KARACHI: Banks will observe three holidays on account of Eid ul Adha from July 20 to July 22, 2021.
The banks will reopen on Friday July 23, 2021, as per the announcement.
A statement issued by the State Bank of Pakistan (SBP) said that the central bank will observe Eid ul Adha holidays on July 20, July 21 and July 22, 2021 as announced by the federal government.
The banking activities will resume from July 23, 2021.
KARACHI: The State Bank of Pakistan (SBP) on Monday notified amendments to foreign exchange manual to eliminate Electronic Import Form for Pakistan Single Window (PSW).
The central bank in a statement on Monday said it was in the process of revising the foreign exchange regulations.
The primary objective of these revisions is to promote ease of doing business by simplifying the existing instructions. It will delegate more powers to banks to facilitate stakeholders.
The SBP has notified revisions in foreign exchange regulations for imports of goods into Pakistan (Chapter 13 of the FE Manual).
The key changes include amendment in existing regulations to facilitate import transactions through the forthcoming PSW facilities. The revision will eliminate the requirement of Electronic Import Form (EIF).
The SBP and Pakistan Customs implemented EIF Module in WeBOC system from September 1, 2016. EIF is an electronic declaration. Banks approve this declaration detailing payment information for import of goods.
Importers submit this form at the time of filing of Good Declaration.
Under the Pakistan Single Window (PSW) the form will no more require.
KARACHI: The stock exchange gained 39 points on Monday in range bound trading activities.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,873 points. The market closed at 47,834 points last Friday, showing an increase of 39 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range.
Being a short trading week, investors were reluctant to go long. They preferred to close the intra-day positions regardless of the pertinent stock prices.
The falling rupee value adversely affected many scrips. However, SNGP and SSGC hitting upper circuit on the back of High Court’s decision. The court has decided in favor of gas utilities to maintain transmission UFG benchmark.
Technology stocks saw consistent upward movement in AVN. It hits upper circuit and an uptick in SYS that maintained such levels till end. Among scrips, BYCO topped the volumes with 24.2 million shares, followed by DNCCR (23.1 million) and SNGP (18.5 million).
Sectors witnessed improvement are include: Misc (+33 points), O&GMCs (+29 points). Further Banks (+18 points), Autos (+10 points), Cement (-24pt) and Technology (-14 points) have also seen improvement.
Volumes declined further from 348.5 million shares to 320.9 million shares (-8 per cent DoD). Average traded value also declined by 18 per cent to reach US$ 73.9 million as against US$ 90.3 million.
Stocks that contributed significantly to the volumes include BYCO, DNCCR, SNGP, ASC and TREET. They formed 29 per cent of total volumes.
Stocks contributed positively to the index included: PSEL (+33 points) and SNGP (+25 points). Further MEBL (+12 points), FFC (+11 points) and SSGC (+8 points) have also contributed. Stocks contributed negatively include LUCK (-22 points), TRG (-21 points), ENGRO (-12 points), HBL (-10 points) and BAFL (-8 points).
KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on July 19, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.94 | 7.44 |
| 2 – Week | 6.97 | 7.47 |
| 1 – Month | 7.01 | 7.51 |
| 3 – Month | 7.14 | 7.39 |
| 6 – Month | 7.35 | 7.60 |
| 9 – Month | 7.45 | 7.95 |
| 1 – Year | 7.54 | 8.04 |
KARACHI: The Pak Rupee fell by Rs1.54 against dollar on Monday due to higher demand for foreign currency ahead of Eid holidays.
The rupee ended at Rs161.48 to the dollar from last Friday’s closing of Rs159.94 to the dollar.
Currency experts said that the dollar demand for imports remained higher owing to three holidays announced by government for Eid ul Adha.
The rupee has lost around Rs3.61 against the foreign currency since the start of the current month.
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.
The Federal Board of Revenue (FBR) has announced significant transfers and postings in the Pakistan Customs Service (PCS), affecting key positions in Karachi. Abdul Qadir Memon, a seasoned BS-20 officer of the PCS, has been appointed as the Chief Collector, Enforcement (South), Karachi.
(more…)KARACHI: The State Bank of Pakistan (SBP) on Monday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.
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KARACHI: Pakistan Oxygen Limited on Monday announced to set up an Air Separation Unit (ASU) with an amount of Rs2.5 billion.
The company will set up the unit in the northern of Pakistan. This is company’s fifth ASU plant in the country.
The board of directors of the company approved the investment plan on July 16, 2021. The investment will meet the growing demand of Oxygen in the country. It will meet demand from healthcare and industrial segments.
The company hoped new plant to come on stream by 2023. It made efforts to meet demand for COVID-19 patients. The company will install ASU plant in Khyber Pkhtunkwha province. The new ASU shall serve the various CPEC related projects in Khyber Pakhtunkhwa province.
The company approved around Rs10 billion. The largest investment of this is Rs6.3 billion for under construction plant at Port Qasim Karachi.
The company has three ASU plants in two major cities. These ASU plants have combined capacity of 263 tons per day.
In February this year company announced investment of Rs417.5 million to set up European technology electrode manufacturing in Karachi.
Pakistan Oxygen Limited is a leading supplier of industrial and medical gases. It provides pipeline services and welding solutions.
ISLAMABAD – The federal government has officially announced the amount of diyat for the fiscal year 2021-2022, fixing it at Rs 4.26 million. This amount corresponds to the value of 30,630 grams of silver, as prescribed under Islamic injunctions and outlined in the Pakistan Penal Code (PPC).
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The Federal Board of Revenue (FBR) notified updated Section 2 of Income Tax Ordinance, 2001 amended through Finance Act, 2021.
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