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FBR detects another scam of illegal funds transfer into bank accounts

ISLAMABAD: The Karachi-based Intelligence and Investigation department of the Federal Board of Revenue (FBR) has unearthed another scandal involving illegal transfer of over Rs5 billion to bank accounts and its withdrawal in Quetta without payment of taxes. The amount has been transmitted into three bank accounts in Quetta. A tax …

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World Bank to finance Khyber Pass Economic Corridor

ISLAMABAD: World Bank on Friday granted a loan of $406.6 million to Pakistan for the development of the Khyber Pass Economic Corridor (KPEC) Project. Minister for Economic Affairs Hammad Azhar oversaw the signing ceremony of the KPEC at the division. According to the Economic Affairs Division, the project will construct …

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SBP’s reserves rise $120 million to $9.23bn

ISLAMABAD: The State Bank of Pakistan’s (SBP) net reserves increased by $120 million to $9.23 billion during the week ending December 6, ARY News reported on Thursday. According to the central bank’s data, the country’s total foreign reserves stood at $16.4 billion. The break-up of the foreign reserves position is …

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Gold price reaches Rs84,500 per tola

KARACHI: Gold prices in the local market on Thursday edged up by Rs100 to Rs84,500 per tola, reported ARY News. The rate of 10 grams of yellow metal also increased by Rs28 to Rs73,173. Meanwhile, Gold prices in international market hovered near a one-week high hit in the previous session, …

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Pakistan asks China to provide real-time data to avoid under invoicing

ISLAMABAD: Pakistan Customs on Wednesday shared its concerns about issues in the trade data received from China under Electronic Data Exchange Mechanism, stating that the data did not Pakistani authorities to fully overcome under-invoicing in the range of $4 billion. “Pakistan Customs candidly shared its concern with the Chinese delegation …

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ADB to invest $2 billion in energy sector over next three years

Asian Development Bank (ADB) on Wednesday announced its plans to invest $2 billion in the energy sector over the next three years. The announcement was made after an ADB team lead by Director General for Central and West Asia Department Werner Liepach met with Federal Minister for Power Omar Ayub …

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Russian involvement in development projects mutually beneficial, says Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar on Wednesday said that Russian involvement in development projects will be mutually beneficial for both Russia and Pakistan. Addressing a press conference alongside Russian Trade Minister Denis Valentinovich in Islamabad, Azhar specifically highlighted cooperation in the railway sector. “Russia is exporting [railways] …

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Pakistan submits compliance report to FATF

Minister for Economic Affairs Hammad Azhar announced on Tuesday that Pakistan has submitted its compliance report to the Financial Action Task Force (FATF) to show its efforts to change anti-money laundering and counter-terrorist financing laws. The minister told the media that Pakistan has submitted the compliance report before the joint …

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