ISLAMABAD (March 11, 2010): Asian Development Bank (ADB) has advised the Finance Ministry not to bow down before "unreasonable terms by the banks just for the sake of speed," with reference to dealing with power sector debts, according to an aide-memoir, a copy of which is available to the Business Recorder. The Bank has given the deadline of March 31, 2010 to the Finance Ministry for power sector loan transfer documentation, the sources added.

ISLAMABAD (March 11, 2010): Despite the fact that power and oil sectors are in critical situation due to circular debt, the Finance Ministry has no immediate plan for fund releases or commitment to bail them out during the coming month of April, Business Recorder has learnt.

ISLAMABAD (March 11, 2010): The Federal Board of Revenue (FBR) has unearthed a unique method of withholding tax evasion by unscrupulous elements having saving accounts in the Central Directorate of National Savings (CDNS) where different accounts were opened up to exemption limit to avoid tax payment.

KARACHI (March 11, 2010): The Federal Board of Revenue (FBR) has directed the customs officials not to clear any consignment, even marked as 'diplomatic bags', without exemption certificate of the ministry of foreign affairs. Sources told Business Recorder on Wednesday that the ministry of foreign affairs has revised the rules regarding diplomatic bags and access to tarmac by diplomatic courier after discussion in inter-ministerial meeting on December 31 2009.

ISLAMABAD (March 11, 2010): The Federal Board of Revenue (FBR) is fully determined to install electronic cash registers at retail/wholesale outlets under value added tax (VAT) regime, which would simplify the accounting procedure and keep an update on stock position in electronic format.

KARACHI (March 11, 2010): Remittances sent from overseas Pakistanis continued to show rising trend as $5,786.89 million was received in eight months (July-February period) of the current fiscal year, showing an increase of $868.26 million, or 17.65 percent, from $4,918.73 million of the same period of last fiscal year. This amount includes $1.0 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

ISLAMABAD (March 11, 2010): On the spinners' threat to go on strike, the government may relax the quantitative restrictions on export of yarn, which was fixed and brought down to 35 million kg per month from 50 million kg. Informed sources revealed that the Textile Ministry is likely to convene a meeting of all the stockholders including representatives of All Pakistan Textile Mills Association (Aptma) and value-added sectors to resolve the issue amicably.

LAHORE (March 11, 2010): In an unprecedented move aimed at ensuring discipline in national cricket team, Pakistan Cricket Board (PCB) following recommendations of Inquiry Committee on disastrous tour of Australia, has slapped a ban on senior cricketers Mohammad Yousuf and Younis Khan for an indefinite period.

ISLAMABAD (March 11, 2010): President Asif Ali Zardari and his Afghan counterpart Hamid Karzai on Wednesday held wide-ranging talks, mainly focusing on jointly fighting terrorism, strengthening bilateral ties and ways to address regional issues relating to peace and security. President Karzai, who is on two-day visit, held a meeting with President Zardari soon after his arrival at Aiwan-e-Sadr here.

PESHAWAR (March 11, 2010): Militants armed with guns and grenades stormed the offices of a US-based Christian charity in Mensehra on Wednesday, killing six aid workers. The gunmen seized the World Vision building near Oghi in the Mansehra district of NWFP. Police and World Vision's regional spokesman said five Pakistani staff, including two women, were killed and seven other employees wounded when up to 15 gunmen arrived in pick-up vehicles and began firing on the aid workers.