Author: Mrs. Anjum Shahnawaz

FBR auditor awarded dismissal from service for availing NAB plea bargain

ISLAMABAD: Federal Board of Revenue (FBR) has imposed major penalty on a senior auditor (BS-18) for making money through corruption and avail plea bargain of National Accountability Bureau (NAB).

In a notification issued on Friday, the FBR said that Ali Akbar Tunio, Assistant Director (Audit) ( BS-18), Regional Tax Office-II, Karachi had availed the benefits of plea bargain in terms of section 25 (b) of National Accountability Ordinance, 1999 as per Accountability Court-III, Sindh, Karachi judgement dated May 23, 2019.

The competent authority i.e. Secretary Revenue Division, after examining the case in light of provisions contained in Rule 8 of the Government Servants (Efficiency & Discipline) Rules 1973 has imposed major penalty of “Dismissal from Service” under Rule 4 (1)(b)(iv) with effect from the date of conviction i.e. May 23, 2019.

In light of the above, major penalty of dismissal from service is imposed upon Ali Akbar Tunio, Assistant Director (Audit) ( BS-18), Regional Tax Office-II, Karachi under Rule 4(1)(b)(iv) of the Government Servants (Efficiency & Discipline) Rules, 1973 with effect from the date of conviction i.e. 23.05.2019.

Ali Akbar Tunio, Assistant Director (Audit) ( BS-18), Regional Tax Office-II, Karachi shall have a right to file an appeal to Appellate Authority under Civil Servants (Appeal) Rules, 1977 within a period of 30 days from the date of communication.

November 29, 2019
Rupee makes gain against dollar on inflows

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

The rupee ended Rs155.24 to the dollar from previous day’s closing of Rs155.33 in interbank foreign exchange market.

Currency dealers said that the rupee made early day gain and maintained the values in the remaining sessions.

The foreign currency market was initiated in the range of Rs155.25 and Rs155.30. The market recorded day high of Rs155.27 and low of Rs155.23 and closed at Rs155.24.

The exchange rate in open market witnessed unchanged value of the rupee. The buying and selling of the dollar recorded at Rs155.40/Rs155.70, the same previous day’s closing, in cash ready market.

November 29, 2019
FBR publishes valuation rulings to facilitate trade

KARACHI: Federal Board of Revenue (FBR) on Thursday published customs valuations on its official portal to facilitate trade and for ease of doing business.

A day earlier FBR Chairman directed the authorities to ensure availability of valuation rulings in order to trade facilitation and ease of doing business.

The FBR published following valuation rulings at its website:

1429/2019: Determination of Customs Values of Frequency Inverters under Pct Heading (8504.4090) under Section 25-A of the Customs Act, 1969 11/26/2019

1430/2019: Determination of Customs Values of Skimmed Milk Powder & Instant Milk Powder under Section 25-A of the Customs Act, 1969 11/26/2019

1427/2019: Determination of Customs Values of Base Cap for Bulbs PCT (8539.9020) under Section 25-A of the Customs Act, 1969 11/19/2019

1428/2019: Determination of Customs Values of Uncoated Offset Paper for Writing, Printing and Photocopy under Section 25-A of the Customs Act, 1969 11/19/2019

1426/2019: Determination of Customs Values of LED Decoration Strip Lights/Christmas/Rice/Festival/Madni/Larris Lights PCT (9405.3000) under Section 25-A of the Customs Act, 1969 11/8/2019

1409/2019: Determination of Customs Values of Latex Rubber Threads under Section 25-A of the Customs Act, 1969 11/8/2019

1425/2019: Determination of Customs Values of Printed Circuit Board PCT (8534.0000) under Section 25-A of the Customs Act, 1969 11/6/2019

1424/2019: Determination of Customs Values of Tractors Parts under Section 25-A of the Customs Act, 1969 11/5/2019

1420/2019: Determination of Customs Values of Hair Brushes/Cleaning/Washing/Sweeping Dusting and Similar kind of Brushes and Feeder Brushes under Section 25-A of the Customs Act, 1969 11/4/2019

1421/2019: Determination of Customs Values of Replacement Wheel Rim (Alloy/Other than Alloy) under Section 25-A of the Customs Act, 1969 11/2/2019

1422/2019: Determination of Customs Values of Motor Cycle Parts under Section 25-A of the Customs Act, 1969 11/2/2019

1423/2019: Determination of Customs Values of Wall Papers under Section 25-A of the Customs Act, 1969 11/2/2019

1407/2019: Determination of Customs Values of Stationer Items under Section 25-A of the Customs Act, 1969 11/2/2019

1417/2019: Determination of Customs Values of Waist Belts (Artificial Leather Low-eng Brands), under Section 25-A of the Customs Act, 1969 11/2/2019

1418/2019: Determination of Customs Values of Circuit Breakers PCT (8526.2010, 8536.2090, 8536.9090) under Section 25-A of the Customs Act, 1969 11/2/2019

1419/2019: Determination of Customs Values of Hot & Cold Water Dispenser and Parts under Section 25-A of the Customs Act, 1969 11/2/2019

1408/2019: Determination of Customs Values of Ball, Taper,Needle,Roller,Spherical,Cylindrical Bearings PCT (8482.1000, 8482.2000, 8482.3000 8482.4000, 8482.5000, 8482.6000, 8482.7000, 8482.8000) and Parts/Components of Bearings PCT (8482.9100, 8482.9910, 8482.9990) under Section 25-A of the Customs Act, 1969 11/1/2019

1410/2019: Determination of Customs Values of Toiletries/Face/Talcum Powder,Face and Skin Creams/Lotions, Tooth Paste, After Shave, Shaving Cream/Gel/Foam, Soap in ot her Forms and Facial Wash under Section 25-A of the Customs Act, 1969 11/1/2019

1411/2019: Determination of Customs Values of Hair Care Products/Shampoos/Conditionsers and Hair Spray/Gel/Wax/Cream/Colour/Oil/Coat/Aqua/Hydrogen Peroxide Liquid/Develor/Accelerator under Section 25-A of the Customs Act, 1969 11/1/2019

1412/2019: Determination of Customs Values of PVC Trunking Duct Patti under Section 25-A of the Customs Act, 1969 11/1/2019

1413/2019: Determination of Customs Values of Used Photocopier Machine under Section 25-A of the Customs Act, 1969 11/1/2019

1414/2019: Determination of Customs Values of File Covers, File Folder, Pouches and Envelopes made of plastic under Section 25-A of the Customs Act, 1969 11/1/2019

1415/2019: Determination of Customs Values of Aluminium Radiators under Section 25-A of the Customs Act, 1969 11/1/2019

1416/2019: Determination of Customs Values of Iron Pad Locks PCT (8301.1000) under Section 25-A of the Customs Act, 1969 11/1/2019

1406/2019: Determination of Customs Values of Medium Density Fiber (MDF) Board under Section 25-A of the Customs Act, 1969 11/1/2019

1405/2019: Determination of Customs Values of Low-End Brands Shoes, Slippers, Sandals,Chappals and Joggers under Section 25-A of the Customs Act, 1969 10/31/2019

1400/2019: Determination of Customs Values of Engine Parts (Replacement Auto Parts) under Section 25-A of the Customs Act, 1969 10/30/2019

1401/2019: Determination of Customs Values of Cam Shaft, Crank Shaft, Spark Plugs, Lamps Light Lenses, Sealed Beam and Rubber Parts (Replacement Auto Parts) under Section 25-A of the Customs Act, 1969 10/30/2019

1402/2019: Determination of Customs Values of Water Pumps, Oil Pumps, Fuel Pumps, Oil Filers, Fuel Filters and Air Filters (Replacement Auto Parts) under Section 25-A of the Customs Act, 1969 10/30/2019

1403/2019: Determination of Customs Values of Transmission Group, Brake Assembly, Steering & Suspension and Body Parts Group (Replacement Auto Parts) under Section 25-A of the Customs Act, 1969 10/30/2019

1404/2019: Determination of Customs Values of Colour Cosmetics under Section 25-A of the Customs Act, 1969 10/30/2019

1397/2019: Determination of Customs Values of Children Garments (Baby/Baba) Garments of Low End Brands of China Vietnam,Indonesia, Thailand Malaysia, UAE,sri Lanka & Other Origins under Section 25-A of the Customs Act, 1969 10/28/2019

1398/2019: Determination of Customs Values of Children Garments of Low End Brands of China,Indonesia,Malaysia,UAE,Bangladesh,sri Lanka,Thailand,Vietnam & Other Origins under Section 25-A of the Customs Act, 1969 10/28/2019

1395/2019: Determination of Customs Values of Mobile Phone LCD Screens (HS Code 8517.7000) under Section 25-A of the Customs Act, 1969 10/25/2019

1396/2019: Determination of Customs Values of White Oil, under Section 25-A of the Customs Act, 1969 10/25/2019

1394/2019: Determination of Customs Values of Non-carbon releasing paper, Art Card/Coated Board/Paper and Light Weight Coated Papers under Section 25-A of the Customs Act, 1969 10/17/2019

1393/2019: Determination of Customs Values of Chandeliers,Pendants & Others Hanging Lights and Parts Thereof under Section 25-A of the Customs Act, 1969 10/16/2019

1392/2019: Determination of Customs Values of (1) Perfumes (2) Eau De Toilet Perfumes (3) Eau De Toilt (4) Eau De Cologne (5) Body Spray (6) Personal Deodorants (7) Roll-on (8) Anti-Perspirant (9) Body Deo (10) Deo Stick under Section 25-A of the Customs Act, 1969 10/15/2019

1391/2019: Determination of Customs Values of Aerosol Spray Paints under section 25-A of the Customs Act, 1969 10/3/2019

1390/2019: Determination of Customs Values of Ginger and Garlic under section 25-A of the Customs Act, 1969 9/24/2019

1388/2019: Determination of Customs Values of Thermal Paper/Fax Machine Paper in Roll under section 25-A of the Customs Act, 1969 9/5/2019

1387/2019: Determination of Customs Values of Polyester Filament Yarn under section 25-A of the Customs Act, 1969 9/3/2019

1386/2019: Determination of Customs Value of Ball Bearings and Taper Bearings under Section 25-A of the Customs Act, 1969 7/25/2019

1385/2019: Determination of Customs Values of Printed Polyester Microfiber Fabric for Bed Sheets under Section 25-A of the Customs Act, 169 7/18/2019

1384/2019: Determination of Customs Values of Non-Dairy Topping/Whipping Cream Under Section 25-A of the Customs Act, 1969 7/17/2019

1382/2019: Determination of Customs Values of PVC Electric Insulation Tape Under Section 25-A of the Customs Act, 1969 7/15/2019

1383/2019: Determination of Customs Values of Water Based Acrylic Type Self Adhesive Tape (BOPP/OPP) and Hot Melt Rubber Based Self Adhesive Tape in Jumbo/Log Rolls or in Retail Packing Under Section 25-A of the Customs Act, 1969 7/15/2019

1381/2019: Determination of Customs Values of Aseptic Packaging Material for Liquid Food/Beverages Under Section 25-A of the Customs Act, 1969 7/12/2019

1380/2019: Determination of Customs Values of Aerosoft & Similar Brands of Footwear of Thailand Origin Under Section 25-A of the Customs Act, 1969 7/9/2019

1378/2019: Determination of Customs Value of Three wheelers Cargo Loaders in CKD/SKD conditions and Parts/Components thereof under Section 25-A of the Customs Act, 1969 6/27/2019

1377/2019: Determination of Customs Value of Refrigeration Gases (in Retail Packing and ISO Tanks/Drums) under Section 25-A of the Customs Act, 1969 6/12/2019

1376/2019: Determination of Customs Value of Artificial Imitation Jewellery under Section 25-A of the Customs Act, 1969 5/30/2019

1375/2019: Determination of Customs Value of Food Supplements/Multivitamis/Mineral Supplements and Whey Protein under Section 25-A of the Customs Act, 1969 5/24/2019

1373/2019: Determination of Customs Value of Branded Milk (Lacnor, Almariai, Soyafresh, etc.) under Section 25-A of the Customs Act, 1969 5/15/2019

1372/2019: Determination of Customs Value of Aluminum Beverage Cans under Section 25-A of the Customs Act, 1969 5/14/2019

1371/2019: Determination of Customs Value of Hydrogen Peroxide 50% under Section 25-A of the Customs Act, 1969 5/9/2019

1369/2019: Determination of Customs Value of Toner Powder Black/Coloured in Bulkfor Photocopiers and Printers under Section 25-A of the Customs Act, 1969 5/6/2019

1370/2019: Determination of Customs Value of Butter (Derived From Milk/Dairy) under Section 25-A of the Customs Act, 1969 5/6/2019

1366/2019: Determination of Customs Value of Sauces / Salad Dressing / Mayonnaise / Mustard and Tomato Ketchup under Section 25-A of the Customs Act, 1969 4/30/2019

1367/2019: Determination of Customs Value of Formic Acid under Section 25-A of the Customs Act, 1969 4/30/2019

1368/2019: Determination of Customs Value of Dry Coconut/Dry Copra under Section 25-A of the Customs Act, 1969 4/30/2019

The Valuation Rulings can be downloaded here.

November 29, 2019
Listing of TPL Trakker announced through IPO

KARACHI: TPL Corp on Friday formally announced the listing of its subsidiary TPL Trakker Limited at Pakistan Stock Exchange (PSX) through an Initial Public Offering (IPO).

In a notice to PSX, the company said that the board of directors of TPL Trakker Limited (TPLT), a wholly owned subsidiary of TPL Corp Limited, had accorded its approval to TPLT for listing at the PSX.

The board also granted approval to submit its listing applications before the PSX and SECP as per the applicable rules and regulations.

TPLT will be offering around 115.72 million ordinary shares of the face value of Rs10 each, at a price of Rs12 aggregating up to Rs1.4 billion by way of an IPO at a fixed price in accordance with the Public Regulations, 2017.

Earlier, TPL Corp Limited (TPL) held a Corporate Briefing on November 18, 2019 to discuss the financial results of FY19 and future outlook of the company.

In order to further grow in the vehicle and container tracking business, IoT Business as well as expand into markets abroad, TPL Trakker will file for an IPO, aiming to raise PKR 1.4 billion.

Moreover, the company is in talks with two foreign strategic investment partners for equity injection.

TPL Group includes TPL Trakker Limited, TPL Insurance, TPL Properties, TPL Life, TPL Maps, TPL Security Services Private and TPL Rupiya.

November 29, 2019
FBR may extend return filing date further to facilitate taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) may further extend the last date for filing income tax returns for tax year 2019 beyond November 30, 2019 as large number of filing is still pending.

The last date for filing income tax returns is expiring on November 30, 2019.

The actual last date for filing income tax returns was September 30, 2019. This cutoff date was for return filing including salaried persons, business individuals, Association of Persons (AOPs) and corporate entities falling under special tax year.

However, the FBR granted first extension from September 30 to October 31, 2019. Further, the next extension was granted up to November 30, 2019.

The income tax return filing for tax year 2019 has been recorded at 1.6 million by November 25, 2019. Whereas the number of income tax returns was increased to record 2.7 million for tax year 2018.
Therefore, it is estimated that a large number may not file their returns by due date.

The Pakistan Tax Bar Association (PTBA), the apex tax bar of the country, recently through a letter urged the FBR that the date of filing income tax returns of individuals, salaried individuals, Association of Persons (AOP) for the tax year 2019 should be extended up to December 31, 2019 in order to facilitate the genuine taxpayers in the country, who are regularly contributing in the national exchequer as their moral and legal obligation.

The tax bar previously through different communications on September 27, 2019 and October 28, 2019 already advised the FBR to extend the date for filing Tax Year 2019 returns up to December 31, 2019.

The FBR chairman has been informed that the draft return Form 2019 for individuals, salaried individuals and AOPs was uploaded on August 23, 2019 through SRO 951 and final return 2019 was uploaded on IRIS on September 02, 2019 through SRO 979 of 2019 which shows laps of statutory period of two months and all burden shifts on FBR.

The manual return of income form for tax year 2019 was issued on September 27, 2019 FBR through SRO 1160 of 2019, so the small volume taxpayers could file their returns of income for the year 2019 within the stipulated time.

Furthermore, as per law and statutory time period for filing of income tax return is 90 days under Section 118 of the Income Tax Ordinance, 2001 read with rule 34 of the Income Tax Rules, 2002.

The PTBA said that the date for filing income tax returns was extended up to August 09, 2019 for tax year 2018. This shows the FBR allowed 11 months for the filing for last year returns and for current year it is allowing only two months, which is injustice with the bar members and taxpayers as well.

The tax bar also pointed out towards the political uncertainty due to sit-in at Islamabad, which was remained continue from start of November 2019 to mid of this month.

November 29, 2019
Rupee gains nine paisas in early day trading

KARACHI: The Pak Ruee gained nine paisas against dollar in early trade on Friday owing to sufficient inflows in the market.

The exchange rate was witnessed at Rs155.24 to the dollar in early trade. The last day’s closed was recorded at Rs155.33 to the dollar in interbank foreign exchange market.

Currency dealers said that the resolution of political strife and court dispute about extension of army chief tenure improved the sentiments in the market.

Besides, exports receipts were also flowing into the country due to better earnings in the wake of Christmas.

The dealers said that improved economic conditions and better earning of exports may further help the rupee to gain value against the greenback.

November 29, 2019
Cash gifts received without banking channel chargeable to tax

ISLAMABAD: Any cash gift received by a person other than banking channel will be treated as chargeable to tax, sources in Federal Board of Revenue (FBR) said on Thursday.

The sources said that in the past people were taking advantage of incentives granted on gifts and concealed their income to evade taxes.

However, the change in the law through last budget those people will no more dodge the tax authorities of claiming gift from their relatives and evade taxes.

The FBR had conducted an analysis of income tax returns filed in previous years, which showed that huge amount of non recurring receipts from un-related persons are transferred in the garb of gifts to avoid incidence of taxation.

The sources said that in order to discourage this practice of undisclosed receipts, Section 39 of Income Tax Ordinance, 2001 had been amended through Finance Act, 2019.

The amendment enabled the tax authorities to include any amount or fair market value of any property received by a person without consideration or received as a gift in income under the head ‘income from other sources.’

However, gift received from grandparents, parents, spouse, brother, sister, son or a daughter shall not be included in such income.

The new income provision is subject to sub-section 3 of Section 39 which states that an amount received by a person otherwise than by a cross cheque drawn on a bank or through a banking channel from a person holding a National Tax Number (NTN) shall be treated as income chargeable to tax under the head ‘income from other sources’.

This means that the gift received by a person is chargeable to tax if gift is not received from grandparents, parents, spouse, brother, sister, son or a daughter of the recipient.

However, even if cash gift is received from the relations mentioned above but the same has not be received through cross cheque or banking channel, as the case may be, the amount of gift will still be added in income chargeable to tax under the head, income from other sources.

November 29, 2019
ECC approves increase in wheat support price

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved the minimum support price of wheat to Rs1365 per 40 kilograms from Rs1350.

The ECC, which was chaired by Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance and Revenue, on Thursday approved the minimum support price of wheat from the previously announced Rs 1350 per 40 kg to Rs 1365 per 40 kg in view of representations from various farmers and growers’ associations as well as the Federal Cabinet and the National Assembly Special Committee on Agricultural Products which had proposed a reconsideration of the minimum support price in order to compensate the farmers in areas where the cost of wheat production had increased to Rs 1349.57 per 40 kg.

Earlier, the Ministry of National Food Security & Research briefed the ECC on the feedback received from various farmers’ associations as well as different government forums and requested for fixing the minimum support price of wheat at Rs 1400 per 40 kg.

The ECC deliberated on the proposal at length and in view of the discussion and input regarding the impact of any further increase in wheat price on food inflation and financial impact on the commodity stock operations, decided to raise the minimum support price of wheat to Rs 1365 per 40 kg.

The ECC also viewed a presentation from the Ministry of Finance on the government commodity operations which had over the years resulted in Rs 757 billion as total debt and liabilities and recommendations for reducing the debt.

The ECC also considered a proposal from the Ministry of Energy regarding tariff rationalization for power sector in the first quarter of financial year 2019-20 and a approved proposal for notifying the NEPRA approved quarterly adjustment of 15 paisa per unit after incorporating a additional charge of 11 paisa per unit for maintaining uniform tariff on all categories of consumers except lifeline and domestic consumers.

The increase coming into effect on December 01, 2019 for the next twelve-monthly billing cycle would not be applicable to nearly 20 million using up to 300 units per month, out of the total 30 million consumers while 600,000 of the remaining one million consumers would only pay 7 paisa per unit as a result of this increase.

The ECC also constituted a committee headed by Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh and comprising Minister of National Food Security and Research Makhdoom Khusro Bakhtiar, Prime Minister’s Advisor on Commerce and Investment, Abdul Razak Dawood and Special Assistant to Prime Minister on Petroleum Nadeem Babar to examine the current framework of determining power tariff and make it more simple in line with the practice in mature markets.

The ECC also considered a set of proposals from the Ministry of Energy (Power Division) for risk mitigation post privatisation of National Power Parks Management Company, especially the impact on fuel basket price due to non or reduced off take of 66 per cent generation under the PPA till year 2024 and cost of diversion of Regasified Liquefied Natural Gas (RLNG) to other sectors with workable options to mitigate the risk.

The ECC discussed the proposals in details and approved them with a proviso that any other option that could be considered as part of the mitigation plan by the Power Division could also be taken into account and approved, if found suitable, by the ECC. To a proposal by the Ministry of Industries and Production, the ECC constituted an inter-ministerial committee under the chairmanship of Minister Planning, Development and Reforms and comprising Adviser to Prime Minister on Industries and Production, Special Assistant to Prime Minister on Petroleum, Secretary Finance, Secretary Industries and Production and Chairman FBR for preparation of a policy framework for promotion of steel and iron in the country through foreign direct investment.

The ECC also considered a proposal by the Ministry of Communications that all cash development loans and foreign loans, whether direct or relent, including interest accumulated thereon, received up to June 30, 2019 by the National Highway Authority be converted into government grant or the Government of Pakistan may either “write-off” the said loans while for future, all PSDP allocations including relent/direct loans, both rupee and foreign exchange component i.e. for non-commercially viable projects and for strategic/defence roads to NHA may also be provided as government grant.

The proposal also sought the CDL may be advanced only for commercially feasible projects on which Finance Division and NHA mutually agree regarding the terms and conditions of the loan and its repayment or these viable projects may be undertaken by NHA in PPP/BOT mode of financing.

The ECC discussed the proposals and in view of input from the members constituted a committee comprising Minister for Planning, Development and Reforms, Secretary Finance, Secretary Communications, Secretary Economic Affairs Division and Deputy Chairman Planning Division to examine the proposals and submit their recommendations to the ECC.

The ECC also took up a proposal from the Ministry of Industries and Production for a technical supplementary grant of Rs 6 billion to the Utility Stores Corporation (USC) for subsidy and procurement of essential commodities, including flour, ghee/oil, rice, sugar and pulses, to be sold at a fair price to the poor segment of the society.

The ECC discussed the issue in detail and in view of input from the members, asked the Utility Stores Corporation to prepare within the next few days a practical and comprehensive mechanism involving use of information technology to ensure the disbursement of specific food items to the poorest of the poor.

The ECC also constituted a committee comprising Adviser to Prime Minister on Industries and Production, Governor State Bank of Pakistan, Benazir Income Support Programme Chairperson and representatives from NADRA and PPRA to advise and assist the USC to firm up their proposals and present them to ECC.

November 28, 2019
FBR decides to publish customs valuation rulings

ISLAMABAD: Federal Board of Revenue (FBR) has decided to publish all prevailing valuation rulings to its official website in order to make customs clearance transparent and ease of doing business.

The FBR in a statement on Thursday said that the chairman Syed Shabbar Zaidi, had issued special instructions to publish all Customs Valuation Rulings on the Website of FBR so that Rulings are easily accessible to the general public.

The Instructions have been issued to further promote transparency and ease of doing business. The Chairman has requested the business community to assist FBR in identifying cases of under-valuation so that remedial action should be taken.

November 28, 2019
Foreign exchange reserves increase by $115 million

KARACHI: The liquid foreign exchange of the country increased by $115 million by the week ended November 22, 2019, the State Bank of Pakistan (SBP) said on Thursday.

The total foreign exchange reserves increased by $115 million to $15.577 billion by week ended November 22, 2019 as compared with $15.462 billion a week ago.

The foreign exchange reserves held by the central bank increased by $240 million to $8.682 billion by week ended under review as compared with $8.442 billion a week ago.

The foreign exchange reserves held by commercial banks fell by $125 million to $6.895 billion by week ended November 22, 2019 as compared with $7.020 billion a week ago.

November 28, 2019