KARACHI – The buying and selling rates of the Euro (EUR) against the Pakistani Rupee (PKR) remained steady in the open currency market on Wednesday, May 25, 2022. As per official updates released at 08:50 AM Pakistan Standard Time (PST), the Euro is being bought at Rs 210.00 and sold at Rs 212.00.
(more…)Author: Hamza Shahnawaz
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Pakistani Rupee to Saudi Riyal on May 25, 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 25, 2022:
Buying: Rs 53.80 to the Saudi Riyal
Selling: Rs 55.00 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 08:43 PM Pakistan Standard Time (PST).
READ MORE: Pakistani Rupee to Saudi Riyal on May 23, 2022
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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SBP governor inaugurates Meezan Roshan Digital Center
KARACHI: The Acting Governor of State Bank of Pakistan (SBP) Dr. Murtaza Syed has inaugurated Meezan Roshan Digital Center, which is built for catering the needs of Roshan Digital Account holders.
The acting SBP governor recently visited Meezan Bank’s Head Office in Karachi along with the Deputy Governor Ms. Sima Kamil and the Bank’s senior management.
Chairman Meezan Bank’s Board Riyadh S.A.A. Edrees, Meezan Bank’s Founding President & CEO Irfan Siddiqui and the Bank’s senior officials were also present on this occasion.
READ MORE: Meezan Bank leads Rs1 bn finance for solar project
In his brief address, the Acting Governor congratulated the management and RDA team of the Bank to channel substantial volume of remittances and achieving remittances of $1 billion in RDA and added that other banks should also focus their attention towards increasing remittances through RDA and come up with innovative means for achieving this milestone.
He noted that overseas Pakistanis have always made Pakistan proud through their achievements and dedication to their motherland. He observed that the country needs more investment from abroad to fund the current account deficit and raise much needed foreign exchange reserves.
READ MORE: Meezan Bank, SNGPL sign deal for digital bill collection
He recalled while various other banks joined the RDA at a later stage, Meezan Bank was amongst the first eight banks that launched this service since its inception.
Dr. Syed acknowledged the elements behind this success such as the Bank’s dedicated focus on the product, its joint initiatives with SBP to create awareness about RDA, Shariah-inclination of overseas Pakistanis and availability of all necessary support from the regulators.
Dr. Murtaza Syed was also accompanied by Managing Director, Deposit Protection Corporation, Syed Irfan Ali, Executive Director Saleemullah, Executive Director Sohail Javaad and the Chief Spokesperson SBP Abid Qamar.
READ MORE: Meezan Bank provides bill discounting facility for Huawei
Irfan Siddiqui thanked the State Bank for their support in the RDA initiative and their patronage in inaugurating Meezan Roshan Digital Centre and said that Meezan Bank has always been fully committed to supporting this important initiative.
Speaking on the occasion, Meezan Bank’s Chairman Riyadh S. A. A. Edrees expressed his gratitude to SBP for their untiring support and efforts in promoting Islamic banking in Pakistan. He assured SBP’s leadership that the Board of Meezan Bank is committed towards supporting SBP’s various initiatives including RDA, Low-Cost Housing and SME Financing.
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KCCI proposes sales tax exemption to e-commerce
Karachi Chamber of Commerce and Industry (KCCI) has proposed sales tax exemption to e-commerce retailers to promote online business transactions in the country.
The KCCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) said that through Clause 3(1)(c) a new Clause (18A) under Section 2 whereby a definition of Online Market place has been inserted which brings the entire Online shopping and E-Commerce sector within the scope of 17 per cent Sales Tax and other levies.
READ MORE: Withholding tax on raw material import should be adjustable
The chamber said that a large number of educated youth and start-ups have found productive employment through E-Commerce and Online Sales in Pakistan.
By imposing high rate of Sales Tax at 17 per cent plus other taxes by new provision will cap the potential of E-Commerce and result in failure of many new entrepreneurs.
READ MORE: KCCI suggests VAT removal for commercial importers
The KCCI proposed online retailers having turnover less than Rs50 million should be exempt from sales tax to support the MSMEs, startups and women entrepreneurs conducting retail sales other than established brand products who are already in normal sales tax regime.
Giving rationale, the KCCI said that it will promote E-Commerce which has far more potential to increase the volume of online sales.
E-Commerce and start-ups have the capacity to employ educated youth, women entrepreneurs and contribute to GDP growth.
READ MORE: FPCCI demands CNIC condition withdrawal
Earlier, the chamber proposed that the withholding income tax at import stage on raw materials should be adjustable against actual liability.
The concept of minimum withholding tax on import of raw materials may be phased out.
Further, distinction should be made between importers of finished goods and raw materials who mainly cater to the industry and are fully documented.
Giving rationale to the proposals, the KCCI said commercial importers who are a major source of revenue will be able to resume their business and contribute to revenue as well as promotion of SMEs.
READ MORE: FBR urged to wave further tax on providing CNIC number
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FBR to declare any place for customs clearance
The Federal Board of Revenue (FBR) has been empowered to declare any place as customs station for the clearance of goods imported or exported. The FBR has been given this power under Section 9 of Customs Act, 1969.
The FBR issued updated Customs Act, 1969 up to June 30, 2021. The act has been updated by making amendments brought through Finance Act, 2021.
READ MORE: Exemption from service on jury under Customs Act
Following is the text of section 9 of the Customs Act, 1969:
Section 9. Declaration of customs–ports, customs airports, etc.- The Board may, by notification in the official Gazette, declare:
(a) the places which alone shall be customs-ports or customs-airports for the clearance of goods or any class of goods imported or to be exported;
READ MORE: Functions of customs officers to certain other officers
(b) the places which alone shall be land customs-stations for the clearance of goods or any class of goods imported or to be exported by land or inland waterways;
(c) the routes by which alone goods or any class of goods specified in the notification may pass by land or inland waterways into or out of Pakistan, or to or from any land customs-station or to or from any land frontier;
READ MORE: Assistance to the officers of customs
(d) the places which alone shall be ports for the carrying on of coastal trade with any specified customs-ports in Pakistan; and
(e) what shall for the purposes of this Act be deemed to be a custom house and the limits thereof.
(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.)
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Lahore Customs to auction vehicles on May 26, 2022
LAHORE: The Directorate of Intelligence and Investigation (I&I) customs, Lahore announced auction of motor vehicles to be held on May 26, 2022 at State Warehouse, of the directorate, Allama Iqbal Town, Lahore.
The directorate will present following vehicles for the auction:
READ MORE: Gwadar Collectorate auctions motor cars on May 23
01. Toyota Camry Car, Model-2010, Chassis No. MR053FK4000013686, Colour White, ABT-774
02. Honda Civic Hybrid Car, Model 2007, Chassis No. JHMFD36207S211415 Colour: Silver
03. Audi A8 Car, Chassis No. WAUZZZ4E29N013000, Colour- Black, Model-2009, Registration No. ART-956/Sindh
04. Toyota Mark-X Car, Chassis No. GRX121-1000149, Model-2004, Colour: Silver PD-257 /ICT
READ MORE: Multan customs auctions smuggled diesel oil on May 18, 2022
05. Mercedes Benz Car, Model 2006, Chassis No. WDB2110652A125731, Colour-White, AWV-001
06. BMW X5 Jeep, Registration Plate No.SS-765 (Islamabad), Chassis No.WBAFE42010LK99381, Model 2009, Colour Black
07. BMW Car 750LI, Registration Plate No.LEE-13-3450 Chassis No. WBAHN82010DE37384, Model 2005, Colour Silver
08. Nissan Ceferio Car, Registration Plate No.LEE-07-1, Chassis No.GF50-054361, Model 2003, Colour Black
READ MORE: Peshawar Customs auctions motor cars on May 16, 2022
09. Honda Accord Car, Registration Plate No.LWP-91, Chassis No.CL7-3201974, Model 2006, Colour Silver
10. Honda Accord Car, Registration Plate No.LED-07-3756, Chassis No. CL7-3003318, Model 2002, Colour Silver
11. Honda Accord Car, Registration No.LRX-8411, Chassis No.CF3- 1200586, Model 2000, Colour Silver
12. Toyota Hiace Van, Registration No.LES-17-333, Chassis No.TRH200-0083247, Model 2008, Colour Silver
13. Mercedez Benz Car, Model 2006, Chassis No. WDD2211562A164356, Colour-White, LD-022, Engine Capacity 3500CC
READ MORE: Pakistan considers fixing locally assembled car prices
14. Used Toyota Surf, Model-2003, Chassis No. RZN2150002195, ABY-396(Islamabad)
15. Audi A4 Car, Model-2013, Chasssi No. WAUZZZ8K6DA254235, AFR-022
16. Honda Insight Hybrid Car, Model 2009, Chassis No. ZE2-1113281, Colour-White, LEA-14-8990
17. Toyota Aqua Car, Model 2012, Chassis No. NHP10-6086977, Colour: White BFP-930/Sindh
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Exemption from service on jury under Customs Act
Customs officers are exempted from service on jury or inquest or as assessors under Section 8 of Customs Act, 1969.
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 8 and 8A of the Customs Act, 1969:
Section 8. Exemption from service on jury or inquest or as assessors.- Notwithstanding anything contained in any other law, no officer of the Board or Collector of Customs and no other officer of customs whom the Board or Collector of Customs deems it necessary to exempt on grounds of public duty, shall be compelled to serve on any jury or inquest or as an assessor.
Section 8A deals with uniform of customs officers and officials.
8A. Uniform.- The Board may, with approval of the Federal Minister-in-charge and by notification in the official Gazette, prescribe rules for wearing of uniform by officers and staff of Customs Service of Pakistan.
(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.)
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Foreign currency rates in Pak Rupee – May 24, 2022
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on May 24, 2022 (The rates are updated at 09:08 AM (Pakistan Standard Time):
Currency Buying Selling Australian Dollar (AUD) 138.00 140.00 Bahrain Dinar (BHD) 386.50 388.50 Canadian Dollar (CAD) 154.00 156.00 China Yuan (CNY) 23.55 23.95 Danish Krone (DNK) 23.65 23.95 Euro (EUR) 205.50 207.00 Hong Kong Dollar (HKD) 16.60 16.85 Indian Rupee (INR) 2.03 2.10 Japanese Yen (JPY) 1.41 1.44 Kuwaiti Dinar (KWD) 481.85 484.35 Malaysian Ringgit (MYR) 36.75 37.10 NewZealand $ (NZD) 96.85 97.55 Norwegians Krone (NOK) 17.50 17.75 Omani Riyal (OMR) 392.95 394.98 Qatari Riyal (QAR) 39.90 40.50 Saudi Riyal (SAR) 52.50 53.50 Singapore Dollar (SGD) 136.00 138.00 Swedish Korona (SEK) 18.80 19.05 Swiss Franc (CHF) 160.35 161.25 Thai Bhat (THB) 4.80 4.90 U.A.E Dirham (AED) 55.00 56.00 UK Pound Sterling (GBP) 247.00 249.50 US Dollar (USD) 200.75 202.25 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 US Dollar on May 24, 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 24, 2022:
Buying: Rs 200.70 to the US Dollar
Selling: Rs 202.25 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 09:03 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 May 24, 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 24, 2022:
Buying: Rs 55.00 to the UAE Dirham
Selling: Rs 56.00 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 08:52 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.