ISLAMABAD – The federal government has officially announced the amount of diyat for the fiscal year 2021-2022, fixing it at Rs 4.26 million. This amount corresponds to the value of 30,630 grams of silver, as prescribed under Islamic injunctions and outlined in the Pakistan Penal Code (PPC).
(more…)Day: July 17, 2021
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Section 2 of Income Tax Ordinance, 2001 amended through Finance Act, 2021
The Federal Board of Revenue (FBR) notified updated Section 2 of Income Tax Ordinance, 2001 amended through Finance Act, 2021.
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Exchange rate: buying, selling of Saudi Riyal in rupee on July 17
KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 17, 2021:
Buying: Rs 42.50 to the Saudi Riyal
Selling: Rs 43.00 to the Saudi Riyal
We update rates hourly so we can offer you the best SAR to PKR.
The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Exchange rate: buying, selling of UAE Dirham in rupee on July 17
KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 17, 2021:
Buying: Rs 43.00 to the UAE Dirham
Selling: Rs 43.50 to the UAE Dirham
We update rates hourly so we can offer you the best AED to PKR.
The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Exchange rate: buying, selling of Euro in rupee on July 17
KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 17, 2021:
Buying: Rs 186.50 to the Euro
Selling: Rs 188.50 to the Euro
We update rates hourly so we can offer you the best EUR to PKR.
The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Exchange rate: buying, selling of UK Pound Sterling in rupee on July 17
Karachi, July 17, 2021 – The open market rates for the UK Pound Sterling (GBP) to Pakistani Rupee (PKR) witnessed fluctuations on July 17, 2021, with buying and selling rates recorded at Rs 218.50 and Rs 221.50, respectively.
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Samsung mobile phones production to start with investment of $15 million in Pakistan
KARACHI: Lucky Motor Corporation Limited will start production of Samsung mobile phones with initial investment of $15 million in Pakistan.
Abdul Razak Dawood, Advisor to Prime Minister for commerce and Investment disclosed this on Saturday.
“I congratulate Lucky Group on partnering with Samsung Electronics. … to set up a mobile phone assembly plant with an initial investment of $15 million. It will create jobs.”
He said that this is the result of our mobile manufacturing policy. And a clear vindication of our ‘Make in Pakistan’ initiative.
The company issued a statement and announced production of Samsung mobile phones.
The company is manufacturing and assembly of motor vehicles. It is assembling KIA and Peugeot branded motor vehicles.
The company recently entered into an agreement with Samsung Gulf Electronics Co. FZE (Samsung) for producing Samsung branded Mobile Devices in Pakistan.
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FIA making all-out efforts to resolve cyber crime related complaints: DG
KARACHI: The Federal Investigation Agency (FIA) is making all out efforts to resolve complaints related to cyber crime.
FIA Director General Dr. Sanaullah Abbasi said this at a meeting with members of Karachi Chamber of Commerce and Industry (KCCI).
According to a statement issued on Saturday by the KCCI, the DG FIA briefed the business community about initiatives taken for promptly dealing with digital banking and cyber crime cases.
“Cybercrime has been rising as we are receiving a lot of complaints. Hence, we are making all out efforts and will try our best to resolve such complaint at the earliest,” he added.
To a suggestion, he assured to look into the possibility of providing online facility for hearing to the members of business community to save them from travelling all the way to FIA circles in far-flung areas.
“This online hearing mechanism could be set up for handling cases/ notices being received from faraway circles all over Pakistan to minimize the hardships being faced by business community,” he added while speaking at an online meeting.
The meeting was attended by General Secretary BMG AQ Khalil, President KCCI Shariq Vohra, Chairman Law & Order Subcommittee Junaid-ur-Rehman, Former Presidents KCCI Majyd Aziz & Iftikhar Vohra, Director FIA South Amir Farooqi, KCCI Managing Committee Members and FIA officials.
DG FIA Sanaullah Abbasi stated that it was the motive of FIA to fully serve and facilitate the business community.
He nominated Director FIA South Amir Farooqi as the focal person for dealing with complaints raised by the Karachi Chamber.
General Secretary BMG A.Q Khalil underscored the need to simplify the visa on arrival facility at the airports. He said the foreigners, particularly businessmen face immense hardships in availing this facility.
“Under the existing policy, a Deputy Director of FIA is responsible for either issuing or rejecting visa to any foreign investor without consulting with any Chamber of Commerce or relevant local businessmen.
“Such bureaucratic hurdles create a lot of problems and at many occasions as some of the credible foreign investors face deportation that needs to be given special attention as it sends a negative message about Pakistan,” he added.
He further advised DG FIA to publicize the progress reports and achievements in dealing with the menace of cybercrimes as a lot was being claimed but nothing much has been publicized.
“Pakistan has remained in the grey list of FATF from quite some time now and we are not much acquainted about our shortcomings whereas it has also been observed that FIA has been constantly intervening in business transactions hence, the FATF conditions for money laundering have to be effectively highlighted so that the business community could comply to the same and accordingly carry out their transactions,” AQ Khalil suggested.
President KCCI Shariq Vohra pointed out large number of notices issued by the FIA. “… we request DG FIA to also take look into the matter of large number of notices being issued to the members of the business community by FIA which are a major source of harassment,” he added.
Expressing deep concerns over notices being issued to KCCI members from FIA circles in Multan, Faisalabad and other far-flung areas where FIA officials ask relevant businessmen to appear physically for hearing or face severe consequences.
Chairman of KCCI’s Law & Order Subcommittee Junaid ur Rehman underscored to devise an effective mechanism for holding all such hearing in Karachi and if the cases were found not so serious, these should be immediately disposed of without creating more difficulties for businessmen and industrialists.
He also requested DG to enhance the capacity of system implemented for handling the cases pertaining to digital banking crimes and make it more efficient.
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Tax auditor awarded major penalty for misconduct
In a recent development, the Federal Board of Revenue (FBR) has awarded with a major penalty to a tax auditor, Sardar Abdul Rab Nashtar, Assistant Director (Audit) of the Inland Revenue Service (IRS).
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Weekly Review: market likely to gain momentum
KARACHI: The stock market likely to continue the momentum gained in the outgoing week. Analysts at Arif Habib Limited said that cyclical sectors may be in the limelight on expected healthy earnings.
The analysts said rising COVID cases are remained challenging.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 6.8x (2021). This week has seen the index gaining some momentum.
This week saw the release of power generation data, which posted the highest ever generation of 130,223 GW.
Other news included receipt of USD 1 billion from Eurobond. Remittances clocked in at the highest level of USD 29.4 billion.
The index closed at 47,834 points, (up 271 points WoW).
Sector-wise positive contributions came from:
i) Commercial Banks (82 points),
ii) Technology & Communication (75 points),
iii) Cement (46 points),
iv) Textile Composite (36 points), and
v) Investment Banks/Investment Companies/Securities Companies (36 points).
The sectors contributed negatively included:
i) Fertilizer (36 points),
ii) Power Generation & Distribution (17 points),
iii) Pharmaceuticals (13 points),
iv) Oil & Gas Exploration Companies (12 points) and Automobile Parts & Accessories (7 points).
Scrip-wise positive contributors were SYS (79 points), LUCK (62 points), PSX (36 points), UNITY (33 points) and BAFL (30 points).
Scrip-wise negative contribution came from POL (15 points), EFERT (15 points), KAPCO (11 points), CHCC (11 points) and ENGRO (10 points).
The market witnessed foreign buying . It settled at USD 4.6 million against selling of USD 5.2 million.
The market witnessed buying in in cements, exploration and production and technology and communication.
On the domestic front, the market witnessed selling by Individuals (USD 9.98 million) and Broker Proprietary Trading (USD 6.32 million).
Average volumes clocked-in at 467 million shares (down by 4 per cent WoW). The average value traded settled at USD 96 million (down by 10 per cent WoW).