Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • KSE-100 keeps positive momentum for 10th consecutive session

    KSE-100 keeps positive momentum for 10th consecutive session

    KARACHI: Benchmark KSE-100 of Pakistan Stock Exchange (PSX) continued its positive momentum for the 10th consecutive session to close at 36,142 level on Thursday.

    These past 10 days have returned 7.2 percent (2,423 points), analysts at Topline Securities said.

    Market was led by financial and E&P sectors while Pharmaceutical and Cement sector saw profit taking. Investor interest was also observed in technology sector where AVN and NETSOL closed 7.5 percent higher as the sector is doing well given IT service demand has increased during the COVID-19 pandemic.

    Traded volume and value for the day increased by 47 percent and 20 percent on DoD basis to 467 million shares (highest volume of 2020) and Rs.15.6. billion (highest since 21 April-2020) respectively. UNITY was today`s volume leader with 40.6 million shares.

  • Meezan Bank to launch digital payments using Haball platform

    Meezan Bank to launch digital payments using Haball platform

    KARACHI: Haball, Pakistan’s leading B2B payments automation platform, in partnership with Meezan Bank – Pakistan’s first and largest Islamic bank, has recently announced the launch of Blink Direct, a service that will enable digital payments for Pakistani businesses and their supply chain partners.

    The new service will accelerate digital payments to payees while completely removing the friction caused by manual reconciliation errors. Meezan Bank customers will be able to link their bank accounts with the Haball App directly for performing transactions while reaping the benefits of a cashless supply chain, a statement said on Thursday.

    The Blink Direct facility, will allow Haball to address the challenge of delays in invoice reconciliation; an issue that plagues many large and small businesses, and causes payment delays as a result of which the working capital of the business is not managed efficiently.

    The service also maps each payment, invoice, pay order etc. to the context of why a payment was initiated.

    This allows corporate and distributors to reconcile their invoices and payments automatically, reducing errors and time required to reconcile every payment.

    Meezan Bank is the first bank in Pakistan to enable paperless digital payments for businesses using the Haball platform.

    Blink Direct is now available as a standard offering in the Haball App and Platform suite, eliminating manual payments and offering businesses greater transparency for the entire value chain including retailers, distributors and corporate entities.

    Omer Bin Ahsan, CEO – Haball commented on the occasion, “Blink Direct enables money to move digitally throughout the supply chain in the fastest and most reliable manner.

    “Haball has naturally progressed towards aggregating multiple payment options available in the country to give customers the freedom to transact through whichever medium they prefer, whether through their bank’s existing channel, through Haball’s App or through branches and agent networks.”

    Ariful Islam, Deputy CEO – Meezan Bank said: “By extending direct payment services to its customers using Haball, Meezan Bank is delighted to be able to solve the problems currently faced by many companies – needless roadblocks in the payments value chain and provide seamless and integrated digital payment services to enable a cashless supply chain.

    “We are very excited to be part of this innovation and are confident Inshallah that the supply chain vertical will soon benefit from the value of digital payment solutions.”

  • TPL Trakker to use Telenor’s location based services

    TPL Trakker to use Telenor’s location based services

    KARACHI: TPL Trakker and Telenor Pakistan have signed an agreement under which Telenor Pakistan will provide location base services (LBS).

    TPL Trakker powers the technology via TPL Maps, the company’s mapping arm and Pakistan’s first digital mapping service licensed by the Survey of Pakistan, a statement said on Thursday.

    Using LBS, Telenor Pakistan will make use of the most detailed and localized location dataset ever offered in Pakistan. Following the partnership, Telenor Pakistan will have access to data covering 600,000 km of road network, 3 million points of interest (POIs), which will enable the telecom operator to offer tailored products and solutions for B2B customers as per their needs.

    The move is in line with TPL Trakker’s vision to create value for different industry verticals through digital transformation, enhancing connectivity between people, mobile assets and businesses.

    This will pave the way for Mobile Network Operators to venture into diverse location-centric solutions adding to the rising popularity of TPL’s cutting edge mapping and automation API solutions for apps.

    Speaking on the collaboration, Sarwar Ali Khan, CEO, TPL Trakker said, “TPL has developed indigenous Location Based Services to fuel the rapid growth of technology companies in Pakistan. Mobile Network Operators are ingrained in the national economy and they rely heavily on cutting-edge location data and services. We expect closer collaboration with each player for our Location Based Services as we look forward to a long and fruitful relationship with one of Pakistan’s leading Mobile Network Operators.”

    With a plan to accelerate the growth of the telecommunication services industry, the two companies will create a modern, value-driven and globally competitive Pakistan.

  • Pakistan’s foreign exchange reserves increase by $819 million

    Pakistan’s foreign exchange reserves increase by $819 million

    KARACHI: The liquid foreign exchange of the country increased by $819 million to $18.79 billion by week ended July 03, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $17.971 billion a week ago ended on June 26, 2020.

    The official reserves held by the SBP increased by $811 million to $12.042 billion by week ended July 03, 2020 as compared with $11.231 billion a week ago.

    The SBP attributed the increase in reserves to proceeds of $1,000 million as GOP loan disbursement from China.

    During the week, SBP also made government external debt payments of $ 231.2 million.

    The foreign exchange reserves held by commercial bank witnessed nominal growth of $8 million to $6.748 billion by week ended July 03, 2020 as compared with $6.74 billion a week ago.

  • Rupee gains 18 paisas on improved inflows

    Rupee gains 18 paisas on improved inflows

    KARACHI: The Pak Rupee gained 18 paisas against dollar on Thursday owing to improved inflows of export receipts and workers’ remittances.

    The rupee ended at Rs166.58 to the dollar from previous day’s closing of Rs166.76 in interbank foreign exchange market.

    Currency experts said that the lowering demand for import and corporate payments and improved inflows helped the rupee to make gain.

    They said that the import bill of the country massively reduced during the fiscal year 2019/2020.

    According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

    This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

  • SBP revises banking timings from July 13

    SBP revises banking timings from July 13

    KARACHI: State Bank of Pakistan (SBP) on Thursday revised timings for banks and microfinance banks to be observed from July 13, 2020.

    The central bank said that effective from July 13, 2020, the banks/MFBs shall observe the following office timings till further orders.

    However, banks/MFBs may prescribe business hours for branches as per their business requirement subject to observance of SBP business (banking) hours for public dealings as notified vide BPRD Circular Letter No. 20 dated April 23, 2020.

    The timings shall be:

    Monday to Thursday: 09:00 a.m. to 5:30 p.m. (with prayer / lunch break from 1:30 p.m. to 2:00 p.m.)

    Friday: 09:00 a.m. to 5:30 p.m. (with prayer / lunch break from 1:00 p.m. to 2:30 p.m.)

    The SBP said that all banks / MFBs are accordingly advised to ensure compliance of the above-mentioned timings in letter and spirit.

  • SBP asks banks not to accept institutional investment in saving schemes

    SBP asks banks not to accept institutional investment in saving schemes

    KARACHI: State Bank of Pakistan (SBP) on Thursday informed banks about restriction imposed on institutional investment in saving schemes.

    The central bank said that the Central Directorate of National Savings (CDNS) on July 01, 2020 restricted participation of institutional investors in national saving schemes.

    In this connection, the SBP advised all authorized commercial banks to review the instructions contained in the above mentioned letters and ensure that no institutional investment of any kind should be accepted in National Savings Schemes (NSS) dealt by banks i.e. Special Savings Certificate (SSC) / Defence Savings Certificate (DSC) on or after July 01, 2020.

    The SBP asked the banks to disseminate necessary instructions down the line to all authorized branches and concerned officials for information and strict compliance.

  • Fee for filing tax appeals increased substantially

    Fee for filing tax appeals increased substantially

    ISLAMABAD: A substantial increase has been made to fee amount for filing appeal against an assessment order. The increase has been made part of statute through Finance Act, 2020.

    Officials at Federal Board of Revenue (FBR) said that an amendment to sub-section 4 of the Section 127 of Income Tax Ordinance, 2001 has been made through Finance Act, 2020. Prior to this amendment the fee amount of Rs1,000 was prescribed for all taxpayers for filing appeal.

    However, through the amendment the prescribed fee shall be Rs5,000 in case of company and Rs2,500 in case of other than a company.

    The fee for filing appeal in other than assessment cases has also been increased. The fee in case of company has been increased to Rs5,000 from Rs1,000. In case of other than company the fee amount has been increased to Rs1,000 from Rs200.

    Another amendment has been made to section 131 of the Income Tax Ordinance, 2001 regarding fee for filing appeal before appellate tribunal.

    Prior to the amendment an amount of Rs2,000 was prescribed as fee for filing appeal. However, post amendment the prescribed fee shall be Rs5,000 in case of a company and Rs2,500 in case of other than a company.

  • FBR to adopt new measures to achieve Rs4,963 billion collection target

    FBR to adopt new measures to achieve Rs4,963 billion collection target

    ISLAMABAD: Federal Board of Revenue (FBR) has decided to take new enforcement and administrative measures to achieve revenue collection target of Rs4,963 billion assigned for current fiscal year.

    The federal government in the latest budget assigned FBR to collect Rs4,963 billion during 2020/2021, which is 25 percent higher than the collection of Rs3,957 billion collected during 2019/2020.

    In order to achieve the revenue collection target of current fiscal year the FBR chairman directed chief commissioners and chief collectors to submit their proposals and suggestions for taking new administrative and enforcement measures.

    The FBR sought the proposals for increasing revenues and plugging loopholes.

    All chief commissioners and chief collectors have been asked to furnish their proposals by July 15, 2020.

    It is worth mentioning that the FBR was assigned Rs5,550 billion revenue collection target during fiscal year 2019/2020 however due to slow economic activities early in the fiscal year and adverse impact on economy due to coronavirus the revenue collection significantly declined.

    Later considering the situation the FBR was assigned the reduced collection target of Rs3,907 billion, which was surpassed by more than Rs50 billion.

    Despite the achievement of revenue collection target the FBR chairperson Ms. Nausheen Javaid Amjad was removed from the post and Muhammad Javaid Ghani was assigned additional charge of the post of FBR chairman.

    Sources in the FBR said that the administrative and enforcement measures would only work when a regular chairman has been appointed.

  • Finance ministry issues strategy for release of funds for development budget

    Finance ministry issues strategy for release of funds for development budget

    ISLAMABAD: The finance ministry on Wednesday issued strategy for release of funds for development budget during fiscal year 2020/2021.

    The undersigned is directed to refer to the subject mentioned above and to state that keeping in view the Public Finance Management Act (PFM) Act, 2019, the following strategy for release of funds relating to Development Budget for Financial Year 2020-21 shall be followed with immediate effect and until further orders:-

    a) Funds for Development Budget shall be released by Finance Division at the level of 20 percent for the 1st Quarter, 30 percent each for 2nd and 3rd Quarter and 20 percent for 4th Quarter.

    b) Ministry of Planning, Development and Special Initiative s shall devise project-wise/Division-wise strategy for release of funds for Public Sector Development Program (PSDP) within the appropriations approved by the National Assembly and included in the Schedule of Authorized Expenditure in terms of Article 83 of the Constitution.

    c) All payments shall be made through the pre-audit system of the Accountant General Pakistan Revenue (AGPR)/ Military Accountant General (MAG)/ Accounting Offices/ Sub-Offices, or through Assignment Account procedure issued by the Finance Division. No direct payment through the State Bank of Pakistan shall be made, except with the prior approval of the Finance Secretary.

    d) No authority shall incur or commit any expenditure from the “Federal Consolidated Fund” until the same has been sanctioned by the National Assembly and the expenditure has been provided for the financial year through (a) schedule of authorized of expenditure in terms of Article 83 of the Constitution, or (b) supplementary grant or technical supplementary grant as per Article 84 of the Constitution has been approved by the Federal Government, or (c) re-appropriation as per Sections 2(u) and 11 of the Public Finance Management Act, 2019.

    e) There shall be no requirement of ways and means clearance from Budget Wing and endorsement of sanction letters by Expenditure Wing, Finance Division for the fund releases for PSDP approved projects.

    f) All the sanctions for expenditure (in all forms) shall be issued and entered into SAP system by the Principle Accounting Officers (PAOs) before making payment by the Accounting Offices.

    g) AGPR and other Accounting Offices shall not enter the sanction letters issued by the PAO into the SAP system and shall process the payments on verification of budget, fund release and sanction letter.

    h) The provisions of Public Finance Management Act, 2019 shall be strictly adhered to by all the PAOs and the Accounting Offices.

    i) The instructions with regard to all forms of supplementary grants shall be issued by the Budget Wing, Finance Division, separately.

    j) The Development Wing of Finance Division shall coordinate and oversee the matters relating to release of funds for development of budget and other ancillary matters.