Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Foreign exchange reserves ease to $20.106 billion

    Foreign exchange reserves ease to $20.106 billion

    KARACHI: The liquid foreign exchange reserves of the country fell slightly by $14 million to $20.106 billion by week ended January 22, 2021, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $20.12 billion by week ended January 15, 2021.

    The official reserves of the central bank witnessed a decline of $16 million to $12.998 billion from $13.014 billion a week ago.

    The foreign exchange reserves held by commercial banks increased to $7.108 billion by week ended January 22, 2021 as against $7.106 billion a week ago.

  • Index falls by 292 points on profit booking

    Index falls by 292 points on profit booking

    KARACHI: The share market witnessed a decline of 292 points on Thursday in profit taking activities.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,166 points as against previous day’s closing of 46,458 points, showing a decline of 292 points.

    Analysts at Arif Habib Limited said that after posting a high of 46,645 during the session (+187 points), market saw profit booking again, which brought the Index down by 347 points, closing the session -292 points.

    Cement and Banking sector stocks showed buying activity and healthy price performance, whereas selling pressure was evident in E&P, O&GMCs, Technology and Fertilizer sectors that eroded the gains earlier seen in the Index.

    Among Power sector, HUBC performed well in anticipation of change in the formula for resolution of circular debt. Banking sector stocks saw renewed interest, especially after Fauji Foundation’s intention to acquire SILK Bank through notification on the Exchange that also resulted in SILK posting highest trading volumes.

    Among scrips, SILK topped the volumes with 354.7 million shares, followed by KEL (31.2 million) and TRG (27.7 million).  

    Sectors contributing to the performance include Cement (+48 points), Engineering (+21 points), Technology (-90 points), E&P (-67 points), Fertilizer (-55 points), O&GMCs (-41 points) and Inv Banks (-36 points).

    Volumes increased from 610.9 million shares to 844 million shares (+38 percent DoD). Average traded value however, declined by 10 percent to reach US$ 163.6 million as against 180.9 million.

    Stocks that contributed significantly to the volumes include SILK, KEL, TRG, ASL and FCCL, which formed 55 percent of total volumes.

    Stocks that contributed positively to the index include LUCK (+30 points), UBL (+21 points), HBL (+17 points), ISL (+15 points) and AKBL (+10 points). Stocks that contributed negatively include TRG (-61 points), FFC (-36 points), DAWH (-33 points), MCB (-29 points) and SYS (-28 points).

  • Fauji Foundation allowed due diligence to acquire majority stake in Silkbank

    Fauji Foundation allowed due diligence to acquire majority stake in Silkbank

    KARACHI: The board of directors (BOD) of Silkbank Limited on Thursday approved to allow Fauji Foundation to conduct due diligence for acquiring majority stake of the bank.

    The bank in a notice sent to the Pakistan Stock Exchange (PSX) stated that M/s. Fauji Foundation had expressed an interest in acquiring the majority stake in Silkbank Limited.

    As part of the process, the bank had been requested to allow Fauji Foundation to conduct due diligence of Silkbank and in this regard the Fauji Foundation intended to apply to the State Bank of Pakistan (SBP) for the requisite approval of the same.

    “The board of directors of Silkbank Limited in its meeting held on January 28, 2021, has subject to the approval of the State Bank of Pakistan, given its in-principal approval to allow Fauji Foundation to conduct the required due diligence and evaluation the information that will be provided by Silkbank in this regard,” the bank informed the PSX.

    Fauji Foundation (also known as Fauji Group), is amongst the largest business conglomerate in Pakistan which “Earns To Serve” the interests of ex-servicemen.

    According to its official website, the group is basically a Charitable Trust founded in 1954 for the welfare of the ex-servicemen and their dependents.

    It is incorporated under the Charitable Endowments Act 1890.

    The history of Fauji Foundation dates back to 1945, when a Post War Services Reconstruction Fund (PWSRF) was established for Indian War Veterans who served the British Crown during WW-II. At the time of partition (1947) when Pakistan came into being, the balance fund was transferred to Pakistan in the proportion of its post WW-II veterans. Till 1953, the fund remained in the custody of the civilian Government, when in 1954 it was transferred to the Army.

    The Army instead of disbursing the balance fund of about Rs 18.2 millions (USD 0.2 million) among the beneficiaries, invested it in establishing a Textile Mill. Later from the income of the textile mill, it established first 50 bedded TB hospital at Rawalpindi.

    Fauji foundation is proud that from Rs 18.2 million in 1953, it today runs more than 18 industries, the income from which is utilized to serve about 9 million beneficiaries (5 % of country’s population). Generally, more than 80 percent of the income goes towards the welfare activities every year.

    The welfare is conducted through health care, education and vocational/technical training. To a limited extent welfare is also a by- product of employment generated for the beneficiaries through commercial and welfare activities. Presently, the welfare is conducted through 143 medical facilities, 142 Schools & Colleges, 45 Foundation Institute Technology.

  • Rupee appreciates by 26 paisas on improved dollar supply

    Rupee appreciates by 26 paisas on improved dollar supply

    KARACHI: The Pak Rupee appreciated by 26 paisas against the dollar on Thursday on improved inflows of export receipts and workers’ remittances.

    The rupee ended at Rs160.28 to the dollar from previous day’s closing of Rs160.54 in the interbank foreign exchange market.

    Currency dealers said that the market witnessed better supply of the greenback that that helped the local currency to make gain.

    The dealers expected the better inflows likely to help the local currency to make further gain in coming days.

  • NPOs require to declare donation details above Rs5,000 to avoid cancellation of approval

    NPOs require to declare donation details above Rs5,000 to avoid cancellation of approval

    ISLAMABAD: Non-profit organizations are required to provide details of all donations above Rs5,000 in order to avoid cancellation of approval granted by Federal Board of Revenue (FBR), sources said on Wednesday.

    The sources said that under tax laws, an institutions, fund, trust, society or any other non-profit organization established in Pakistan for religious, educational, charitable, welfare or development proposes or for the promotion of an amateur sport shall require approval of the Commissioner of Inland Revenue (CIR) FBR.

    Under the law the commissioner has also been authorized to withdraw the approval to NPOs on the basis that the income tax returns were not filed or supported documents have not been provided along with the income tax returns.

    The sources said the NPOs are require to declare details of names and addresses of the persons from whom donations, contributions, subscriptions etc. exceeding Rs5,000 have been received during the tax year.

    Further, it is also mandatory that statement should contain the names and addresses of donees and beneficiaries etc. to whom payments, services etc. exceeding Rs5,000 have been made during the tax year.

    The sources said that the NPOs should provide statement of audited balance sheet and statement of accounts.

    Besides, the NPOs are required to provide a detailed performance evaluation report after every three years. “Provided that where such detailed performance evaluation report is not submitted on or before September 30 following every three tax years, the commissioner shall issue a show cause notice for withdrawal of approval to the concerned organization.”

    The NPOs are required to keep details of deduction of withholding tax and provide to the FBR as required under Section 165 of the Income Tax Ordinance, 2001.

    Further, the names, CNIC/NTN, last income declared, tax year and addresses of the promoters, directors, trustees, president, secretary, treasurer, manager and other office bearers, as the case may be, of the organization and indicating clearly their family relationship with each other.

  • Financial institutions to ensure complete identity verification of customers for FATF compliance

    Financial institutions to ensure complete identity verification of customers for FATF compliance

    KARACHI: Financial institution are required to ensure complete identity verification of customers for compliance with Financial Action Task Force (FATF).

    (more…)
  • SBP imposes Rs59.5 million as penalty on Habib Metropolitan Bank

    SBP imposes Rs59.5 million as penalty on Habib Metropolitan Bank

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday imposed a monetary penalty of Rs59.51 million on Habib Metropolitan Bank for violating regulations pertaining to AML/CFT.

    (more…)
  • Stock market gains 171 points in mixed trading

    Stock market gains 171 points in mixed trading

    KARACHI: The stock market closed on Wednesday with a gain of 171 points in mixed trading activities during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,458 points as against 46,287 points showing an increase of 171.

    Analysts at Arif Habib Limited said that the key decisions to be taken at today’s ECC Meeting kept the interest alive at the bourse with PSO contributing positively to the index, supported by a surge in Cement sector stocks.

    Technology stocks continued uptrend in today’s session, which helped the index post decent gains.

    Overall, the index went up by 411 points during the session, but profit booking in E&P and Banks brought the net gain to 171 points by the end of session.

    Rollover activity has been smoothly transitioning from January to February Futures contract.

    Similar positive interest is otherwise witnessed in the ongoing book building of Panther Tyres, which is indicative of strong investor sentiment.

    Among scrips, ANL topped the volumes with 40.2 million shares, followed by PIBTL (39.6 million) and TRG (37 million).  

    Sectors contributing to the performance include Technology (+84 points), Cement (+76 points), Pharma (+23 points), Fertilizer (+22 points) and E&P (+17 points).

    Volumes increased from 603.2 million shares to 610.8 million shares (+1 percent DoD). Average traded value also increased by 8 percent to reach US$ 180.6 million as against US$ 166.9 million.

    Stocks that contributed significantly to the volumes include ANL, PIBTL, TRG, HASCOL and FCCL, which formed 30 percent of total volumes.

    Stocks that contributed positively to the index include TRG (+80 points), MARI (+25 points), FFC (+23 points), LUCK (+22 points) and FCCL (+20 points). Stocks that contributed negatively include BAHL (-34 points), COLG (-17 points), UBL (-13 points), PPL (-11 points) and PAKT (-10 points).

  • Rupee strengthens by 10 paisas on dollar supply

    Rupee strengthens by 10 paisas on dollar supply

    KARACHI: The Pak rupee gained 10 paisas against the dollar on Wednesday owing sufficient supply of the foreign currency to meet demand for import and corporate payments.

    The rupee ended Rs160.54 to the dollar from previous day’s closing of Rs160.64 in the interbank foreign exchange market.

    Currency dealers said that the market witnessed sufficient supply of the greenback which was higher than the demand for import and corporate payments.

    The dealers hoped that that improved economic indicators would help the rupee to make further gains in coming days.

  • Pakistan stops manual processing of visa applications

    Pakistan stops manual processing of visa applications

    ISLAMABAD: The government of Pakistan has decided to stop manual processing of visa cases from January 01, 2021, a statement said on Tuesday.

    Therefore, all visa applications are required to be processed through online visa portal only at the following web address: www.visa.nadra.gov.pk

    The High of Commission of Pakistan, London and Consulates General of Pakistan in Birmingham, Bradford, Glasgow and Manchester will not entertain any manual visa application from February 01, 2021, it added.