Author: Faisal Shahnawaz

Dogecoin to PKR, USD on December 11, 2022

KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on December 11, 2022.

One Dogecoin to PKR is Rs21.77 on December 11, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs21.72 at closing on December 10, 2022.

The rate of Dogecoin in US Dollar (USD) is $0.10 on December 11, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.10 at closing on December 10, 2022.

READ MORE: Dogecoin to PKR, USD on December 10, 2022

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Ripple to PKR, USD on December 11, 2022

KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on December 11, 2022.

One Ripple (XRP) in Pakistani Rupee (PKR) is Rs81.24 on December 11, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs81.24 at closing on December 10, 2022.

The rate of Ripple in US Dollar (USD) is $0.36 on December 11, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on December 10, 2022.

READ MORE: Ripple to PKR, USD on December 10, 2022

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Bitcoin to PKR, USD on December 11, 2022

KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on December 11, 2022.

One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,860,024.96 on December 11, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,856,232.72 at closing on December 10, 2022.

The rate of Bitcoin in US Dollar (USD) is $17,166.61 on December 11, 2022 at 02:40 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $17,149.74 at closing on December 10, 2022.

READ MORE: Bitcoin to PKR, USD on December 10, 2022

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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

December 11, 2022
FBR chairman directs chief commissioners to meet December collection target

KARACHI: Asim Ahmed, Chairman, Federal Board of Revenue (FBR) on Saturday directed chief commissioners to ensure meeting revenue collection target for the month of December 2022.

The FBR chairman visited Large Taxpayers Office (LTO) Karachi and held meeting with Chief Commissioners of all the field formations stationed at Karachi.

READ MORE: SRB says cases worth Rs 80 billion stuck in litigation

Asim Ahmed reviewed the performance of all Chief Commissioners vis-à-vis targets assigned for the month of December, 2022.

Detailed presentations, outlining the projection and strategy for achieving the budgetary target for the current month were given by all Chief Commissioners Inland Revenue.

The CCIRs gave workable strategy and new avenues for achieving the target set for the month of December, 2022 and closure of 2nd Quarter for the Financial Year 2022-2023.

READ MORE: Customs appraising officer awarded major penalty for inefficiency

FBR chairman directed all CCIRs to leave no stone unturned to safeguard Revenue and to meet the budgetary target fixed for the month of December, 2022 and 2nd quarter ending December 31, 2022.

Chairman FBR further reiterated that facilitation of taxpayers is the harbinger for successful implementation of policies of FBR and taxpayers must be facilitated in resolving their pending issues with the Department, invariably.

READ MORE: Further tax collection on pharmaceutical products unlawful: KTBA

He also directed the CCIRs that the revenue stuck in appeals should be effectively pursued and cases pending test of appeal should be argued, based on strong legal footings, to win the test of appeal thereby safeguarding the revenue and its realization thereafter.

Asim Ahmed appreciated the field formations on achieving the budget target assigned in the preceding month i.e. November, 2022 and at the same time expected the same zeal and commitment to achieve the targets assigned to them for the Financial Year 2022-2023.

READ MORE: Non-filers will not be included in ATL 2022

December 10, 2022
Weekly Review: stocks may observe range-bound trading

KARACHI: Pakistan stocks likely to stay range-bound during the next week as investors may remain cautious due to political and economic uncertainties.

Analysts at Arif Habib Limited said that the equity bourse is expected to remain range bound in the upcoming week as market participants will remain cautious due to the political noise in the country.

Furthermore, any positive news coming from Saudi Arabia and IMF 9th review.

READ MORE: Pakistan stocks inch up in range-bound trading

The benchmark KSE-100 index is currently trading at a PER of 4.0x (2023) compared to Asia Pac regional average of 12.9x while offering a dividend yield of 10.2 per cent versus 2.8 per cent offered by the region.

In the outgoing week, the market remained jittery, even though Pakistan repaid its $1 billion international bond on time and Saudi Arabia extended its $ 3 billion deposit to the SBP.

The Market remained under pressure this week mainly due to uncertainty over the IMF deal and political noise. However, the market turned positive midweek as Russia agreed to sell Oil to Pakistan at a discounted price, but this positive momentum did not sustain.

READ MORE: Stocks shed 167 points in range-bound session

Furthermore, SBP’s foreign exchange reserves data showcased a decline of $ 784 million hitting nearly a four-year low of $ 6.72 billion.

With this, the Pakistani Rupee (PKR) depreciated during the week against the greenback, dropping by PKR 0.71 | 0.32 per cent WoW to settle at PKR 224.40.

The market closed at 42,150 points, down by 452 points (-1.1 per cent WoW).

Sector-wise negative contributions came from i) Cement (109 points), ii) Power Generation & Distribution (61 points), iii) Pharmaceuticals (60 points), iv) Technology & Communication (57 points) and v) Automobile Assembler (45 points).

READ MORE: Pakistan stocks trade in green after clarification on IMF review

Whereas, sectors which contributed positively were i) Miscellaneous (131 points) and ii) Automobile Parts & Accessories (3 points). Scrip-wise negative contributors were HBL (55 points), SYS (54 points), HUBC (50 points), MEBL (43 points) and MTL (36 points).

Meanwhile, scrip-wise positive contribution came from PSEL (137 points), BAHL (33 points), UBL (27 points), BAFL (12 points) and HMB (11 points).

READ MORE: Pakistan stocks continue with bearish trend

Foreigners selling was witnessed during this week, clocking in at $ 6.3 million compared to a net buy of $ 6.6 million last week. Major selling was witnessed in Commercial Bank ($ 10.3 million), Cement ($ 0.2 million), and all other Sectors ($ 0.5 million).

On the local front, buying was reported by Individuals ($ 8.8 million) followed by Insurance Companies ($ 1.3 million). Average volumes clocked in at 180 million shares (up by 11 per cent WoW) while average value traded settled at $ 18 million (down by 22 per cent WoW).

December 10, 2022
Bitcoin to PKR, USD on December 10, 2022

KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on December 10, 2022.

One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,856,232.72 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,866,761.41 at closing on December 09, 2022.

The rate of Bitcoin in US Dollar (USD) is $17,149.74 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $17,214.49 at closing on December 09, 2022.

READ MORE: Bitcoin to PKR, USD on December 09, 2022

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Ripple to PKR, USD on December 10, 2022

KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on December 10, 2022.

One Ripple (XRP) in Pakistani Rupee (PKR) is Rs81.24 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs81.15 at closing on December 09, 2022.

The rate of Ripple in US Dollar (USD) is $0.36 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on December 09, 2022.

READ MORE: Ripple to PKR, USD on December 09, 2022

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Dogecoin to PKR, USD on December 10, 2022

KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on December 10, 2022.

One Dogecoin to PKR is Rs21.72 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs22.06 at closing on December 09, 2022.

The rate of Dogecoin in US Dollar (USD) is $0.10 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.10 at closing on December 09, 2022.

READ MORE: Dogecoin to PKR, USD on December 09, 2022

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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

December 10, 2022
Ripple to PKR, USD on December 10, 2022

KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on December 10, 2022.

One Ripple (XRP) in Pakistani Rupee (PKR) is Rs81.24 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs81.15 at closing on December 09, 2022.

The rate of Ripple in US Dollar (USD) is $0.36 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on December 09, 2022.

READ MORE: Ripple to PKR, USD on December 09, 2022

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Bitcoin to PKR, USD on December 10, 2022

KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on December 10, 2022.

One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,856,232.72 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,866,761.41 at closing on December 09, 2022.

The rate of Bitcoin in US Dollar (USD) is $17,149.74 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $17,214.49 at closing on December 09, 2022.

READ MORE: Bitcoin to PKR, USD on December 09, 2022

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Dogecoin to PKR, USD on December 10, 2022

KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on December 10, 2022.

One Dogecoin to PKR is Rs21.72 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs22.06 at closing on December 09, 2022.

The rate of Dogecoin in US Dollar (USD) is $0.10 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.10 at closing on December 09, 2022.

READ MORE: Dogecoin to PKR, USD on December 09, 2022

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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

December 10, 2022
Dogecoin to PKR, USD on December 10, 2022

KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on December 10, 2022.

One Dogecoin to PKR is Rs21.72 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs22.06 at closing on December 09, 2022.

The rate of Dogecoin in US Dollar (USD) is $0.10 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.10 at closing on December 09, 2022.

READ MORE: Dogecoin to PKR, USD on December 09, 2022

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Ripple to PKR, USD on December 10, 2022

KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on December 10, 2022.

One Ripple (XRP) in Pakistani Rupee (PKR) is Rs81.24 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs81.15 at closing on December 09, 2022.

The rate of Ripple in US Dollar (USD) is $0.36 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.36 at closing on December 09, 2022.

READ MORE: Ripple to PKR, USD on December 09, 2022

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Bitcoin to PKR, USD on December 10, 2022

KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on December 10, 2022.

One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs3,856,232.72 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,866,761.41 at closing on December 09, 2022.

The rate of Bitcoin in US Dollar (USD) is $17,149.74 on December 10, 2022 at 02:40 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $17,214.49 at closing on December 09, 2022.

READ MORE: Bitcoin to PKR, USD on December 09, 2022

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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

December 10, 2022
SRB says cases worth Rs 80 billion stuck in litigation

KARACHI: Sindh Revenue Board (SRB) Friday said that cases worth Rs80 billion were stuck in litigation and it is willing to resolve amicably.

SRB chairman Dr. Wasif Ali Memon highlighted that Rs80 billion worth of cases are stuck in litigation and the provincial revenue board is all-willing to resolve as many cases amicably as possible.

READ MORE: Customs appraising officer awarded major penalty for inefficiency

“We want to be the facilitators and partners to the business community and no highhandedness is ever desired by SRB,” he added during his visit to Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

On the demand of FPCCI, Dr. Wasif Ali Memon announced that an effective and inclusive Alternative Dispute Resolution Committee (ADRC) would be formulated by SRB in few weeks and we will include 5 – 6 nominees of FPCCI into the committee.

READ MORE: Further tax collection on pharmaceutical products unlawful: KTBA

Chairman SRB also proposed that FPCCI nominees should come from varied sectors to address issues of all the sectors. Additionally, he requested the business community to exhaust the ADRC and other SRB procedures before going into litigation as it only delays the dispute resolution.

On the occasion, Irfan Iqbal Sheikh, President FPCCI, has stressed upon the need to strengthen and broaden the scope of ADRC to save the precious time, resources and hassle of both the sides, i.e. business community and the SRB.

Co-chairing the high-profile meeting with SRB Chairman, Suleman Chawla, SVP FPCCI, offered to nominate technical and expert members of the business, industry and trade community from the platform of FPCCI to facilitate SRB’s efforts to strengthen ADRC.

READ MORE: Non-filers will not be included in ATL 2022

FPCCI nominees will come with the first-hand knowledge of real issues and with deep understanding of the taxation matters, he added.

Shabbir Mansha, VP FPCCI, demanded that as Karachi contributes the lion’s share of taxes in federal & provincial authorities, there should be an enhanced focus on the infrastructural development of Karachi – specifically in industrial& commercial areas and port infrastructure. This will only increase the revenue generation from Karachi, he added.

READ MORE: FBR directs BS-21 officers to submit declaration of assets

Shuakat Omerson, VP FPCCI, apprised the top management of SRB that many members of FPCCI are qualified in alternative dispute resolution mechanism; including the incumbent and former office bearers of FPCCI; and, they can offer great support to SRB’s ADRC initiatives.

Khurram Ejaz, Advisor to the President of FPCCI on FBR & revenue matters, said that FPCCI considers SRB as their partners and not as adversaries; because objectives of both the institutions are same – economic development of the province and resolution of all disputes & anomalies pertaining to provincial tax collection.

December 10, 2022
Customs appraising officer awarded major penalty for inefficiency

KARACHI: A customs appraising officers has been awarded major penalty and demoted to lower scale on the charges of inefficiency.

According to the Federal Board of Revenue (FBR) on Friday, disciplinary proceedings were initiated against Syed Muhammad Fawad Ahmad, Appraising Officer Collectorate of Customs Exports (Port Muhammad Bin Qasim), Karachi through an order of inquiry dated August 02, 2022 on charge of inefficiency under Rules-3(a) of the Civil Servants (Efficiency & Discipline) Rules, 2020.

READ MORE: Further tax collection on pharmaceutical products unlawful: KTBA

Muhammad Haris Ansari, Additional Collector (PCS/BS-19), Collectorate of Customs Appraisement (PMBQ), Karachi was appointed as Inquiry Officer to scrutinize the conduct of accused officer.

The Inquiry Officer submitted inquiry report on October 07, 2022 concluded that the charge of inefficiency stand established against the accused under Rule-3(a) of the Civil Servants (Efficiency & Discipline) Rules, 2020.

READ MORE: Non-filers will not be included in ATL 2022

Based on the findings and recommendations of the inquiry report, a Show Cause Notice dated October 18, 2022 was served upon the accused. The accused officer furnished his reply to Show Cause Notice, on October 29, 2022.

The Member (Admn/HR)/ Authority provided an opportunity of personal hearing to the accused on November 29, 2022.

READ MORE: FBR directs BS-21 officers to submit declaration of assets

Whereas, the Member (Admn/HR)/ Authority after having gone through the available record of the case, the Inquiry Report, reply of the Show Cause Notice, and verbal submissions made by accused during the course of personal hearing. However the Authority has not agreed with recommendations of inquiry officer and, therefore, decided to impose a major penalty of “Reduction to a lower post and pay scale from the substantive or regular post, for a period of one year” under Rule-4(3)(b) of the Civil Servants (E&D) Rules, 2020 upon Syed Muhammad Fawad Ahmad, Appraising officer, Collectorate of Customs Exports (PMBQ), Karachi.

READ MORE: Customs Intelligence Gwadar auctions motor vehicles on December 12

The Performance Allowance of the officer has also been stopped for one year from the date of award of the penalty as provided at Sr.No.7(iii) of FBR’s Circular No.1 of 2015 dated March 06, 2015 and he will have to appear afresh for restoration of the same.

The officer will have a right to appeal against this Order to the Appellate Authority under Civil Servants (Appeals) Rules, 1977 within a period of 30 days from the date of communication of this Notification.

December 9, 2022
Pakistan stocks inch up in range-bound trading

KARACHI: Pakistan stocks recorded a nominal increase on Friday in a range-bound trading session.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,698 points from previous day’s closing of 41,651 points, showing an increase of 47 points.

READ MORE: Stocks shed 167 points in range-bound session

Analysts at Arif Habib Limited said another range-bound session was witnessed at the PSX during the day.

In the opening hour, the market remained sluggish throughout the trading session. However, as the second session resumed the volumes picked up after the Supreme Court declared agreement for the development of the Reko Diq mine legal, which helped boost interest in the E&P sector.

READ MORE: Pakistan stocks trade in green after clarification on IMF review

Investors’ participation remained low on the mainboard with 3rd tier stocks continuing to dominate the volume board.

Sectors contributing to the performance include E&P’s (+39.5 points), Commercial Banks (+36.7 points), Engineering (+9.3 points), Food & Personal Care Products (+5.6 points), Technology & Communication (+4.1 points).

READ MORE: Pakistan stocks continue with bearish trend

Volumes decreased from 227.8 million shares to 191.4 million shares (-16.0 per cent DoD). The average traded value also decreased by 11.7 per cent to USD 16.0 million as against USD 18.1 million.

Stocks that contributed significantly to the volumes are WTL, MDTL, DFSM, HUMNL, and GGGL.

READ MORE: Pakistan stocks witness bloodbath due to economic woes

December 9, 2022
Karachi Interbank Offered Rates KIBOR – December 09, 2022

KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on December 09, 2022.

Following are the latest KIBOR rates:

Tenor BID OFFER
1 – Week 15.86 16.36
2 – Week 15.92 16.42
1 – Month 16.02 16.52
3 – Month 16.59 16.84
6 – Month 16.67 16.92
9 – Month 16.71 17.21
1 – Year 16.73 17.23

READ MORE: Karachi Interbank Offered Rates KIBOR – December 08, 2022

December 9, 2022

Tenor	BID	OFFER
1 – Week	15.86	16.36
2 – Week	15.92	16.42
1 – Month	16.02	16.52
3 – Month	16.59	16.84
6 – Month	16.67	16.92
9 – Month	16.71	17.21
1 – Year	16.73	17.23