SBP reminds public to exchange  coins of paisa 1,2,5,10,25 & 50

KARACHI (NNI): State Bank of Pakistan (SBP) has reminded the general public to exchange the decimal coins of paisa 1,2,5,10,25 & 50 from the field offices of SBP BSC and commercial / microfinance banks branches by last working day of September 30, 2014.For awareness of general public, SBP has advised the Commercial /Microfinance Banks to display posters/banners at visible places of their branches for exchange of decimal coins. It may be recalled that the federal government has already notified that coins of Paisa 1,2,5,10,25 & 50 will cease to be legal tender on October 1, 2014. However, it can be exchanged from the field offices of SBP BSC and branches of banks till September 30, 2014.

Confusion over GST cut

hurts tractors sale

LAHORE (Staff Reporter): The business community has asked the government to clarify the confusion over reduction in General Sales Tax as early as possible because high tractor prices along with confusion over the reduction of GST on tractors has had a negative impact on the tractor industry which is already finding it hard to sell its tractors in the local market.  A delegation of tractor parts manufacturers briefed the LCCI President Sohail Lashari on the past and present tractor volumes and the problems being faced by the tractor parts vendors. They were of the view that the tractor sales are expected to be below 30000 units mark this year compared to 50,000 units last year and 70,000 units in the year 2010-11.

As tractor volumes drop so does revenue collection from the farmers, assemblers and part manufacturers.

Engineer Mumshad Ali criticized the government for ignoring one basic fact about the tractor market, which is the buying power of the Pakistani farmer. Currently the Pakistani farmer is paying over Rs 100,000 as GST on a 50Hp tractor while this amount is over Rs150,000 for a 85 Hp tractor. The tractors are subsidized not just regionally but globally.

German ambassador to visit PRGMEA today

LAHORE (Staff Reporter): The Pakistan Readymade Garments Manufacturers and Exporters Association is organizing a reception in honour of German Ambassador to Pakistan, Dr. Cyrill Jean Nunn, on Thursday at its PRGMEA North Zone office to appreciate the role of Germany for granting GSP Plus status to Pakistan. PRGMEA North Zone senior vice chairman, Jawwad Ch, said that Germany is the biggest supporter of GSP Plus status to Pakistan and the upcoming PRGMEA meeting with the Ambassador will discuss as to how to benefit from this trade relaxation. He said that Pakistan had been experiencing a positive balance of trade with Germany but in 2012, it was not the case.

However, optimism is there to get back to the same scenario.

Jawwad Ch said that value-added textile sector is grateful to Germany for supporting Pakistan with regard to GSP plus status. “PRGMEA looks up to Germany to further help us in addressing the energy crisis in Pakistan. The upcoming trade opportunities under GSP plus scheme can only be availed if we have enough supplies of electricity and other sources of energy,” he added.

PR Police launches 1333 helpline

LAHORE (Staff Reporter):  Pakistan Railways Police has launched 1333 helpline for the facility of passengers and to record complaint in any emergency. All Railways’ passengers can record their complaint and share any important information by calling at the helpline, said PRP spokesperson here on Wednesday. The Help Centres have been established at Peshawar, Noshehra, Attock, Rawalpindi, Lala Musa, Sargodha, Lahore, Faisalabad, Multan, Rohri, Hyderabad, Karachi, Quetta, Chaman, Sibbi and Mach Railways Stations.  “The staff is deployed round the clock. IG Railway Police Syed Ibne Hussain directed all SPs to ensure active all help centres so that the passengers can seek service of Railway Police,” added the spokesperson.

Call to extend amnesty scheme

LAHORE (Staff Reporter):  Pakistan Tax Forum has urged the Federal Board of Revenue to extend tax amnesty scheme date as it holds the potential to add up Rs.718 billion in the GDP annually. The demand was raised by the President Pakistan Tax Forum Zulfiqar Khan while speaking at a meeting. He said that the initiative taken by the prime minister was well timed and in right direction.  He said that the parallel economy is around 70% of the size of the total economy. He said that there should be at least one month extension the tax amnesty scheme as the economy would get necessary strength when more people would be joining the tax net.