarked Rs1135.652 million for ongoing and Rs.1020 for new programmes.
Five major projects pertaining to construction of building for directorate of technical education and manpower training at Sardar Ghari Peshawar costing Rs113.764 million, establishment of Govt. Commence College for Women at Rani Dir Lower costing Rs154.910 million, setting up of GCMS at Talash Lower Dir costing Rs191.123 million, construction of building for commerce college at Balakot costing Rs1184.500 million, establishment of Govt collge for women at Abbottabad besides provision of furniture, office equipments computers and library books for GCMS at Balakot, Talash Dir, Timergara, Mardan and Abbottabad has been completed. These five newly constructed colleges have been provided equipments, books and furniture, the official said, adding female population of the concerned districts would largely benefit from these projects besides catering the growing demands skilled manpower of the local industries and overseas employment organizations.