KCCI issues final reminder for membership renewal

KARACHI (APP): KCCI, in its final reminder, advised all its members to renew their KCCI membership by March 31, 2016 to avoid any inconvenience. According to KCCI’s reminder here on Tuesday, the process of membership renewal was currently underway for the year 2016-17 and as per Trade Organizations Act-2013, the last date for renewal of membership was March 31, 2016. The chamber had already intimated its members through letter, email and SMS service that the membership of Karachi Chamber would expire on 31-03-2016. Thus, all members must get their membership renewed on or before 31-03-2016 by submitting prescribed membership fee along with proof of last income tax/ sales tax returns.

KCCI cautioned that in case an existing member could not get the membership renewed on or before March 31, 2016, his/her membership would cease automatically and to become KCCI member again. They would have to go through the entire re-admission process.

Traders urged to benefit from

tax amnesty scheme

LAHORE (APP): Business community must get optimum benefits of the Voluntary Tax Compliance Scheme (tax amnesty scheme) that will not only reduce burden on the existing taxpayers but also increase overall tax base. PML-N Traders Wing Punjab’s Senior Vice President Khawaja Khawar Rasheed expressed these views while talking to media here Tuesday. He welcomed extension in the deadline of tax amnesty scheme by the government and said that it would give boost to trade activities as well as help strengthen relations between the government and business community. He was of the view, “Implementation on the Voluntary Tax Compliance Scheme will bring economic revolution and improve substantially the national economy.”

To a question, the traders wing SVP said the scheme would help broaden the tax base, adding that government had introduced the scheme after having consultations with business and traders community.

He asserted that initiation of this package proved the fact that government was serious to resolves the problems being faced by the businessmen and traders.

To another question, he said that government had simplified the process of tax payment and it was further simplified for the convenience of the taxpayers.

PTDC planning to construct

motels, hotels at new hill stations

ISLAMABAD (APP): The Pakistan Tourism Development Corporation (PTDC) is planning to construct hotels and motels at the three newly identified hill stations in adjacent localities of Naran and Kaghan valleys. “The mountains are at a height of 7,500 to 8,000 feet. The new hill stations will help increase tourism flow in the area,” an official of PTDC told APP. He expressed the hope that the discovery of new hill stations would prove to be a milestone in promoting tourism in the country. To a question, he said that PTDC had also decided to increase its capacity to accommodate tourists by three fold gradually. PTDC, he said, was taking concrete steps to promote tourism in the country.

and has decided to increase the number of rooms from 39,887 to around 150,000 at its hotels and motels across the country, keeping view the soaring number of tourists.

“All out efforts are being made to attract a maximum number of local as well as foreign tourists to promote the country’s tourism industry,” he said.

Islamic Banking growing rapidly

in country: Experts

Islamabad (Online): The Islamabad Chamber of Commerce and Industry (ICCI), in collaboration with Bank Al-Falah, organised on Tuesday a seminar on Islamic Banking. A large number of businessmen attended the event. Bank Al-Falah’s Shariah Board Chairman Dr Mufti Khaleel Ahmed Azmi gave a detailed lecture to the participants on the importance of Islamic Banking for the promotion of business and investment activities. He said Islam has prohibited interest-based banking, as it is against Shariah. “However, our religion fully supports and encourages savings, investment, promotion of business and economic activities by using Shariah-compliant mode of financing,” he clarified.

He informed there are three modes of financing in Islamic Banking: equity-based financing, trade-based financing and rental-based financing. He also explained their key features.

He said businessmen and traders could use these modes to generate capital and meet other funding requirements of their businesses.

He said many blue chip companies in Pakistan were now meeting their financing needs through Islamic Banking products, which now accounted for 12-13 percent of the total banking in the country.

“This shows Islamic Banking is growing well,” he pointed out.

He brought home the fact that Islamic Banking offere all types of products to meet the needs of trade and industry, and advised business community to avail Shariah-compliant banking products for promotion of their business ventures.

In his opening remarks, ICCI President Atif Ikram Sheikh stressed the need for creating maximum awareness about Islamic Banking so that not only the businessmen but also people in general could get rid of interest-based banking.

He asked the Islamic banks to come up with attractive and innovative Shariah-compliant products to meet the needs of SMEs.

ICCI Senior Vice President Sheikh Pervez Ahmed and Vice President Sheikh Abdul Waheed also called for creating more awareness about the Islamic Banking so that it could spread further.

Railways all set to introduce

e-ticketing system

ISLAMABAD (APP): Railways is all set to introduce electronic ticketing system during the current year. “The work on the project has almost completed and the new ticketing will facilitate the railway passengers,” sources in the Ministry said. They said UBL had offered its services regarding the E-ticketing, however, other A-class banks will be welcomed in case of competitive charges. To a question regarding upgradation of trains, they said Pakistan Railways so far upgraded three trains and the process will continue. A train, Musapak will be upgraded in the next month, while rake of Pakistan Express train, which runs between Rawalpindi and Karachi via Wazirabad-Faisalabad, will also be refurbished and upgraded in June this year.

They said work on several projects including the China Pakistan Economic Corridor (CPEC), upgradation of the railway stations and provision of missing facilities at railway stations was underway.

They said the PC-1 for purchase of 200 locomotives was also being prepared for the next financial year and only that firm would be welcomed in this regard which would ensure manufacturing of 75 percent locomotives in Pakistan.

Passengers of every class of society travel by trains therefore

various types of trains and fares were being introduced, according to the buying capacity of the passengers, they added.