KARACHI: The State Bank of Pakistan (SBP) released the foreign exchange rates for customers on June 07, 2022.
(more…)Author: Faisal Shahnawaz
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Bitcoin to Pak Rupee on June 07, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,940,736.66 on June 07, 2022 at 11:40 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,177,590.38 at closing on June 06, 2022.
The rate of Bitcoin in US Dollar (USD) is $29,525.94 on June 07, 2022 at 11:41 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $31,169.00 at closing on June 06, 2022.
Disclaimer: All data and information is 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.
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Ripple to Pak Rupee on June 07, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs78.48 on June 07, 2022 at 11:38 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs79.48 at closing on June 06, 2022.
The rate of Ripple in US Dollar (USD) is $0.39 on June 07, 2022 at 11:38 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.40 at closing on June 06, 2022.
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.
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Dogecoin to Pak Rupee on June 07, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs15.92 on June 07, 2022 at 11:01 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs16.47 at closing on June 06, 2022.
The rate of Dogecoin in US Dollar (USD) is $ 0.08 on June 07, 2022 at 11:01 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on June 06, 2022.
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.
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RTO-II Karachi seals Baklava Palace for integration failure
KARACHI: Regional Tax Office (RTO) – II, Karachi on Monday sealed a sweet shop i.e. M/s. Baklava Palace for failure to mandatory integrate with online system.
RTO – II, Karachi, an arm of the Federal Board of Revenue (FBR), while continuing its crackdown against non-compliant Tier-1 retailers, sealed the business premises of M/s. Baklava Palace, located at Khayaban-e-Shamsheer, DHA Phase V, Karachi.
READ MORE: RTO-II Karachi seals electronics shop for integration failure
The RTO –II Karachi during its drive against non-compliant Tier-1 Retailers had sealed many other retail outlets including Dhamtal and Rafi Electronics.
According to officials at Zone-III, RTO-II, Karachi said that the tax office had already passed an order on January 01, 2022 against the Tier-1 retailer for mandatory integration.
“M/s. Baklava Palace (NTN 2668310-5) is conducting taxable activities as a retailer and comes under the purview of Tier-1 retailer as defined under clause (a) and (e) of Section 2(43A) of the Sales Tax Act, 1990.
READ MORE: FBR issues procedure for restoration of input tax adjustment
“As per 2nd provisio of Section 3(9A) of the Sales Tax Act, 1990, read with clause (2) of Rule 150ZEA of the Sales tax Rules, 2006, they were required to integrate their Point of Sale (POS)/retail outlet with the FBR’s computerized system for real-time reporting of sales in the mode and manner prescribed in Chapter XIV-AA of the Sales Tax Rules, 2006.
“The taxpayer is also included in STGO No. 16 of 2022 dated May 06, 2022. However, record shows that M/s. Baklava Palace has not integrated their POS / retail outlet till date,” the official told PkRevenue.com
All the Tier-1 retailers are required to integrate with the FBR under Section 33 of the Sales Tax Act, 1990. The RTO-II had warned the Tier-1 retailer that in case it failed to integrate in the manner as required under the Sales Tax Act, 1990 and the rules made thereunder, the business premises will be sealed.
READ MORE: POS service fee issue hampers sales tax return filing
Under the Sales tax Act. 1990: it is an offence: “A person required to integrate his business as integrated under sub-section (9A) of Section 3, who fails to get himself registered under the Act, and if integrated, fails to integrate in the manner as required under the law and rules made thereunder.”
The penalties for the offence are included as:
(i) penalty of five hundred thousand rupees for first default;
(ii) penalty of one million rupees for second default after fifteen days of order for first default;
(iii) penalty of two million rupees for third default after fifteen days of order for second default;
(iv) penalty of three million rupees for fourth default after fifteen days of order for third default:
READ MORE: FBR issues list of 185 retailers for mandatory integration
Notwithstanding above, the business premises of such person shall be liable to be sealed by an officer of Inland Revenue in the manner prescribed.
Provided that if the retailer integrates his business with the Board’s Computerized System before imposition of penalty for second default, penalty for first default shall be waived by the Commissioner.
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SBP issues KIBOR rates – June 06, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on June 06, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.73 14.23 2 – Week 13.79 14.29 1 – Month 13.92 14.42 3 – Month 14.74 14.99 6 – Month 15.07 15.32 9 – Month 15.13 15.63 1 – Year 15.18 15.68 -
Pakistan stocks gain 262 points in mixed trading
KARACHI: Pakistan stocks gained 262 points on Monday after witnessing a mixed trading sessions during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,577 points as compared with last Friday’s closing of 41,315 points, showing an increase of 262 points.
READ MORE: Weekly Review: stocks to move with budget reports
Analysts at Topline Securities said that Pakistan equities closed on a green note where benchmark KSE-100 Index settled at 41,577 Level (up 0.63 per cent).
During the day, the KSE-100 index made an intraday low at 282 points. However, value hunting kicked in at the aforesaid level which assisted benchmark index to show some recovery which led to make an intraday high of 360 points.
READ MORE: Pakistan stocks plunge by 923 points on fiscal weakness
Initial positivity came from Cement sector as cement prices in the South region have increased by Rs25/bag (effective from June 6, 2022) where LUCK, MLCF,DGKC, KOHC closed higher.
Further investors’ interest also witnessed E&Ps sector where PPL, OGDC and SNGP closed higher as news flows suggest that OGRA has raised gas prices for SNGPL & SSGC by 45 per cent & 44 per cent.
READ MORE: Stocks shed 518 points on monetary tightening concerns
Around 186.31 million shares traded today at the bourse while total value clocked in at Rs4.9 billion. UNITY was the volume leader of the day with trading of 33.13 million shares in it, today.
READ MORE: Pakistan stocks shed 322 points on budgetary concerns
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No plan to freeze foreign currency accounts: SBP
KARACHI: The State Bank of Pakistan (SBP) on Monday rejected rumors related to freezing foreign currency accounts.
The SBP in a statement said the government of Pakistan and the State Bank assure all account holders maintaining Foreign Currency Accounts (FCA), Roshan Digital Accounts (RDA) and Safety Deposit Lockers in banks in Pakistan that their accounts and lockers are completely safe, and that there is no proposal under consideration to put any restriction on them.
READ MORE: Dollar hits Rs200.06 as rupee falls sharply in interbank
Rumours are circulating on social media that the Government or State Bank is considering freezing or placing restrictions on withdrawals from Foreign Currency Accounts, Roshan Digital Accounts and Safety Deposit Lockers.
Such rumours are absolutely incorrect and baseless. It is clarified that such a proposal has neither been considered presently nor in the past.
READ MORE: Dollar rebounds to Rs197.92; halts rupee’s gaining streak
Moreover, foreign currency accounts including Roshan Digital Accounts are legally protected under the Foreign Currency Accounts (Protection) Ordinance 2001, and the Government and the State Bank are committed to protecting all the financial assets in Pakistan including the ones mentioned above.
READ MORE: Dollar weakens for 5th straight day; ends at Rs197.59
The Government and State Bank are taking all necessary measures to ensure macroeconomic stability in the country. The recent difficult decisions taken by the Government, including the reduction of subsidy on petroleum products, will pave the way to reach an agreement with the IMF and release of the IMF tranche and financial assistance from other multilateral agencies and friendly countries.
We are confident that these measures will relieve the temporary stress being faced due to elevated global commodity prices and geo political tensions, and eliminate uncertainty in the economy.
READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion
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Dollar hits Rs200.06 as rupee falls sharply in interbank
KARACHI: The Pakistani Rupee (PKR) fell sharply by Rs2.14 to the US dollar on Monday to close at Rs200.06 in the interbank foreign exchange market.
The exchange rate was at Rs197.92 to the dollar on last Friday June 03, 2022.
Currency analysts said that the rupee was under severe pressure due to significant decline in foreign exchange reserves.
READ MORE: Dollar rebounds to Rs197.92; halts rupee’s gaining streak
The rupee hit all-time low of Rs202.01 to the dollar on May 26, 2022. On the same day, the government decided to increase petroleum prices to pave way for IMF loan program. Following this decision the rupee made significant recovery to Rs197.59 on June 02, 2022.
However, the foreign exchange reserves of the State Bank of Pakistan (SBP) recorded massive decline as per data issued on June 02, 2022. The local currency again under pressure and started losing value.
The foreign exchange reserves of the State Bank of Pakistan (SBP) fell two years low to $9.72 billion by week ended May 27, 2022. The SBP foreign exchange reserves were at $10.089 billion a week ago i.e. May 20, 2022. The central bank said that its reserves were decreased by $366 million to $ 9.723 billion due to external debt repayment. The SBP’s foreign exchange reserves were at $9.96 billion on June 19, 2020.
READ MORE: Dollar weakens for 5th straight day; ends at Rs197.59
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $10.423 billion by week ended May 27, 2022 from touching the peak on August 27, 2021. The official reserves of the SBP also reduced to payment for 1.46 months for import cover.
Overall the foreign exchange reserves of the country declined by $379 million to $15.771 billion by week ended May 27, 2022 as compared with $16.150 billion a week ago. The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.547 billion.
READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion
The dollar hit record high at Rs202.01 on May 26, 2022. However, with the decision of the government to partially withdraw the subsidy to get next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during past five sessions.
The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.
The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.
READ MORE: Dollar loses Rs4.14 in four sessions; falls to Rs197.87
Recently the government announced to impose a complete ban on imports to support balance of payment and help rupee to stable. However, these measures appeared in failure as the exchange rate yet again deteriorated today massively.
Pakistan’s import bill massively increased to $72.18 billion during first 11 months (July – May) 2021/2022 as compared with $50.03 billion in the same period of the last fiscal year, showing an increase of 44.28 per cent.
Pakistan is a net importer of petroleum products to meet its domestic demand. The country’s energy bill was $17.03 billion during the first nine 10 months (July – April) 2021/2022 as compared with $8.69 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of the country.
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SBP’s customer forex rates – June 06, 2022
KARACHI: The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on June 06, 2022.
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