Pkrevenue.com

Author: Hamza Shahnawaz

  • Pak Rupee hits all-time low despite SBP measures

    Pak Rupee hits all-time low despite SBP measures

    KARACHI: The Pak Rupee (PKR) fell to a historic low at Rs169.60 to the dollar on Monday despite measures of State Bank of Pakistan (SBP) to support the balance of payment.

    The rupee ended Rs169.60 to the dollar from last Friday’s closing of Rs169.08 in the interbank foreign exchange market.

    Currency experts said that the rupee was under pressure from the start of the trading as the market was opened after two weekly holidays.

    They said that rising international oil prices also putting pressure on demand for foreign currency.

    Previously, the local currency recorded an all-time low of Rs169.12 on September 15, 2021.

    Last week the State Bank of Pakistan (SBP took measures to discourage import payments for imported vehicles. The central bank put restrictions on bank financing for imported cars.

    PKR falls against dollar in interbank market
  • Exchange rates in PKR vs foreign currencies on Sept 27

    Exchange rates in PKR vs foreign currencies on Sept 27

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 27, 2021 (The rates are updated at 11:12AM):

    CurrencyBuyingSelling
    Australian Dollar122.00124.00
     Bahrain Dinar386.60388.36
     Canadian Dollar135.00137.00
     China Yuan23.7023.85
     Danish Krone23.4023.70
     Euro199.00200.50
     Hong Kong Dollar16.6016.85
     Indian Rupee2.032.10
     Japanese Yen1.411.44
     Kuwaiti Dinar481.50484.00
     Malaysian Ringgit36.4036.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.70
     Omani Riyal392.50394.50
     Qatari Riyal39.7040.30
     Saudi Riyal45.5046.00
     Singapore Dollar123.50125.00
     Swedish Korona18.1018.35
     Swiss Franc159.60160.50
     Thai Bhat4.804.90
     U.A.E Dirham47.2047.70
     UK Pound Sterling234.00236.50
     US Dollar170.60171.60

    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.

    Exchange rates in PKR vs foreign currencies on Sept 25
  • Institution of prosecution proceedings

    Institution of prosecution proceedings

    The Federal Board of Revenue (FBR) has been granted enhanced authority to initiate prosecution proceedings under Section 201 of the Income Tax Ordinance, 2001.

    (more…)
  • Exchange rates in PKR vs foreign currencies on Sept 25

    Exchange rates in PKR vs foreign currencies on Sept 25

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 25, 2021 (The rates are updated at 11:06AM):

    CurrencyBuyingSelling
    Australian Dollar122.50124.50
     Bahrain Dinar386.60388.36
     Canadian Dollar134.50136.50
     China Yuan23.7023.85
     Danish Krone23.4023.70
     Euro199.50201.00
     Hong Kong Dollar16.6016.85
     Indian Rupee2.032.10
     Japanese Yen1.411.44
     Kuwaiti Dinar481.50484.00
     Malaysian Ringgit36.4036.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.70
     Omani Riyal392.50394.50
     Qatari Riyal39.7040.30
     Saudi Riyal45.5046.00
     Singapore Dollar124.00125.50
     Swedish Korona18.1018.35
     Swiss Franc159.60160.50
     Thai Bhat4.804.90
     U.A.E Dirham47.0047.50
     UK Pound Sterling233.00235.50
     US Dollar170.40171.40

    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 in PKR vs foreign currencies on Sept 24
  • Depositors’ protection money enhanced to Rs500,000

    Depositors’ protection money enhanced to Rs500,000

    KARACHI: The Deposit Protection Corporation (DPC) has increased the guarantee amount for all eligible depositors of banks from Rs250,000 to Rs500,000.

    The State Bank of Pakistan (SBP) on Friday said that the decision had been made by the Board members of the corporation in their meeting held on September 06, 2021.

    This enhanced guarantee amount now provides full protection up to 95 per cent of the eligible depositors.

    The main objective of the deposit protection scheme is to safeguard depositors’ interests and further enhance their trust in the country’s banking sector.

    The deposit protection facility is applicable to all eligible depositors and does not require any further subscription or registration of depositors.

    The guarantee amount or protected deposit becomes payable to eligible depositors only if the State Bank of Pakistan declares a bank as a failed bank and is not payable under any other circumstances.

    SBP prohibits bank loans for imported vehicles
  • Exchange rates in PKR vs foreign currencies on Sept 24

    Exchange rates in PKR vs foreign currencies on Sept 24

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 24, 2021 (The rates are updated at 09:13AM):

    CurrencyBuyingSelling
    Australian Dollar122124
     Bahrain Dinar386.6388.36
     Canadian Dollar135137
     China Yuan23.723.85
     Danish Krone23.423.7
     Euro198.5200.5
     Hong Kong Dollar16.616.85
     Indian Rupee2.032.1
     Japanese Yen1.411.44
     Kuwaiti Dinar481.5484
     Malaysian Ringgit36.436.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.7
     Omani Riyal392.5394.5
     Qatari Riyal39.740.3
     Saudi Riyal4545.5
     Singapore Dollar123.5125
     Swedish Korona18.118.35
     Swiss Franc159.6160.5
     Thai Bhat4.84.9
     U.A.E Dirham46.747.2
     UK Pound Sterling232234.5
     US Dollar169.7170.7

    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 in PKR vs foreign currencies on Sept 23
  • Tax laws amended to include digital payment

    Tax laws amended to include digital payment

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that tax law has been amended to include mode of digital payment.

    To improve documentation, a new clause (la) has been inserted through Tax Laws (Third Amendment) Ordinance, 2021 in section 21 of the Income Tax Ordinance, 2001.

    Previously payments under a single head account exceeding two hundred and fifty thousand rupees, made by any taxpayer were required to be made through crossed cheque or crossed baking instruments including digital payments.

    Through this amendment, payments made by a company under a single head of account exceeding two hundred and fifty thousand rupees other than by digital means from business bank account of the taxpayer notified to the Commissioner under section 114A of the Ordinance shall not be admissible as deductions.

    However, certain expenditures on account of utility bills, freight charges, travel fare, and payment of taxes and fines would continue to be admissible even though paid in cash or via traditional banking instruments.

    The purpose behind this legislative enactment is to encourage digital payments and discourage traditional mode of transactions by the corporate sector in the first phase. However, owing to lack of total digital readiness by some corporate taxpayers, the corporate taxpayers are allowed to switch to this mode w.e.f. November 01, 2021.

    In the intervening period they may use digital payments or continue with the existing procedure of making payments by a crossed cheque drawn on a bank or by crossed bank draft or crossed pay order or any other crossed banking instrument showing transfer of amount from the business bank account of the taxpayer.

    The FBR further said that currently, any salary paid or payable exceeding twenty five thousand rupees per month has to be made through cross cheque or direct transfer of funds to the employee’s bank account under clause (m) of section 21 of the Ordinance.

    In order to bring this provision in conformity with newly inserted clause (la) ibid, in case of payments against salary in excess of twenty five thousand rupees per month, the mode of digital payment has been added to the available modes referred to above.

    Prosecution for sharing unauthorized information
  • Prosecution for sharing unauthorized information

    Prosecution for sharing unauthorized information

    In a bid to strengthen the protection of sensitive taxpayer information and maintain the integrity of the tax system, the Federal Board of Revenue (FBR) has introduced stringent provisions under Section 198 of the Income Tax Ordinance, 2001.

    (more…)
  • KSE-100 index plunges by 300 points amid selling

    KSE-100 index plunges by 300 points amid selling

    KARACHI: The benchmark KSE-100 index of the  Pakistan Stock Exchange (PSX) plunged by 300 points on Thursday. The stock market witnessed a decline due to selling pressure observed later in the day.

    The KSE-100 index closed at 45,297 points as against the previous day’s closing of 45,597 points.

    Analysts at Arif Habib Limited said that the market saw a rebound early on with the Index climbing 342 points, however, profit booking overtook and eventually converted into aggressive selling that eroded the gains made earlier with a drop of 514 points near the close.

    Technology, Banks, E&P, O&GMCs and Refinery sectors got the most thrashing with a little bit of respite in the Cement sector. Among scrips, WTL realized a trading volume of 89.1 million shares followed by HUMNL (29.2 million) and TELE (23.3 million).

    Sectors contributing to the performance include Technology (-91 points), E&P (-52 points), Banks (-39 points), Fertilizer (-33 points) and Refinery (-30 points).

    Volumes declined from 583.7 million shares to 443.8 million shares (-24 per cent DoD). Average traded value also declined by 29 per cent to reach US$ 73.3 million as against US$ 102.9 million.

    Stocks that contributed significantly to the volumes include WTL, HUMNL, TELE, TREET and BYCO, which formed 39 per cent of total volumes.

    Stocks that contributed positively to the index include ABOT (+24 points), EPCL (+13 points), MTL (+11 points), HUBC (+10 points) and HMB (+9 points). Stocks that contributed negatively include TRG (-64 points), PPL (-27 points), MCB (-27 points), SYS (-27 points) and OGDC (-26 points).

  • Dollar strengthens against PKR in interbank

    Dollar strengthens against PKR in interbank

    KARACHI: The US dollar made a gain of 35 paisas against the Pak Rupee (PKR) on Thursday. The higher demand for external payments resulted in dollar appreciation.

    The rupee closed at Rs169.03 to the dollar from the previous day’s closing of Rs168.68 in the interbank foreign exchange market.

    Currency experts said that external payment demand including import and corporate payments caused depreciation in rupee value.

    They further said that lower inflows and higher payments resulted in widening of trade deficit as well as current account deficit.

    Dollar makes gain in interbank foreign exchange market