SBP issues new currency notes

KARACHI (Staff Reporter): The State Bank of Pakistan (SBP) has issued 268,713,700 new currency notes to banks of the country of all denominations with a total value of Rs. 75,034,778,000 to facilitate the general public on the occation Eid-ul-Azha. Number of pieces of Rs.10, Rs.20, Rs.50, Rs.100, Rs.500, Rs.1000 and Rs.5000 currency notes issued were 123234200, 28212300, 20228400, 22740200, 34408500, 36675500 and 3214600 respectively. All banks including commercial banks staff seen busy to issue the new currency note.

Power tariff revision to paralyse economy

ISLAMABAD (Staff Reporter): PEW has said that upward revision of the power tariff will paralyse the struggling economy and people of Pakistan.On Monday, criticising the decision president PEW Dr Murtaza Mughal said, life of common man has been made miserable as the rulers are playing with national security in a bid to please IMF and restore global rating. He said, rulers are unwilling to contain theft worth Rs 250 billion in the energy sector, or to control Rs 500 billion corruption in the FBR therefore it is bleeding the masses and honest taxpayers.

“Rulers are not ready to sacrifice their luxuries while transferring all the burden of their unwise policies on the helpless masses”, he added.

Mughal said, government has been following policies of the IMF, it is impossible for government to break the promise with IMF but finds very convenient to break all the poll promises.

RCCI for developing services sector to up GDP

RAWALPINDI (INP): The RCCI President Dr Shimail Daud Arain has said that services sector in Pakistan is contributing 53 percent share in GDP which is higher than cumulative share of industrial and agricultural sector but it has been neglected by the government. He said that $14.2 billion is being added in national exchequer in terms of remittances received from overseas Pakistanis per annum. “It is need of the hour to develop services sector as a pillar and government should take China as an example in this regard”, he said.

He was exchanging these views with a delegation of traders and industrialists at his office. Senior Vice President Malik Shahid Saleem and Vice President Muhammad Alam Chughtai were also present on the occasion.

Dr Shimail said that agri sector and industry despite low share in GDP were getting facilities from the government but services sector even with great share was ignored. He said that services sector that includes IT, consultants, hospitals, health, education, manpower etc was generating revenues for national exchequer. Only manpower both skilled and labour contributes in billions of dollars and if government supports private sector the remittances can be improved further. He lauded the role of Ministry of Commerce to highlight the said sector’s importance that arranged workshops and seminars to create awareness concerning services sector.

President RCCI said that in developed countries the average share of services sector remain in 70 percent to 80 percent so government should consult private sector to tap more avenues to generate revenues for the country. “Pakistan can earn hefty foreign exchange by providing skilled manpower to other countries and to achieve this government should establish vocational and technical training institutes in the country to enhance skilled manpower”, he suggested.

SECP asks ICAP to strengthen licensing regime

ISLAMABAD (APP): The SECP has advised the ICAP to strengthen its licensing regime. The SECP has taken action against certain chartered accountants’ firms for non-compliance with various provisions of the 1984 Cos Ord., IFRS, AFRS, ISAs, audit reporting and other laws. Over the last few years, significant changes have taken place in the laws governing the practicing chartered accountants and implementing those changes will not only enhance the quality of the audit and services provided by the CAs, but also improve the credibility of the Pakistani CAs.

 throughout the world, said an SECP press release here on Monday.

The SECP’s suggestions are based on the best international practices, covering areas such as the introduction of mandatory public practice programmes, know your licensee, continued professional education, interview process and other measures that will keep the ICAP members updated on new demands of the accounting profession and equip them with the understanding of key issues that directly affect the industry.

The ICAP has been playing a crucial role in the development and maintenance of professional standards of their member firms engaged in the audit and review of financial statements of the companies registered with the SECP.

The SECP hoped that the ICAP-in line with the new developments in the industry-will optimize the licensing regime for its members.

Oil drop on tension over US debt brinkmanship

LONDON (AFP): Global oil prices fell on Monday as top crude consumer the United States faced a potentially devastating sovereign debt default. New York's main contract, West Texas Intermediate (WTI) for delivery in November dropped 67 cents to $101.35 a barrel. Brent North Sea crude for November slid 82 cents to stand at $110.46 a barrel in London midday trading. Crude is lower "as the US budget issues in Washington weighed on market sentiment and raised persistent concerns about a slowdown in the US oil demand", said Sucden brokers analyst Myrto Sokou.

Investors are keeping a close eye on Washington as Democrats and Republicans try to work out a deal to reopen the federal government and raise the country's borrowing limit before a October 17 deadline.

"The main focus remains on the US debt ceiling and government shutdown as the markets are hoping for a resolution to the issue before Thursday's deadline," added Sokou.

With the US expected to run out of cash to pay its bills on Thursday, the focus is on Washington, where President Barack Obama has urged Republicans to agree to a debt ceiling hike.

Failure to raise the spending limit would mean a default that could ravage demand in the world's top oil consuming nation -- and tip the global economy back into recession, analysts said.

Japan and he world's top energy user China -- which between them hold more than $2.4 trillion of US debt -- have urged the US to get its house in order and avert a default.

"With only three days to go before the US tips over the soft deadline of its debt ceiling, progress on Capitol Hill seemed to come to a standstill," Desmond Chua, market analyst at CMC Markets in Singapore, said in a note.

"The ball is now thrown back into the Senate's court, with market watchers hoping that less conservative Republicans in the Senate will support a longer debt limit extension with no conditions attached."

FBR extends last date for payment of Sales Tax, FED

ISLAMABAD (Staff Reporter): The FBR has extended the date of payment of Sales Tax  and FED up to Oct 23.   FBR stated that in exercise of power conferred under section 74 of the Sales Tax Act 1990 and section 43 of the federal excise Act 2005 the FBR has extended the date for payment of ST and FED and filling of returns up to 23 Oct for the tax period Sep 23 for all registered persons.  The FBR authorities further appraised that a tax desk has been activated at the National press club Islamabad that would assist journalists to file their returns at their door steps.