Pkrevenue.com

Month: July 2020

  • Rupee strengthens by Rs1.16 against dollar on inflows

    Rupee strengthens by Rs1.16 against dollar on inflows

    KARACHI: The Pak Rupee made significant gain of Rs1.16 against dollar on Thursday owing to ease in demand for import and corporate payments and substantial inflows during past week.

    The rupee ended Rs166.89 to the dollar from June 30, 2020 closing of Rs168.05 in interbank foreign exchange market.

    The currency market was remained closed for public dealing on July 01, 2020 on account of bank holiday.

    Currency dealers said that the rupee was under pressure due to payment demand by end of fiscal year.

    However, they said that the inflows from international financial institutions helped the rupee to gain the value.

    The State Bank of Pakistan (SBP) has received $1.3 billion as government of Pakistan loan disbursements from Chinese Banks this week.

    This brings the total amount of official inflows received since June 23, 2020 to around $3 billion.

    Experts said that the transfers would also help the central bank to improve foreign exchange reserves.

  • SBP directs banks, exporters to submit undertaking for true e-form

    SBP directs banks, exporters to submit undertaking for true e-form

    KARACHI: State Bank of Pakistan (SBP) has directed banks and exporters to submit undertaking for true e-form under export finance scheme.

    According to a circular issued on July 01, 2020 the banks shall provide details of exporters including name and address, NTN. Besides, the banks will also provide number and amount of export proceeds.

    Furthermore, both banks and exporters shall undertake that:
    In case of mismatch between the commodity and HS code provided, the entry will not be considered for performance/entitlement until rectified.

    The contents of subject MS excel file titled[Bank Prefix-Exporter’s NTN-Serial Number] are correct and complied with relevant instructions of the EFS.

    The exports on usance basis reported in the above referred statement are against irrevocable letter(s) of credit which is/are eligible for negotiation and the usance bills in respect thereof have not been negotiated with a scheduled bank in Pakistan except those mentioned there against.

    The statement does not include:

    I. Any export of commodities which do not qualify for export finance under the Scheme.

    II. Any export made under a Contract/LC against which they obtained export finance from any bank under Part-I of the Scheme (this clause is required in case of EF-1 Statements only).

    The SBP further said that through circular letter no. 12 dated June 26, 2020 wherein banks have been advised to get verified their EE-1/EF-1 statements and submit the same to concerned SBP-BSC offices.

    As it is in the knowledge of banks that in order to streamline the process and ensure smooth execution of workflow, hard copy submission of EE-1/EF-1 Statements has already been dispensed with and only soft copies of EE-1/EF-1 statement on the excel format attached at Annexure-I shall be submitted by banks.

    In addition, banks shall submit scanned copy of original undertaking duly signed by the exporter and the authorized personnel of the bank on the format attached at Annexure-II. Banks shall attach the scanned copy of the undertaking in the email containing soft copy of EE-1/EF-1 statement.

    The soft copies of EE-1/EF-1Statements of Karachi region shall be sent electronically to FEOD-HOK, through bank personnel’s official email address on: [email protected];whereas, for regions other than Karachi, the respective SBP-BSC Office will provide email addresses to banks’ Regional Heads.

    The following must be ensured by banks at the time of submission of email containing soft copy of EE-1/EF-1statement and undertaking:

    1. Email is properly titled as “Verification of EE-1/EF-1Statement: M/s [Exporter Name]”
    2. Excel file is properly titled as “[Bank Prefix –Exporter’s NTN –Serial Number]”.
    3. Single consolidated statement is submitted for each exporter having Advance Payment and Post-shipment entries.
    4. E-Form No. and NTN is in the correct format.
    5. Currency, Schedule and Sales Term is statedasper formatprovided in the list in drop-down of the relevant column in MS Excel file.
    6. All entries have been reported in ITRS.
    7. All shipping documents have been submitted for shipments against Advance Payments.

    The SBP said that soft copies of EE-1/EF-1statements should be submitted at FEOD Karachi and Field Offices along with undertaking strictly as per the formats provided.

  • Date extended to exchange Rs40,000 bearer prize bonds

    Date extended to exchange Rs40,000 bearer prize bonds

    ISLAMABAD: The ministry of finance on Thursday extended the last date to exchange bearer prize bonds of Rs40,000 denomination up to December 30, 2020.

    The last date to exchange the bearer prize bonds was expired on June 30, 2020.

    The government on June 24, 2019 announced to discontinue the circulation of Rs40,000 denomination national prize bonds.

    The State Bank of Pakistan (SBP) allowed the investors to exchange the unregistered prize bonds through three different modes. The SBP has barred the exchange of bearer prize bonds against cash.

    However, the bonds can be redeemed against registered or premium prize bonds or can be converted into national saving schemes or face value (direct transfer to the bank account of bond holder).

    The bearer instruments have been known as parking lot for undocumented economy. Therefore, the government launched registered prize bonds of Rs40,000 denomination in March 2017 which could be purchased against certain requirements including Computerized National Identity Card (CNIC) and valid bank account.

    According to Central Directorate of National Savings (CDNS) data made available on Friday people surrendered around Rs256 billion bearer prize bonds of Rs40,000 denomination since the ban imposed June 2019 for documentation of the economy.

    The data showed the total stock of investment made in bearer bonds of Rs40,000 denomination was Rs258 billion by May 2019. The remaining stock of bearer bonds is Rs2 billion by March 2020.

  • EOBI pension increases to Rs8,500; pensioners to get arrears

    EOBI pension increases to Rs8,500; pensioners to get arrears

    ISLAMABAD: The federal cabinet has approved increase in pension of Employees Old-Age Benefits Institution (EOBI) to Rs8,500 from Rs6,500.

    According to a tweet by EOBI on Wednesday, the federal cabinet approved an increase in EOBI pensions from Rs 6500 to Rs8500 effective from January 01, 2020.

    EOBI will restore the increase in pension + arrears for the month of April, June and July 2020. Pensioners can draw this increase along with the arrears from 1st August 2020, it added.

    The increase in pension was announced in December 2019 by Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development Sayed Zulfikar Abbas Bukhari.

    He said that after increase in the EOBI pensioners would receive Rs 8,500 per month from January 01, 2020.

    He said the ministry would move the summary regarding the increase at the next meeting of federal cabinet for a final approval.

    The SAPM said the PTI government, in its efforts to give more relief to the pensioners, had twice increased their annuity in just one and half year’s tenure.

    He said the government had already enhanced the minimum pension of the EOBI’s insured person from Rs 5,250 to Rs 6,500 during 2018.

    The EOBI pension has been enhanced by 62 per cent since the Pakistan Tehreek-e-Insaf government came into power.

    “We are intending to raise this amount up to Rs 15,000 by the end of our tenure (2023),” Zulfikar Bukhari said.

  • SRB collects Rs105.9 billion in challenge economic situation

    SRB collects Rs105.9 billion in challenge economic situation

    KARACHI: Sindh Revenue Board (SRB) has collected Rs105.9 billion as sales tax on service during fiscal year 2019/2020 despite challenging economic situation due to COVID-19.

    According to a statement released on Wednesday the SRB collected Rs105.9 billion during fiscal year 2019/2020 as compared with Rs100.3 billion in the preceding fiscal year, showing 5.58 percent growth.

    Out of total collection the SRB collected Rs5.6 billion as workers welfare fund.

    “The milestone that SRB has reached represents a consistency of achievements, it has built since organization’s inception in 2011, courtesy the hard work and steadfastness demonstrated by its workforce, in work-culture dedicated to professional values,” according to the statement.

    The year 2019/2020 had a particular significance arising from COVID-19. The employees put in their best, working beyond the normal call of duty, despite the lockdown, six days – week in the face of difficult circumstances arising from the pandemic.

    The SRB also praised the taxpayers for their trust and cooperation ant the continuous support of the Sindh government without which the landmark performance of SRB would not have been possible.

    The SRB is now eying on an overall target of Rs135 billion during 2020/2021 with a year on year growth of 27.5 percent.

  • KCCI rejects extension in lockdown

    KCCI rejects extension in lockdown

    KARACHI: Business community on Wednesday rejected the extension in lockdown till July 15, 2020 by the Sindh government and said that procedures should be laid down to allow business activities.

    Karachi Chamber of Commerce and Industry (KCCI) said urged the provincial government to withdraw the notification immediately.

    In a statement Siraj Kassem Teli, chairman Businessmen Group and former president KCCI and Agha Shahab president KCCI rejected the extension in lockdown.

    Sinch March 23, 2020 the Sindh government imposed partial lockdown to prevent spread of coronavirus. At least 213,467 confirmed cases of coronavirus have been reported up to July 01, 2020 in the country. Besides, the pandemic claimed 4,395 lives to date.

    The KCCI said that restaurants, marriage halls, beauty parlors, cinemas etc. were shut for the last four months and their business were almost on verge of collapse.

    They said that due to the continuous lockdown these businesses would close down and it would result in mass unemployment.

    They urged the provincial government to allow opening of all businesses with strict Standard Operating Procedures (SOPs). They said that if through administrative measure an effective lockdown had been imposed then why not in case of implementing the SOPs.

    The provincial government should realize problems of business community and resolve those on priority basis.

  • PTA suspends PUBG

    PTA suspends PUBG

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Wednesday suspended online gaming application namely PUBG with immediate effect due to adverse effect on children health.

    According to a statement issued by the authority it had received complaints from different segments of society. Therefore, it has been decided to suspend the PlayerUnknown’s Battlegrounds (PUBG) game.

    The PTA has received numerous complaints against PUBG wherein it is stated that the game is addictive, wastage of time and poses serious negative impact on physical and psychological health of the Children.

    The authority noted that cases of suicide attribute to PUBG game were reported. The Lahore High Court (LHC) has also directed PTA to look into the issue and decide the matter after hearing the complaints. In this regard, a hearing is being conducted on July 09, 2020.

    The authority also decided to solicit views of the public with reference to the said online game. In this regard public is encouraged to provide feedback through [email protected] by July 10, 2020.

  • FBR exempts customs duty on oxygen gas, cylinder import

    FBR exempts customs duty on oxygen gas, cylinder import

    In response to the ongoing COVID-19 pandemic, the Federal Board of Revenue (FBR) announced on Wednesday an exemption from customs duty on the import of oxygen gas and oxygen gas cylinders. This measure aims to ensure the availability of these essential supplies as the country battles the spread of the virus.

    (more…)
  • Haroon Rashid elected as President OICCI

    Haroon Rashid elected as President OICCI

    KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has elected Haroon Rashid as president of the chamber with effect from July 01, 2020.

    Haroon Rashid is Chief Executive Officer of Shell Pakistan Limited.

    His appointment came following a successful tenure of Shazad Dada, who resigned as the President of OICCI after resigning from Standard Chartered Bank and taking over as President of United Bank Limited.

    Irfan Siddiqui has been elected as the Vice President of the OICCI from July 1, 2020. Irfan is the founding President/CEO of Meezan Bank Limited.

    He initiated the formation of Al-Meezan Investment Bank in 1997, which was converted into a full-fledged scheduled Islamic Commercial Bank in May 2002 – the first ever Islamic Commercial banking license given in Pakistan.

    Commenting on his appointment as the President of OICCI, Haroon Rashid was very upbeat and said, “It is really an honor to have been elected as the President of a prestigious organization like the OICCI, which is the largest chamber in the country in terms of economic contribution, contributing over one third of all government levies and is also the largest foreign investor in the country”.

  • Stock market begins new fiscal year with 468 points gain

    Stock market begins new fiscal year with 468 points gain

    KARACHI: The stock market gained 468 points on Wednesday to begin the new fiscal year 2020/2021 on positive note.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,889 points as against 34,421 points showing an increase of 468 points.

    Analysts at Arif Habib Limited said that the first day of the financial year 2021 took the index close to 35K level, posting gains of 502 points during the session, mostly inline with regional markets.

    Major contributors were Cement (on the back of recent increase in cement price / bag and reduction in FED charges), E&P (due to an increase in international crude prices), OMCs (primarily PSO, which gained from recent increase in retail price, eroding inventory losses at financial year end) and Fertilizer (for reasons of provision of cheap gas for feedstock for few fertilizer companies).

    Technology sector realized 78.8 percent shares, followed by Cement (64.4 percent) and Power (44.6 percent). Among scrips, KEL topped 39.1 percent shares, followed by HUMNL (30.7 percent) and TRG (26.5 percent).

    Sectors contributing to the performance include Cement (+178 points), E&P (+116 points), Power (+87 points), Fertilizer (+84 points) and O&GMCs (+25 points).

    Volumes increased further from 223.3 percent shares to 315.0 percent shares (+41 percent DoD). Average traded value also increased from US$ 44.6 percent to US$ 63.5 percent (+42 percent DoD).

    Stocks that contributed significantly to the volumes include KEL, HUMNL, TRG, MLCF and DGKC, which formed 43 percent of total volumes.

    Stocks that contributed positively to the index include LUCK (+95 points), HUBC (+68 points), OGDC (+58 points), PPL (+41 points) and ENGRO (+38 points). Stocks that contributed negatively include UBL (-22 points), BAFL (-17 points), MCB (-16 points), BAHL (-14 points), and HBL (-11 points).