Pkrevenue.com

Author: Faisal Shahnawaz

  • Today’s currency exchange rates in PKR – Dec 08, 2021

    Today’s currency exchange rates in PKR – Dec 08, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on December 08, 2021 (The rates are updated at 10:10 AM Pakistan Standard Time):

    Australian Dollar (AUD)123.25124.50
     Bahrain Dinar (BHD)386.85388.60
     Canadian Dollar (CAD)137.50139
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.5023.80
     Euro (EUR)198.50200.50
     Hong Kong Dollar (HKD)16.7517
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.80484.30
     Malaysian Ringgit (MYR)36.5036.85
     NewZealand $ (NZD)96.5597.25
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)46.8547.35
     Singapore Dollar (SGD)127.50128.80
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)47.8048.30
     UK Pound Sterling (GBP)234.50237
     US Dollar (USD)177178.60

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • KTBA passes resolution against FTO Asif Jah

    KTBA passes resolution against FTO Asif Jah

    KARACHI: The Karachi Tax Bar Association (KTBA) on Tuesday passed a resolution against the statement of Federal Tax Ombudsman (FTO) Dr. Asif Mahmood Jah.

    Following is the text of the resolution:

    Karachi Tax Bar Association (KTBA) expresses its deep disapproval and condemnation for recent jibes by the Federal Tax Ombudsman Pakistan (FTO), Dr. Asif Mahmood Jah. The statement made by the FTO lately televised on electronic media / uploaded on social media is offensive towards the taxpayers and manifests his nepotism and biased approach in the discharge of his official duties.  The arbitrary and belligerent statement by the FTO is not only contrary to his oath prescribed in Schedule via Section 3(2) of Federal Tax Ombudsman Ordinance, 2000 read with Section 8 of Federal Ombudsmen Institutional Reforms Act, 2013 but also makes him guilty of misconduct that renders him incapable of holding public office anymore.

    The entire tax fraternity is in a fix over the rude and offensive remarks of Dr. Asif Mahmood Jah and demands his immediate resignation from the office of FTO.  Nonetheless, by way of this resolution, we ask the Hon’ble President of Pakistan to remove him from his office in the exercise of his powers vested U/s. 6(2) of FTO Ordinance, 2000 else a reference against him may be sent to Supreme Judicial Council under the recourse of Section 5 of FTO Institutional Reforms Act, 2013 immediately.

    We believe the statement has eroded the already depleting confidence of the taxpayers and the tax consultants in the office of Federal Tax Ombudsman which had bluntly been submissive towards the Department and have shied away for not (i) allowing a stay of recovery/injunctions to the complainants: Section 10 and 11; (ii) avoiding defiance proceeding against tax collectors: Section 12; and (iii) punish tax collectors for contempt: Section 16 and 12 ibid for obvious reasons.

    On a final note, the KTBA urges the Federal Law Ministry that rules may be prescribed to desist induction of the retired FBR officials in the official of Federal Tax Ombudsman for the sake of transparency and propriety.

    FTO directs setting up quality Customs labs
  • KSE-100 index gains 573 points on Omicron risk ease

    KSE-100 index gains 573 points on Omicron risk ease

    KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 573 points on Tuesday as risk of Omicron reduced globally.

    The index closed at 43,853 points as against previous day’s close of 43,281 points.

    Analysts at Arif Habib Limited said that a positive day for the KSE-100 index was observed, as the world has drifted towards good news of reduced risk of OMICRON, which has helped the international commodities and equities to rally across the globe.

    KSE-100 opened on positive news and rallied more than 785 points intraday as investors participated in E&P stocks amid the expected resolution of gas circular debt.

    READ MORE: July-Oct current account deficit widens to $5.08 billion

    Sectors contributing to the performance include E&P (+115 points), Technology & Communications (+114 points), Cement (+85 points), Refinery (+27 points) and Textile Composite (+25 points).

    Volumes increased from 176.9 million shares to 229.4 million shares (+29.7 per cent DoD). Traded value also increased by 37.7 per cent to reach US$ 47.4 million as against US$ 34.4 million.

    Stocks that contributed significantly to the volumes include TELE, TPLP, TREET, HASCOL and UNITY.

    Stocks gain 48 points amid lackluster trading
  • Rupee slide continues; dollar hits new high at Rs176.79

    Rupee slide continues; dollar hits new high at Rs176.79

    KARACHI: The free fall in rupee value continued on Tuesday as the dollar hit new high at Rs176.79 in the interbank foreign exchange market.

    The Pak Rupee (PKR) lost 31 paisas against the dollar to end at Rs176.79 from the previous day’s closing of Rs176.48 in the interbank foreign exchange market.

    The rupee previously fell to the record low at Rs176.77 on December 3, 2021.

    Currency experts said that dollar demand remained high and offset the impact of Saudi fund support.

    The Saudi Development Fund (SDF) placed an amount of $3 billion with the State Bank of Pakistan (SBP) on December 04, 2021. The market was expecting some gain in rupee value following the fund transfers. However, large import bill remained big challenge for the rupee stability.

    According to the official data of the Pakistan Bureau of Statistics (PBS) released a day earlier, showed the import bill of the country surged by 69.17 per cent to $33 billion during first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

    Dollar eases to Rs176.48 at interbank closing
  • SBP issues KIBOR rates on December 07, 2021

    SBP issues KIBOR rates on December 07, 2021

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of December 07, 2021.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week8.969.46
    2 – Week9.039.53
    1 – Month9.499.99
    3 – Month10.5610.81
    6 – Month11.2611.51
    9 – Month11.3611.86
    1 – Year11.4211.92
    SBP issues KIBOR rates on December 06, 2021
  • Customers’ exchange rates on December 07, 2021

    Customers’ exchange rates on December 07, 2021

     The State Bank of Pakistan (SBP) has released the exchange rates for December 07, 2021, offering valuable information based on the weighted average rates of commercial banks.

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  • IFC helps Engro in reducing plastic waste

    IFC helps Engro in reducing plastic waste

    KARACHI: International Finance Corporation, a member of World Bank Group, has signed an agreement to assist Engro Corporation in reducing plastic waste, promoting recycling, and boosting the company’s energy efficiency.

    The project is part of IFC’s Pakistan Resource Efficiency Program, which aims to improve efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries.

    READ MORE: Engro Corp approves $31.4m for petrochemical project study

    IFC’s climate advisory project will help Engro Corporation assess the opportunities for moving toward a circular plastics economy as it develops a $1.8 billion petrochemical project to produce polypropylene.

    The circular system would see polypropylene products collected and reused or recycled and converted into viable products.

    IFC’s team will also assist Engro Corporation in driving sustainability by reducing its carbon and water footprints and adapting to climate-related risks through targeted interventions.

    READ MORE: Engro Corp posts 23% revenue growth in nine months

    Pakistan is the second-largest domestic market for plastics in South Asia after India and among the top 10 countries most impacted by climate change.

    The country produces about 30 million tons of solid waste annually, of which 9 percent is plastic waste. Its Indus river is a major carrier of plastic waste into oceans.

    Ghias Khan, President, and CEO of Engro Corporation, said: “At Engro, we believe that operating businesses sustainably at a globally competitive level need not be a zero-sum game. Therefore, we are actively partnering with global leaders such as IFC for a circular plastics economy, resource efficiency and carbon footprint reduction, to build a more sustainable future for our coming generations.”

    READ MORE: World Bank’s IFC signs financing agreement to build six power projects in Pakistan

    “Climate change is already impacting Pakistan and it’s crucial for companies to do everything they can to be efficient in their resource usage,” said Hela Cheikhrouhou, IFC’s regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan “Reusing plastics will not only cut greenhouse gas emissions and protect the environment but will help companies save money and become more competitive internationally.”

    Engro Corporation has been a strategic IFC client for nearly three decades. IFC has supported Engro’s growth from an ammonia-based fertilizer producer to a conglomerate with interests mainly in polyvinyl chloride production, dairy, power generation, liquefied petroleum gas storage and handling, liquefied natural gas regasification, telecom towers and logistics.

  • Dollar eases to Rs176.48 at interbank closing

    Dollar eases to Rs176.48 at interbank closing

    KARACHI: The US dollar eased by 29 paisas against the dollar on Monday to close at Rs176.48 in the interbank foreign exchange market.

    The dollar witnessed an all-time high against the Pak Rupee (PKR) on December 03, 2021.

    The dollar weakened today due to the foreign inflows to the tune of $3 billion deposited by the Saudi Development Fund (SDF) to the State Bank of Pakistan (SBP) on December 04, 2021.

    READ MORE: Saudi Arabia places $3bn with Pakistan’s central bank

    Currency experts said that the market was expected sharp recovery in rupee value owing to the Saudi fund deposit. But the local unit only recovered 29 paisas.

    They said that the dollar demand remained high during the day for import payment as the market was opened after two weekly holidays.

    The dealers said that the large import bill remained a threat to the rupee value in the coming days.

    READ MORE: Pakistan’s trade deficit widens by 112% to $20.59 billion

    According to the official data of the Pakistan Bureau of Statistics (PBS) released a day earlier, showed the import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

    Dollar makes new high of Rs176.77 at interbank closing
  • SBP issues KIBOR rates on December 06, 2021

    SBP issues KIBOR rates on December 06, 2021

    KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of December 06, 2021.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week8.959.45
    2 – Week8.999.49
    1 – Month9.449.94
    3 – Month10.5010.75
    6 – Month11.2511.50
    9 – Month11.3411.84
    1 – Year11.4011.90
    SBP issues KIBOR rates on December 01, 2021
  • Customers’ exchange rates on December 06, 2021

    Customers’ exchange rates on December 06, 2021

    Karachi, Pakistan – The State Bank of Pakistan (SBP) has published the customers’ exchange rates for December 06, 2021, providing insights into the current currency values.

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