Important Business News Friday19th February, 2021

S.# Description Pg # Source
1. SBP asked to set up cell to boost inflows into RDA Prime Minister Imran Khan has asked the State Bank of Pakistan (SBP) to set up a cell in the central bank to facilitate overseas Pakistanis in response to their suggestions to increase the inflows in the Roshan Digital Account (RDA). https://epaper.brecorder.com/2021/02/19/1-page/870312-news.html 1 Business Recorder
2. Govt-IPPs deals get NAB sanction National Accountability Bureau (NAB) has “cleared” deals between Independent Power Producers (IPPs) and Government of Pakistan (GoP) after a detailed meeting with the Government’s Negotiation Committee. https://epaper.brecorder.com/2021/02/19/1-page/870315-news.html 1     Business Recorder
3. Wapda opposes NJS swapping for DBD development Water and Power Development Authority (Wapda) has opposed swapping of the Neelum Jhelum Surcharge (NJS) of Paisa 10 per unit for development of Diamer Basha Dam (DBD), sources close to Chairman Wapda told Business Recorder. https://epaper.brecorder.com/2021/02/19/1-page/870316-news.html 1   Business Recorder
4. THE RUPEE: Recovery persists After market close on Thursday, Pakistan Rupee continued to go up against US Dollar in both inter-bank and open markets. https://epaper.brecorder.com/2021/02/19/1-page/870318-news.html 1 Business Recorder
5. FBR revises functions, powers of Members The Federal Board of Revenue (FBR) has revised the powers and functions of the FBR Members including additional powers to the FBR Member Inland Revenue (Policy) to exercise authority of the Directorate General of Immovable Property, powers to make rules and recommend rewards to whistleblowers for detection of concealment or evasion of income tax, fraud, and corruption. https://epaper.brecorder.com/2021/02/19/1-page/870314-news.html 1    Business Recorder
6. Banking sector leads PSX decline BRIndex100 falters

Despite foreign buying, Pakistan Stock Exchange Thursday witnessed a bearish trend due to heavy selling by local investors and institutions in various sectors. https://epaper.brecorder.com/2021/02/19/1-page/870311-news.html
1 Business Recorder
7. SHC upholds order of Customs Appellate Tribunal The Sindh High Court (SHC) has upheld the order of the Customs Appellate Tribunal that the Federal Board of Revenue (FBR) has no authority either to enhance or restrict exemption as it is the prerogative of the Parliament only. https://epaper.brecorder.com/2021/02/19/3-page/870328-news.html 3 Business Recorder
8. Motorcycle spare parts import overburdened: APMSPIDA Chairman All Pakistan Motorcycle Spare Parts Importers and Dealers Association (APMSPIDA), Khalid Waheed has said that motorcycle spare parts imports are over burdened with customs duty and additional custom duty on motorcycle spare parts. https://epaper.brecorder.com/2021/02/19/4-page/870335-news.html 4 Business Recorder
9. Cotton growers: Govts will jointly launch scheme to extend subsidy Federal and provincial governments will jointly launch a scheme to extend subsidy to cotton growers besides seeking support from China and other countries for production of better seed to fully support the cotton growers. https://www.brecorder.com/news/40065701/cotton-growers-govts-will-jointly-launch-scheme-to-extend-subsidy 6 Business Recorder
10. KCCI urges govt to focus on providing business friendly environment President Karachi Chamber of Commerce & Industry (KCCI) M Shariq Vohra has stressed that the government will have to focus on providing a tax-friendly and business-friendly environment by facilitating the business community and devising policies after consultation instead of penalising and squeezing registered persons and imposing anti-business policies. https://epaper.brecorder.com/2021/02/19/6-page/870340-news.html 7 Business Recorder
11. July 2020-January 2021 Mobile phones worth $1.135bn imported
Pakistan imported mobile phones worth $1.135 billion during July-January (2020-21) compared to $760.58 million in July-January (2019-20), showing growth of 49.32 percent, according to the Pakistan Bureau of Statistics (PBS) data. https://epaper.brecorder.com/2021/02/19/11-page/870383-news.html
11 Business Recorder
12. PSDP: NA panel recommends Rs31.32bn for 166 projects The National Assembly Standing Committee on Interior recommended the budgetary proposals relating to the Public Sector Development Project (PSDP) amounting Rs31.32 billion for 166 projects for the financial year 2021-22. https://epaper.brecorder.com/2021/02/19/11-page/870386-news.html 11 Business Recorder
13. Punjab construction projects Activities ‘worth’ Rs1.77trn to be generated, PM told
Prime Minister Imran Khan was on Thursday told that the investment of Rs 353.43 billion in the construction sector projects in Punjab would generate economic activities worth Rs 1,767.15 billion and create 315,678 job opportunities. https://epaper.brecorder.com/2021/02/19/12-page/870391-news.html
12 Business Recorder
14. 10th NFC Award Seven sub-groups formed to prepare recommendations
The first meeting of the 10 NFC Award has formulated seven sub- groups with the direction to present recommendation on the basis of terms of reference (TORs). https://epaper.brecorder.com/2021/02/19/12-page/870388-news.html
12 Business Recorder
15. GI tag for Basmati rice IPO submits reply to EU against India’s claim
The Intellectual Property Organization (IPO) has submitted it reply to the European Union (EU) against India’s claim of having Geographical Indications (GI) tag for Basmati rice. https://epaper.brecorder.com/2021/02/19/12-page/870392-news.html
12 Business Recorder
16. Trade volume seen satisfactory on cotton market The local cotton market remained stable on Thursday. Market sources told that trading volume was satisfactory. https://epaper.brecorder.com/2021/02/19/16-page/870400-news.html 16 Business Recorder
17. Construction projects to fuel Rs1.76tr activities, PM told Prime Minister Imran Khan was apprised on Thursday that economic activities worth over Rs1.76 trillion will be generated in the country owing to an investment of Rs353 billion in the housing sector alone in Punjab. https://epaper.dawn.com/DetailImage.php?StoryImage=19_02_2021_001_002 1 Dawn
18. Low localisation pushes up auto parts import bill Massive imports of parts and accessories by new entrants under duty and tax incentives has caused a whooping jump of 79 per cent in arrival of completely and semi-knocked down (CKD/SKD) kits to $468 million in the first seven months of the current fiscal year (7MFY21). https://epaper.dawn.com/DetailImage.php?StoryImage=19_02_2021_009_008 9 Dawn
19. PM advocates home loans for expatriates Prime Minister Imran Khan has suggested to banks that they should extend housing loans to the overseas Pakistanis who are opening Roshan Digital Accounts (RDAs). https://epaper.dawn.com/DetailImage.php?StoryImage=19_02_2021_009_002 9 Dawn
20. Tax on LPG slammed  The importers of liquefied petroleum gas (LPG) on Thursday warned of a complete shutterdown and wheel-jam strike from March 1 if the additional levy of Rs4,669 per tonne was imposed on LPG imports via land route as proposed by the Ministry of Planning & Development. https://epaper.dawn.com/DetailImage.php?StoryImage=19_02_2021_009_006 9 Dawn
21. GI of Himalayan pink salt to be registered The Ministry of Commerce on Thursday announced that it will register Himalayan pink salt extracted from the Salt Range which extends along the south of the Potohar Plateau and the north of the Jhelum River as Geographical Indications (GI). https://epaper.dawn.com/DetailImage.php?StoryImage=19_02_2021_009_003 9 Dawn
  Editorial News    
22.  LSM estimates HE new estimates for large-scale manufacturing production published by the Pakistan Bureau of Statistics support the government claims that the economy is returning to the path of recovery from the deep impact of the first wave of the Covid-19 health crisis.  https://epaper.dawn.com/DetailImage.php?StoryImage=19_02_2021_006_001 6 Dawn
23. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   159.25 220.56 192.49 24.87 42. 50
17 Business Recorder

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