Business

New currency notes with Governor Jameel Ahmad’s signature to be issued from today: SBP

Published

2 years ago

Farwa

KARACHI: The State Bank of Pakistan (SBP) will start issuing banknotes bearing the signature of new Governor Jameel Ahmad with effect from December 29, 2022, a statement from the central bank said on Wednesday.

It said that the currency notes will be issued from the offices of SBP Banking Services Corporation (BSC).

The banknotes bearing the signatures of his predecessors would continue to remain in circulation as legal tender, the statement added.

The central bank also announced that the field offices of SBP-BSC would remain open on Saturday to facilitate the public exchange of old design banknotes.

Jameel Ahmad was appointed SBP governor on August 19. He had previously served the bank as deputy governor and executive director.

The SBP had been without a full-time governor since Raza Baqir’s tenure ended in May 2022, after which Murtaza Syed took over as acting governor.

SBP profile, Jameel Ahmad’s career as a central banker spans over 31 years in various senior positions at the SBP and the Saudi Central Bank (SAMA).

His association with the SBP dates back to 1991 and he served the bank in various capacities including deputy governor from April 2017 to October 2021 and executive director.

He served at SAMA as an adviser from July 2009 to April 2015 and as a senior adviser from December 2021 to August 2022. He advised SAMA management on a broad range of policy matters in various central banking areas and coordinated major transformation projects for the bank.

Ahmad did his MBA from the University of Punjab in 1988 and is a fellow member of the Institute of Cost & Management Accountants of Pakistan (FCMA) since 1994, fellow member of the Institute of Bankers Pakistan (FIBP) since 1993 and fellow member of the Institute of Corporate Secretaries of Pakistan (FCIS) since 1992.

Business

PEL Ships Transformers to Start US Exports

Published

18 hours ago

Bilal

Through stable and efficient trade regulations, the Special Investment Facilitation Council has helped promote Pakistani industrial exports internationally.

With the first shipment of transformers departing Pakistan for the United States on March 13, 2025, Pak Electron Limited formally started exporting its goods to the United States.

PEL wants to increase its worldwide visibility and investigate new overseas prospects. Under its power and appliances segment, the company produces high-quality goods like transformers and home appliances.

Additionally, PEL has alliances with major global corporations including General Electric, Mitsubishi, and Hitachi.

Business

The FBR has extended the deadline for sales tax returns until March 27.

Published

18 hours ago

Bilal

The Federal Board of Revenue (FBR) extended the deadline for submitting Sales Tax and Federal Excise reports to March 27, 2025, to assist taxpayers.

The FBR has issued an official notification concerning the prolongation, as per reports.

The initial deadline for submitting Sales Tax and Federal Excise reports for the February 2025 tax period, originally set for March 18, 2025, has been extended to March 27, 2025.

The determination has been rendered pursuant to Section 74 of the Sales Tax Act 1990 and Section 43 of the Federal Excise Act 2005.

FBR officials indicated that the extension is intended to alleviate challenges encountered by taxpayers, permitting them to complete their returns within the specified timeframe without inconvenience.

Taxpayers are encouraged to utilize the extended deadline and submit their returns punctually to evade any possible fines.

The FBR regularly extends tax return deadlines to assist the corporate sector and facilitate seamless tax compliance.

Business

Stocks fall as PSX is under selling pressure.

Published

2 days ago

Bilal

The benchmark KSE-100 Index dropped more than 600 points during Monday’s opening trading hours, sending the Pakistan Stock Exchange (PSX) plunging.

The benchmark index had dropped 635 points and was now trading at 117,806.25.

The PSX’s decline was attributed primarily to selling pressure.

Important industries include fertilizer, auto assemblers, refineries, OMCs, and oil and gas exploration firms. Due to widespread selling, index-heavy stocks such as EFERT, INDU, MARI, OGDC, PPL, and PSO saw negative trading.

Remember that throughout the past week, the PSX has been in a bullish trend, reaching historical highs.

This prolonged increase was fueled by hope for a possible staff-level deal for the International Monetary Fund’s (IMF) $1 billion second EFF tranche.