Author: Hamza Shahnawaz

  • Last date extended to exchange old banknotes: SBP

    Last date extended to exchange old banknotes: SBP

    KARACHI:  The State Bank of Pakistan (SBP) on Friday said the federal government has extended the last date for exchanging old banknotes.

    In a statement, the central bank said that on the recommendations of the SBP and to facilitate the general public the government decided to extend the date up to December 31, 2022 to exchange the old banknotes of Rs10, 50, 100 and 1,000 till December 31, 2022.

    READ MORE: Old currency notes can be exchanged till December 2022

    The central bank said that the government had decided to extend the date on recommendations of the SBP to facilitate public.

    Previously, the last date for exchange of old notes was December 31, 2021. As per the Federal Government’s Gazette Notification dated December 23, 2021, upon expiry of the period, the old design banknotes will stand cancelled, and will not be exchangeable.

    READ MORE: SBP’s instructions on pensioners biometric verification

    It is emphasized here that this is the final extension in the date of exchange of these banknotes granted by the Federal Government and public is advised to avail this opportunity and exchange their old design banknotes through SBP BSC Offices till December 31, 2022.

    READ MORE: SBP continues banking relaxations amid rising COVID cases

  • Section 72A of Sales Tax Act

    Section 72A of Sales Tax Act

    ISLAMABAD – In a significant move to streamline the references to authorities within the Sales Tax Act, 1990, Section 72A has been introduced through the Finance Act, 2021.

    (more…)
  • Obeying FBR’s orders made mandatory

    Obeying FBR’s orders made mandatory

    In a bid to ensure effective implementation and enforcement of tax-related regulations, Section 72 of the Sales Tax Act, 1990, mandates that officers of Inland Revenue and other individuals engaged in the execution of the Act must adhere to the orders, instructions, and directions issued by the Federal Board of Revenue (FBR).

    (more…)
  • Senior FBR auditor awarded ‘dismissal from service’ for corruption

    Senior FBR auditor awarded ‘dismissal from service’ for corruption

    ISLAMABAD: A senior auditor of Federal Board of Revenue (FBR) has been awarded major penalty of ‘dismissal from service’ on allegations of corruption, misconduct and inefficiency.

    The FBR on Friday through a notification said that disciplinary proceedings under Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against Gulraiz Ahmad Raza, Senior Auditor (BS-16), while he was posted in Regional Tax Office-III, Karachi (Now RTO-II, Karachi) through charge sheet issued on January 05, 2016.

    READ MORE: Customs official awarded ‘dismissal from service’ for misconduct

    Abdul Rehman Khilji, then Additional Commissioner, CTO Karachi was appointed as Inquiry Officer to conduct inquiry on account of acts of omission and commission committed by the accused officer; constituting  Inefficiency,  Misconduct and Corruption.

    The inquiry report proved the charges levelled against the officer.

    On the basis of the inquiry report, show cause notice No. 2(856)/2010-MIR-III/104869-R dated 19.07.2021 was issued to the accused officer by the Authorized Officer i.e. Chief (HRM-IR) with the directions to submit reply by 09.08.2021. Later on, upon the request of the accused officer date of submission of reply was extended up to 10.10.2021.

    READ MORE: FBR auditor awarded dismissal from service for availing NAB plea bargain

    In his reply to the show cause notice vide letter dated 07.09.2021, the accused officer neither commented upon the merits of the case nor submitted any reply to the charges but only requested for provision of previous inquiry report which was regretted vide letter 2(856)/2010-MIR-III/155893-R dated 27.09.2021.

    He was also granted an opportunity of personal hearing vide No. 2(856)/2010-MIR-III/155893-R dated 27.09.2021 on 18.10.2021. Nevertheless, the accused did not avail the opportunity of personal hearing and did not show up on the due date of hearing.

    It is pertinent to mention that clarification was sought from Establishment Division as to whether who would be Authorized Officer for the inquiries initiated before 08.06.2017.

    READ MORE: Single sales tax return to eliminate fake, flying invoices

    Establishment Division being custodian of the Civil Servants Act & Rules made thereunder vide Sr.13(10) of schedule II of the Rules of Business 1973 advised vide their O.M. No. 16/18/2000-R-II dated 03.06.2021 that pending cases initiated under Board’s Notification dated 20.04.2010 would continue to be processed by the same Authorized Officer and Authority.

    In light of the above and on the basis of the report of the Inquiry Officer, the Authorized Officer, as notified vide Board’s Notification No. 1014-M.III/2010 dated 20.04.2010, under rule 5(1)(iv) of the Government Servants (Efficiency & Discipline) Rules, 1973, recommended to the Authority i.e. Member (Admn/HR) for imposition of one of the major penalties, as defined in Rule 4(1)(b)(ii),(iii) & (iv) of the rules ibid upon the accused officer.

    READ MORE: Annual sales tax collection from imports climbs up 27%

    Now, therefore, the Authority, after considering the facts of the case, has imposed the major penalty of “Dismissal from Service” under Rule 4(1)(b)(iv) of the Government Servants (Efficiency & Discipline) Rules, 1973 upon Gulraiz Ahmad Raza, Senior Auditor (BS-16), FBR (Hq), Islamabad.

    Gulraiz Ahmad Raza shall have the right of appeal, as admissible under the Civil Servants (Appeals) Rules, 1977.

  • Today’s currency exchange rates in PKR – Jan 07, 2022

    Today’s currency exchange rates in PKR – Jan 07, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on January 07, 2022 (The rates are updated at 11:37 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)125.00126.25
     Bahrain Dinar (BHD)386.85388.60
     Canadian Dollar (CAD)136.75138.25
     China Yuan (CNY)23.5023.90
     Danish Krone (DNK)23.5023.80
     Euro (EUR)199.00201.00
     Hong Kong Dollar (HKD)16.8517.10
     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)46.8047.20
     Singapore Dollar (SGD)127.70129.30
     Swedish Korona (SEK)18.6018.85
     Swiss Franc (CHF)160.10161.00
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)49.6050.10
     UK Pound Sterling (GBP)238.50240.85
     US Dollar (USD)178.30179.40

    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: PKR to USD on January 07, 2022

    Exchange rates: PKR to USD on January 07, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on January 07, 2022:

    Buying: Rs 178.30 to the US Dollar

    Selling: Rs 179.40 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:24 AM Pakistan Standard Time (PST).

    The US Dollar /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.

  • Exchange rates: PKR to AED on January 07, 2022

    Exchange rates: PKR to AED on January 07, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on January 07, 2022:

    Buying: Rs 49.60 to the UAE Dirham

    Selling: Rs 50.10 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:21 AM Pakistan Standard Time (PST).

    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.

  • Exchange rates: PKR to GBP on January 07, 2022

    Exchange rates: PKR to GBP on January 07, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on January 07, 2022:

    Buying: Rs 238.50 to the UK Pound Sterling

    Selling: Rs 240.85 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:17 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /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.

  • Exchange rates: PKR to EUR on January 07, 2022

    Exchange rates: PKR to EUR on January 07, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on January 07, 2022:

    Buying: Rs 199.00 to the Euro

    Selling: Rs 201.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:12 AM Pakistan Standard Time (PST).

    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.

  • Exchange rates: PKR to SAR on January 07, 2022

    Exchange rates: PKR to SAR on January 07, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on January 07, 2022:

    Buying: Rs 46.80 to the Saudi Riyal

    Selling: Rs 47.20 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:05 AM Pakistan Standard Time (PST).

    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.