Pkrevenue.com

Month: March 2021

  • Banks directed to discontinue paper-based submission of foreign exchange cases

    Banks directed to discontinue paper-based submission of foreign exchange cases

    KARACHI: State Bank of Pakistan (SBP) on Tuesday directed banks to discontinue paper-based submission of foreign exchange related cases to them by their clients latest by June 30, 2021.

    The SBP said it had initiated efforts to facilitate business community and promotes ease of doing business through end-to-end digitalization of approval of foreign exchange related cases in the banking system

    In order to further facilitate the business community in Pakistan, promote ease of doing business, enhance operational efficiency and make processing of Foreign Exchange (FX) related cases cost effective and environment friendly, State Bank has advised all banks to implement digital portals for end-to-end digitalization of case submission and processing.

    In the first leg of its end-to-end digitalization drive, SBP launched an online platform – Regulatory Approval System (RAS) to facilitate banks in online submission of foreign exchange related cases to the Exchange Policy Department (EPD) of SBP and the Foreign Exchange Operations Department (FEOD) of the SBP Banking Service Corporation (SBP BSC). The SBP-RAS has been operational since March 24, 2020 whereby banks are submitting their cases online to FEOD and manual case submission has been discontinued. Later on, paper based case submission to EPD by banks was also discontinued with effect from August 28, 2020.

    In the next leg of its digitalization drive, SBP instructed banks to develop portals to facilitate their customers for online submission of cases to banks and abolish paper based case submission. In this background, twenty-one (21) banks have already developed their portals and started onboarding their customers besides receiving cases digitally, while the rest of the banks are in the development phase and customers’ onboarding is underway.

    In view of SBP’s priority for end-to-end digitalization of foreign exchange related case submission, banks have been advised to complete development of portals, onboarding and educating their customers for the same and discontinue paper-based submission of foreign exchange related cases to them by their clients latest by June 30, 2021. It has further been advised that banks must make comprehensive arrangements for any contingency and ensure business continuity in case of disruption in their portals.

  • Dollar depreciates to Rs156.72

    Dollar depreciates to Rs156.72

    KARACHI: The US Dollar fell 28 paisas against Pak Rupee on Tuesday owing to supply of foreign currency during the day, dealers said.

    The exchange rate closed at Rs156.72 to the dollar from previous day’s closing of Rs157.00 in the interbank foreign exchange market.

    Currency dealers said that despite demand of the foreign currency during the day the rupee recovered. They said that the marketed witnessed sufficient supply of the foreign currency.

    They said that the sentiments were remained positive due to improved inflows of export receipts and workers’ remittances during first eight months of the current fiscal year.

  • MCC Islamabad announces of confiscated motor vehicles on March 18

    MCC Islamabad announces of confiscated motor vehicles on March 18

    ISLAMABAD: Model Customs Collectorate (MCC) Islamabad has announced auction of confiscated motor vehicles to be held on March 18, 2021 as State Warehouse of the collectorate.

    Following motor vehicles will be presented at the auction:

    01. Ambulance, Model 201, Chassis No. VDIFB30AH14443523

    02. Toyota Crown Car, Mode 2015, Chassis No. AWS210-6080692

    03. Nissan Double Cabin, Model 2001, Chassis No. NJICJUD22Z0023936

    04. Nissan Double Cabin, Model 2001, Chassis No. JNICJUD22Z0023946

    05. Nissan Pickup, Double Cabin, Model 2006, Chassis No. JNICJUD22Z0079080

    06. Nissan Pickup, Double Cabin, Model 2006, Chassis No. JNICJUD22Z0079243

    07. Toyota Vitz Car, Model 2008, Chassis No. KSP90-2075463

    08. Toyota Prado, Model 2006, Chassis No. JTEBK29J-500024865

    09. Toyota Vitz Car, Model 2008, SCP90-5106149

    10. Toyota Land Cruiser, Model 2014, Chassis No. TRJ150-0019195

    11. Toyota Fielder Car, Model 2008, Chassis No. NZE141-9085734

    12. Mercedez Benz, Model 2015, Chassis No. WDD2120012B154292

    13. Suzuki Alto Car, Model 2010, Chassis No. HA25V-712450

    14. Toyota Corolla Car, Model 2006, Chassis No. NZE121-3381444

    15. Toyota Vitz Car, Model 2006, Chassis No. SCP90-2001754

    16. Toyota Vitz Car, Model 2008, Chassis No. NCP91-5216841

    17. Toyota Passo Car, Model 2007, Chassis No. QNC10-0068956

    18. Toyota Axio Car, Model 2006, Chassis No. ZRE142-6000473

    19. Toyota Axio Car, Model 2008, Chassis No. NZE141-6113022

    20. Toyota Vitz Car, Model 2006, Chassis No. SCP90-5047399

    21. Toyota Corolla Car, Model 2003, Chassis No. CE121-3003746

    22. Toyota Aqua car, Model 2012, Chassis No. NHP10-2017668

    23. Honda Civic Car, Model 2006, Chassis No. FD3-1100679

    24. Suzuki Swift Car, Model 2008, Chassis No. ZC71S-441243

    25. Toyota Mark-X, Model 2008, Chassis No. GRX121-3004343

    26. Honda Civic Car, Model 2005, Chassis No. FD3-1000772

    27. Mercedez Benz Car, Model 2008, Chassis No. WDD2040412A087627

    28. Toyota Vitz Car, Model 2006, Chassis No. KSP90-5073937

    29. Toyota Raum Car, Model 2003, Chassis No. NCZ20-0031022

    30. Toyota Aqua Car, Model 2013, Chassis No. NHP10-6131071

    31. Toyota Fielder Car, Model 2005, Chassis No. NZE121-3333529

    32. Toyota Fielder Car, Model 2005, Chassis No. NZE121-3330289

    33. Honda Civic Car, Model 2005, Chassis No. FD3-1001494

    34. Toyota Prius Car, Model 2007, Chassis No. JHMFD36208S206345

    The Collectorate is also presenting following vehicles of PM’s House at the auction:

    01. BMW Car 760U, Model 2014, Chassis No. CH-WBAHP42000DY99225

    02. BMW Car 760U, Model 2014, Chassis No. CH-WBAHP42020DY99226

    03. Toyota Land Cruiser Jeep (Protected) 2014, Chassis No. urJ2024093203

    04. Toyota Land Cruiser, Model 2008, Chassis No. JTECB01J301032994

    05. Toyota Land Cruiser, Model 2008, Chassis No. JTEEV73J400002043

    06. Mercedes Benz Car (Protected), Model 2005, Chassis No. WDB-2201752A473693

    07. Mercedes Benz Car (Protected), Model 2005, Chassis No. WDB-2201762A457073

    08. Mercedes Benz Car (Protected), Model 2005, Chassis No. WDB-2201752A476036

    09. Mercedes Benz Car (Protected), Model 2005, Chassis No. WDB-2201752A475123

    10. Toyota Lexus Jeep (Protected), Model 2005, Chassis No. JTJJT00W633531475

    11. Mercedes Benz Car (Protected), Model 2005, Chassis No. WDB-2201762A457435

    12. BMW 760LI (Protected), Model 2014, Chassis No. WBAPH42070DY99223

    13. Mitsubishi Lancer S/Saloon, Model 1994, Chassis No. CSNCBIRU00812

  • Petrol, HSD prices kept unchanged for next fortnight

    Petrol, HSD prices kept unchanged for next fortnight

    ISLAMABAD: The government has decided to keep the prices of petrol and high speed diesel (HSD) unchanged for next fortnight, a statement said on Monday.

    It said that the government has been absorbing the upward price fluctuation in international market in order to provide maximum relief to the end consumers.

    Despite very limited fiscal space, the government has decided that the prices of MS (Petrol) and High Speed Diesel (HSD) will remain the same.

    However, as no Petroleum Levy (PL) is being charged on SKO and LDO, the prices of Kerosene (SKO) and Light Diesel Oil (LDO) have been marginally increased by Rs.3.42/liter and Rs.2.19/liter respectively due to significant rise in the international prices of Petroleum Products.

    The following new prices would be effective from March 16, 2021 for the 2nd fortnight of the current month:

    MS (Petrol) is unchanged at Rs111.90

    High Speed Diesel (HSD) is unchanged at Rs116.08

    Kerosene (SKO) has been increased from Rs80.19 to Rs83.61

    Light Diesel Oil (LDO) has been increased from Rs79.23 to Rs81.42

  • Share market gains 979 points on buying activity

    Share market gains 979 points on buying activity

    KARACHI: The share market gained 979 points on Monday owing to positive sentiments prevailed on stable political front.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,767 points as against last Friday’s closing 43,788 points showing an increase of 979 points.

    Analysts at Arif Habib Limited said that the market opened on a positive note today and added a total of 1051 points, similar to the performance witnessed on Friday.

    Leveraged positions have come off lately, whereby leverage in MTS, MFS and Futures stood Rs. 45 billion on March 8th, and by the end of the week declined to Rs. 35 billion.

    The Govt’s win of Senate chairmanship also helped investors make view on index. Buying was witnessed across the board, with Cement and Steel sectors contributing the most to the Index.

    Among scrips, TRG led the volumes with 24.8 million shares, followed by UNITY (23.6 million) and FCCL (21.1 million).

    Sectors contributing to the performance include Cement (+170 points), Technology (+152 points), O&GMCs (+100 points), Banks (+92 points) and Power (+79 points).

    Volumes increased from 442.5 million shares to 455.6 million shares (+3 percent DoD). Average traded value also increased by 2 percent to reach US$ 139.9 million as against US$ 137.5 million.

    Stocks that contributed significantly to the volumes include TRG, UNITY, FCCL, BYCO and KEL, which formed 24 percent of total volumes.

    Stocks that contributed positively to the index include TRG (+97 points), PSO (+71 points), LUCK (+58 points), SYS (+54 points) and HUBC (+47 points). Stocks that contributed negatively include ENGRO (-12 points), MCB (-5 points), PKGS (-4 points), MUREB (-4 points) and HGFA (-4 points).

  • Dun & Bradstreet signs pact with Trade Foresight for verified business data

    Dun & Bradstreet signs pact with Trade Foresight for verified business data

    KARACHI: Trade Foresight has entered into an agreement with Dun & Bradstreet Pakistan (D&B), the world’s leading source of business information and insights. Under the agreement, D&B will power Trade Foresight with D&B Verified Company and Business Profiles.

    Integrating D&B’s Verified and Globally recognized Business Profiles will allow Trade Foresight’s customers to have access to the largest corporate database and make more confident business decisions by viewing verified Business Profiles and D&B Ratings.

    D&B shall power Tarde Foresight by enabling state-of-the-art API integration tools (Direct+), completely automating the data and information sharing process between both Companies.

    Dun & Bradstreet (D&B), with a presence of over 179 years and operating in over 200 countries, is a global Information Services and Risk Management Company. D&B, which possesses over 400 million business records worldwide, provides robust data and compliance solutions to millions of businesses, including over 90% of fortune 500 companies.

    On the occasion of the signing, Nauman Lakhani, County Head for Dun & Bradstreet in Pakistan, said: “Dun & Bradstreet is delighted to empower Trade Foresight/Inseyab with the world’s largest database as well as insights. We are confident that clients of Trade Foresight/Inseyab will surely benefit from this arrangement. For the last 2 years, our presence in Pakistan has seen us working with Financial Service Providers and Corporates alike. This collaboration has the potential to reach a large pool of local businesses for the facilitation of their data needs.”

    Speaking on occasion, Dr. Muhammad Ehsan Khan, CEO & Founder of Trade Foresight/Inseyab, said, “Trade Foresight is currently being used by the Traders and Trade Associations of more than 30 countries, and the platform is helping them make effective trade decisions. One of the key challenges that we were facing was around Trader’s Data validation, and having Dun & Bradstreet as our partner helps us solve this issue. We look forward to supporting our traders by helping them connect with verified local/international trade partners and grow their businesses globally. Our vision is to help Pakistan balance its trade deficit, and we believe that digitally equipping Pakistani traders with the verified data and tools can have a positive impact in the achievement of this vision.”

    Trade Foresight is the World’s First Data and Analytics-Driven Trade Platform that provides companies trade insights that facilitate informed decisions. With offices across 5 countries, the platform enables this by highlighting potential risks via integrated/correlated trade data from verified sources. Trade Foresight helps identify opportunities that can support businesses in increasing their export market share and ensuring a resilient import supply chain.

  • Meezan Bank, Master Group sign agreement for online solution

    Meezan Bank, Master Group sign agreement for online solution

    KARACHI: Meezan Bank Limited and Master Group have signed an agreement for the online banking solution, a statement said on Monday.

    According to the agreement that was signed recently, Meezan Bank, through the provision of its state-of-the-art online banking solution, named eBiz+, will enable Master Group to fully automate its customer collections and supplier payments, catering to every client’s needs with a configurable and intelligent platform.

    The partnership will focus on creating value for Master Group by serving as an end-to-end transaction banking ecosystem based around an array of services covering working capital cycle, standardized reporting, greater safety and efficiency as well as world-class cyber security – all in one place, via eBiz+ – an integrated solution.

    The agreement was signed by Abdullah Ahmed – Group Head, Corporate & Institutional Banking, Meezan Bank and Shahzad Malik – Managing Director, Master Group.

    Also present at the occasion were Senior Executives of both organizations including Saqib Ashraf – Head of Transaction Banking, Meezan Bank, Amir Mushtaq Butt – Director Finance, Master Group and others.

    Abdullah Ahmed, while speaking at the occasion said: “As Pakistan’s leading Islamic bank, Meezan Bank has sophisticated Transaction Banking services including cash management.

    “We are thrilled to partner with Master Group as a trusted collaborator to automate their business/banking processes while ensuring operational integrity resulting in business efficiency with utmost security.”

    Meezan Bank is capitalizing on the strong trend in the banking industry towards digital banking with more and more clients preferring more specific internet banking solutions. Shahzad Malik commended the Bank for bringing forth operational efficiency in its payments & collection process.

  • Tax exemption withdrawal may save Rs100 billion

    Tax exemption withdrawal may save Rs100 billion

    KARACHI: The federal government is considering a significant fiscal policy shift through the withdrawal of tax exemption currently granted to specific sectors, which could potentially result in savings of up to Rs100 billion, according to analysts at Arif Habib Limited on Monday.

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  • Rupee gains 14 paisas on supply of foreign currency

    Rupee gains 14 paisas on supply of foreign currency

    KARACHI: The Pak Rupee gained 14 paisas against the dollar on Monday owing to improved inflows of workers’ remittances and export receipts.

    The rupee ended Rs157.00 to the dollar against last Friday’s closing of Rs157.14 in the interbank foreign exchange market.

    Currency dealers said that despite demand of the foreign currency during the day the rupee recovered. They said that the marketed witnessed sufficient supply of the foreign currency.

    They said that the sentiments were remained positive due to improved inflows of export receipts and workers’ remittances during first eight months of the current fiscal year.

  • Tax collection from new car manufacturing grows by 28pc

    Tax collection from new car manufacturing grows by 28pc

    The collection of withholding income tax from the sales of new cars by manufacturers in Pakistan has seen a notable uptick, marking a 28 percent increase during the first eight months of the fiscal year 2020/2021.

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