Author: Hamza Shahnawaz

  • Pakistani Rupee to Euro on May 27, 2022

    Pakistani Rupee to Euro on May 27, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on May 27, 2022:

    Buying: Rs 212.00 to the Euro

    Selling: Rs 214.50 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 10:22 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.

    READ MORE: Pakistani Rupee to Euro on May 26, 2022

  • Pakistani Rupee to Saudi Riyal on May 27, 2022

    Pakistani Rupee to Saudi Riyal on May 27, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on May 27, 2022:

    Buying: Rs 52.50 to the Saudi Riyal

    Selling: Rs 53.50 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 09:23 PM 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.

    READ MORE: Pakistani Rupee to Saudi Riyal on May 26, 2022

  • FBR empowered to prohibit goods for import, export

    FBR empowered to prohibit goods for import, export

    The Federal Board of Revenue (FBR) has been granted enhanced authority to regulate the importation and exportation of goods under section 16 of the Customs Act, 1969.

    (more…)
  • Pakistan’s forex reserves ease to $16.15 billion

    Pakistan’s forex reserves ease to $16.15 billion

    KARACHI: Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022.

    READ MORE: Pakistan’s forex reserves fall to $16.37 billion

    The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.

    READ MORE: Pakistan’s forex reserves dip to $16.55 billion

    The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago.

    The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high.

    READ MORE: SBP forex reserves shrink to 1.69 months import cover

    The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.

    The foreign exchange reserves of held by commercial banks however inched up by $64 million to $6.061 billion by week ended May 20, 2022 as compared with $5.997 billion a week ago.

    Pakistan forex reserves inch up to $17.045 billion

  • Goods prohibited for customs clearance

    Goods prohibited for customs clearance

    Section 15 of Customs Act, 1969 explains prohibitions made for importing and exporting of goods.

    The Federal Board of Revenue (FBR) issued updated Customs Act, 1969 up to June 30, 2021. The act has been updated by making amendments brought through Finance Act, 2021.

    Following is the text of section 15 of the Customs Act, 1969:

    15. Prohibitions.- No goods specified in the following clauses shall be brought into or taken out of Pakistan, namely:-

    (a) counterfeit coins, forged or counterfeit currency notes, and any other counterfeit product;

    (b) any obscene book, pamphlet, paper, drawing, painting, representation, figure, photograph, film, or, article, video or audio recording, CDs or recording on any other media;

    (c) goods having applied thereto a counterfeit trade mark within the meaning of the Pakistan Penal Code, 1860 (Act XLV of 1860), or a false trade description within the meaning of the Copyright Ordinance, 1962 (XXXIV of 1962), the Registered Layout-Designs of Integrated Circuits Ordinance, 2000 (XLIX of 2000), the Registered Designs Ordinance, 2000 (XLV of 2000), the Patents Ordinance, 2000 (LXI of 2000), and the Trade Marks Ordinance, 2001 (XIX of 2001);

    (d) goods made or produced outside Pakistan and having applied thereto any name or trade mark, being or purporting to be the name or trade mark of any manufacturer, dealer or trader in Pakistan, unless,-

    (i) the name or trade mark is, as to every application thereof, accompanied by a definite indication of the goods having been made or produced in a place outside Pakistan; and

    (ii) the country in which that place is situated is in that indication shown in letters as large and conspicuous as any letter in the name or trade mark, and in the same language and character as the name or trade mark;

    (e) goods involving infringement of copyright, layout-design of integrated circuits, industrial designs, patents within the meaning of the Copyright Ordinance, 1962 (XXXIV of 1962), the Registered Designs Ordinance, 2000 (XLV of 2000), and the Patents Ordinance, 2000 (LXI of 2000), respectively; and

    (f) goods made or produced outside Pakistan and intended for sale, and having applied thereto, a design in which copyright exists under the Copyright Ordinance, 1962 (XXXIV of 1962), the Registered Layout –Designs of Integrated Circuits Ordinance, 2000 (XLV of 2000), the Patents Ordinance, 2000 (LXI of 2000), and the Trade Marks Ordinance, 2001 (XIX of 2001), in respect of the class to which the goods belong or any fraudulent or obvious imitation of such design, patent, copyright except when the application of such design has been made with the license or written consent of the registered proprietor, right holder of the design, patent or copyright, as the case may be:

    Provided that offences relating to goods imported or exported in violation of Intellectual Property Rights shall, notwithstanding any thing contained in any other law for the time being in force, be adjudicated under section 179 by the appropriate officer of customs.

    (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.)

    READ MORE: Facilitations to officers for customs clearance

  • Facilitations to officers for customs clearance

    Facilitations to officers for customs clearance

    Section 14A of Customs Act, 1969 has described any agency or person owning customs port should facilitate complete security and accommodation to customs staff.

    The Federal Board of Revenue (FBR) issued updated Customs Act, 1969 up to June 30, 2021. The act has been updated by making amendments brought through Finance Act, 2021.

    Following is the text of section 14A of the Customs Act, 1969:

    14A. Provision of security and accommodation at Customs-ports, etc.- (1) Any agency or person including port authorities managing or owning a customs-port, a customs-airport or a land customs station or a container freight station shall provide at its or his own cost adequate security and accommodation to customs staff for residential purposes, offices, examination of goods, detention and storage of goods and for other departmental requirements to be determined by the Collector of Customs and shall pay utility bills, rent and taxes in respect of such accommodation.

    (2) Any agency or person including, but not limited to port authorities managing or owning a customs port, a customs airport or a land customs station or a container freight station, shall entertain delay and detention certificate issued by an officer not below the rank of Assistant Collector of Customs and also refund demurrage charges which the agency or person has received on account of delay because of no fault of importers or exporters.

    (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.)

    READ MORE: Appointment of stations in or near customs port

  • Honda Cars declares 40% surge in annual profit

    Honda Cars declares 40% surge in annual profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited announced a sharp growth in profit by 40 per cent to Rs2.51 billion for the year ended March 31, 2022.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Thursday, the annual profit after tax of the company was Rs1.79 billion in the preceding year.

    The sales of the company increased to Rs108 billion for the year ended March 31, 2022 as compared with Rs67.36 billion in the preceding year. Meanwhile, cost of sales recorded at Rs102.47 billion for the year under review as compared with Rs63.58 billion in the preceding year.

    READ MORE: Lucky Cement announces Rs26.53 billion 9M profit

    The gross profit of Honda Atlas Cars (Pakistan) Limited also recorded a sharp increase to Rs5.58 billion for the year ended March 31, 2022 as compared with 3.7 billion in the preceding year.

    A significant increase has been seen in administrative expenses for the year under review. The administrative expenses of the company increased to Rs1.06 billion for the year ended March 31, 2022 as compared with Rs824 million in the last year.

    READ MORE: BankIslami registers 34% profit after tax during 1Q22

    The company declared a final cash dividend Rs7 per share (70 per cent) was recommended for the year ended March 31, 2022 as compared with Rs4.52 per share (45.2 per cent) declared last year.

    Honda Cars has not declared any bonus or right shares for the year ended March 31, 2022.

    READ MORE: Pak Suzuki Motor declares Rs2.68 billion annual profit

  • Foreign currency rates in Pak Rupee – May 26, 2022

    Foreign currency rates in Pak Rupee – May 26, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on May 26, 2022 (The rates are updated at 10:37 AM (Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)142.38143.63
     Bahrain Dinar (BHD)534.83539.33
     Canadian Dollar (CAD)154.00156.00
     China Yuan (CNY)23.5023.70
     Danish Krone (DNK)29.0429.39
     Euro (EUR)213.00216.00
     Hong Kong Dollar (HKD)25.6225.97
     Indian Rupee (INR)2.592.67
     Japanese Yen (JPY)1.601.66
     Kuwaiti Dinar (KWD)657.58662.58
     Malaysian Ringgit (MYR)45.7446.19
     NewZealand $ (NZD)129.55130.75
     Norwegians Krone (NOK)21.0121.31
     Omani Riyal (OMR)523.00527.50
     Qatari Riyal (QAR)55.2555.75
     Saudi Riyal (SAR)53.0054.00
     Singapore Dollar (SGD)137.00139.00
     Swedish Korona (SEK)20.5820.88
     Swiss Franc (CHF)209.56211.31
     Thai Bhat (THB)5.895.99
     U.A.E Dirham (AED)54.0055.30
     UK Pound Sterling (GBP)249.00253.00
     US Dollar (USD)202.00204.00

    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 – May 25, 2022

  • Pakistani Rupee to US Dollar on May 26, 2022

    Pakistani Rupee to US Dollar on May 26, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on May 26, 2022:

    Buying: Rs 202.00 to the US Dollar

    Selling: Rs 204.00 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 10:29 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.

    READ MORE: Pakistani Rupee to US Dollar on May 25, 2022

  • Pakistani Rupee to UAE Dirham on May 26, 2022

    Pakistani Rupee to UAE Dirham on May 26, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on May 26, 2022:

    Buying: Rs 54.00 to the UAE Dirham

    Selling: Rs 55.30 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 10:24 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.

    READ MORE: Pakistani Rupee to UAE Dirham on May 25, 2022