State Bank of Pakistan rates for conversion of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special United States Dollar Bonds and profit thereon November 21, 2014

Karachi, November 21, 2014 (PPI-OT): The following rates will be applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special U.S Dollar Bonds and profit thereon by all banks and for providing Forward Cover on Foreign Currency Deposits (excluding F.E-25 deposits) by the State Bank on November 24, 2014.

Currency         Rate in Pak Rupee

U.S. Dollar         101.6508

Japanese Yen          0.8627

Pound Sterling      158.9006

Euro                126.3520

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563
Email: syed.wasimuddin@sbp.org.pk

Islamabad Chamber of Commerce and Industry calls for withdrawal of biometrics system for Umrah

Islamabad, November 21, 2014 (PPI-OT): M. Shakeel Munir, Acting President, Islamabad Chamber of Commerce and Industry has called upon the Government of Pakistan to take up the matter with the Saudi Government for urgent withdrawal of biometrics system being enforced for Pakistani Umrah goers as it will create lot of difficulties for them.

He said this while talking to a delegation of Travel Agents Association of Pakistan (TAAP) during its visit to Islamabad Chamber of Commerce and Industry. The delegation was comprised of Rana Gafoor Ex-Chairman, Zahid Saleem Ex-Chairman, Ch. Muhammad Tariq Chairman FATA, Muhammad Iqbal Ex-Chairman, Zahid Zaman Khan President FATA and Sardar Muhammad Amir General Secretary FATA of Travel Agents Association of Pakistan.

M. Shakeel Munir said that the same condition was reportedly imposed by the Saudi government on the citizens of India, Bangladesh and Iran, but the governments of these countries refused to accept the same and resultantly the Saudi government had to withdraw it. He said our government should immediately take up this matter with Saudi authorities to save its Umrah goers from unnecessary troubles.

The delegation said that Saudi government has awarded contract to a company to process Umrah visas in Pakistan after biometrics. They were afraid that a single company would not be able to handle over 800,000 annual Umrah visa applications due to which many Pakistanis would be deprived of the opportunity to proceed for Umrah. They stressed that our authorities should approach the Saudi Embassy in Islamabad for reconsideration of this condition.

ICCI Acting President said that large number of Pakistanis from all over the country go for Umrah every year and making them and their family members to go through biometrics at Islamabad would put them into lot of difficulties as they would have to wait in long queues for giving thump impressions on biometrics machine. He said Saudi government had every right to introduce any system for the visa seekers, however, the biometrics should not be imposed forcefully.

He said if it was not possible for Saudi authorities to take back this condition, then the Suadi Embassy should install biometrics machines at all international departures of Pakistani airports to facilitate the Umrah goers.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

Karachi Chamber of Commerce and Industry reiterates demand to extend last date for filing tax returns up to December 31, 2014

Karachi, November 21, 2014 (PPI-OT): KARACHI: President of the Karachi Chamber of Commerce and Industry (KCCI), Iftikhar Ahmed Vohra, while expressing concern over taxpayers’ inability to file returns before the deadline due to serious flaws in IRIS system, reiterated KCCI’s demand to extend last date for filing returns up to December 31, 2014 in order to enable taxpayers to fulfill their tax obligations.

He said that keeping in view the complex e-filing procedures and flaws in IRIS system, KCCI had earlier demanded to extend last date up to December 31, 2014 but the FBR extended it for a very short period which ended on November 21, 2014.

In a letter issued to Chairman Federal Board of Revenue (FBR) Tariq Bajwa, President KCCI requested the FBR to resolve issues in the IRIS system on urgent basis and allow at least four weeks to file tax returns.

President KCCI further pointed out that to date, majority of business houses and taxpayers have not been able to file income tax returns for the year 2014 due to errors in “IRIS” software program.

“We have received complaints from many of our members that they cannot complete and upload the tax return because the system does not include a number of provisions necessary to complete the return”, Iftikhar Vohra said.

If the date is not extended further, it would result in penalizing the taxpayers while the FBR would not be able achieve the target, he added.

Iftikhar Vohra further suggested that to further facilitate the taxpayers, FBR should allow filing of returns on old e-form used in the year 2013 in order to save time and unnecessary penalties.

President KCCI thoroughly highlighted serious flaws in the IRIS system which have intensified the hardships for taxpayers who, despite their good intention, have not been able to file their returns within the specified period.

Reiterating KCCI’s demand to extend the date for filing of returns for 2014 up to 31st December 2014, he hoped that FBR would take immediate corrective measures to facilitate the tax payers and prevent revenue losses.

For more information, contact:
Aamir Hassan
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

Result of 3rd year diploma of associate engineer annual examination announced

Karachi, November 21, 2014 (PPI-OT): Controller of Examination Sindh Board of Technical Education has announced the result of 3rd year Diploma of Associate Engineer (Morning / Evening) annual examination – 2014.

For more information, contact:
The Information Department
Block-95 Sindh Secretariat 4-B,
Opposite Sindh Assembly Building Karachi
Email: sindhpressinformation@gmail.com, director_pi@sindhinformation.gos.pk
Phone: +92-021-99204401, +92-021-99204423
Fax: +92-021-99202609, +92-021-99204417
Website: sindhinformation.gos.pk

Chambers of Commerce and Industry in Khyber Pakhtunkhwa and Federation of Pakistan Chambers of Commerce & Industry member associations announce their support for businessman panel

Lahore, November 21, 2014 (PPI-OT): Chambers of Commerce and Industry in Khyber Pakhtunkhwa and all FPCCI member associations have announced their support for Businessman Panel. The decision was taken at 4-hour long meeting chaired by former FPCCI President and Senator Haji Ghulam Ali here Friday.

The participants of the meeting were one voice in support of Mian Anjum Nisar, the Businessmen Panel presidential candidate. They also announced to arrange a grand reception in honour of Businessmen Panel in the city of Peshawar in a week’s time.

The Chambers of Commerce and Industry and associations to announce their support include Tribal Chamber of Commerce and Industry, Haripur Chamber of Commerce and Industry, Attock Chamber of Commerce and Industry, Mardan Chamber of Commerce and Industry, D.I. Khan Chamber of Commerce and Industry, Commercial Exporters Association, Pakistan Flour Mills Association and Marbel Association.

Former FPCCI Chief Senator Ghulam Ali said that at present, some elements are using FPCCI for their vested interests. He said that business community believes that Mian Anjum Nisar has all abilities to turn FPCCI businessmen representative body in true sense of word.

President DI Khan Chamber of Commerce and Industry Zafar Jalil, EC Members of Haripur CCI Safdar Shah Zaman, Malik Farid, Fakher Alam, Dr. Amjad, Members of Exporter Association Mushtaq Ahmed, General Body Member Minjaj Bacha, Naeem Butt of Flour Mills Association, Shahid-ur-Rehman of Marble Association, FPCCI General Body Members Iffat Ikram, Usman Ghani, Rahatullah, President Mardan CCI Shah Jahan, EC member Sultan Mehmand and Member General Body Zahir Shah in their respective speaches said that FPCCI member Chambers and Associations have unanimously decided to support Mian Anjum Nisar in the presidential elections of the Federation of Pakistan Chambers of Commerce and Industry.

They said that some elements have occupied FPCCI for their own interests but a new journey would start after selection of Mian Anjum Nisar as President of FPCCI. In his address, Mian Anjum Nisar said that he would utilize his best abilities to make Federation of Pakistan Chambers of Commerce and Industry (FPCCI) a true platform for the business community.

For more information, contact:
Khalil-ur-Rehman
Pakistan Industrial and Traders Associations Front (PIAF)
110/s Kot Lakhpat Industrial Estate
Lahore, Pakistan
Tel: +92-42-5123522
Fax: +92-42-5123522
Email: Info@piaf.pk

Zulfikar Thaver urges Federal Board of Revenue to extend income tax return filing date up to 31st December 2014

Karachi, November 21, 2014 (PPI-OT): The Union of Small and Medium Enterprises (UNISAME) has urged the Federal Board of Revenue (FBR) to extend the last date for filing of income tax return ending on 21st November 2014 for the accounting period July 2013 to year ending 30th June 2014 to file returns by the 31st December 2014 to facilitate the majority sector to file their returns comfortably.

President UNISAME Zulfikar Thaver invited the attention of Chairman FBR to the inefficient online filing system which is over loaded and tax practitioners are complaining of inability to file returns of their clients due to slow connections.

It takes a very long time to connect and file the return online. FBR needs to improve the efficiency of the online system urgently to accommodate the huge number of returns. He said that on an average the tax practitioners have about a thousand returns and are under heavy pressure due to the slow connections which are causing difficulties in filing.

He urged the FBR to extend the date up to 31st December 2014 with final notice of no further extensions. Secondly the FBR could utilize the extended period to induce those who are liable tax payers and evading taxes to pay their taxes and file returns

Zeeshan Syed convener finance committee UNISAME said the SME sector is the majority sector and keen to file their returns and the FBR must facilitate them to file their returns comfortably without pressure of short deadlines.

He said the income tax practitioners are over burdened and if date is not extended it will cause hardship to the assesses. He said it would be wise on the part of the FBR to extend the date till 31st December 2014 and facilitate all SMEs to file their return.

For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Tel: +92-21-35884225-6
Fax: +92-21-35380642
Cell: +92-300-8245307, +92-321-8245307
Email: unisame@gmail.com

AKD Securities – Stock Smart

Karachi, November 21, 2014 (PPI-OT): Weekly Reviews

This week the KSE-100 index surged above 32,000+ levels on the back of DR rate cut, however with profit taking during the end of the week, with the index settled at 31,495pts, upside of 0.48%WoW. News flows moving the market included 1)50bps rate cut in the latest MPS released by the SBP with the revised DR at 9.5%, 2) KASB bank and its subsidiary concerns being placed under a 6 month moratorium with a PkR300,000 transaction limit due to the parent bank’s inability to meet the SBP’s minimum capital requirement of PkR10bn, 3) DRAP’s announcement of deferring the release of its new drug policy to 26 Nov’14 and 4) results of the latest PIB auction showing a drastic cut in yields for 3yr paper (slashed 1.59bps to 10.89%), 5yr paper (slashed 1.87bps to 11.1%) and 10yr paper (slashed 1.45bps to 11.99%) while raising a combined PkR150.3bn against a target of PkR50bn.

Scrips leading the bourse included SSGC (+10.2%WoW, on the back of ECC’s nod with regard to 30% gas tariff increase), SNGP (+8.2%WoW), PSMC (+6.8%WoW) and AGTL (+6.7%WoW). Laggards for the week were HCAR (-7.9%WoW), NCL (-5.2%WoW), ICI (-4.8%WoW) and NML (-3.9%WoW). Volume leaders for the week were JSCL (118mn shares), MLCF (75.67mn shares), DGKC (53.5mn shares) and PIBTL (47.7mn shares), with an average daily turnover of 259mn shares traded (-8.5%WoW). FIPI for the week clocked in at US$4.8mn of net buying activity as opposed to net inflow of US$10mn during the previous week.