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Payoneer and Meezan Bank Partner to Enhance International Payments for Pakistani SMBs Payoneer (NASDAQ: PAYO), a leading global financial technology company, has joined forces with Meezan Bank, Pakistan’s top Islamic bank, to facilitate seamless cross-border payments for small and medium-sized businesses (SMBs), entrepreneurs, and freelancers in Pakistan. A Milestone in Digital Payments The signing ceremony…
Islamabad High Court Orders PTA Tax Refund and Imposes Fine on Inland Revenue Commissioner In a significant ruling, the Islamabad High Court has directed the Federal Board of Revenue (FBR) to refund the excess advance tax deducted from the Pakistan Telecommunication Authority (PTA) in 2018. The decision, made by Justice Babar Sattar, came after a…
The Khyber Pakhtunkhwa (KP) government has announced a pioneering initiative to boost financial resources by issuing bonds through the stock exchange. This innovative strategy, introduced under the guidance of KP Finance Advisor Muzammil Aslam, aims to reduce reliance on external loans and donor agencies for developmental projects. The decision to issue education bonds highlights the…
Cabinet Defers SBP Amendment Bill for Review: Concerns Over Dual National Appointments Prime Minister Shehbaz Sharif has instructed the Cabinet Division to consult Minister of State for Finance, Ali Pervaiz Malik, on the SBP Amendment Bill. This decision comes after concerns raised by Malik when he felt excluded from discussions about the proposal to amend…
Gold prices dropped by Rs1,700 in Pakistan, settling at Rs274,500 per tola on Monday. This decline continues a recent trend in both local and international markets. On Friday, the gold price per tola had fallen by Rs1,100. Globally, gold prices dropped $17 to $2,633 per ounce, influenced by stronger US dollar performance. The rising dollar…
The Pakistan Stock Exchange (PSX) reached a new milestone today. The KSE-100 index climbed to 102,664.34 points. This is the highest it has ever been. The index rose by 1,307.02 points, a 1.29% increase during today’s trading. At 11:15 AM, the market surged to an intraday high of 102,737.83 points. The lowest point of the…
The International Monetary Fund (IMF) has advised Pakistan to either introduce a mini-budget or significantly reduce its government spending to help stabilize the economy. This comes as Pakistan faces economic challenges, including rising inflation, high debt levels, and a widening budget deficit. The IMF’s recommendation aims to ensure Pakistan can meet the requirements of its…
In a landmark decision, High Court has halted FBR tax recovery actions against Askari Bank under Alternative Dispute Resolution mechanism. This ruling highlights the importance of tax dispute resolution and ensures that businesses engaged in ADR processes are treated fairly. The case centers around a tax dispute between Askari Bank and the FBR. The bank…
Dollar Rate Increases by 6 Paisa in Interbank Market Today, the value of the dollar in the interbank market increased by 6 paisa, closing at 277.85 rupees. The dollar had previously closed at 277.79 rupees yesterday. Throughout October, the dollar has become 14 paisa more expensive in the interbank market, with its rate at 277.71…
Petrol and diesel prices in Pakistan could see a decrease of Rs2 to Rs3 per litre starting November 1, 2024, reflecting the recent dip in global oil prices. This potential price adjustment aligns with the fortnightly fuel price revision implemented by the Pakistani government.Recent data indicates a slight drop in the international average prices of…