Day: October 20, 2021

The Federal Board of Revenue (FBR) has relieved from duty six senior customs officers (BS-20 and 21) for joining the Customs Appellate Tribunal as members in Karachi, Islamabad, and Quetta.

According to a notification issued by FBR on Wednesday, the Board has relieved the six officers of Pakistan Customs Service from their duties in pursuance of a Law and Justice Division notification so that they could join their new places of posting under the Ministry of Law and Justice.

Ziauddin Wazir (PCS/BS-21) has been given a new assignment at Customs Appellate Tribunal, Bench-I, Islamabad.

Muhammad Aamer (PCS/BS-21) has been transferred and posted at Customs Appellate Tribunal, Bench-II, Islamabad.

Abdul Basit Chaudhry (PCS/BS-21) is to assume a new charge at Customs Appellate Tribunal, Bench-I, Karachi.

Muhammad Iqbal Bhawana (PCS/BS-21) has been appointed as a member of the Customs Appellate Tribunal, Bench-III, Karachi. Imtiaz Ahmed Shaikh (PCS/BS-20) has been given a new assignment at Customs Appellate Tribunal, Bench-II, Karachi.

Khalid Hussain Jamali (PCS/BS-20) has been directed to work at Customs Appellate Tribunal, Bench-I, Quetta.

Source: Pro Pakistani

The United Bank Limited (UBL) has made a hefty profit of over Rs. 21 billion in the past nine months of 2021, making a year-on-year (YoY) growth of 42% in the first quarter of the Fiscal Year 2021-22.

According to financial results, the bank’s profit after tax reached Rs. 21.8 billion during the period of January to September 2021 as compared to Rs. 15.3 billion recorded in the same period of the last year.

The earning per share of UBL, a bank operating with over 13,000 branches including 100 Islamic branches and 13 foreign branches, surged to 18.64 from 12.81 by the end of September 2021. The interest income of the bank stood at Rs. 53. 8 billion during January and September 2021. Besides, the income from non-markup heads stood at Rs. 17.2 billion. On the other hand, the expenses of the bank stood at Rs. 32 billion in the said period.

During the said period, the bank’s income from the interest avenues declined, however, it made handsome margins from non-markup options, mainly the government papers.

The bank recorded a net provision reversal of Rs. 414 million in this period against a net provision charge of Rs. 14.8 billion in the same period last year owing mainly to sustained recovery efforts within both the domestic and international segments. The UBL deposits base surged to nearly Rs. 2 trillion, whereas its assets stood around Rs. 2.5 trillion.

The bank’s board of directors has announced a dividend of Rs 4 per share in addition to Rs. 8 interim dividend announced earlier in 2021.

Source: Pro Pakistani

The Pakistani Rupee crashed to a new all-time low against the US Dollar today. The Rupee depreciated by 69 paisas against the dollar and closed at 173.47.

The local currency’s prior record low against the US Dollar (USD) was 172.78.

Adviser to the Prime Minister on Finance and Revenue, Shaukat Tarin, has returned to Washington, D.C., to resume talks with the International Monetary Fund, according to the spokesperson.

Jihad Azour, director of the IMF’s Middle East and Central Asia Department, said negotiations between the fund and Pakistan had taken a “very good step.”

Since the start of the fiscal year 2021-2022, the PKR has slid by 15.93 rupees, with the currency closing at 157.54 rupees on June 30, 2021.

Former Treasury Head-Chase Manhattan Bank, Asad Rizvi, says that even after the IMF’s review process ends, markets will keep an eye on the Financial Action Task Force (FATF)’s upcoming decision on removing Pakistan from its grey list.

The PKR also depreciated against other major currencies today. It lost Rs. 1.5 paisas against the Euro, Rs. 1.62 against the Pound Sterling (GBP), Rs. 1.15 against the Canadian Dollar (CAD), and Rs. 2.07 against the Australian Dollar (AUD) today.

Similarly, it lost 18 paisas against the Saudi Riyal (SAR) and 19 paisas against the United Arab Emirates Dirham (AED).

Source: Pro Pakistani