Pkrevenue.com

Month: November 2021

  • Stocks climb up by 1,216 points on Saudi support

    Stocks climb up by 1,216 points on Saudi support

    KARACHI: The stocks climbed up by 1,216 points on Monday following cabinet approval for Saudi Arabia’s $3 billion support package.

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 45,330 points as against last Friday’s closing of 44,114 points, showing an increase of 1,216 points or 2.8 per cent.

    Analysts at Arif Habib Limited said that the KSE-100 index witnessed a bull-run as it gained more than 1,200 points in intraday trading to cross 45,000 points today, lifted by the cabinet approval to revive Saudi Arabia’s $3 billion support package for Pakistan in safe deposits and $1.2 billion worth of oil supplies on deferred payments.

    A major dip in crude oil prices created positive momentum in the market despite the emergence of a new variant of Covid-19.

    The perception of investors towards the last leg of the foreign selling spree being completed last week created an opportunity for intra-day traders.

    Sectors contributing to the performance include Commercial Banks (+283 points), Cement (+211 points), E7P (+139 points), Fertilizer (+100 points) and OMC’s (+76 points).

    Volumes decreased from 289.8 million shares to 268.2 million shares (-7.5 per cent DoD). Traded value increased by 6.1 per cent to reach US$ 61.9 million as against US$ 58.3 million.

    Stocks that contributed significantly to the volumes include FFLR1, TPLP, WTL, BYCO and FNEL.

    Bulls return to stock market ending 4-day losing streak
  • SBP customers’ exchange rates on November 29, 2021

    SBP customers’ exchange rates on November 29, 2021

    KARACHI, November 29, 2021 – The State Bank of Pakistan (SBP) has published the official exchange rates for November 29, 2021, based on the weighted average rates of commercial banks.

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  • SBP signs $3bn deposit agreement with Saudi Fund

    SBP signs $3bn deposit agreement with Saudi Fund

    KARACHI: State Bank of Pakistan (SBP) on Monday signed an agreement for a deposit of $3 billion from Saudi Fund for Development (SFD).

    The SBP in a statement said that a deposit agreement between the Kingdom of Saudi Arabia, represented by the Saudi Fund for Development (SFD), and the Government of the Islamic Republic of Pakistan, represented by the State Bank of Pakistan (SBP), was signed on Monday by the Chief Executive Officer of SFD, H.E. Sultan Bin AbdulRahman Al-Marshad and the Governor SBP, Dr. Reza Baqir at the State Bank of Pakistan in Karachi, Pakistan.

    Under this deposit agreement, SFD shall place a deposit of USD 3.0 billion with SBP.

    Saudi Arabia places $3bn with Pakistan’s central bank

    The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves. It will help support Pakistan’s foreign currency reservesand contribute towards resolving the adverse effects of the COVID-19 pandemic.

    The deposit agreement reflects the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly countries, the SBP said.

    PM Imran thanks Saudi assistance; dollar retreats
    Pakistan’s forex reserves fall by $776 mn in one week
  • Rupee reaches to historic low of Rs176.20 against dollar

    Rupee reaches to historic low of Rs176.20 against dollar

    KARACHI: The Pak Rupee (PKR) on Monday recorded a historic low of Rs176.20 to the dollar at the closing of the interbank foreign exchange market.

    The rupee lost 74 paisas to end at Rs176.20 to the dollar from last Friday’s closing of Rs175.46 in the interbank foreign exchange market. The rupee previously recorded the historic low at Rs175.73 on November 12, 2021.

    Currency experts said that the rupee deteriorated because the dollar demand for import and corporate payments remained high during the day.

    The rupee was also under pressure as the market was opened after two weekly holidays.

    The experts said that the large import bill of the country has kept the rupee under pressure. The import bill of the country recorded an increase of 65.40 per cent to $25.1 billion during the first four months of the current fiscal year as compared with $15.17 billion in the corresponding period of the last fiscal year.

    The rupee is likely to recover in the coming days as the State Bank of Pakistan (SBP) on Monday signed a deposit agreement with the Saudi Fund.

    Dollar closes at Rs175.46; hits intraday record high
  • Today’s currency exchange rates in PKR – Nov 29, 2021

    Today’s currency exchange rates in PKR – Nov 29, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 29, 2021 (The rates are updated at 11:10 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)125.50127.00
     Bahrain Dinar (BHD)386.85388.60
     Canadian Dollar (CAD)136.00137.50
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.5023.80
     Euro (EUR)196.00198.50
     Hong Kong Dollar (HKD)16.7517.00
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.80484.30
     Malaysian Ringgit (MYR)36.5036.85
     NewZealand $ (NZD)96.5597.25
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)47.0047.50
     Singapore Dollar (SGD)125.50127.00
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.5049.00
     UK Pound Sterling (GBP)232.00234.50
     US Dollar (USD)177.20179.00

    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.

    Today’s currency exchange rates in PKR – Nov 26, 2021
  • Presidents of Pakistan, Iran discuss trade, economy

    Presidents of Pakistan, Iran discuss trade, economy

    ISLAMABAD: The president of Pakistan Dr. Arif Alvi and the president of Iran Seyed Ebrahim Raisi on Sunday discussed bilateral trade and economy.

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  • Up to Rs50,000 penalty for obstructing access to records

    Up to Rs50,000 penalty for obstructing access to records

    Section 33(9) of the Sales Tax Act, 1990, stipulates that individuals who obstruct officials of Inland Revenue in accessing records may face penalties ranging from Rs5,000 to Rs50,000.

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  • Penalty for failure to maintain sales tax record

    Penalty for failure to maintain sales tax record

    The Sales Tax Act, 1990, empowers authorities to impose penalties on individuals or businesses failing to maintain records as required under Section 22 and Section 24 of the Act.

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  • Imprisonment for selling goods without tax registration

    Imprisonment for selling goods without tax registration

    A person is liable to imprisonment where he is required to get registered for sales tax under Section 14 of the Sales Tax Act, 1990, but he makes supplies without making an application for the registration.

    The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

    Following is the text of section 33(7) of the Sales Tax Act, 1990:

    33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –

    7. Any person who is required to apply for registration under this Act fails to make an application for registration before making taxable supplies.

    Such person shall pay a penalty of ten thousand rupees or five per cent of the amount of tax involved, whichever is higher:

    Provided that such person who is required to get himself registered under this Act, fails to get registered within sixty days of the commencement of taxable activity, he shall, further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to three years, or with fine which may extend to an amount equal to the amount of tax involved, or with both.

    (Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

    Penalty for repeated miscalculation in sales tax return
  • Penalty for repeated miscalculation in sales tax return

    Penalty for repeated miscalculation in sales tax return

    The Federal Board of Revenue (FBR) has reinforced its commitment to maintaining the integrity of the tax system by imposing penalties on individuals who repeatedly make erroneous calculations in their sales tax returns.

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