Pkrevenue.com

Month: April 2019

  • FBR extends suspension period of two customs officers

    FBR extends suspension period of two customs officers

    ISLAMABAD: Federal Board of Revenue (FBR) has extended in suspension period of two customs officers posted in Karachi for further three months.

    In a notification issued on Wednesday, the FBR extended the suspension period of Sultan Aurangzeb, Principal Officer (BS-17), Model Customs Collectorate of Port Muhammad Qasim, Karachi for a period of three months effective from March 31, 2019.

    The FBR suspended Sultan Aurangzeb on December 31, 2019 while taking disciplinary action against the officer.

    In another notification, the FBR extended in suspension period of Muhammad Sarfaraz Hayat, Preventive Officer (BS-16), Model Customs Collectorate of Preventive, Karachi for a period of three months effective from March 31, 2019.

    The FBR suspended Muhammad Sarfaraz Hayat on December 31, 2019 while taking disciplinary action against the officer.

  • KSE-100 index declines by 13 points in narrow band trading

    KSE-100 index declines by 13 points in narrow band trading

    The Pakistan Stock Exchange (PSX) witnessed a modest decline on Wednesday, with the benchmark KSE-100 index closing down by 13 points, ending the day at 38,023 points compared to the previous session.

    (more…)
  • Rupee ends down by 30 paisas against dollar

    Rupee ends down by 30 paisas against dollar

    KARACHI: The Pak Rupee depreciated by 30 paisas against dollar on Wednesday owing to reports of IMF conditionalities for new loan program.

    The rupee ended down by 30 paisas to close at Rs141.40 to the dollar from previous day’s close of Rs141.10 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.20 and Rs141.40.

    The market recorded day high of Rs141.40 and low of Rs141.39 and closed at Rs141.40.

    The exchange rate in open market also witnessed devaluation of local currency.

    The buying and selling of dollar was recorded at Rs142.50/Rs143.00 from previous day’s close of Rs142.00/Rs142.50 in cash ready market.

  • Ministry assures softening labeling conditions on imported consignments till June 30

    Ministry assures softening labeling conditions on imported consignments till June 30

    In a significant relief to the industry, the government has agreed to relax labeling conditions until the end of June 2019 to expedite the clearance of consignments stuck at ports. This decision was confirmed by industry sources on Wednesday.

    (more…)
  • Rupee falls by 26 paisas in mid-day trading

    Rupee falls by 26 paisas in mid-day trading

    KARACHI: The rupee depreciated by 26 paisas against dollar on Wednesday owing to hike in policy rate and petroleum products.

    The dollar is being traded at Rs 141.36 in mid-day trade in interbank foreign exchange market. The foreign currency market ended last day at Rs 141.10 to the dollar.

  • Another tax amnesty scheme amid claims to bring back looted money

    Another tax amnesty scheme amid claims to bring back looted money

    ISLAMABAD: The tall claims of present ruling party for bringing back looted money into the kitty are fading away as the PTI government is introducing a tax amnesty for looter and plunderers.

    Finance Minister Asad Umar on Tuesday confirmed that the PTI government is going to announce new tax amnesty for undeclared foreign and domestic assets.

    Media reports quoting Umar said that business community was demanding the government to introduce such scheme.

    During the last government of PML-N an amnesty was introduced for undeclared foreign and domestic assets, which was remained available for two months i.e. June and July 2018. This amnesty resulted in tax money of Rs120 billion.

    At that time it was said by the then government that the business community had demanded the amnesty for the last time.

    The PTI government which had come into the power with pledges to bring back looted money is taking U-turn in this matter as Asad Umar defended the tax evaders that should they declare their money in jail.

    Asad Umar said that the government was planning to introduce the amnesty scheme before the budget, which was scheduled next month.

  • KSE-100 declines by 319 points on selling pressure

    KSE-100 declines by 319 points on selling pressure

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) witnessed decline of 319 points on Tuesday owing to selling pressure.

    The index closed at 38,036 points as against 38,355 points showing a decline of 319 points.

    Analysts at Arif Habib Limited said that the market went down eventually after making a positive stride of 203 points in the beginning but lost 356 points (unadjusted) by the end of session.

    Blue chips remained under selling pressure and despite high trading volume in scrips like LUCK, the scrip saw heavy selling pressure.

    Volumes were largely seen in UNITY right (63M) as compared with total market volume of 144M shares. Last half hour of trading saw selling pressure increased which was mainly contributed by HBL and UBL. HBL saw buying interest close to lower circuit.

    Sectors contributing to the performance include Banks (-117 points), O&GMCs (-40 points), Power (-37 points), E&P (-19 points), Textile (-16 points).

    Volumes increased again from 65.9 million shares to 144.4 million shares (+119 percent DoD). Average traded value also increased by 39 percent to reach US$ 27.7 million as against US$ 19.9 million.

    Stocks that contributed significantly to the volumes include UNITYR1, KEL, UNITY, MLCF and HUBC, which formed 62 percent of total volumes.

    Stocks that contributed positively include PSEL (+21 points), FFC (+8 points), POL (+5 points), SHFA (+4 points), and TRG (+2 points). Stocks that contributed negatively include HBL (-53 points), HUBC (-23 points), PSO (-19 points), MCB (-16 points) and SNGP (-13 points).


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  • Rupee ends down by 21 paisas in interbank

    Rupee ends down by 21 paisas in interbank

    KARACHI: The rupee depreciated by 21 paisas against dollar on Tuesday owing to hike in policy rate and petroleum products.

    The rupee ended Rs141.10 to the dollar from last Friday’s close of Rs140.89 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs140.90 and Rs140.95.

    The market recorded day high of Rs141.10 and low of Rs140.95 and closed at Rs141.10.

    The exchange rate in open market was moved in favour of the local unit.

    The buying and selling of dollar was recorded at Rs142.00/Rs142.50 to the dollar from last day’s closing of Rs142.00/Rs142.70 in cash ready market.

  • High Speed Diesel July- March sales hit decade low

    High Speed Diesel July- March sales hit decade low

    KARACHI: The sales of High Speed Diesel (HSD) have declined to decade low due to slowdown in economy, analysts said on Tuesday.

    In July – March 2018/2019, HSD sales decline (-20 percent YoY in 9MFY19) touched over decade low due to slowdown in economy. While Motor Spirit (MS or Petrol) growth remained limited to 1 percent YoY, almost 9-Year low on account of decline in Cars/Bikes sales by 4.5 percent/5 percent during 8MFY19, said analysts at Topline Securities.

    Pakistan Oil Sales was down 18 percent YoY during Mar 2019, dragged by 50 percent YoY decline in Furnace Oil (FO) and 21 percent YoY drop in HSD sales.

    FO sales decline continues due to its low usage in power generation after commencement of new RLNG and coal based power plants.

    HSD sales remained on lower side on back of slowdown in economy as indicated by 7MFY19 Large Scale Manufacturing (LSM) decline of 2.3 percent vs. 7 percent growth in 7MFY18.

    Further, continuous smuggling from Iran could also be attributed to this decline.

    Pakistan State Oil (PSO) regained its market share during Mar 2019 by 5ppts and 3.5ppts MoM in MS and HSD sales respectively to 39 percent and 41 percent respectively. While, Hascol lost 4ppts and 6ppts MoM in both products.

  • UBL decides sale of its Tanzania operation for $3.96 million

    UBL decides sale of its Tanzania operation for $3.96 million

    KARACHI: United Bank Limited (UBL) has decided to sale of its Tanzania operation at the sale price of $3.96 million to Exim Bank Tanzania Limited.

    It was decided at the the Annual General Meeting of UBL, which has approved winding up UBL Bank (Tanzania) Limited after accepting letter of intent from Exim Bank Tanzania Limited at sale price of $3.96 million, a notification said on Tuesday.

    A special resolution for the approval of the transaction of asset and liability sale of UBL (Tanzania) Limited was discussed at the AGM.

    It was resolved that the binding letter of intent received from Exim Bank Tanzania Limited for an asset and liability sale of UBL Bank (Tanzania) Limited for TZs 9.1 billion (equal to $3.96 million) be and is hereby accepted. The said price is subject to adjustment on the closing date of the transaction, the notification said.

    The board of directors of UBL has been authorized to complete all the related regulatory, legal and other formalities of the transactions and to further authorize persons to deal and negotiate, execute and implement the transaction with the parties involved.

    The AGM further resolved that the board of directors be authorized to initiate and complete the process for the winding up of UBL Bank (Tanzania) Limited subsequent to the consummation of this transaction.