Pkrevenue.com

Month: September 2021

  • Date extended for exchanging bearer prize bonds

    Date extended for exchanging bearer prize bonds

    The finance division has notified extension in date for exchanging / conversion of bearer prize bonds from September 30, 2021 to December 31, 2021.

    The date has been extended for unregistered (bearer) prize bonds in denomination of Rs40,000/-, Rs25,000/- and Rs15,000.

    In order to comply with the Financial Action Task Force (FATF) for the prevention of money laundering and terror financing, the government had decided to document the financial instruments by the withdrawal of bearer prize bonds.

    So far the government has decided to withdraw prize bonds of four denominations including Rs40,000/-, Rs25,000/-, Rs15,000 and Rs7,500. However, the last date for exchanging Rs7,500 denomination bearer prize bonds is December 31, 2021.

    The government started withdrawal of bearer prize bonds with Rs40,000 denomination on June 24, 2019. Later, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.

    It is likely the finance ministry extend the date for encashment / exchanging the bearer prize bonds beyond September 30, 2021. However, the decision in this regard has not been taken so far.

    The finance ministry has issued the following procedure for encashment/exchanging the bearer prize bonds.

    01. Conversion to Premium Prize Bonds (Registered): The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000/- and Rs40,000/- (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP)’s Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.

    02. Replacement with Special Saving Certificates (SSC) / Defence Saving Certificates (DSC): The bonds can be replaced with SSC/DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.

    03. Encashment at Face Value: The bonds will only be encashed by transferring the proceeds to the bond holder’s bank account through the 16 field offices of SBP Banking Services Corporation as well as the authorized commercial bank branches and to the Saving Accounts at National Saving Centers.

    Prize bonds (bearer) to become worthless after Sept 30
  • FBR’s return filing portal response inconsistent: KTBA

    FBR’s return filing portal response inconsistent: KTBA

    As the clock ticks down on the last day for filing income tax returns in Pakistan, taxpayers are encountering significant challenges with the country’s online return filing portal, IRIS.

    (more…)
  • Exchange rates in PKR vs foreign currencies on Sept 30

    Exchange rates in PKR vs foreign currencies on Sept 30

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 30, 2021 (The rates are updated at 11:40AM):

    CurrencyBuyingSelling
    Australian Dollar123.10125.10
     Bahrain Dinar386.60388.36
     Canadian Dollar136.10138.10
     China Yuan23.7023.85
     Danish Krone23.4023.70
     Euro199.10201.10
     Hong Kong Dollar16.6016.85
     Indian Rupee2.032.10
     Japanese Yen1.411.44
     Kuwaiti Dinar481.50484
     Malaysian Ringgit36.4036.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.70
     Omani Riyal392.60394.60
     Qatari Riyal39.7540.35
     Saudi Riyal45.9046.40
     Singapore Dollar123.70125.20
     Swedish Korona18.2518.50
     Swiss Franc159.70160.60
     Thai Bhat4.804.90
     U.A.E Dirham47.4047.90
     UK Pound Sterling234.10236.60
     US Dollar171.40172.40

    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.

  • Imposition of 100% cash margin on imports likely

    Imposition of 100% cash margin on imports likely

    KARACHI: A 100 per cent cash margin requirement on imports to be imposed in order to discourage rising foreign purchases, market sources said on Wednesday.

    The sources said that restriction on cash margin has been imposed to discourage import and support balance of payment.

    The rupee is continuously falling and making lows for the past several days. The rupee fell to a new record low of Rs170.48 to the dollar in the interbank foreign exchange market on September 29, 2021.

    The sources said that the condition of 100 per cent cash margin requirement on import of some medical items may not apply.

    Dollar hits new record high of Rs170.48 in interbank
  • FBR says return filing system working seamlessly

    FBR says return filing system working seamlessly

    The Federal Board of Revenue (FBR) issued a statement on Wednesday asserting that the return filing system at IRIS portal is working seamlessly, receiving an impressive 150,000 returns on September 28, 2021.

    (more…)
  • Pakistan stocks tumble on US sanctions on Taliban

    Pakistan stocks tumble on US sanctions on Taliban

    KARACHI: Pakistan stocks tumbled on Wednesday as its benchmark index lost 908 points after the US announced to impose sanctions on the Taliban.

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 44,367 points against the previous day’s closing of 45,275 points.

    Analysts at Arif Habib Limited said after the initial uptick of 67 points carrying positive sentiment from yesterday, the market took a nose dive due to concerns on the foreign policy front where the US announced sanctions on the Taliban and its supporters that had PSX investors worry about the fate of relations with the US.

    Resultantly, the index tumbled around 1300 points during intraday trading.

    Selling was observed across the board with a major decline in Technology, Banks, E&P, O&GMCs and Fertilizer.

    Among scrips, TELE topped the volumes with 52.4 million shares, followed by WTL (50.8 million) and DCR (36 million).

    Sectors contributing to the performance include Banks (-172 points), Technology (-128 points), Cement (-100 points), Pharma (-65 points) and Fertilizer (-58 points).

    Volumes increased from 364.8 million shares to 468.8 million shares (+28 per cent DoD). Average traded value also increased by 17 per cent to reach US$ 96.2 million as against US$ 82.2 million.

    Stocks that contributed significantly to the volumes include TELE, WTL, DCR, BYCO and ANL, which formed 43 per cent of total volumes.

    Stocks that contributed positively to the index include PAKT (+19 points), SCBPL (+3 points), GLAXO (+1 points), MUREB (+0 points) and IBFL (+0 points). Stocks that contributed negatively include TRG (-88 points), MCB (-61 points), SEARL (-35 points), SYS (-35 points) and LUCK (-35 points).

    Stock market gains 457 points in mixed trading
  • Dollar hits new record high of Rs170.48 in interbank

    Dollar hits new record high of Rs170.48 in interbank

    KARACHI: The dollar on Wednesday hit another record high at Rs170.48 in the interbank foreign exchange market. The Pak Rupee (PKR) lost 51 paisas to close at Rs170.48 from the previous day’s closing of Rs169.97, the previous record high of the dollar, in the interbank foreign exchange market.

    Currency experts said that dollar demand was further increased due to import and corporate payments.

    They said that high international oil prices had also put pressure on the foreign currency.

    The local currency is under pressure due to the ballooning trade deficit and widening of the current account deficit.

    The State Bank of Pakistan (SBP) last week took measures to support the balance of payment by putting a ban on financing for imported vehicles. However, these measures have failed so far to soften the demand for foreign currency.

    Rupee hit new low against dollar at Rs169.97
  • SBP issues customers exchange rates for September 29

    SBP issues customers exchange rates for September 29

    Karachi, September 29, 2021 – The State Bank of Pakistan (SBP) has released the exchange rates for customers on September 29, 2021.

    (more…)
  • Taxpayers can avail date extension as per law: FBR

    Taxpayers can avail date extension as per law: FBR

    KARACHI: The Federal Board of Revenue (FBR) on Wednesday announced it will not extend the last date for filing income tax returns for tax year 2021. However, taxpayers may apply for filing date extension as per Income Tax Ordinance, 2001.

    The FBR in a communication sent to all the field office of Inland Revenue informed it had been decided that last date of filing of returns i.e. September 30, 2021 will not be extended for individuals, Association of Persons (AOPs) and companies which are required to file income tax returns by the due date.

    “However, simultaneously provisions of Section 119(1) of the Income Tax Ordinance, 2001 stipulate that a “person required to furnish a tax return under Section 114 of the Income Tax Ordinance, 2001 … may apply, in writing to the commissioner for an extension of time to furnish the return.”

    Thus, while it is important that the date of filing of tax returns for tax year 2021, being September 30, 2021, is retained as the final date for the purpose, it is absolutely necessary that Commissioners generously grant extensions in all cases of the hardship of any nature.

    “In order to render the entire process of filing for extension and granting of time to taxpayers for filing of tax returns, IRIS is being modified to make it facilitative and less time-consuming.”

    The FBR said that the chief commissioners, both in terms of administrative responsibilities as well as legal powers vested in term under Section 119(4) ibid, are required to be fully vigilant and ensure that no requests for extension remain unattended in their jurisdiction.

    The FBR also instructed that every Inland Revenue field formation should ensure the implementation of guidelines in respect of manual returns.

    FBR extends IR working hours for tax collection
  • Exchange rates in PKR vs foreign currencies on Sept 29

    Exchange rates in PKR vs foreign currencies on Sept 29

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 29, 2021 (The rates are updated at 10:23AM):

    CurrencyBuyingSelling
    Australian Dollar123.10125.10
     Bahrain Dinar386.60388.36
     Canadian Dollar136.10138.10
     China Yuan23.7023.85
     Danish Krone23.4023.70
     Euro199.10201.10
     Hong Kong Dollar16.6016.85
     Indian Rupee2.032.10
     Japanese Yen1.411.44
     Kuwaiti Dinar481.50484
     Malaysian Ringgit36.4036.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.70
     Omani Riyal392.60394.60
     Qatari Riyal39.7540.35
     Saudi Riyal45.9046.40
     Singapore Dollar123.70125.20
     Swedish Korona18.2518.50
     Swiss Franc159.70160.60
     Thai Bhat4.804.90
     U.A.E Dirham47.4047.90
     UK Pound Sterling234.10236.60
     US Dollar171.40172.40

    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.

    Exchange rates in PKR vs foreign currencies on Sept 28