KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 17, 2021: The rates are updated at 09:01 AM.
Currency
Buying
Selling
Australian Dollar
121.5
123.5
Bahrain Dinar
386.5
388.5
Canadian Dollar
133
135
China Yuan
23.65
23.8
Danish Krone
23.35
23.65
Euro
197
199
Hong Kong Dollar
16.55
16.8
Indian Rupee
2.03
2.1
Japanese Yen
1.41
1.44
Kuwaiti Dinar
481.85
484.4
Malaysian Ringgit
36.65
37
NewZealand $
96.35
97.05
Norwegians Krone
17.5
17.75
Omani Riyal
392.7
394.7
Qatari Riyal
39.6
40.2
Saudi Riyal
44.4
45
Singapore Dollar
123
124.5
Swedish Korona
18
18.25
Swiss Franc
159.5
160.4
Thai Bhat
4.8
4.9
U.A.E Dirham
45.4
46
UK Pound Sterling
232.5
235
US Dollar
167.7
169.2
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.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 16, 2021: The rates are updated at 11.06 AM.
Currency
Buying
Selling
Australian Dollar
122.50
124.50
Bahrain Dinar
386.50
388.50
Canadian Dollar
134.50
136.50
China Yuan
23.65
23.80
Danish Krone
23.35
23.65
Euro
199
201
Hong Kong Dollar
16.55
16.8
Indian Rupee
2.03
2.10
Japanese Yen
1.41
1.44
Kuwaiti Dinar
481.85
484.4
Malaysian Ringgit
36.65
37
NewZealand $
96.35
97.05
Norwegians Krone
17.5
17.75
Omani Riyal
392.70
394.70
Qatari Riyal
39.60
40.20
Saudi Riyal
45.10
45.60
Singapore Dollar
124
125.50
Swedish Korona
18
18.25
Swiss Franc
159.50
160.40
Thai Bhat
4.80
4.90
U.A.E Dirham
46.20
46.70
UK Pound Sterling
233.50
236
US Dollar
169.60
170.60
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.
KARACHI: Prudent planning and strategic thinking. Pakistan State Oil (PSO) has enabled considerable savings and created value for end users by taking the following steps:
As of today, PSO has scrapped the spot tender for October 22-23, 2021, and replaced it with cargo under the long-term contract from Qatar Gas using contractual provisions and prudent rescheduling, said a statement issued on Wednesday.
PSO strategically planned for winters (Jan-Feb 2021 & Nov-Dec 2021) in advance, when spot prices are usually at their highest, and arranged 28 cargoes instead of 20 under long-term contracts (6 cargos each in Jan and February 2021 & 7 cargoes each in November and December 2021). This has been planned to meet the ever-increasing gas demand in winters at the lowest possible rates. Compared with current spot market rates, this translates into approximate savings of $295 million.
PSO has also enabled considerable savings by reducing the number of spot cargoes from 12 to 4 in the year 2021 using contractual provisions available while maximizing long-term cargoes through contracts from 60 to 70.
Furthermore, the company has reduced the suspension period of LNG supply in Sep 2021 owing to scheduled FSRU dry dock activity from approximate 90 hours to 60, by bringing the FSRU laden with cargo under the long-term contract with Qatar, thereby curtailing the downtime for the industry and saving considerable cost to the economy.
PSO is committed to safeguarding Pakistan’s national interest through effective planning and making the best possible decisions.
The company won the spectrum in a bid to enhance 4G customer experience across the country.
Federal Minister for IT & Telecom, Syed Aminul Haq along with Secretary IT & Telecom, Dr. Muhammad Sohail Rajput, Chairman PTA, Major General Amir Azeem Bajwa (Retd.) HI (M), senior officials from the ministry and PTCL Group attended the event. DG Licensing PTA, Brig. Amer Shahzad (Retd.) and President and Group CEO, PTCL & Ufone, Hatem Bamatraf signed the contract.
The company plans to use the spectrum to introduce new innovative products and services and enhance its customer experience by providing high-quality internet as well as to expand its existing network to unserved and underserved regions of the country.
Sharing his thoughts on spectrum acquisition, President and Group CEO, PTCL & Ufone, Hatem Bamatraf said: “It is a historic day for Ufone, as we have acquired additional 4G Spectrum in order to fully optimize our mobile data services. This will enable us to further enhance our users’ experience, expand the existing network to serve the unserved areas. Improved data experience will enable a digital transformation in education, health care, agriculture, banking and ecommerce ecosystems to name a few.”
“We appreciate Government of Pakistan for executing the spectrum auction process in a seamless and transparent manner”, he further added.
The additional spectrum will enable Ufone to not only connect Pakistanis living in far flung areas without cellular services but will also enable people in urban centers and towns to enjoy new sets of innovative products and unmatched experience.
KARACHI: The State Bank of Pakistan (SBP) on Wednesday said with the rapid growth in adoption of electronic banking channels, especially amidst the COVID-19 pandemic, the demand from bank and customers for digital financial transactions have increased manifold.
KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 175 points on Wednesday owing to historic low of Pak Rupee (PKR) against the dollar.
The index closed at 46,717 points as against previous day’s closing of 46,891.
Analysts at Arif Habib Limited said that the market continued the downtrend following the slippage in PKR parity with USD that deteriorated further to touch 169.70 in interbank and crossed 170 in open market.
Unabated foreign selling coincided with local mutual funds disposing positions on the pretext of redemptions. Cement, E&P, O&GMCs, Refinery sectors bore the brunt of persistent selling. Limited buying interest was observed in Technology stocks which came down in the past couple of sessions.
Among scrips, TPL led the volumes table with 29.6 million shares, followed by TELE (28.1 million) and BYCO (23.2 million).
Sectors contributing to the performance include Cement (-83 points), Textile (-22 points), Pharma (-21 points), E&P (-20 points) and Banks (+45 points).
Volumes declined from 479.8 million shares to 332.8 million shares (-31 per cent DoD). Average traded value also dropped by 24 per cent to reach US$ 67.6 million as against US$ 88.9 million.
Stocks that contributed significantly to the volumes include TPL, TELE, BYCO, SERFR and WTL, which formed 36 per cent of total volumes.
Stocks that contributed positively to the index include UBL (+30 points), TRG (+22 points), FFBL (+15 points), BAHL (+15 points) and FABL (+12 points). Stocks that contributed negatively include MLCF (-21 points), HMB (-18 points), SYS (-17 points), AGP (-17 points) and MEBL (-16 points).
The Federal Board of Revenue (FBR) has fortified its ability to gather information on incomes from industrial and commercial undertakings exempt from tax.
The FBR said it is contemplating reduction in number of withholding tax lines without compromising the documentation contribution of these taxes. “Nine withholding taxes have already been abolished and further reduction is under consideration,” the FBR said in a report..
The FBR aims at re-designing the tax system on ideal principles of taxation, which, inter alia, includes moving towards taxation of net profits under income tax and subjecting all taxable supplies to standard sales tax regime. The initiative involves removal of tax distortions, unnecessary exemptions, tax reductions, zero rating etc. Major guiding principles of tax policy include:-
Corporate income tax reforms—- removal of redundant tax credits, accelerated depreciation, exemptions, reduced rates, exemption from specific provisions etc. This aspect has already been completed by promulgation of Tax Laws (Second Amendment) Ordinance, 2021.
Personal Income Tax Reforms—- removal of unnecessary exemptions and rationalization of tax rates and reduction of tax slabs to simplify tax procedures for swift and hassle-free compliance.
Rationalization of minimum taxes— FBR is rationalizing presumptive and minimum tax regimes in an effort to realize revenue according to the actual potential of taxpayers.
Removal of procedural complications in tax compliance— Complexities in tax procedures are being removed in order to facilitate compliance.
Removal of anomalies in General Sales Tax on goods—- This involves removal of unnecessary exemptions, reduced rates, zero rating, special tax regimes. The broad guideline is that exemptions / concessions available to all goods except essential food items, health and education related goods are to be reviewed.
Sales tax harmonization —- FBR is pursuing sales tax harmonization with the provincial revenue authorities which includes common definition of goods and services, common minimum threshold, harmonized tax rates, single portal and single sales tax return. The initiative is-expected to complete in medium term.
Promoting ease of doing business— Cognizant of difficulties faced by taxpayers in making tax compliance, FBR is introducing such facilitating measures as making CNIC as the unique identifier for all taxes administered by FBR, harmonization of valuation table for immovable properties with provinces and establishing one-window operations at various compliance levels.
The rupee made a historic low a day earlier at Rs168.94 to the dollar. But the local unit failed to stop depreciation in its value and fell to make a new low against the dollar at Rs169.12 on September 15, 2021.
Currency experts said that the market had witnessed higher dollar demand for import and corporate payments.
Section 179 of the Income Tax Ordinance, 2001 grants the Commissioner the authority to enlist translators for documents not in the Urdu or English language.
