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News from Pakistan (26-11-2002)

  • The Central Board of Revenue has withdrawn the powers of Collector, Collectorate of Customs, Sales Tax and Central Excise (Adjudication) to adjudicate the cases of assessment of tax including short-payment, wrong input tax credit or refund claimed and cases involving late filing and wrong filing of sales tax returns.

  • The Pakistan Integrated Household Survey 2001-02 has shown considerable improvement on the four indicators i.e. basic education, primary health, population welfare and rural water supply and sanitation.

  • Federal Minister for Commerce Humayoon Akhtar Khan has said that the continuation of existing policies would be decided after a thorough review.

  • The Foreign Office spokesman said on Monday that work on the preliminaries to a final agreement between Pakistan and Turkmenistan on the laying of a gas pipeline via Afghanistan were progressing well and the three heads of state may hold a summit to finalise it some time towards the end of this year.

  • Cotton growers have approached the government to seek Trading Corporation of Pakistan's intervention to stablise cotton market as process is sliding downward.

  • Allowing bulk import of gold across the board, the government has decided in principle to maintain the rate of withholding income tax i.e. Rs.2 per ten gram from 2002-03, previously charged on regulated import of gold, official sources told.

  • The State Bank has issued first two licences for the formation of foreign exchange companies to deal in the forex business.

  • Equities showed plus signs at the Islamabad Stock Exchange where bulls remained in the front seat amid increase in index.

  • The stock market here on Monday showed upward trend under the lead Dewan Motors and PIAC where business recorded small rise after support from the financial institutions.

  • There is a general demand of commercial importers that free import of tractors should be allowed to bring down the prices following a competition between the local tractor manufacturers and importers.

  • The State Bank has invited tenders for the auction of 6-months Treasury Bills instead of scheduled 3-months and one year T-bills, a move to set new bench-mark rate after slashing of discount rate last week.
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