IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS FRIDAY 26th MARCH, 2021

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1. Bill says SBP accountability being enhanced The Finance Ministry has uploaded the proposed State Bank of Pakistan (SBP) Amendment Act, 2021, and stated that in light of international best practices and domestic experiences, legal framework of the central bank is being amended to increase functional and administrative autonomy of the central bank. https://epaper.brecorder.com/2021/03/26/1-page/875272-news.html 1 Business Recorder
2. Fiscal year 2016 IMF claims data on govt guarantees reported inaccurately The International Monetary Fund (IMF) has highlighted ‘new information’ that the data on government guarantees dating back to fiscal year 2016 was reported inaccurately and approved disbursement of $500 million to Pakistan subsequent to a staff-level agreement on the second to fifth review under the Extended Fund Facility (EFF) programme. https://epaper.brecorder.com/2021/03/26/1-page/875273-news.html 1 Business Recorder
3. Economist explains why he opposes bill State Bank of Pakistan Amendment Bill 2021 approved by the cabinet “without” proper discussion and in “haste”. https://epaper.brecorder.com/2021/03/26/1-page/875274-news.html 1 Business Recorder
4. Markets.Rates.The Rupee THE RUPEE: Gains continue On Thursday, after market close PKR continued to register gains against USD in both interbank and open markets. 1 Business Recorder
5. Pakistan hires banks for three-tranche dollar bond sale Pakistan has hired a group of banks to arrange investor calls ahead of a triple-tranche sale of US dollar-denominated bonds, a document showed on Thursday. https://epaper.brecorder.com/2021/03/26/1-page/875275-news.html 1 Business Recorder
6. FIR registered against ‘sugar mafia’: adviser The government is tightening the noose around those who have been arbitrarily changing the prices of sugar, said Adviser to the Prime Minister on Accountability and Interior Barrister Mirza Shahzad Akbar on Thursday. https://epaper.brecorder.com/2021/03/26/1-page/875277-news.html 1 Business Recorder
7. PSX consolidates gains BRIndex100 keeps rising Pakistan Stock Exchange Thursday maintained a bullish trend on the back of healthy buying, mainly by local investors. https://epaper.brecorder.com/2021/03/26/1-page/875271-news.html 1 Business Recorder
8. State Bank Amendment Bill 2021 Exploring uncharted territory or murky waters The Bill to amend the “State Bank of Pakistan Act 1956” is exceptionally dangerous for the economy and the country. https://epaper.brecorder.com/2021/03/26/2-page/875279-news.html 2 Business Recorder
9. IWT-related issues Pakistan, India agree to make endeavours Pakistan and India have agreed to make ‘endeavours’ to resolve water issues by conducting inspection tours, as Islamabad reiterated its objections to New Delhi’s five controversial projects. https://epaper.brecorder.com/2021/03/26/2-page/875286-news.html 2 Business Recorder
10. SBP’s clarification on remittances FTO directs FBR to issue circular The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to issue a circular to all the field formations, to follow the clarification of the State Bank of Pakistan (SBP) dated April 8th, 2019, on foreign remittances. https://epaper.brecorder.com/2021/03/26/3-page/875290-news.html 3 Business Recorder
11. Tax profiles deadline Experts delineate possible actions by FBR Tax experts Thursday said that the Federal Board of Revenue (FBR) may remove taxpayers’ name from the Active Taxpayers List (ATL) who would fail to submit or update taxpayer’s profiles by the deadline of March 31, 2021 under Section 114A of the Income Tax Ordinance, 2001. https://epaper.brecorder.com/2021/03/26/8-page/875312-news.html 7 Business Recorder
12. Wapda chief reviews work on Diamer-Bhasha Dam, Dasu project Pakistan Water and Power Development Authority (Wapda) Chairman Lt Gen Muzammil Hussain (retd) on Thursday visited Diamer Bhasha Dam and Dasu Hydropower Project to review construction work on the two mega projects. https://epaper.brecorder.com/2021/03/26/8-page/875313-news.html 7 Business Recorder
13. Rs2.25bn reserve price for SIH land, building approved by govt The government has approved reserve price of Rs 2.250 billion for the land and building of Services International Hotel (SIH), Lahore, sources close to Minister for Privatisation told Business Recorder. https://epaper.brecorder.com/2021/03/26/48-page/875780-news.html 48 Business Recorder
14. Housing projects End-user subsidized markup further reduced In order to support the affordable housing projects, the federal government has further reduced the end user subsidized markup rate for housing projects under Naya Pakistan Housing and Development Authority (NAPHDA) and increased the fund allocation for subsidy by Rs 3 billion to Rs 36 billion for next 10-years. https://epaper.brecorder.com/2021/03/26/48-page/875781-news.html 48 Business Recorder
15. IMF is back No surprise, as expected, the IMF programme is back. Four pending reviews (2nd to 5th) are completed and $500 million for budgetary support will be released very soon. https://epaper.brecorder.com/2021/03/26/49-page/875789-news.html 49 Business Recorder
16. Petroleum price narrative: Build it, don’t push it First things first. Understanding of petroleum pricing in the Pakistani mass media at large is amateurish at best. No surprise that the reporting if often devoid of ground realities. https://epaper.brecorder.com/2021/03/26/49-page/875791-news.html 49 Business Recorder
17. Taxpayers’ profile update FPCCI seeks extension in last date Federation of Pakistan Chambers of Commerce & Industry (FPCCI) vice president and Pakistan Yarn Merchants Association (PYMA) senior vice chairman Hanif Lakhany and central standing committee on yarn trading vice chairman & convener Farhan Ashrafi have demanded the Federal Board of Revenue (FBR) chairman that in view of the 3rd wave of Covid-19, make it easy for the taxpayers and keeping in view their difficulties, the date for updating the taxpayers’ profiles should be extended by 6 months, so that taxpayers can update their profile with the required information and avoid being excluded from the Active Taxpayer List (ATL) list even after paying taxes. https://epaper.brecorder.com/2021/03/26/49-page/875794-news.html 49 Business Recorder
18. Local cotton business remains sluggish Under the influence of international market local market remained bearish on Thursday. https://epaper.brecorder.com/2021/03/26/52-page/875798-news.html 52 Business Recorder
19. Pact signed to assemble European brand vehicle The Lucky Motor Corporation (LMC), manufacturer and distributor of Kia vehicles, entered into a Licence and Technical Assistance Agreement this week with the Stellantis Group to assemble and distribute one of their European brands in Pakistan. https://epaper.dawn.com/DetailImage.php?StoryImage=26_03_2021_009_003   9 Dawn
20. Proposed law provides blanket indemnity to SBP top guns A proposed bill, which the government claims is aimed at making the central bank autonomous, will practically provide immunity to top officials of the State Bank of Pakistan as no investigating agency, including the anti-corruption watchdog NAB, can initiate any action against them without obtaining permission from the board of directors of the bank, it has emerged. https://epaper.dawn.com/DetailImage.php?StoryImage=26_03_2021_012_004 12 Dawn
  International News    
21. Global car production plunged in 2020, say automakers Global production of automobiles tumbled by 16 per cent last year to a level last seen in 2010 as the industry was pummelled by the coronavirus pandemic, an international carmaker association said Thursday. https://epaper.dawn.com/DetailImage.php?StoryImage=26_03_2021_009_004 9 Dawn
  Editorial News    
22. IMF: tough `adjustments` PAKISTAN`S re-entry to the $6bn IMF programme is being touted by both the lender and the government as a demonstration of the authorities` commitment to critical governance and economic reforms to support sustainable growth for job creation and poverty alleviation.  https://epaper.dawn.com/DetailImage.php?StoryImage=26_03_2021_006_001 6 Dawn
23. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   155.35 212.82 184.00 23.91 41. 46
53   Business Recorder

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