Pkrevenue.com

Month: August 2020

  • Rupee eases by six paisas on import, corporate payment demand

    Rupee eases by six paisas on import, corporate payment demand

    KARACHI: The Pak Rupee ended down by six paisas on Tuesday against dollar owing to higher demand for import and corporate payments.

    The rupee ended Rs168.43 to the dollar from previous day’s closing of Rs168.37 in interbank foreign exchange market.

    Currency experts said that demand from importers and corporate buyers were remained higher during the day which depressed the rupee value.

    They said that the improved inflows of workers’ remittances and export receipts may helped the local unit to improve value.

    The balance of payment of the country registered current account surplus i.e. 1.9 percent of the GDP during the first month of the current fiscal year.

    The BOP witnessed a current account deficit of 2.8 percent of the GDP in July 2019.

    The statistics revealed that the current account surplus stood at $424 million in July 2020 as compared with current account deficit of $613 million in the same month of the last year.

    The current account surplus may be attributed to record inflows of workers’ remittances in July 2020. In the month under review the workers’ remittances rose to $2.77 billion. This is the highest ever level of remittances in a single month in Pakistan, according to the SBP.

    The exports also exhibited 6.1 percent growth to $2 billion in July 2020 as compared with $1.88 billion in the same month of the last year. On the other hand the import bill of the country declined by 0.7 percent to $3.68 billion in July 2020 as compared with $3.71 in the same month of the last year.

    The trade deficit narrowed by 7.7 percent to $1.68 billion in July 2020 as compared with the deficit of $1.83 billion in the same month of the last year.

  • Providing business outlets, brands made mandatory for sales tax return

    Providing business outlets, brands made mandatory for sales tax return

    ISLAMABAD: Federal Board of Revenue (FBR) has amended sales tax rules in order to bring more businesses into the tax net.

    The FBR issued SRO 776(I)/2020 on Tuesday to amend Sales Tax Rules, 2006. Through the amendment the FBR explained that null return should be treated as a sales tax return which shows no data related to sales and purchases during a tax period.

    Further, the FBR has made mandatory for a business to provide names of all business branches/outlets along with complete addresses etc.

    The FBR also made it mandatory that a business owner will provide details of all brands names/trademarks in which dealing. The FBR said that the business owner shall provide details of all business brand names / trademarks etc. in which dealing.

  • CDC facilitates overseas Pakistanis to invest in stocks

    CDC facilitates overseas Pakistanis to invest in stocks

    KARACHI: Central Depository Company of Pakistan Limited (CDC) to facilitate investment by Non-Resident Pakistanis in the Pakistan Stock Market through Roshan Digital Account with designated large-scale banks, said Badiuddin Akber, CEO-CDC.

    In a statement he further stated that Roshan Digital Account is a remarkable step taken by the State Bank of Pakistan (SBP) to facilitate overseas Pakistanis.

    Similarly, allowing NRPs to invest in Stock Market through Roshan Digital Account is a further facilitation for NRPs which is the result of SECP’s vision to create ease of doing business for investors.

    He applauded the collaborative efforts of both SECP and SBP through which this important milestone was achieved.

    Through this initiative, NRPs desirous of investing in the Stock Market of Pakistan will be able to do so through an efficient, secure and convenient mechanism.

    Since there is no additional requirement other than having a Roshan Digital Account for NRP to start investing in Stock market, they just need to provide consent to their respective Bank to link them with CDC.

    Within the next 24 hours, they will be able to trade without the need of any further documents or information as CDC is going to act as the information hub, connecting stock market with the banks.

    CDC is working on this project zealously with SBP designated banks. The service will be available to NRPs with the availability of the Roshan Digital Account, which is scheduled to be launched very soon.

  • FBR directed to simplify income tax return form while considering various sectors

    FBR directed to simplify income tax return form while considering various sectors

    ISLAMABAD: In a bid to alleviate the challenges faced by various economic sectors, Dr. Abdul Hafeez Shaikh, Advisor to the Prime Minister on Finance and Revenue, has instructed the Federal Board of Revenue (FBR) to simplify the income tax return form. This directive came during an important meeting on FBR reforms held on Monday.

    (more…)
  • FBR renames tax offices

    FBR renames tax offices

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday renamed field offices while exercising powers under Section 4(1)(r) of FBR Act, 2007. The change of names shall take effect on September 01, 2020.

    According to an office order, the Large Taxpayers Unit (LTU) Karachi, Lahore and Islamabad will be renamed as Large Taxpayers Office (LTO) Karachi, Lahore and Islamabad.

    The LTU-II Karachi has been renamed as Medium Taxpayers Unit (MTU) Karachi. Further, Corporate Regional Tax Office (CRTO) Karachi and Lahore have been renamed as CTO Karachi and Lahore.

    Meanwhile, the Regional Tax Office (RTO)-II Karachi has been renamed as RTO-I Karachi and RTO-III Karachi has been renamed as RTO-II Karachi. The RTO-II Lahore has been renamed as RTO Lahore.

  • FBR transfers 74 customs officials of BS-16 to BS-18

    FBR transfers 74 customs officials of BS-16 to BS-18

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified transfers and postings of 74 officials of Pakistan Customs Service (PCS) in BS-16 to BS-18 with immediate effect until further orders.

    The FBR notified transfers and postings of following officials:

    01. Tauqeer Ahmad Dar (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Post Clearance Audit (Central), Lahore from the post of Deputy Collector, Model Customs Collectorate of Enforcement and Compliance, Lahore

    02. Muhammad Ali Asad Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Secretary (OPS), Customs Wing, Federal Board of Revenue (HQ), Islamabad from the post of Deputy Collector, Office of the Chief Collector Customs Appraisement and Facilitation (Central), Lahore.

    03. Ms. Tayyaba Bukhari (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore.

    04. Ms. Asma Bashir (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Lahore from the post of Deputy Collector, Model Customs Collectorate (AIIA), Lahore.

    05. Syed Babar Ali Shah (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Training & Research (Customs), Lahore from the post of Deputy Collector, Model Customs Collectorate, Sialkot.

    06. Fazli Shakoor (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Collectorate of Customs (Adjudication), Quetta from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Quetta.

    07. Muhammad Faisal (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Post Clearance Audit (South), Karachi from the post of Deputy Director, Directorate of Reforms and Automation (Customs), Karachi.

    08. Ms. Zehra Tahir Naqvi (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Customs Valuation, Karachi from the post of Deputy Collector, Model Customs Collectorate of Exports, Custom House, Karachi.

    09. Shoukat Hayat (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Quetta from the post of Deputy Director, Directorate General of Transit Trade, Karachi.

    10. Ammar Ahmad Mir (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Deputy Director, Directorate General of Training & Research (Customs), Karachi.

    11. Ms. Nausheen Riaz Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Karachi from the post of Deputy Director, Directorate General of Risk Management, Karachi.

    12. Ms. Mahwish Shah (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Collectorate of Customs (Adjudication-I), Karachi from the post of Deputy Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi.

    13. Ms. Aneeqa Afzal (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Collectorate of Customs (Adjudication), Faisalabad from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Faisalabad.

    14. Ms. Mariam Mehdi Raja (Pakistan Customs Service/BS-18) has been transferred and posted as  Deputy Director, Directorate of Post Clearance Audit (Central), Lahore from the post of Deputy Collector, Model Customs Collectorate (JIAP), Karachi.

    15. Omer Bin Zafar Chattha (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of IPR Enforcement (Central), Lahore from the post of Deputy Collector, Model Customs Collectorate, Islamabad.

    16. Syed Kareem Adil (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Enforcement and Compliance, Lahore from the post of Deputy Collector, Model Customs Collectorate, Hyderabad.

    17. Ms. Haleema Qasim (Pakistan Customs Service/BS-18)  has been transferred and posted as Deputy Director, Directorate of CBCM, DG I&I-FBR, Islamabad from the post of Deputy Collector, Collectorate of Customs (Adjudication), Islamabad. The officer will also look after the charge of Deputy Director, Directorate of Law & Prosecution, Islamabad.

    18. Ali Ijaz (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Customs Valuation, Lahore from the post of Deputy Collector, Model Customs Collectorate of Exports, Customs House, Karachi.

    19. Inamullah (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (JIAP), Karachi from the post of Deputy Director, Directorate of Transit Trade, Peshawar.

    20. Ms. Nazia Saleem (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore from the post of Deputy Collector, Model Customs Collectorate, Islamabad.

    21. Tausif Aman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation ,FBR, Karachi from the post of Deputy Collector, Model Customs Collectorate (JIAP), Karachi.

    22. Junaid Mahmood (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Rawalpindi.

    23. Muhammad Aftab (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation, FBR, Karachi from the post of Deputy Collector, Model Customs Collectorate of Exports (PMBQ), Karachi.

    24. Mrs. Zainab Mahmood (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Collectorate of Customs (Adjudication), Lahore from the post of Deputy Collector, Model Customs Collectorate (AIIA), Lahore.

    25. Naveed-ur-Rehman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate, Islamabad from the post of Deputy Director, Directorate of Internal Audit-North (Customs), Islamabad.

    26. Amjad Hussain Rajper (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Enforcement and Compliance, Quetta from the post of Deputy Collector, Collectorate of Customs (Adjudication), Quetta.

    27. Hamid Hussain (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate, Gwadar from the post of Deputy Collector, Office of the Chief Collector Customs (Appraisement and Facilitation) – South, Karachi.

    28. Amanullah Soomro (Pakistan Customs Service/BS-18) has been transferred and posted as Second Secretary, Customs Wing, Federal Board of Revenue (HQ), Islamabad from the post of Deputy Director, Directorate General of Customs Valuation, Karachi.

    29. Wahaj Saghir (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate, Gwadar from the post of Deputy Collector, Model Customs Collectorate, Gilgit-Baltistan.

    30. Asfand Yar Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Transit Trade, Peshawar from the post of Deputy Director, Strategic Control Division, Ministry of Foreign Affairs, Islamabad.

    31. Amjad Aman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi from the post of Deputy Collector, Model Customs Collectorate of Enforcement and Compliance, Multan.

    32. Usman Tariq (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (AIIA), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Faisalabad.

    33. Saqib-ur-Raihman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate (AIIA), Lahore from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Peshawar.

    34. Muhammad Wasif Malik (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Quetta.

    35. Amanat Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Transit Trade, Peshawar from the post of Deputy Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    36. Umair Zahid (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement and Facilitation, Peshawar from the post of Deputy Collector, Model Customs Collectorate of Enforcement and Compliance, Karachi.

    37. Ubaidullah (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Director, (OPS) Directorate of Intelligence & Investigation, FBR, Rawalpindi from the post of Deputy Director, (OPS) Directorate of Post Clearance Audit (North), Islamabad.

    38. Farhat H. Khan (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Collector, (OPS) Model Customs Collectorate of Enforcement and Compliance, Karachi from the post of Deputy Director, (OPS) Directorate of Post Clearance Audit (South), Karachi.

    39. Malik Muhammad Ahmed (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Enforcement and Compliance, Quetta from the post of Assistant Collector, Model Customs Collectorate, Gwadar.

    40. Quratulain Ramay (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi from the post of Assistant Director, Directorate General of IPR (Enforcement), Islamabad.

    41. Nabeel Siraj (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate General of Risk Management, Karachi from the post of Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.

    42. Farheen Zahra (Pakistan Customs Service/BS-17) has been transferred and posted as Second Secretary, Customs Wing, Federal Board of Revenue (HQ), Islamabad from the post of Assistant Collector, Model Customs Collectorate, Islamabad.

    43. Azka Zafar Rana (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of Reforms and Automation (Customs), Karachi from the post of Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.

    44. Maleeka Jafari (Pakistan Customs Service/BS-17) has been transferred and posted as Second Secretary, Customs Wing, Federal Board of Revenue (HQ), Islamabad from the post of Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi.

    45. Raissa Kanwal (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Enforcement and Compliance, Multan from the post of Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi.

    46. Tanveer Ahmad (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Collectorate of Customs (Adjudication), Islamabad from the post of Assistant Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    47. Salman Javaid (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate General of Risk Management, Karachi from the post of Assistant Collector, Model Customs Collectorate of Enforcement and Compliance, Lahore.

    48. Shehla Saleem Mughal (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of Training & Research (Customs), Lahore from the post of Assistant Collector, Model Customs Collectorate, Sialkot.

    49. Rabel (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi.

    50. Nayab Azhar (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation, Faisalabad from the post of Assistant Collector, Model Customs Collectorate of Enforcement and Compliance, Karachi.

    51. Saima Rahim (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Enforcement and Compliance, Multan from the post of Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore.

    52. Sajid Khan (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi from the post of Assistant Collector, Model Customs Collectorate of Enforcement and Compliance, Peshawar.

    53. Muhammad Ahmed Rizwan (Pakistan Customs Service/BS-17) has been transferred and posted as Second Secretary, Customs Wing, Federal Board of Revenue (HQ), Islamabad from the post of Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi.

    54. Tariq Hussain (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Gilgit-Baltistan from the post of Assistant Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    55. Rana Umair Arshad (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of Reforms and Automation (Customs), Karachi from the post of Assistant Collector, Model Customs Collectorate of Enforcement and Compliance, Quetta.

    56. Syed Jalal Haider Zaidi (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Islamabad from the post of Assistant Collector, Model Customs Collectorate of Enforcement and Compliance, Multan.

    57. Muhammad Fahd Jamil (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Strategic Exports Control Division, Ministry of Foreign Affairs Islamabad from the post of Assistant Collector (Prob), Model Customs Collectorate of Enforcement and Compliance, Multan.

    58. Hudaa Khalid (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Islamabad from the post of Assistant Collector, Model Customs Collectorate, Sialkot.

    59. Wardah Hajra (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Islamabad from the post of Assistant Collector (Prob), Office of the Chief Collector Customs (North), Islamabad.

    60. Muhammad Javed Mehmood (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation, Faisalabad from the post of Assistant Director, Directorate of IPR Enforcement (Central), Lahore.

    61. Khalid Umer (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate General of Transit Trade, Karachi from the post of Assistant Director, Directorate of Intelligence & Investigation, FBR, Gwadar.

    62. Asad Aleem (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Assistant Director, Directorate of Intelligence & Investigation, FBR, Karachi.

    63. Muhammad Saleem (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of Intelligence & Investigation, FBR, Gwadar from the post of Assistant Director, Directorate of Internal Audit (Customs), Karachi.

    64. Muhammad Khalid (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Sialkot from the post of Superintendent, RTO, Gujranwala, on promotion.

    65. Manoo Mal Gulwani (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Hyderabad from the post of Superintendent, Model Customs Collectorate, Hyderabad, On Promotion.

    66. Amjad Lal Junejo (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Hyderabad from the post of Superintendent, Model Customs Collectorate, Hyderabad, On Promotion.

    67. Ms. Kousar Jabeen (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of Internal Audit-South (customs), Karachi from the post of Superintendent, RTO-II, Karachi, On Promotion.

    68. Samsam Qadir Shah (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate General of Training & Research (Customs), Karachi from the post of Superintendent Preventive Services, Model Customs Collectorate of Enforcement and Compliance, Karachi, On Promotion.

    69. Nasir Iqbal Kasuri (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation, Lahore from the post of Principal Appraiser, Directorate of Internal Audit (North-Customs), Islamabad (Based at Lahore), On Promotion.

    70. Shafiullah (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Enforcement and Compliance, Karachi from the post of Principal Appraiser, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi, On Promotion.

    71. Ilyas Ahmed (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate (JIAP), Karachi from the post of Superintendent, Direcorate of Intelligence & Investigation-FBR, Karachi, On Promotion.

    72. Mehmood Ahmad Nasir (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of IOCO (North), Lahore from the post of Superintendent, CRTO, Lahore, On Promotion.

    73. Abdul Qayyum (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Director, Directorate of Intelligence & Investigation, FBR, Multan from the post of Principal Appraiser, Model Customs Collectorate of Appraisement and Facilitation (East), Karachi, On Promotion.

    74. Abdul Hameed (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi from the post of Principal Appraiser, Directorate General of Customs Valuation, Karachi, On Promotion.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • Banks fail to meet agri credit disbursement target

    Banks fail to meet agri credit disbursement target

    KARACHI: Banks have missed agriculture credit disbursement target for fiscal year 2019/2020 by Rs135 billion but the credit disbursement was 3.5 percent higher than the preceding fiscal year, State Bank of Pakistan (SBP) said on Monday.

    The central bank in a statement said that the banks disbursed Rs 1,215 billion to agriculture sector during 2019-2020. This is 3.5 percent higher than the amount disbursed in the previous fiscal year but less than the credit target of Rs 1,350 billion which was set by Agricultural Credit Advisory Committee (ACAC) in Peshawar in November 2019.

    Some factors which have constrained the growth of agriculture credit include the impact of COVID-19 pandemic, locust attack and continuing real side issues including water shortage, low production of cotton, sugarcane, low off take of fertilizers and volatility in prices of agri. produce etc.

    The outstanding portfolio of agriculture credit increased to Rs 581 billion at end June, 2020, registering growth of 3.3 percent compared with the last year’s position of Rs 562 billion.

    However, the number of agriculture borrowers declined from 4.01 million at end June 2019 to 3.74 million at end June 2020 due to the COVID-19 lockdown situation in the country.

    The analysis of disbursement reveals that during FY 2019-20, five major commercial banks collectively disbursed agriculture loans of Rs 708.3 billion or 100.5 percent of their annual target of Rs 705 billion, specialized banks disbursed Rs 71.1 billion or 62.9 percent of their annual target of Rs 113 billion and fourteen domestic private banks as a group achieved 88.7 percent by disbursing Rs 225.0 billion against their target of Rs 253.6 billion.

    Further, the five Islamic Banks as a group achieved 76.6 percent of their annual target of Rs 55.0 billion by disbursing Rs 42.1 billion which is 6.1  percent higher than the disbursement made during the corresponding period last year. Similarly, the Islamic windows of commercial banks disbursed Rs 43.5 billion or 79.2 percent against the target of Rs 55.0 billion in FY 2019-20 which is 33  percent higher from the disbursement of Rs 32.7 billion made during last year.

    The agriculture credit of microfinance sector remained relatively sluggish due to COVID-19 lockdown in the 2nd half of FY 2019-20. The Microfinance Banks (MFBs) as a group have achieved 75.7 percent by disbursing agriculture loans of Rs 139.3 billion to small farmers which is 9.5 percent lower than the disbursement of Rs 154 billion during same period last year.

    Likewise, the Microfinance Institutions/Rural Support Programs collectively achieved 73.4 percent of their targets by disbursing Rs 28.9 billion which is 15  percent lower than the disbursement of Rs 34 billion made during the last year to small and marginalized farmers.

    It is important to mention that SBP announced a comprehensive relief package in collaboration with stakeholders for relief of agriculture sector to deal with the adverse implications of the ongoing pandemic on the farming community and agriculture business in the downstream of value chains. These measures which included deferment of principal and restructuring/rescheduling of agriculture loans were initially allowed uptill June 30, 2020 have been extended upto 30 September 2020.

    SBP will continue to monitor the situation and it may introduce more measures to help the sector manage its finances during this temporary phase of disruption.

  • FBR notifies rules making mandatory for banks to share deposit, withdrawal details

    FBR notifies rules making mandatory for banks to share deposit, withdrawal details

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday made it mandatory for banks to provide details of transactions including deposits and withdrawals during a month. Besides, the banks are also required to provide information of transactions made through credit/debit cards and details of persons making profit on debt through banking deposits.

    The FBR issued SRO 773(I)/2020 dated August 24, 2020 to make amendment in Income Tax Rules, 2002. The FBR previously issued draft of these rules through SRO 686(I)/2020 dated August 05, 2020.

    According to the amendments, the banks are required to provide information of persons who have deposited Rs10 million or more during a month.

    The information of person making transactions must include: CNIC/NICOP/Passport Number; Name/Title of Account; Resident/Non-Resident; Address; Telephone Number; Account Opening Date; Account Number (BAN); Business/Professional/Occupation; and Amount Deposited during a month.

    The banks are also required to provide similar information to the tax authority of a person making cash withdrawal exceeding Rs1 million during a month.

    According to the rules, the FBR also made it mandatory for banks to provide details of persons making payment through credit card payment of Rs250,000 or more during a month. The FBR sought similar information of persons making transactions from banks.

    Besides, the banks will furnish information of persons making profit on debt during a year. The banks will provide similar information of persons drawing profit on debt.

  • Stock market gains 181 points in mixed trading activity

    Stock market gains 181 points in mixed trading activity

    KARACHI: The stock market gained 181 points on Monday in mixed trading activity during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,802 points as against 39,622 points showing an increase of 181 points.

    Analysts at Arif Habib Limited said that the market opened on a positive note today and continued the momentum by adding a total of 203 points during the session.

    The index also saw a drop of 148 points from LDCP, but rebounded by the end of session.

    Cement, Pharma, Steel and O&GMC sectors helped post gains on the Index, among which Cement and Pharma stocks reacted to expectations of an increase in underlying product prices.

    Cement dispatches are also anticipated to be high on the back of higher PSDP utilization in Q1-FY21. E&P sector remained under pressure due to News of privatization of OGDC and PPL by GOP, whereas banking sector stocks followed the trend as in past several sessions.

    Technology sector led the volumes with 67 million shares, followed by Cement (61.9 million) and Misc (29.7 million). Among scrips, TRG topped the volumes with 29.8 million shares, followed DCL (23.4 million) and PACE (23.4 million).

    Sectors contributing to the performance include Cement (+73 points), Technology (+47 points), Pharma (+39 points), O&GMCs (+36 points), Inv Banks (+28 points) and E&P (-74 points).

    Volumes declined from 400.5 million shares to 371.3 million shares (-7 percent DoD). Average traded value, on the contrary, increased by 9 percent to reach US$ 88.6 million as against US$ 81.7 million.

    Stocks that contributed significantly to the volumes include TRG, DCL, PACE, WTL and PRL, which formed 31 percent of total volumes.

    Stocks that contributed positively to the index include LUCK (+39 points), TRG (+38 points), DAWH (+27 points), SEARL (+24 points) and NBP (+16 points). Stocks that contributed negatively include OGDC (-27 points), PPL (-21 points), POL (-19 points), FFC (-15 points) and MCB (-10 points).

  • FPCCI praises SBP for timely action to avert coronavirus impact

    FPCCI praises SBP for timely action to avert coronavirus impact

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has praised State Bank of Pakistan (SBP) for timely action to minimize adverse impact of coronavirus on trade and industry, a statement said on Monday.

    “However, implementation of such measures is required to reach at the grass root level,” said Khurram Ijaz, Vice President, FPCCI, while chairing webinar on ‘Implications of Covid-19 on the Financial Market/Institutions of Pakistan.’

    He said that outbreak of Coronavirus has not only affected the trade and industry of Pakistan, but drastically declined the performance of the financial market and major economic indicators in the economy.

    During discussing, Arjumand Qazi, Group Head (SME)- Pak Brunei Investment said that SBP has indeed extended maximum support to the trade and industry in term of designing and announcing effective financing schemes since April 2020.

    However, commercial banks and other financial institutions are still reluctant to extend such facilities to rural businesses.

    Khurram Shehzad renowned financial expert appreciated SBP’s measure to decrease the interest rate from 13 percent to almost 7 percent in last 6 months.

    He said that it is high time that commercial banks, investment companies and other stakeholders of the financial market play their part in the economic and financial survival of the economy.

    Hasan Raza, Head of Project Management in Research Dept. Pakistan Stock Exchange (PSX) said that Pakistan Stock Exchange fell down to 27000 index point in February 2020 at the start of the lockdown, but with the efforts of PSX, the KSE index point has reached upto 40,000 index point in August 2020.

    He further shared information regarding newly launched mutual funds and new Sukuk bonds in 2020.

    While expressing his views, Zubair Haider Sheikh, Head of Cooperate & Investment Banking-Dubai Islamic Bank said that as the country is moving back to normal activities amid ease of lockdown in the economy, the commercial banks must come upfront to expand Temporary Economic Refinance Facility (TERF) as well as long term financing schemes to the masses.

    Ahsan Mahenti, Managing Director, Arif Habib Commodities while appreciating SBP’s initiatives to fight the financial losses bared by the business during lockdown however, there is still need of incentive driven policies to support the corporate sector as well.

    Participants of the webinar included Ali Kamal, Head of Research National Investment Trust (NIT), Imran Khali, Chairman Pak-Maldives Business Councils of FPCCI, Shabbir Mansha, Convener FPCCI Standing Committee on Custom Affairs, Amber Paracha Head of Credit Risk Management of Pak-Brunei Investment, members Trade Bodies and prominent members of FPCCI appreciated the initiative by FPCCI for conducting such informative seminars on various topics economic issues highlighting the problems and solutions which is highly commendable.