Important Business News Saturday 20th February, 2021

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1. Increase in ghee price, NJS revocation approved by ECC The Economic Coordination Committee (ECC) of the Cabinet on Friday allowed revocation of Neelum Jhelum Surcharge (NJS) of 10 paisa per KHW with immediate effect, and approved an increase in subsidised ghee price at the Utility Stores Corporation (USC) by Rs25 per kg. 1 Business Recorder
2. Import and supply White sugar exempted from 17pc GST, 3pc VAT
The Federal Board of Revenue (FBR) Friday exempted 17 percent sales tax and three percent minimum Value Added Tax (VAT) on import and subsequent supply of 500,000 metric tons of white sugar by the Trading Corporation of Pakistan.
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3. SPI up 0.55pc WoW The Sensitive Price Indicator (SPI) for the week ended February 18, 2021 recorded an increase of 0.55 percent over the last week due to rise in prices of food items including chicken (8.89 percent), pulse gram (2.37 percent), rice Irri 6/9 (1.23 percent), and vegetable ghee (1.14 percent), and among non-food items lawn printed (3.57 percent) and long cloth (3.50 percent), says the Pakistan Bureau of Statistics (PBS). 1   Business Recorder
4. Cotton seeds, fertilisers, whitefly pesticides Farmers to get subsidy through provincial govts: minister
Federal Minister for National Food Security and Research Syed Fakhar Imam on Friday said that the government will provide subsidy on cotton seeds, fertilisers and whitefly pesticides and it will be distributed among the farmers through the provincial governments.
1 Business Recorder
5. THE RUPEE: Overall loss After market close on Friday, Pakistan Rupee fell against US Dollar in both interbank and open markets. It also went down against Euro in open market. 1    Business Recorder
6. Discos’ tariffs CPPA-G seeks 93 paisa per unit hike for Jan
The Central Power Purchasing Agency-Guaranteed (CPPA-G) has sought an increase of Rs 0.93 per unit in tariffs of Discos for January 2021 under monthly fuel price adjustment mechanism.
1 Business Recorder
7. Pakistan LNG import tender Qatar Petroleum places ‘lowest’ offer
Qatar Petroleum Trading placed the lowest offer for a liquefied natural gas (LNG) cargo, which Pakistan LNG was seeking for delivery in April, according to a notice on Pakistan LNG’s website.
1 Business Recorder
8. NA informed Country’s debt stood at Rs36.949trn in Sept ’20
The government Friday informed the National; Assembly that Pakistan total debt in September 2020 stood at Rs 36.949 trillion with domestic debt of Rs 23.702 trillion and external debt Rs 13.247 trillion.Finance Ministry presented Debt Policy Statement January 2021 in the National Assembly that covers debt data till September 2020 with increase external debt has increased to US$ 79.906 billion in September 2020 from $78 billion at end June 2020 – long-term debt US$ 78.734 billion and short term debt of US$1.171 billion.
1 Business Recorder
9. SFCAs SBP broadens purposes for use of funds by exporters
Exporters of goods and services, including IT-based services, have been allowed to retain a certain portion of their exports proceeds in their special foreign currency accounts.
1 Business Recorder
10. KSE-100 Index inches up BRIndex100 slightly up
Despite foreign selling, Pakistan Stock Exchange Friday closed on a positive note on the back of fresh buying by local investors.
1 Business Recorder
11. Shortage of cotton yarn will hurt industrial growth: PTEA chief Shortage of cotton yarn will reverse the wheel of industrial growth which will also open flood gates of unemployment in the country, said Muhammad Ahmed Chairman Pakistan Textile Exporters Association (PTEA), Mian Farrukh Iqbal Senior Vice Chairman Pakistan Hosiery Manufacturers & Exporters Association (PHMA). 2 Business Recorder
12. 3m NRPs likely to avail RDA scheme: SBP official Director Exchange Policy Department State Bank of Pakistan (SBP) Arshad Mehmood Bhatti has said that some three million Non Resident Pakistanis (NRPs) are expected to avail Roshan Digital Account (RDA) scheme. 2 Business Recorder
13. Gold prices down further Gold prices on Friday further slid on the local market, traders said. After a slight decline of Rs 250, the yellow metal price stands at Rs 109950 per tola. Gold per 10 grams reduced by Rs214 to Rs94264 on the domestic market. 3 Business Recorder
14. FY22 budget proposals FBR outlines parameters for business community

The Federal Board of Revenue (FBR) has asked the business community to submit sales tax and federal excise budget proposals (2021-22) with a special focus on eliminating tax fraud, fake and flying invoices, plugging loopholes, and facilitating genuine taxpayers.
8 Business Recorder
15. KCA raises cotton spot rate by Rs100 to Rs11,100 The Spot Rate Committee of Karachi Cotton Association on Friday increased the spot rate by Rs 100 per maund and closed it on Rs 11,100 per maund. 12 Business Recorder
16. Three new mobile firms to start local production Three new companies are set to establish manufacturing units for mobile phones after recent relaxations in withholding tax. 9 Dawn
17. Matiari-Lahore transmission line commercial operation delayed The commercial operation of the 660kV high voltage direct current (HVDC) Matiari-Lahore Transmission Line project is likely to face a delay of at least three months due to various administrative and technical issues, allegedly on the part of the National Transmission and Despatch Company (NTDC) and Pak Matiari-Lahore Transmission Company (Pvt) Ltd (PMLTCPL). 9 Dawn
18. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   158.90 221.71 192.83 24.71 42. 41
9 Business Recorder

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