Pkrevenue.com

Day: July 26, 2021

  • Prime Minister directs action against profiteers

    Prime Minister directs action against profiteers

    ISLAMABAD: Prime Minister Imran Khan on Monday directed authorities to take stern action against profiteers to ensure fair prices of essential items.

    The prime minster chaired a review meeting on commodity prices. He directed that Tehsil and District Administration along with Competition Commission of Pakistan should ensure fair prices of food items by taking action against profiteers and mafias to facilitate people.

    The meeting was attended by Minister for Planning Asad Umar, Minister for Industries and Production Makhdoom Khusro Bakhtiar, Minister of State for Information and Broadcasting Farrukh Habib, SAPM on Political Communication Dr Shahbaz Gill and senior officers concerned. Finance Minister Shaukat Tareen, Chief Secretary Punjab and Balochistan attended the meeting via video link.

    In the meeting, the Prime Minister stressed that the provision of essential commodities to people at affordable prices is top priority of the government.

    The Prime Minister directed the provincial Chief Secretaries to ensure action against the negligent officers regarding prices.

    The Prime Minister also stressed upon the need to make the existing cell more active in monitoring prices on a regular basis and ensuring their reasonable prices.

  • FBR redefines Tier-1 retailers for integration

    FBR redefines Tier-1 retailers for integration

    The Federal Board of Revenue (FBR) has redefined Tier-1 retailers, making it mandatory for them to integrate sales data on a real-time basis.

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  • Tax law allows deductions against business income

    Tax law allows deductions against business income

    KARACHI: Income Tax Ordinance, 2001 has allowed certain deductions against income from business for calculation of tax liability.

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  • FBR reduces sales tax rate on petrol to 10.77%

    FBR reduces sales tax rate on petrol to 10.77%

    In a move aimed at providing relief to consumers, the Federal Board of Revenue (FBR) has announced a reduction in the sales tax rate on the supply of petrol. The new rate, effective immediately, is set at 10.77%, down from the previous rate of 16.40%.

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  • FPCCI opposes new SOPs by Sindh government

    FPCCI opposes new SOPs by Sindh government

    KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the apex trade body of the country, has voiced concerns over the enforcement of new Standard Operating Procedures (SOPs) for COVID-19 prevention by the Sindh government.

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  • KIBOR rates on July 26, 2021

    KIBOR rates on July 26, 2021

    KARACHI, July 26, 2021 – The State Bank of Pakistan (SBP) has released the Karachi Interbank Offered Rates (KIBOR) for various tenors on Monday, providing insight into the prevailing borrowing and lending rates in the interbank market.

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  • KSE-100 index ends down by 120 points

    KSE-100 index ends down by 120 points

    KARACHI: The Pakistan Stock Exchange (PSX) ended down by 120 points on Monday. The benchmark KSE-100 closed at 47,673 points as against last Friday’s closing of 47,793 points.

    Analysts at Topline Research said that the index opened the day in the positive territory. Initially it reached to an intra-day high of 47,930 points.

    But it succumbed to selling pressure for the rest of the day. It closed near its intra-day low of 47,606 points.

    The start of the futures roll over week, with an outstanding open position of Rs28.07 billion, coupled with concerns of a ballooning current account deficit kept the market gains in check.

    PPL, MEBL, UBL, OGDC, & LUCK dragged the index lower by a cumulative 126 points while MCB, ENGRO & EFERT added 102pts to the benchmark KSE 100 index.

    On the volume front, the KSE All Share Index total volume and value clocked in at 449.50 million shares and Rs13.57 billion, respectively.

    With the introduction of 30, 60 & 90 Deliverable Futures Contract’s (DFC), total volume and value on the Futures counter clocked in at 314.48 million shares and Rs12.4 billion respectively.

    WTL was the volume leader of the day. Its share trading recorded at 127.82 million during the session.

  • Dollar falls by Rs1.09 in interbank

    Dollar falls by Rs1.09 in interbank

    KARACHI: The Pak Rupee recovered Rs1.09 against the dollar on Monday. The sharp recovery can be attributed to significant increase in foreign exchange reserves.

    The rupee ended at Rs161.23 to the dollar from last Friday’s closing of Rs162.32 in the interbank foreign exchange market.

    The foreign exchange reserves of the country reached $25.128 billion after transfer of $1.04 billion against the proceeds of Eurobond, according to the State Bank of Pakistan (SBP).

    Currency experts said that latest measures to impose restrictions for preventing coronavirus spread also helped the rupee to make gains.

  • SBP issues customers exchange rates for July 26

    SBP issues customers exchange rates for July 26

    KARACHI: The State Bank of Pakistan (SBP) on Monday issued customers’ exchange rates. The exchange rate is on the basis of weighted average rates of commercial banks.

    The SBP said the data compiled and disseminated for information only.

    These exchange rates are estimates that quoted by various commercial banks to their clients.

    The banks provide their indicative exchange rates for commercial transactions with customers.

     CURRENCYBUYINGSELLING
    AED43.958444.0526
    AUD118.5650118.8143
    CAD128.2446128.5137
    CHF175.6443176.0176
    CNY24.912124.9625
    EUR190.0924190.5075
    GBP221.8166222.2945
    JPY1.46261.4658
    SAR43.023143.1147
    USD161.3205161.6838
  • SBP likely to keep policy rate unchanged at 7%

    SBP likely to keep policy rate unchanged at 7%

    KARACHI: The State Bank of Pakistan (SBP) has scheduled to announce monetary policy for next two months on Tuesday July 27, 2021.

    The present key policy rate is 7 per cent. Analysts believe that the central bank is likely to keep the policy rate unchanged.

    The analysts at Arif Habib Limited expect the SBP to keep the policy rate unchanged at 7 per cent in the upcoming monetary policy statement.

    To recall, the Monetary Policy Committee (MPC) convened last in May 2021 and noted that further improvement has been witnessed in the overall domestic recovery. The GDP forecast is at 3.94 per cent for FY21.

    Therefore SBP might consider keeping the rate unchanged in order to boost domestic demand despite running a negative interest rate of 3 per cent at present. Moreover, the statement also hinted at a very gradual and measured monetary tightening stance, when the need arises.

    It also highlighted that core inflation continues to appear restrained and although headline numbers have been inclining, inflation remains manageable. Moreover, inflation, as per SBP, is likely to hover within the 5-7 per cent range in the medium-term. Therefore, it seems likely that the central bank would let the real interest rates remain negative in the medium term.

    On the external front, Pakistan closed FY21 with historic high levels of exports (goods) and remittances.

    The overall trade too remained high as economic activities ramped up. All said, what could have stayed in green ended in red; Current Account posted a deficit of USD 1.9 billion in FY21, with a huge USD 1.6 billion deficit recorded alone in the month of June 2021.

    However, on a YoY basis, current account deficit has come down by 58 per cent during FY21, the lowest deficit after 10-years (Surplus of USD 214 million in FY11).

    Total imports increased by 17.6 per cent YoY to USD 61.6 billion during FY21 while total exports increased by 12.8 per cent YoY to USD 31.6 billion during this period. Remittances were a silver lining, reaching USD 29.4 billion by FY21 end (up 27 per cent YoY).