Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • PM Imran directs facilitating Chinese industrialists

    PM Imran directs facilitating Chinese industrialists

    ISLAMABAD: Prime Minister Imran Khan on Saturday directed the authorities to ensure all facilities on a priority basis to Chinese industrialists, who are ready to start operation in the country.

    In a meeting with Chinese businessmen, the prime minister said the country will support Chinese businesses in Pakistan on a priority basis and are grateful to them for their keen interest in accelerating their investment in Special Economic Zones (SEZs).

    The Chinese business delegation led by Chen Yan from Challenge Fashion (Pvt) Ltd.

    During the meeting, the prime minister was told that Chinese businessmen are almost ready to start operations in the glass, ceramics and information technology sectors.

    The prime minister said that Pakistan and China were connected not only in the past or present but would remain united through their future generations too.

    “We appreciate the valuable relationship of the peoples of the two countries,” he added.

    It is worth mentioning that OPPO, one of the leading tech manufacturers in the world, is going to establish a local mobile manufacturing unit and a research and development centre in Pakistan.

    It would not only save a lot of foreign exchange reserves on the import of smartphones annually but would also create employment opportunities for our tech graduates.

    The meeting was also attended by Energy Minister Muhammad Hammad Azhar, Advisor on Commerce Abdul Razzak Dawood, SAPM on Political Communication Dr Shahbaz Gill, SAPM on CPEC Affairs Khalid Mansoor and Chinese Ambassador Nong Rong along with senior officers concerned.

    In his remarks, Chinese Ambassador in Pakistan Nong Rong said that he was very happy as since the prime minister’s previous meeting with the Chinese businessmen on September 13, a lot of issues had been resolved and great progress had been achieved.

    He said that the Chinese entrepreneurs were encouraged and hoping great progress after this meeting.

    “We will send more positive information to China to encourage more Chinese businessmen to make decision to invest in Pakistan,” he commented.

    A Chinese entrepreneur representing OPPO, said that the company had already been present in Pakistan for more than seven years and had made around $150 million investment in the country.

    He said like other companies, for OPPO too, it was a very good environment in Pakistan to continue to invest there and the interaction with the prime minister helped the swift resolution of the issues.

    He thanked the prime minister for helping the Chinese businessmen by extending facilitation to them.

    “If anybody comes to me and ask should they invest in Pakistan, I will say yes,” he remarked.

    PM Imran launches automation of power of attorney
  • FBR sacks director customs audit on NAB conviction

    FBR sacks director customs audit on NAB conviction

    The Federal Board of Revenue (FBR) has demonstrated its commitment to maintaining integrity and accountability within its ranks by dismissing a director of the Directorate of Internal Audit – South (Customs), Karachi.

    (more…)
  • Pakistan lifts ban on TikTok

    Pakistan lifts ban on TikTok

    ISLAMABAD: Pakistan has lifted the ban imposed on the services of TikTok, an online social platform, according to a statement issued on Friday.

    Pakistan Telecommunication Authority (PTA) said that it had restored the services of TikTok on the assurance of the platform to control immoral/indecent content.

    Subsequent to the imposition of the ban on July 20, 2021, the PTA remained in communications with the TikTok management.

    As a result of continuous engagement, senior management of the platform assured PTA of its commitment to take necessary measures to control unlawful content in accordance with local laws and societal norms.

    The company also assured that the users who are continuously involved in uploading unlawful content will be blocked from using the platform.

    Keeping in view the assurances, the authority has decided to lift the ban on TikTok forthwith.

    The PTA will continue to monitor the platform in order to ensure that unlawful content contrary to Pakistan’s law and societal values is not disseminated.

    TikTok blocked in Pakistan due to immoral content
  • SPI inflation of essential items climbs up by 18.34%

    SPI inflation of essential items climbs up by 18.34%

    KARACHI: The inflation based on Sensitive Price Indicator (SPI) has increased by 18.34 per cent for the week ended November 18, 2021 over the same week a year ago, according to data issued by the Pakistan Bureau of Statistics (PBS) issued on Friday.

    The year on year trend depicts increase of 18.34 per cent, LPG (76.12 per cent), Electricity for Q1 (75.32 per cent), Vegetable Ghee 1 Kg (56.94 per cent), Cooking Oil 5 litre (56.28), Mustard Oil (55.42 per cent), Vegetable Ghee 2.5 Kg (52.94 per cent), Petrol (44.35 per cent), Diesel (40.21 per cent), Washing Soap (37.70 per cent) and Chilies Powdered (34.18 per cent).

    Major decrease in prices observed in Onions (38.61 per cent), Pulse Moong (28.80 per cent), Potatoes (26.55 per cent), Tomatoes (6.34 per cent) and Sugar (3.51 per cent).

    The SPI for the current week ended on November 18, 2021 recorded an increase of 1.07 per cent. Increase in the  prices of Chicken (8.26 per cent), Cooking Oil 5 litre (4.72 per cent), Bananas (4.18 per cent), Washing Soap (3.94 per cent), Vegetable Ghee 2.5 kg (3.15 per cent), Vegetable Ghee 1 kg (2.38 per cent), Rice Irri (1.76 per cent), Pulse Moong (1.62 per cent), Eggs (1.52 per cent), Fire Wood (1.24 per cent) and Tea Prepared (1.21 per cent), was observed with joint impact of (0.78 per cent) into the overall SPI for combined group of (1.07 per cent).

    On the other hand, decrease observed in the prices of Tomatoes (5.77 per cent), Sugar (4.25 per cent), Onions (2.14 per cent), Gur (1.48 per cent), Potatoes (1.36 per cent), Pulse Masoor (0.43 per cent), Garlic (0.13 per cent), Wheat Flour & LPG (0.08 per cent) each and Pulse Gram (0.02 per cent).

    During the week, out of 51 items, prices of 27 (52.94 per cent) items increased 10 (19.61 per cent) items decreased and 14 (27.45 per cent) items remained stable.

    Inflation of essential items rises by 17.37% YoY
  • TPL Properties, Bahria sign MoU for tourist beach resorts

    TPL Properties, Bahria sign MoU for tourist beach resorts

    KARACHI: TPL Properties (TPLP) and Bahria Foundation have signed a Memorandum of Understanding (MoU) for the construction of tourist beach resorts.

    TPL Properties said it signed the MoU with Bahria Foundation, according to a communication received to Pakistan Stock Exchange (PSX) on Friday.

    The company said that it had signed a MoU with Bahria Foundation, a trust established and existing under the Endowment Act, 1890 and engaged in industrial, commercial and development activities in Pakistan.

    As per the MoU, Bahria Foundation shall collaborate with TPLP to utilize the expertise of TPLP to design, develop, construct and market real estate, including potential tourist beach resorts.

    Bahria Town investors fear their life-time savings at stake
  • Today’s currency exchange rates in PKR – Nov 19, 2021

    Today’s currency exchange rates in PKR – Nov 19, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 19, 2021 (The rates are updated at 11:00 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)126.00128.00
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (CAD)138.20140.50
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)197.00199.00
     Hong Kong Dollar (HKD)16.7016.95
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.70484.20
     Malaysian Ringgit (MYR)36.4536.80
     NewZealand $ (NZD)96.4597.15
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.70394.70
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)45.5046.00
     Singapore Dollar (SGD)126.00127.50
     Swedish Korona (SEK)18.5018.75
     Swiss Franc CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)47.5048.00
     UK Pound Sterling (GBP)234.00236.50
     US Dollar (USD)173.50175.20

    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.

    Today’s currency exchange rates in PKR – Nov 18, 2021
  • Pakistan, Iran barter trade to start in a month

    Pakistan, Iran barter trade to start in a month

    ISLAMABAD: Pakistan and Iran have reached an agreement and barter trade between the two countries will start in a month, a top official said on Thursday.

    This was stated by the Commerce Secretary before the Standing Committee on Commerce of the Senate.

    To the question of Senator Fida Mohammad, the Commerce Secretary apprised the Standing Committee on Commerce, which met here at Parliament House on Thursday under the Chairmanship of Senator Zeeshan Khanzada, that being on the grey list had not any negative concussion on Pakistan’s exports.

    Due to the lack of banking channels with Iran, there exist some issues in trading with Tehran. The barter trade issue with Iran has been resolved, he informed.

    An agreement has been reached with Iran regarding barter trade, he added further. He said that barter trade with Iran would start in a month.

    Commerce Adviser, Razzaq Dawood briefed the Committee on GSP Plus status( Generalised Scheme of Preferences). He noted that Pakistan’s exports to Europe have reached 9 billion dollars.

    The Commerce Adviser informed the committee that the European Union (EU) was assuaged with Pakistan’s implementation of the GSP Plus terms.

    Pakistan had kowtowed with most of the 27 conventions. He underlined that Pakistan had already addressed issues like eradication of Child Labour, Freedom of Speech, Rights of journalists, Rights of Women, and others as per assigned indicators.

    He asserted that the EU asked for expanding the range of exports to European markets but exports to the EU have not inflated as they should have because of weaknesses of our exporters.

    While responding to a question asked by the Chairman Committee, Abdul Razzaq Dawood remarked that under GSP Plus, 66 per cent of Pakistan’s tariff lines were on zero duties. EU exports increased by 47 per cent, he said, adding that trade with the EU is in Pakistan’s interest.

    For maximum participation of all members and inclusive discussion, the detailed deliberation on GSP plus status and briefing by the Pakistan Cotton Standards Institute (PCSI) were recessed for the next meeting.

    The Commerce Adviser also lauded the role of the Senate Standing Committee on Commerce in passing the (Geographical Indications) GI Act.

    Apart from Senator Fida Mohammad, Senator Saleem Mandviwala, the commerce Adviser Abdul Razzaq Dawood, Secretary Commerce, Additional Secretary Commerce, and officials from Pakistan Cotton Standards Institute attended the meeting.

    Pakistan, Iran discuss promoting agriculture cooperation
  • PM Imran launches automation of power of attorney

    PM Imran launches automation of power of attorney

    ISLAMABAD: Prime Minister Imran Khan on Thursday launched the automation of power of attorney for overseas Pakistanis at a ceremony held at Prime Minister House.

    The Prime Minister said that it was a historic day for overseas Pakistanis as the digitalization of Power of Attorney will facilitate around 75,000 overseas Pakistanis annually.

    While stressing the need for digitalization, he said that technology helps in the simplification of procedures and the government was taking all possible measures for digitalization of various sectors.

    The issuance of the Succession Certificate by NADRA was also a step in this direction. The Prime Minister added that Overseas Pakistanis were an asset to the country.

    They were the largest source of foreign remittances and their services must be recognized. The Prime Minister stressed that Overseas Pakistanis needed to be facilitated by all possible means.

    Foreign Minister Shah Mahmood Qureshi, Foreign Secretary Sohail Mahmood, and Chairman NADRA Muhammad Tariq Malik were also present.

    The Foreign Minister, in his remarks on the occasion, congratulated the teams of the Ministry of Foreign Affairs as well as NADRA for making the project a success.

    He highlighted that this project involved extensive legislative and technological work and was completed in a very short span of time.

    Qureshi reiterated that the government attached utmost importance to the welfare of overseas Pakistanis under the guidance of the prime minister.

    He stated that the welfare of the Pakistani community was one of the major functions of our Missions abroad along with economic diplomacy.

    During the ceremony, an agreement was signed between the Ministry of Foreign Affairs and NADRA, under which NADRA will provide 24/7 uninterrupted online services for attestation of Power of Attorney.

    Automation of attestation of Power of Attorney has been a longstanding demand of the Overseas Pakistanis and will facilitate those who have to travel long distances from different cities and far-off places to the Missions.

    This automated system will reduce costs and minimize hassle by providing attestation services at the doorsteps.

    The automation of Power of Attorney has been initially launched as a pilot project in ten Pakistan Missions/Sub-Missions in the United States and the United Kingdom and will be replicated shortly at all Pakistan Missions Abroad.

  • Stocks fall 348 points on policy rate rise expectations

    Stocks fall 348 points on policy rate rise expectations

    KARACHI: The stocks fell by 348 points on Wednesday amid expectations of a rise in the key policy rate and high inflation. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 46,194 points from the previous day’s closing of 46,542 points.

    Analysts at Arif Habib Limited said that bearish momentum was witnessed today as aggressive tightening of 100 basis points expected in the upcoming Monetary Policy Statement (MPS) announcement.

    With mounting inflationary expectations and rising secondary market yields, across-the-board sell-off was observed just after the opening bell of the market mainly led by the cement, steel, and technology stocks.

    Accumulation was witnessed in the banking stocks as investors opted for a cautious approach. In the last trading hour, value hunting was seen by the institutional buyers.

    Sectors contributing to the performance include Cements (-135.74 points), Technology & Comm. (-84.04 points), E&Ps (-34.05 points) and OMCs (-31.42 points).

    Volumes decreased from 243.19 million shares to 238.49 million shares (-1.9 per cent DoD). Traded value also decreased by -2.9 per cent to reach US$ 58.3 million as against US$ 60.0 million.

    Stocks that contributed significantly to the volumes include SERF, TRG, GGL, TPLP and MERITR2.

    Stock market climbs up 807 points on IPPs payment
  • PM Imran to launch online sugar monitoring on Nov 23

    PM Imran to launch online sugar monitoring on Nov 23

    ISLAMABAD: Prime Minister Imran Khan will inaugurate the electronic monitoring of production and supply of sugar on November 23, 2023, a spokesman of the Federal Board of Revenue (FBR) said on Tuesday.

    “PM will inaugurate the Track & Trace System (TTS) of FBR for sugar industry on November 23, 2021,” the spokesman said through a Tweet.

    TTS will ensure electronic monitoring of manufacturing and sales of products of important sectors i.e tobacco, fertilizers, sugar and cement.

    The FBR on November 11, 2021 taken a major step for electronic monitoring of sugar production and supply by banning the movement of sugar bags from mills.

    The FBR banned the removal of sugar bags from mills without affixation of tax stamps / Unique Identification Marking (UIMs). The condition is applicable from November 11, 2021. The monitoring has been launched for sugar crushing season 2021/2022.

    In this regard, the FBR issued Sales Tax General Order (STGO) No. 05 of 2021-2022.

    The FBR said that sugar bags must have tax stamps, which are to be procured from FBR’s Licensee M/s. AJCL/MITAS/Authentix Consortium.

    Previously, the FBR through a notification on February 26, 2019, issued rules for the implementation of the track and trace system. Further, in March 11, 2021 the revenue board issued a Sales Tax General Order (STGO) to notify that the monitoring system

    According to the rules, all manufacturers of sugar products are warranted under the law to make necessary arrangements for importation of application and other equipment required for successful installation and implementation of track and trace systems at their production facilities.

    The electronic monitoring would help the FBR to record the actual quantity of sugar production and utilization of raw material by the sugar millers.

    By implementing the track and trace system, the FBR would get data of online monitoring from the sugar mills when they commence purchasing sugarcane from growers and start production of sugar products and subsequent selling to their dealers.

    The FBR has planned online monitoring of production lines of five sectors, including tobacco products, beverages, sugar, fertilizer and cement.

    FBR bans sugar bags movement without tax stamps