KARACHI: The Pak Rupee (PKR) slipped to Rs164 against the dollar in midday trading o Tuesday.
The rupee shed 33 paisas against the dollar from previous day’s closing during intraday trading in interbank foreign exchange market.
The local currency hits the lowest against the dollar since October 2020.
Currency dealers said that pressure of external payments deteriorated the rupee value.
The tax rates on brokerage and commission under Section 33 of the Income Tax Ordinance, 2001 for the year 2021-2022, shall be as follow:
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ANKARA: The 10-day quarantine period is remained applicable for Pakistani passengers arriving in Turkey. Pakistani nationals intending to travel to Turkey are advised that the quarantine rules pertaining to passengers arriving in Turkey from Pakistan, announced by the Turkish Government on 28 June 2021 that came into effect on 1 July 2021 are still applicable.
As per these rules, passengers arriving from Pakistan will be subject to mandatory 10-day quarantine.
The quarantine will be either at the Turkish Government provided facility or at the designated hotels.
The decision whether passengers will be sent to the Turkish Government provided facilities or self-paid hotel quarantine is entirely at the discretion of the Turkish authorities.
Self-paid hotel rates are stated to be approximately Euros 200 per night per person.
Those in quarantine can take a PCR test after 7 days and if it is negative, they can leave the quarantine facility. However, according to our information, the hotels are charging for the full 10 days.
In view of the above, Pakistani nationals are advised to fully familiarize themselves with the rules governing their travel to Turkey and make an informed choice about visiting Turkey under the present circumstances.
They should also be prepared to pay for their quarantine at government-designated hotels at rates determined by the Turkish authorities and be prepared to deal with any inconvenience they may encounter as a result of their informed decision.
The Pakistan Missions in Turkey are available to assist our nationals to the best of our abilities.
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Monday extended the implementation of liquid capital requirement on securities brokers up to September 01, 2021.
Pakistan Stock Exchange (PSX) in a notice said that the SECP had approved that the cutoff date for phased implementation of minimum of Liquid Capital (LC) and relevant ratios had been further extended till September 01, 2021. Securities brokers shall be required to maintain minimum LC effective from September 01, 2021.
Securities brokers shall submit to the securities exchange and the clearing house the audited financial statements disclosing the LC or submit reviewed half yearly LC statements, whichever is applicable, depending on the end of financial year, from cutoff date of June 30, 2021 onwards as par the regulatory requirements.
KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Monday gained 398 points despite implementation of strict lockdown.
The index closed at 47,453 points as against last Friday’s closing of 447,055 points, showing an increase of 398 points.
Analysts at Arif Habib Limited said Disregarding the stringent COVID lockdown conditions, the KSE-100 index performed well today, adding a total of 453 points during the session.
Traded volumes remained thin in comparison with daily traded volumes. Activity was tilted towards Technology and Textile sectors, which was mainly due to the ascend in PKR parity against USD, climbing 163 in the kerb market.
Besides these sectors, investors took fresh positions in chemical, O&GMCs and Cement sector stocks after the successful closure of the rollover week on Friday.
Financial results posted earlier in the session also helped reinforce and restores investor confidence. Among scrips, WTL led the volumes with 16.7 million shares, followed by HUMNL (15.9 million) and BYCO (13.7 million).
Sectors contributing to the performance include Banks (+62 points), Technology (+58 points), Chemical (+48 points), Textile (+47 points) and Power (+31 points).
Volumes declined from 399 million shares to 252.3 million shares (-37 per cent DoD). Average traded value also declined by 33 per cent to reach US$ 56.5 million as against US$ 84.1 million
Stocks that contributed significantly to the volumes include WTL, HUMNL, BYCO, TELE and HASCOL, which formed 27 per cent of total volumes.
Stocks that contributed positively to the index include TRG (+32 points), EPCL (+29 points), MCB (+27 points), HUBC (+25 points) and SYS (+25 points). Stocks that contributed negatively include DAWH (-10 points), LUCK (-7 points), POL (-5 points), AGP (-5 points) and BAFL (-4 points).
KARACHI: The Pak Rupee (PKR) fell by Rs1.24 against the dollar on Monday due to higher import and other external payments.
The rupee ended Rs163.67 to the dollar from previous closing on July 30, 2021 at Rs162.43 in the interbank foreign exchange market.
The rupee was remained under pressure during the day due to dollar demand for import payment as market was opened after two weekly holidays.
The local currency depreciated by around 3.9 per cent against the dollar since July 01, 2021.
KARACHI: The State Bank of Pakistan (SBP) on Monday approved Sukuk to be issued by Pakistan International Airlines Company Limited (PIACL) for the requirement of Statutory Liquidity Requirement (SLR).
The SBP said that in terms of Government of Pakistan, Ministry of Finance notification S.R.O. 746(I)/2021 dated May 31, 2021, the privately placed Sukuk to be issued by Pakistan International Airlines Company Limited (PIACL) under the title of “PIA-Sukuk-I” shall be approved security for the maintenance of SLR under sub-section 1 of section 29 of the Banking Companies Ordinance, 1962.
Further, SLR eligibility limit (i.e. 7 percent) on Public Sector Sukuk shall be applicable on PIA Sukuk-I in accordance with the provisions of the Circular referred above.
The ministry of finance issued SRO 746 (I)/2021 dated May 31, 2021 to announce that privately placed Sukuk to be issued by PIACL up to Rs20 billion shall be guaranteed by the government of Pakistan and shall be approved security for the maintenance of liquid assets.
Section 35 of Income Tax Ordinance, 2001 has explained tax treatment on disposal of stock in trade. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021.
(more…)KARACHI: The Pak Rupee sharply fell to Rs163.05 against the dollar during midday trade in interbank foreign exchange market on Monday.
The rupee fell by 62 paisas against the dollar in intraday trade.
The import payment demand deteriorated the rupee value.
Currency experts said that higher dollar demand was as the market opened after two weekly holidays on Monday.
Further, the Sindh government announced amendments to strict lockdown. This also encouraged the importers to place fresh orders to their foreign suppliers.
In July 2021, Pakistan experienced a notable shift in inflationary trends, with the headline inflation based on the Consumer Price Index (CPI) registering at 8.4 percent year-on-year, down from 9.7 percent in June 2021.
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