KARACHI: The State Bank of Pakistan (SBP) has launched Regulatory Approval System (RAS) under which banks have been enabled to get approval digitally.
(more…)Author: Hamza Shahnawaz
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Beaconhouse signs agreement for provision in assessment services
LAHORE: In a major step toward advancing digital education in Pakistan, Pearson-Edexcel and the Beaconhouse School System signed a Memorandum of Understanding (MoU) on Wednesday to provide world-class assessment services and international academic qualifications to Pakistani students.
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Pakistan stocks up amid rupee depreciation
KARACHI: Pakistan stocks ended with a gain of 57 points on Wednesday despite investors’ concerns of falling rupee value and expected rate hike in upcoming monetary policy.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,160 points from previous day’s close of 41,103 points, showing a gain of 57 points.
READ MORE: Pakistan stocks fall on IMF program concerns
Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed sluggish session.
Investor’s participation continued to remain dry due to concerns regarding rate hike in the upcoming monetary policy and PKR depreciation against the dollar.
READ MORE: Dollar ends near Rs208 in interbank; Rupee fall continues
The exchange rate recorded a decline of Rs1.05 in the value of Pakistan Rupee (PKR) to end at Rs207.99 against the dollar from previous day’s closing of Rs206.94 in the interbank foreign exchange market.
The State Bank of Pakistan (SBP) is scheduled to announce monetary policy statement on July 07, 2022. The market consensus believed an increase of 100 basis points to 14.75 per cent in the key policy rate.
READ MORE: Pakistan may see further 100bps hike in policy rate
Main board activity remained dull but decent volumes were recorded in the 3rd tier stocks.
Sectors contributing to the performance include Banks (+35.9 points), Cement (+15.5 points), Technology (13.9 points), Power (+11.7 points) and OMC (+6.7 points).
Volumes increased from 76.9 million shares to 98.2 million shares (+27.8 per cent DoD). Average traded value also increased by 12.2 per cent to reach US$ 12.9 million as against US$ 11.5 million.
Stocks that contributed significantly to the volumes are AGL, UNITY, ANL, LOTCHEM and SNGP.
READ MORE: Weekly Review: stocks to stay positive on improved forex reserves
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Foreign currency rates in Pak Rupee – July 06, 2022
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on July 06, 2022 (The rates are updated at 10:21 AM (Pakistan Standard Time):
Currency Buying Selling Australian Dollar (AUD) 140.42 141.67 Bahrain Dinar (BHD) 544.21 548.71 Canadian Dollar (CAD) 158.87 160.22 China Yuan (CNY) 30.54 30.79 Danish Krone (DNK) 28.68 29.03 Euro (EUR) 212.00 216.00 Hong Kong Dollar (HKD) 26.08 26.43 Indian Rupee (INR) 2.59 2.67 Japanese Yen (JPY) 1.40 1.45 Kuwaiti Dinar (KWD) 666.71 671.71 Malaysian Ringgit (MYR) 46.37 46.82 NewZealand $ (NZD) 127.21 128.41 Norwegians Krone (NOK) 20.76 21.06 Omani Riyal (OMR) 532.18 536.68 Qatari Riyal (QAR) 56.22 56.72 Saudi Riyal (SAR) 54.00 54.80 Singapore Dollar (SGD) 146.60 147.90 Swedish Korona (SEK) 19.77 20.07 Swiss Franc (CHF) 212.95 214.70 Thai Bhat (THB) 5.94 6.04 U.A.E Dirham (AED) 55.30 56.00 UK Pound Sterling (GBP) 246.00 249.50 US Dollar (USD) 205.50 208.00 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.
READ MORE: Foreign currency rates in Pak Rupee – July 05, 2022
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Pakistani Rupee to US Dollar on July 06, 2022
KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on June 06, 2022:
Buying: Rs 205.50 to the US Dollar
Selling: Rs 208.00 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 10:12 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.
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Pakistani Rupee to UAE Dirham on July 06, 2022
KARACHI, July 6, 2022 – The Pakistani rupee continues to show signs of weakness against foreign currencies, with the UAE Dirham (AED) trading at elevated levels in the open market. As of 10:08 AM Pakistan Standard Time (PST), exchange companies have updated the latest buying and selling rates for the Dirham.
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Pakistani Rupee to UK Pound Sterling on July 06, 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 July 06, 2022:
Buying: Rs 246.00 to the UK Pound Sterling
Selling: Rs 249.50 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 10:06 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.
READ MORE: Pakistani Rupee to UK Pound Sterling on July 05, 2022
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Pakistani Rupee to Euro on July 06, 2022
KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 06, 2022:
Buying: Rs 212.00 to the Euro
Selling: Rs 216.00 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 10:00 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.
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Pakistani Rupee to Saudi Riyal on July 06, 2022
KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 06, 2022:
Buying: Rs 54.00 to the Saudi Riyal
Selling: Rs 54.80 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 09:55 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.
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Significant changes to sales tax laws through Finance Act 2022
KARACHI: Significant changes have been made to sales tax laws through Finance Act, 2022 and that are applicable from July 01, 2022.
PwC A.F. Ferguson & Co interpreted the changes made to Sales Tax Act, 1990 through the Finance Act, 2022, which are as follow:
READ MORE: Key changes to income tax laws through Finance Act 2022
1. The requirement of CNIC / NTN for the purposes of invoices issued to unregistered persons and restriction of input tax attributed to such supplies retained to the extent of supplies to unregistered distributors.
2. Sales tax regime of pharma sector revamped with 1 per cent final sales tax on manufacturers and importers without any input adjustment.
3. The rate of fixed tax on other than Tier-1 retailers shall be increased by 100 per cent if the said retailers are not appearing on the Active Taxpayer List.
4. Fertilizers exempted from sales tax.
READ MORE: Non-ATL retailers to pay double amount of fixed tax
5. Value of supply not to include the amount of subsidy provided by the Federal Government or Provincial Government to the electricity consumer.
6. Through the Bill, ‘locally produced coal’ was proposed to be taxed at 17 per cent which has not been approved in the Act. It has now been subject to sales tax at higher of 17 per cent ad valorem or Rs 700 per metric tonne.
7. The proposed increase in sales tax rate from 5 per cent to 10 per cent for following has not been approved in the Act.
READ MORE: Tampering PSW data to attract 4-year jail sentence
— natural gas
— Phosphoric acid
8. Electric vehicle in CBU condition of 50 kwh battery or below is now subject to sales tax at 12.5 per cent.
9. Electric vehicle transport buses of 25 seats or more in CBU condition are now subject to sales tax at 1 per cent.
10. Changes proposed in the rate of sales tax on different categories of mobile / satellite phones have not been approved in the Act.
11. Online marketplace is now required to withhold sales tax at 1 per cent (instead of 2 per cent).
READ MORE: NA approves levy on petroleum products up to Rs50/liter