Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Probe in Hascol financials underway: SECP

    Probe in Hascol financials underway: SECP

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) took notice of HASCOL’s reported accounts for the period ending June 30, 2019 in October 2019, according to a statement issued on Tuesday.

    In this regard, the SECP has diligently followed its requisite internal protocols in compliance with its mandated role and responsibility.

    However, being the apex corporate regulator of the country, SECP has to conclude its proceedings after following due process as envisaged under the law.

    The SECP does not comment on its regulatory actions until they are finalized and orders are issued, at which stage they are published on its website without any exception. However, recently some misreporting in the print media has been undertaken that is devoid of facts and has been published without seeking SECP’s version.

    The SECP has been and continues to remain vigilant and proactive in swiftly dealing with any regulatory violations that fall within its ambit.

    SECP greatly respects and values its ongoing relationship with the media which almost invariably reports on SECP’s activities in a measured, responsible and fair manner. However, it expects that reporting on matters currently under consideration of SECP should not be based on conjecture or incorrect hearsay.

  • KIBOR rates on July 13, 2021

    KIBOR rates on July 13, 2021

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on July 13, 2021.

     TenorBIDOFFER
    1 – Week6.917.41
    2 – Week6.967.46
    1 – Month7.017.51
    3 – Month7.197.44
    6 – Month7.407.65
    9 – Month7.508.00
    1 – Year7.568.06
  • Banking Ombudsman provides Rs305.5 million monetary relief to customers

    Banking Ombudsman provides Rs305.5 million monetary relief to customers

    KARACHI: The Banking Mohtasib (Ombudsman) Pakistan has provided monetary relief amounting to Rs 305.5 million to the banking customers by disposing of 14,910 complaints during the first half (January to June) of the current calendar year, 2021, according to a press release issued on Tuesday.

    About 99 per cent (14,755) complaints were resolved amicably while only1 per cent (155) complaints required resolution through formal Orders.

    There is no letup in the number of complaints being lodged against commercial banks with the Banking Mohtasib as nearly 20,220 new complaints, including 13,027 from Prime Minister’s Portal, were received from 1st January to 30th June, 2021.

    There has been 81 per cent increase in the number of complaints lodged with the Banking Mohtasib against commercial banks during the first half of the current year, 2021 as against the first half of the last calendar year, 2020 when 11,174 complaints were filed.

    It may be pointed out that during the first half of the last calendar year (2020), the Banking Mohtasib Office had provided monetary relief amounting to Rs 318.6 million to the banking customers by disposing of 11,251 complaints. More complaints were disposed of than received was due to the fact that some complaints were carried forward from the year, 2019.

    With a view to protecting the banking customers from any fraud and forgeries, the Banking Mohtasib Pakistan continuously reminds them not to disclose their personal and financial information to any person.

  • American Business Council appreciates taxpayers’ facilitation measures

    American Business Council appreciates taxpayers’ facilitation measures

    KARACHI: The American Business Council (ABC) of Pakistan has appreciated the efforts of the government to facilitate taxpayers, ameliorate ease of doing business and incentivize digitization of the economy, according to a statement released on Tuesday.

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  • Turkish App BiP enhances group calls to 15 participants

    Turkish App BiP enhances group calls to 15 participants

    KARACHI:  The maximum number of participants in HD-quality voice and group video calls via BiP has increased to 15, according to a statement issued on Tuesday.

    With more than 82 million downloads worldwide and over two million downloads in the Pakistani market, the communication platform BiP has added another new feature to its distinctive innovations to meet the needs and demands of its users.

    With the inclusion of this feature, Pakistani users in Pakistan and abroad who are far away from each other will get closer with BiP, while crowded families can also make video calls to celebrate each other’s Eid. Having witnessed over two million downloads already, this special feature is making BiP increasingly popular amongst Pakistani users.

    BiP, developed by Turkish engineers and whose user data is protected in high-security data centres in Turkey, continues to be the pioneer of communication platforms with superior features that differ from its competitors.

    The number of participants for HD-quality audio and group video calls over BiP, a platform with more than 82 million downloads, has increased from 10 to 15 now. BiP, which nearly doubles the maximum number of participants compared to its competitors, will continue to be the meeting point for business and recreational meetings and the best option for crowded families to meet up and celebrate each other’s Eid.

    Stating that BiP has turned into a global player with millions of users in 192 countries worldwide, BiP Communication Technologies and Digital Services General Manager Burak Akıncı said: “We have become one of the fastest-growing communication platforms internationally thanks to our group video calling, voice, and video calling from a web interface, disappearing messages, instant translation in 106 languages and money sending features that we have implemented long before competitor applications, as well as our transparent policy on personal data protection. Before Eid, we implemented another innovation and increased the number of participants in our group video call feature to 15. We wanted to give our users a gift for Eid. In the coming period, we will continue to equip our application with new features that will make a difference by taking the feedback and demands from our users into account”.

    Switching to BiP from other messaging apps is also extremely easy. Thanks to BIP’s “Group Moving” feature, which everyone can use regardless of the operator around the world, users can quickly and easily transfer their groups and chat histories in the messaging app they used before to BiP. Furthermore, unlike other messaging apps, users can transfer their existing groups to BiP while automatically adding users who have installed BiP in the group without having to select them individually.

  • Share market makes slight gain amid cautious trading

    Share market makes slight gain amid cautious trading

    KARACHI: The share market gained 33 points on Tuesday as investors maintained a cautious approach towards building positions.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,480 points as against previous day’s closing of 47,447 points, showing an increase of 33 points.

    Analysts at Arif Habib Limited said that the investors maintained a cautious approach towards building positions, in the wake of Capital Gain Tax (CGT) liability that is due to be settled by mid of the month, whereby investors anticipate sell off by other than corporate and institutional investors.

    Technology sector led the index with NETSOL hitting upper circuit and brisk trading in TRG & SYS. Power sector remained muted due to concerns over Petroleum Division’s stance on payments to IPPs under Power Policy of 2002.

    Among scrips, WTL topped the volumes with 48 million shares, followed by GGGL (37.5 million) and TPL (28.4 million).

    Sectors contributing to the performance include Technology (+36 points), Inv Banks (+25 points), Banks (+17 points), Fertilizer (+13 points), E&P (-17 points) and Autos (-15 points).

    Volumes increased from 474.9 million shares to 496.8 million shares (+5 per cent DoD). Average traded value increased by 13 per cent to reach US$ 101.8 million as against US$ 90.2 million.

    Stocks that contributed significantly to the volumes include WTL, GGGL, TPL, FFL and TPLP, which formed 32 per cent of total volumes.

    Stocks that contributed positively to the index include PSX (+21 points), SYS (+18 points), TRG (+16 points), BAHL (+16 points) and CEPB (+8 points). Stocks that contributed negatively include PPL (-10 points), MCB (-9 points), KAPCO (-8 points), OGDC (-7 points) and COLG (-7 points).

  • Rupee weakens by 15 paisas against dollar

    Rupee weakens by 15 paisas against dollar

    KARACHI: The Pak Rupee depreciated by 15 paisas against the dollar on Tuesday owing to higher demand for import payment.

    The rupee ended at Rs159.51 to the dollar from the previous day’s closing of Rs159.36 in the interbank foreign exchange market.

    Currency experts said that the rupee remained under pressure due to higher demand for import payment.

    They said that the market had responded earlier in the day due to reports of record inflows of workers remittances.

    The State Bank of Pakistan (SBP) earlier in the day announced the details of remittances. The remittances rose to a historic annual high of $29.4 billion in the fiscal year 2020/2021. The remittances registered a substantial 27 per cent growth in the fiscal year 2020/2021 over the preceding fiscal year.

  • SBP issues exchange rates for July 13, 2021

    SBP issues exchange rates for July 13, 2021

    KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.

    The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.

    They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.

     CURRENCYBUYINGSELLING
    AED43.394743.4896
    AUD119.2780119.5334
    CAD127.8261128.0973
    CHF174.0783174.4510
    CNY24.662824.7135
    EUR188.9364189.3506
    GBP221.1272221.6094
    JPY1.44261.4458
    SAR42.467942.5595
    USD159.2510159.6143
  • Remittances flow $2bn for 13th consecutive month

    Remittances flow $2bn for 13th consecutive month

    KARACHI: The inflows of workers’ remittances continued streak of over $2 billion for a record 13th consecutive month to reach historic annual high at $29.4 billion in 2020/2021, State Bank of Pakistan (SBP) said on Tuesday.

    The SBP said that with inflows of around $2.7 billion in June 2021 (9 percent growth (y/y) and 8 percent growth (m/m)), workers’ remittances continued their unprecedented streak of above $2 billion for a record 13th consecutive month.

    Seasonal pre-Eid related inflows helped to further boost remittances level during June.

    On a cumulative basis, remittances rose to a historic annual high of $29.4 billion.

    This has helped improve the country’s external sector position despite the challenging global economic conditions in the past year.

    Remittances registered a substantial 27 percent growth in FY21 over last year, the fastest rate of expansion since FY03.

    Remittance inflows during FY21 were mainly sourced from Saudi Arabia ($7.7 billion), United Arab Emirates ($6.1 billion), United Kingdom ($4.1 billion) and the United States ($2.7 billion).

    Overall, record high inflows of workers’ remittances during FY21 have been driven by proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19 infections, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions.

  • FBR categorizes heads of income for tax collection

    FBR categorizes heads of income for tax collection

    The Federal Board of Revenue (FBR) in Pakistan has outlined five distinct heads of income for the purpose of tax collection from both individuals and corporate entities.

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