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Author: Mrs. Anjum Shahnawaz

  • FBR promotes nine IRS officers to BS-19

    FBR promotes nine IRS officers to BS-19

    ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday notified promotion of BS-18 officers of Inland Revenue Service (IRS) to BS-19 on regular basis with immediate effect.

    The FBR promoted the following officers:

    READ MORE: FBR notifies promotion of three IRS officers to BS-22

    1. Salman Ahmad Khan

    2. Naeem Hassan

    3. Ms. Saima Munawar

    4. Ms. Salma Shaheen

    5. Waqas Ahmed

    READ MORE: FBR promotes customs officers to principal appraisers

    6. Osama Idrees

    7. Shehryar Akram Awan

    8. Naveed Hassan

    9. Ms. Uzma Waqar

    READ MORE: Customs foils bid to smuggle Qatari Riyals

    The FBR said that the officers, if drawing performance allowance prior to issuance of this notification, will continue to draw the same after regular promotion to BS-19.

    The officers, already working in BS-19 on acting charge basis or on OPS basis as Additional Commissioner / Additional Director / Secretary FBR (HQ), Islamabad shall actualize their promotion at their present place of posting.

    READ MORE: FBR tightens monitoring to prevent currency smuggling

    Ms. Uzma Waqar, currently posted as Deputy Commissioner-IR, Corporate Tax Office, Lahore shall, upon promotion, actualize her promotion on the same post for which the post shall be upgraded to BS-19, in public interest, for as long as it is held by her till her transfer to a vacant BS-19 post after culmination of current fiscal year.

    The FBR congratulates the aforementioned officers on their regular promotion to BS-19.

  • FBR drafts ID evidence rules to subscribe Pakistan Single Window

    FBR drafts ID evidence rules to subscribe Pakistan Single Window

    ISLAMABAD: The Federal Board of Revenue (FBR) on Monday issued draft rules for providing evidence of identity for subscription of Pakistan Single Window (PSW).

    (more…)
  • National Savings connects with Raast payment system

    National Savings connects with Raast payment system

    KARACHI: State Bank of Pakistan (SBP) on Sunday announced successful integration of Central Directorate of National Savings (CDNS) with Raast payment system.

    “Now customers of CDNS can receive their payments directly into their bank accounts without going to branches,” the SBP said.

    READ MORE: SBP launches free P2P money transfer under Raast

    Through this integration with Raast, customers receive their payments in bank accounts in a free, fast and secure way. This will make life easier for those interested in saving schemes, the central bank said.

    CDNS is the first Government entity on-boarded on Raast that will greatly extend SBP’s efforts to digitize payments in Pakistan.

    Raast is Pakistan’s first instant payment system that has enabled end-to-end digital payments among individuals, businesses and government entities instantaneously.

    READ MORE: PM Imran launches 2nd phase of Raast payment system

    The state-of-the-art Pakistan’s Faster Payment System has been used to settle small-value retail payments in real time while at the same time provide a cheap and universal access to all players in the financial industry including commercial banks, microfinance banks, government entities and fintechs (EMIs & PSPs).

    Pakistan has had low electronic transactions for a number of reasons including low banking penetration, lack of trust and awareness of digital payment methods, limited interoperability, difficult accessibility and high cost of transactions. The Real Time Gross Settlement System (RTGS) of Pakistan provides instant payment settlements for large value and corporate transactions only.

    Recently, the SBP withdrew transactional limits of payments made through Raast System i.e. Raast Person-to-Person (P2P) Payment System.

    READ MORE: SBP withdraws Raast payment transaction limits

    The SBP issued Circular No. 02 dated March 15, 2022 and stated that to further facilitate users of Raast services it has been decided that with effect from April 1, 2022, there will be no transactional limits on Raast system by SBP.

    Banks/MFBs/EMIs may however set, in their system Raast transaction limits for their customers based on their risk profile in compliance with the relevant Anti-Money Laundering (AML)/Counter Financing of Terrorism (CFT) requirements.

    READ MORE: CDC successfully processes dividends through RAAST payment gateway

    Further, through previous Circular No. 01 dated February 03, 2022, in terms of para 3 (f) of the circular, customer transaction limits for Raast payments shall not be less than Rs.200,000/- per transaction or the transaction limits applicable as per the account type and prescribed by SBP from time to time.

    The aggregate customer limit assigned to Raast payments shall not be less than the Interbank Fund Transfer (IBFT) limit, the SBP said.

  • Pakistani Rupee to UK Pound Sterling on May 22, 2022

    Pakistani Rupee to UK Pound Sterling on May 22, 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 May 22, 2022:

    Buying: Rs 246.00 to the UK Pound Sterling

    Selling: Rs 248.50 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 09:51 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.

    Pakistani Rupee to UK Pound Sterling on May 21, 2022
  • Import ban not to apply on L/C issued before May 19, 2022

    Import ban not to apply on L/C issued before May 19, 2022

    ISLAMABAD: The ministry of commerce on Saturday issued a clarification stating that the import ban will not be applicable on Bill of Lading (B/L) or Letter of Credit (L/C) issued prior to ban decision.

    In order to address the balance of payments (BOP) situation in the country resulting from the increase in current account deficit (CAD) during the first 10 month of the current fiscal year 2021/2022, import of certain luxury and non-essential items has been prohibited, vide SRO 598(1)/2022 dated May 19, 2022.

    READ MORE: Pakistan’s imports hit record high at $65.47 bn in 10 months

    However, to address the concerns of certain business quarters with regard to the implementation of the said SRO, it is clarified that in terms of proviso to the paragraph-4 of the Import Policy Order, 2022, the imports where Bill of Lading (B/L) or irrevocable Letter of Credit (L/C) was issued or established prior to the notification of the SRO 598(1)/2022 dated 19.05.2022 shall be exempt from the operation of the SRO.

    READ MORE: Pakistan’s March trade deficit widens by only 5.5%

    Hence, imported goods for which B/L or irrevocable L/C was established prior to May 19, 2022 shall not be subject to the prohibitions contained in the said SRO.

    Moreover, the business community and the general public are invited to share their concerns, proposals or any anomalies with respect to the said SRO at [email protected]. Ministry of Commerce would respond to them at the earliest.

    READ MORE: Pakistan’s trade deficit widens to $32 billion in 8MFY22

    Previously, the ministry of commerce amended Import Policy Order, 2022 through SRO 587(I)/2022 to ban import of luxury and non-essential items.

    The government banned the import of items, included: aerated water and juices; automotive in Completely Built Unit (CBU); sanitary and bathroom wares; carpets (excluding from Afghanistan); Chandeliers and Lightening Devices or Equipment; Chocolates; cigarettes; corn flakes etc.; cosmetics and shaving items; tissue papers; crockery; decoration / ornamental articles; dog and cat food; doors and window frames; fish; footwear; fruits and dry fruits; furniture; home appliances CBU; ice cream; jams, jellies and preserved fruits; luxury leather jackets and apparels; matters and sleeping bags; frozen or processed meat; mobile phones CBU; musical instruments; pasta etc.; arms and ammunition; shampoos, sunglasses; tomato ketchup and sauces; and travelling bags and suitcases.

    READ MORE: Pakistan’s trade deficit widens by 92% in seven months

  • FBR notifies promotion of three IRS officers to BS-22

    FBR notifies promotion of three IRS officers to BS-22

    The Federal Board of Revenue (FBR) has officially announced the promotion of three officers from the Inland Revenue Service (IRS) to the highest rank of BS-22.

    (more…)
  • FBR promotes customs officers to principal appraisers

    FBR promotes customs officers to principal appraisers

    ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday May 17, 2022 promoted appraising and valuation officers (BS-16) of Pakistan Customs to the post of principal appraisers with immediate effect.

    Following are the names of promoted officers and their place of posting on promotion;

    01. Amir Shuja, Directorate of Post Clearance Audit (South), Karachi.

    READ MORE: Customs foils bid to smuggle Qatari Riyals

    02. Muhammad Moosa Solangi, Collectorate of Customs Exports, Port Muhammad Bin Qasim (PMBQ), Karachi.

    03. Khaliq-ur-Rehman, Collectorate of Customs Appraisement (PMBQ), Karachi.

    04. Muhammad Abbas Lakhwera, Collectorate of Customs, Jinnah International Airport, Karachi.

    05. Anwer Zaib, Collectorate of Customs, PMBQ, Karachi.

    READ MORE: FBR tightens monitoring to prevent currency smuggling

    06. Muhammad Asghar, Collectorate of Customs (Export), PMBQ, Karachi.

    07. Shafaqat Rasool, Collectorate of Customs Appraisement, Faisalabad.

    08. Maqsood Ahmed, Collectorate of Customs Appraisement (PMBQ), Karachi.

    09. Shair Khan, Directorate General of Transit Trade, Karachi.

    10. Abdul Samad Surahio, Collectorate of Customs (Export), PMBQ, Karachi.

    READ MORE: Rupee falls for 8th straight day; dollar hits Rs192.53

    11. Amir Hussain, Collectorate of Customs Appraisement (PMBQ), Karachi.

    12. Nadeem ur Rehman, Collectorate of Customs Appraisement (PMBQ) Karachi.

    13. Junaid Ahmed, Directorate General of Transit Trade, Karachi.

    14. Iftikhar Ahmad Bhutter, Collectorate of Customs (Allama Iqbal International Airport), Lahore.

    15. Zaki ur Rab Khan, Collectorate of Customs Appraisement (East), Karachi.

    16. Shakir Ali, Collectorate of Customs Appraisement (East) Karachi.

    17. Amjad Ali, Collectorate of Customs Appraisement (West) Karachi.

    READ MORE: Multan customs auctions smuggled diesel oil on May 18, 2022

    18. Miskeen Shah, Directorate of Post Clearance Audit (South) Karachi.

    19. Syed Abbas Raza, Collectorate of Customs Appraisement (PMBQ) Karachi.

    20. Muhammad Ishaq, Collectorate of Customs Appraisement, Faisalabad.

    21. Muhammad Hanif Abid, Collectorate of Customs (Enforcement), Multan.

    22. Imran Ali, Collectorate of Customs Appraisement, Faisalabad.

    23. Ms. Sadia Abdullah, Directorate of Input-Output Coefficient Organization (IOCO) Central, Lahore.

    The FBR said that the officers will be on probation for a period of one year, extendable for further period, not exceeding one year, provided that if no order is issued by the day following the termination of probationary period, the appointment shall deemed to be held until further order.

    The officers already drawing performance allowance equal to 100 per cent of basic pay will continue to draw it on their promotion, the FBR added.

    They are allowed to actualize their promotion at their present place of posting against the available vacancies in BS-16.

  • Nasira Anjum gets bumper prize of FBR’s 5th POS invoice draw

    Nasira Anjum gets bumper prize of FBR’s 5th POS invoice draw

    ISLAMABAD: Nasira Anjum, a customer of Imtiaz Provision Store, has been awarded with the bumper prize of Rs 1 million in fifth computerized draw conducted by the Federal Board of Revenue (FBR) on Monday.

    The computerized balloting was conducted on the basis of invoices issued by Point of Sales (POS) of Tier-1 Retailers.

    READ MORE: FBR announces prize winners of 4th POS invoice draw

    The second prize of Rs500,000 each won by Shahida Latif on the invoice issued by Shaheen Chemist and Muhammad Rashid Shujja on the invoice issued by Jalal Sons.

    Meanwhile, four prizes of Rs250,000 each awarded to Salman Ahmad Siddiqui, Fahim Badar, Nauman Alfred and Naila Nadeem on the invoices issued by Mine Save Mart, Imtiaz Provision Store, Imtiaz Provision Store and Dwatson Chemist, respectively.

    It was the fifth computerized draw of the ongoing efforts of the Federal Board of Revenue (FBR) to attract people for documenting the sales made through Tier-1 retailers.

    READ MORE: FBR announces winners of third POS invoice draw

    The FBR conducts draw every 15th of the month. This month the 15th was on Sunday so it was held a day after. The first draw was held on January 15, 2022.

    The FBR encouraged people to actively participate in the balloting to win prizes after buying from POS integrated retailers.

    The FBR previously issued a procedure for participating in the prize scheme.

    The revenue body said that the customers of the integrated tier-1 retailers, whose names and CNICs are notified through random computerized draw shall be entitled to prizes in respect of their purchases from the integrated tier-1 retailers.

    READ MORE: FBR announces prize winners in second POS invoice balloting

    The customers are required to verify the electronically generated invoice of integrated retailers either through the “tax asaan” application or by sending SMS to number 9966.

    The application shall notify the customer regarding the status of the invoice either as “verified” or “unverified”.

    In case of a verified invoice, the customer shall furnish one time, the following detail to the online system, namely:- Name; CNIC; and Mobile number.

    Names and CNICs of the customers shall be included in the random computerized draw upon fulfillment of the requirement.

    READ MORE: FBR announces winners of first POS prize draw

    In case of an unverified invoice, the customer shall report the same through the system. The Board shall conduct inquiry and take appropriate action under the relevant provisions of law.

    The computerized draw for the prizes shall be held in the first week of every month at the FBR Headquarters and the invoices of the immediately preceding month shall be entered in the draw.

    Draw winners shall be required to perform biometric verification, at the nearest e-sahulat facility of NADRA and submit a scanned copy on the “tax assan” application. After successful biometric verification, winners shall be required to provide their IBAN through a “tax asaan” application.

    The total prize money and the denomination of the prizes shall be decided on month to month basis by the Board.

  • ECC approves Rs55.48bn for price differential claims of OMCs

    ECC approves Rs55.48bn for price differential claims of OMCs

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved an amount of Rs55.48 billion for payment of price differential claims of Oil Marketing Companies (OMCs).

    Federal Minister for Finance and Revenue Miftah Ismail presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division.

    READ MORE: Govt. decides to continue subsidy on petroleum prices

    Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.

    Petroleum Division submitted a summary for reimbursement of Price Differential Claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries.

    READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War

    The price differential is to be paid to the Oil Marketing Companies/Refineries by the Government as a subsidy in the wake of Government’s decision to keep the petroleum products’ prices fixed at the level notified on March 01, 2022.

    The ECC after deliberation approved supplementary grant of Rs. 55.48 billion for disbursement of PDC to OMCs/Refineries for the first fortnight of May, 2022.

    READ MORE: New government keeps petroleum prices unchanged

    Due to continuously rising trend of oil prices in the international market, the quantum of subsidy has been on higher side.

    Ministry of Industries and Production submitted a summary on import of Urea and presented that the government intends to create better stock for Urea fertilizer to ensure continuity of Urea supply during next financial year and requested for allowing import of Urea from international market in order to stabilize the local market.

    The ECC after discussion allowed Trading Corporation of Pakistan (TCP) to explore the possibility of import of 200,000 MT of Urea on G2G basis and on deferred payment.

    READ MORE: Pakistan surrenders to IMF, agrees to remove subsidies

  • Customs foils bid to smuggle Qatari Riyals

    Customs foils bid to smuggle Qatari Riyals

    ISLAMABAD: Pakistan Customs has foiled a bid to smuggle Qatari Riyals worth $38,500 at Peshawar Airport, a statement said on Monday, May 16, 2022

    Pakistan Customs has seized Qatri Reyals worth $38,500 at Peshawar Airport. A passenger named Imran Khan, Passport No. 1570-65304-1 resident of Dir Upper was departing for Qatar via Qatar Airlines, on May 15, 2022 (Sunday) from Bacha Khan International Airport (BKIA), Peshawar.

    READ MORE: FBR tightens monitoring to prevent currency smuggling

    After giving him an opportunity to declare the currency at the Currency Declaration Desk established in the Departure Hall, his baggage was searched upon suspicion.

    It led to the recovery of 1,46,000 Qatari Riyals being illegally smuggled out of Pakistan. He was asked to justify legal custody of the currency. However, he failed to do so. Therefore, the currency has been withheld and the accused has been arrested by the Customs staff at BKIA for further legal proceedings under the law.

    READ MORE: Rupee falls for 8th straight day; dollar hits Rs192.53

    Chairman FBR/Secretary Revenue Division, Asim Ahmad has commended the successful operation by the Customs team at BKIA and reiterated his unflinching resolve to fight the menace of currency smuggling across Pakistan.

    READ MORE: Multan customs auctions smuggled diesel oil on May 18, 2022

    It is also pertinent to mention that Chairman FBR has already issued special instructions to Customs Field Formations for stepping up vigilance at airports and land border stations to frustrate any attempts made for currency smuggling.

    READ MORE: FBR rebuts currency smuggling to Afghanistan