National Investment Trust, Pakistan’s first and largest asset management company has introduced ATM card for its unit holders across the country. ATM card will enable customers to withdraw cash against instant redemption of their NIT units. NIT was formed in 1962, currently holding assets worth approximately Rs 82 billion, with around 60,000 unit holders. NIT’s distribution network comprises of 22 branches, 102 authorized bank branches all over Pakistan. Chairman and MD NIT Wazir Ali Khoja while setting the benchmark in mutual fund industry of Pakistan said NIT has been recognized as the beacon of positive change in the capital markets. NIT has led by example, with an aim to provide the necessary opportunity to all the stakeholders and to contribute towards healthy growth of the industry. The new service will definitely open new doors of convenience for NIT customers by having easy access to their cash 24 /7. Summit Bank President and CEO Hussain Lawai said “Summit Bank believes in customer satisfaction and is committed to provide innovative solutions to fulfil the financial needs not only of its own customers but also of the community at large.” NIT in collaboration with Summit Bank has introduced “Summit Bank-NIT co-branded ATM card.” NIT Unit holders will be able to withdraw cash using the entire Summit Bank ATM Network, or any 1-Link ATM network machines in Pakistan. NIT has five funds including The National Investment Unit Trust (NIUT), which is the Pakistan’s largest and oldest Mutual Fund. NI(U)T-LOC, NIT-State Enterprise Fund (NIT-SEF), NIT, Equity Market Opportunity Fund (NIT-EMOF), NIT Government Bond Fund (NIT GBF) and NIT Income Fund (NIT IF).
A message of hope for bewildered nation, Strategically positioned to influence world
Liaqat Toor/Tanvir Siddiqi/Ashraf Ansari
Pakistan is bound to come back as a great nation with one of the largest economies in the world in next ten years. Continue reading »
By Javed Mirza
Oil and gas sector in Pakistan has seen phenomenal growth since the independence in 1947, as till now 791 wells have been drilled by various local and international exploration companies with over 250 oil and gas discoveries, official data revealed. Continue reading »
Khalid A Khokhar
Amongst dozens of ongoing mega development projects in Balochistan, Reko-Diq gold and copper mining project is considered to be a big national strategic asset that would transform Balochistan as the richest province in the country. According to experts involved in mining and exploration, some 12.3 million tons of copper and 20.9 million ounces of gold lie in the Reko Diq area (EL-5) in the Chaghi area of Pakistan’s southwest Baluchistan province – bigger than those evaluated at Sarcheshmeh in Iran and Escondido in Chile. The discovery heralded attraction of all the 12 major companies involved in mining & exploration business with the mining magnets started “behind-the-scene lobbying” for getting the contract at Reko-Diq from Balochistan Development Authority (BDA). After due deliberations, a Canadian and Chilean company Tethyan Copper Company (TCC) was given the licence for exploring copper, gold and other base metals in EL-5 area, by the government of Balochistan. Under the agreement, 75 per cent shares were given to TCC and 25 per cent to the BDA. Reports emerging from various sources indicate that the US $52 billion of natural deposit will be sold for just US $08 billion to the TCC. The mind-boggling question is why 75% of reserves are being given to get 25% back after investing 25% in (EL-5) project? According to reliable estimate, only a small part of the Reko Diq gold and copper mines (EL-5) have deposits worth US $270 billion. Two licences (EL-6 & EL-8 other bigger deposits in the same belt) were given to the same company (TCC) on a 100 per cent ownership basis and without any share to the government of Pakistan.
Continue reading »
No one can dispute the fact that the economy today is caught perilously in a situation of low growth and high inflation. What brought the country to this pass is also uncontested – governments, both at the federal and provincial level, that over decades lived beyond their means. Continue reading »
Dr Ashfaque H Khan
The budget speech of the finance minister is an important piece of document as it contains the government’s views on the challenges besetting the economy in the foregoing year, the response of the government in addressing these challenges, and the various policies under consideration for the next fiscal year. The budget speech covers all the above elements.
Continue reading »
The salient features of the Khyber Pakhtunkhwa budget for year 2011-12 presented by Finance Minister KPK Hamyun Khan on Saturday, are as follows: Continue reading »
Regulatory authorities to pay tax on income from fee, penalties
* Will be required to deposit surplus fund in FCF
All regulatory authorities would be required to pay income tax on their entire income from fee charges and penalties—and would be required to deposit this amount in Federal Consolidated Fund (FCF) afterward. Continue reading »
The Sindh Government announced a Rs 391.9 billion revenue-oriented budget here Friday for next fiscal, 2011-12, with revenue expenditures totalled to be around 283.14 billion.The budget was announced by Provincial Finance Minister Syed Murad Ali Shah in the Sindh Assembly.“Current budget estimates had been around Rs 340 billion in the previous fiscal,” he informed the House.The House was further informed that the current capital expenditure has been raised from Rs 44.96 billion to Rs 102 billion for next fiscal. Continue reading »
Associated Press of Pakistan
Lahore: The following are salient features of Punjab budget 2011-12 presented by Finance Minister Kamran Michal in the provincial assembly here on Friday. Continue reading »
Following are important features of the Pakistan budget for Fiscal Year 2011-12: Continue reading »
The current fiscal year unemployment rate remained at 5.6 percent, while the per capita income amounted to $1264, says the Economic Survey 2010-11.
Islamabad released statistics said that Pakistan’s local debts amounted to Rs5463 billion, while the foreign loans stood at Rs4726 billion, which adding up to make the total loans amount peaked at Rs10189 billion. Continue reading »
KARACHI: Pakistan is due to announce its budget for the 2011/12 (July-June) fiscal year on June 3.
Following are some targets that could be announced: Continue reading »
SECP recommends to reduce WHT rate in budget
* WHT rate on gold at import stage be reduced from 1.0% to 0.1%, if imported through Pakistan Mercantile Exchange Limited
By Sajid Chaudhry
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) in its budget proposals 2011-12 has proposed to the budget makers to reduce the withholding tax (WHT) rate on gold at import stage from 1.0 percent to 0.1 percent, if imported through Pakistan Mercantile Exchange Limited, tax credit for enlistment on a sock exchange in Pakistan and exemption of Capital Gains Tax (CGT) on gain on sale of any instrument of redeemable capital. Continue reading »
Low tax-to-GDP ratio, high imports, continued energy shortages, and undocumented economy must be dealt with otherwise the key imbalances of the macro-economy might not be manageable
By Mehmood-Ul-Hassan Khan
SBP has published its first quarterly report for the year 2010-11 in which it indicated many ills of the macro-economy along with their solutions. The ongoing energy saga, circular debt and weak business confidence have shaken the economy, which is now projected to grow by 2 to 3 per cent only. The report has reaffirmed the fact that the economy is not in a healthy shape and any further delay in implementing critical structural reforms would increase the costs to the economy. Continue reading »
Loading ...
Recent Comments