No change in oil prices
Petroleum products will be available at the prevailing rates for the
coming two months, regardless of the downward trend in the prices of oil in the world
Duty on 200 tractors may be waived
Government is likely to waive Rs 130m piled up on account of duty/
demurrage charges on the import of 200 tractors to give relief to 800 farmers who had
deposited Rs 56m as an advance money to importers in '96 under Benazir Bhutto government's
Awami Tractor scheme.
Mohsin Aziz elected APTMA chief
After a long legal battle that had raged over six months, Moshin Aziz
from NWFP zone on Wednesday was elected unopposed chairman of All Pakistan Textile Mills
He was elected chairman APTMA in the central managing committee meeting
held in Association's zonal office at Lahore.
NTC to review duty on vaccine
National Tariff Commission (NTC) has accepted two applications for
review of duties and for protecting the local industry against import at cheaper rates.
According to two press releases, the items involved are calcium carbide and tetanus oxid
China offers help
China has agreed to offer financial and technical assistance for the
construction of Gwadar port and upgradation of Pakistan Railways. China has also offered
to provide all possible cooperation in the field of agriculture with a view to help
establish model farms with Chinese technology and training facilities for Pakistani
Quetta gets Rsl0.6bn
The Balochistan govermnent's shortfall in the projected receipts from
the federal government under the NFC award has now risen to Rs 9,908 million.
In the first eight months of the current financial year 1999-2000,
Balochistan has received only Rs 10,631m against projected amount of Rs 14,779m.
Foreign missions can open FCAs
Foreign diplomatic missions and diplomats as well as their home-based
staff can now open and maintain fresh foreign currency accounts in Pakistan
separate of the special diplomatic accounts they are maintaining at present. International
organizations and their expatriate employees can also enjoy this freedom under a State
Bank order. Foreign diplomatic missions and their officers and staff as well as
international organizations are also free now to buy or sell foreign currency in the
Chinese offer to invest in textiles
Leader of the Chinese delegation, Ma Yue has offered his country's
investment for the textile sector for developing value-added products for export purposes.
In a meeting with vice chairman, Export Promotion Bureau (EPB), Syed
Masood Alam Rizvi at the EPB, he also offered technical support to the footwear
manufacturing sector in Pakistan.
SBP guidelines on remittances
Banks are exercising many checks on outward remittances of portfolio
investors under the State Bank orders: Bankers say these checks are aimed at making these
remittances transparentand discouraging undue foreign exchange outflows.
The checklists are annexed with the circular (F.E. no 03) that the SBP
issued after announcing on March 30 the conditional lifting of curbs on such remittances.
On March 30, the SBP announced that custodian banks did not require its
prior permission for making outward remittances of those investors who maintained special
convertible rupee accounts with them. But there are three checklists for the banks to
follow in handling outward remittances of portfolio investors: the first one is for
outward remittances against dividends; the second for outward remittances against sale
proceeds of shares and the third for clean remittances.
Bankers say they are exercising following checks on remitting abroad
the funds out of dividends earned by portfolio investors:
(i) they are maintaining a record of client requests showing whether
the request is spedfic or on case to case basis or it is in the form of standing
(ii) they are keeping record of copies of dividends/warrants/ pay
orders: they are also keeping record of copies of cash statements reflecting current cash
balance in special convertible rupee account along with the statement on the date when
dividends were credited into these accounts;
(iii) they are gathering evidence of dividends also including the
certificate of Central Depository Company showing investment or registration of security
in the name of the investor;
(iv) they are making it sure that the sources of credit into special
convertible rupee accounts are not other than (i) foreign inward remittances (ii) credits
due to sale proceeds of shares and dividends and (iii) transfer from another special
convertible rupee account.
(v) bankers are keeping vigilance against partial remittances of
dividends to avoid excess outflow.
New MCB president
The board of directors of Muslim Commercial Bank Ltd has appointed
Mohammad Aftab Manzoor as MCB president.
Mian Mohammad Mansha who was holding the positions of MCB president and
the chairman of the board will continue to be the bank chairman, says a press release.
Mohammad Aftab Manzoor was working as senior executive vice president
and head of credit division MCB.
Closed-end Mutual Funds post rise in NAV
The private sector closed-end Mutual Funds quoted on the stock market
posted sizable increase in their Net Asset Value (NAV) over a month's period between
January and February this year.
A statement released by the Mutual Funds Association of Pakistan
(Mufap) on March 25 disclosed, the improvement in NAVs appear to be more pronounced when
compared with the values at the beginning of the last quarter of the previous year.
Benefiting from the stock market rally that has seen the Index climb
from 1247 points in November to the 2000 levels currently, the market price of
certificates in Mutual Funds also posted gains, but not enough to bridge all of the wide
discount that still shows up between the NAV and market values in all the 13 private
sector mutual funds.