Banks find themselves trapped in liquidity surplus these days, forcing them to start lending at throwaway rates as low as three per cent per annum to avoid paying tax on Advance-to-Deposit Ratio (ADR) applicable at the end of calendar year 2024. Banking has completely changed in Pakistan as both the government and the banks are flush with liquidity. For years the government has been the largest
In a late-night decision, the government has extended until Oct 14 the deadline for filing income tax returns for the tax year 2024. The move will provide an opportunity to people, who had not filed their tax returns by the Sept 30 deadline, to fulfil the requirement. Although the income tax ordinance specifies Sept 30 as the deadline for submitting returns, the government has regularly ext
The annual consumer inflation plunged to a 44-month low of 6.9 per cent in September, owing to a steady decline in global commodity prices, an increase in domestic agricultural production and a stable currency rate. The headline inflation, measured by the Consumer Price Index (CPI), had slowed the previous month to 9.6pc, the first single-digit reading in more than three years, data released by
Siddiqsons Tin Plate Ltd has decided to roll back the Tine Mill Black Plate (TMBP) project due to high inflation, increased markup rates and significant fluctuations in rupee-dollar parity. In a stock filing on Tuesday, the company said the current economic environment has created a situation where the continuation of the TMBP project is not financially feasible. Additionally, the rising costs
The board of directors of Deposit Protection Corporation (DPC) on Tuesday doubled the guarantee amount for all eligible depositors of its member banks from Rs500,000 to Rs1 million with immediate effect. “This enhanced guarantee amount now provides full protection to around 96 per cent of eligible depositors. The main objective of the deposit protection scheme is to safeguard the deposit