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Author: Faisal Shahnawaz

  • Dogecoin to Pak Rupee on May 16, 2022

    Dogecoin to Pak Rupee on May 16, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs17.32 on May 16, 2022 at 9:04 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs16.80 at closing on May 15, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.09 on May 16, 2022 at 9:04 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.09 at closing on May 15, 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.

    Dogecoin to Pak Rupee on May 15, 2022

  • Withholding tax on raw material import should be adjustable

    Withholding tax on raw material import should be adjustable

    KARACHI: The Federal Board of Revenue (FBR) has been suggested to allow adjustment of withholding income tax collected at import of raw material against the actual liability.

    Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 submitted to the FBR highlighted that by amendment to Section 148 of Income Tax Ordinance, 2001, through Finance Bill 2018-2019, withholding tax paid on import of raw materials by commercial importers has been converted to minimum tax and the importers have been taken out of Fixed Tax Regime (FTR).

    READ MORE: KCCI suggests VAT removal for commercial importers

    The chamber said that the collection of withholding tax at source is tantamount to putting the burden of tax-collection from undocumented entities on the compliant tax payers and compounds the burden by treating it as minimum tax.

    Concept of treating withholding tax as minimum tax is unique and unfair as it leaves the scope for further squeeze on documented and compliant tax-payers. “Any Tax paid as withholding tax should be adjustable in order to promote the culture of direct taxation and reduce dependence on tax at source,” the KCCI said and added that the rates of withholding tax are already very high and akin to turnover tax.

    READ MORE: FPCCI demands CNIC condition withdrawal

    Giving proposals to the issue, the KCCI said the withholding income tax at import stage on raw materials should be adjustable against actual liability.

    The concept of minimum withholding tax on import of raw materials may be phased out.

    Further, distinction should be made between importers of finished goods and raw materials who mainly cater to the industry and are fully documented.

    Giving rationale to the proposals, the KCCI said commercial importers who are a major source of revenue will be able to resume their business and contribute to revenue as well as promotion of SMEs.

    READ MORE: FBR urged to wave further tax on providing CNIC number

    The KCCI further highlighted that the Finance Bill 2021-2022, imported plant and machinery not manufactured locally, has been omitted from 8th Schedule of Sales Tax Act, 1990, resulting in Increase in the rate of sales tax from 10 per cent to 17 per cent.

    The chamber said this measure will discourage new investment in industry and upgradation of existing industries and BMR. Industrial machinery falls in the category of capital goods for the purpose of production. It should not be treated under the same criteria as consumer product or raw material, subject to 17 per cent sales tax.

    READ MORE: Tax exemption sought for plant, machinery import

    The KCCI proposed to restore plant and machinery not manufactured locally in 8th Schedule of Sales Tax Act, 1990, and exempt from 17 per cent sales tax, to encourage expansion and generate employment.

    It will help to promote industrialization, GDP growth and employment.

  • SBP governor assumes charge of Asian Clearing Union

    SBP governor assumes charge of Asian Clearing Union

    KARACHI: Dr. Murtaza Syed, Governor (Acting) State Bank of Pakistan (SBP) has assumed the charge of Chairman of the Board of Directors of the Asian Clearing Union (ACU) in the 50th meeting of the ACU Board held in Islamabad on May 13, 2022 in both physical and virtual modes.

    Established in 1974 with permanent headquarters in Iran, the Asian Clearing Union (ACU) is a payment arrangement system whereby member countries settle payments for intra-regional transactions among their central banks on a net multilateral basis. Currently, the Central Banks of Bangladesh, Bhutan, Iran, India, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are members of the ACU.

    READ MORE: Dr. Murtaza assumes acting SBP governor charge

    The main objectives of the clearing union are to facilitate payments among member countries for eligible transactions, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade and banking relations among the participating countries.

    The Secretary General of ACU, Mrs. Lida Borhan Azad, presented the annual report on the operations of the union for the year 2020, which the Board approved and adopted.

    READ MORE: Court judgment: Riba is Haram in any form

    The Board reviewed progress on the ongoing projects being undertaken by the union. It reviewed a new web based messaging system and constituted a sub-committee to finalize the recommendations for its implementation within six months. The Board also considered the report on issues faced by traders under the ACU mechanism and decided to implement the recommendations in the next three months. While appreciating the report on the use of domestic currencies for settlement of trade transactions prepared by the Reserve Bank of India (RBI), the Board requested RBI to convene a virtual seminar to enable member countries to gain a fuller understanding of the proposed mechanism.

    READ MORE: SBP imposes penalty of Rs109 million on four banks

    The Governors and head of the delegations of the countries also gave a broad overview of the economic development in their respective economies and shared their experiences in addressing the challenges emerging in the post COVID-19 global landscape.

    Governor Central Bank of Myanmar, Than Nyein, Vice Governor Central Bank of Iran, Dr.Mohsen Karimi, Chief Economist Central Bank of Bangladesh Md. Habib ur Rehman, and Executive Director Nepal Rastra Bank Ramu Paudel participated in the meeting physically. Governor Dr. P. Nandalal Weerasinghe, and Deputy Governor of Central Bank of Sri Lanka, T.M.J.Y.P Fernando, Governor Maldives Monetary Authority Ali Hashim, Ms. Yangchen Tshogel Central Bank of Bhutan and Executive Director RBI Mr. Radha Shyam Ratho, attended the meeting virtually.

    READ MORE: IPS demands implementation of court judgment on Riba

    At the conclusion of the Board meeting, Mrs. Lida Borhan Azad relinquished the charge of Secretary General of the ACU after distinguished service of the Union for 15 years.

    While appreciating the services of Mrs. Lida Borhan, the Board appointed Farhad Morsali as the new Secretary General of the ACU, as recommended by the Central Bank of Iran.

    The meeting ended with all member countries emphasizing their commitment to further enhancing their trade and banking relationships. It was decided that central bank digital currencies (CBDCs) would be the special topic on which research would be conducted during Pakistan’s chairmanship of the ACU over the next twelve months.

  • Bitcoin to Pak Rupee on May 15, 2022

    Bitcoin to Pak Rupee on May 15, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,719,374.58 on May 15, 2022 at 9:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs5,667,808.38 at closing on May 14, 2022.

    The rate of Bitcoin in US Dollar (USD) is $29,827.25 on May 15, 2022 at 9:47 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $29,558.32 at closing on May 14, 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.

    Bitcoin to Pak Rupee on May 14, 2022
  • Ripple to Pak Rupee on May 15, 2022

    Ripple to Pak Rupee on May 15, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs80.66 on May 15, 2022 at 9:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs83.29 at closing on May 14, 2022.

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  • Dogecoin to Pak Rupee on May 15, 2022

    Dogecoin to Pak Rupee on May 15, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs16.80 on May 15, 2022 at 9:13 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs17.24 at closing on May 14, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.09 on May 15, 2022 at 9:13 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.09 at closing on May 14, 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.

    Dogecoin to Pak Rupee on May 14, 2022
  • FAP suggests incentive to undeclared $3 billion

    FAP suggests incentive to undeclared $3 billion

    People have an undeclared amount of $2 billion to $3 billion foreign currency in their homes and personal bank lockers. They want to exchange with Pakistani Rupee (PKR) but due to certain restrictions they are unable to bring it out. The government should provide legal shelter for declaration of concealed dollars, which will help to boost the foreign exchange reserves.

    READ MORE: Pakistan’s forex reserves fall to $16.37 billion

    Malik Muhammad Bostan, President, Forex Association of Pakistan (FAP) commented these at a conference on present economic woes, especially falling rupee and depletion of foreign exchange reserves.

    “Many people taking advantage of Economic Reform Act purchased huge amount of dollars from the local market during the period of 1993 to 2008 and deposited in the banks of foreign countries or retained the dollars at their homes or lockers,” he said.

    READ MORE: Pakistan’s forex reserves dip to $16.55 billion

    Prior to year 2008, there were many unlicensed money exchange companies were operating under Economic Reform Act. Those exchange companies were allowed to sale and purchase foreign currency without ‘Know Your Customer (KYC)’. SBP licensed exchange companies were required to conduct KYC on sale/purchase of above $10,000.

    “Now those people want to sale their dollars through KYC but without identification,” he said, adding that the under Financial Action Task Force (FATF) conditions, the banks are required to obtain identification on sale/purchase of above $15,000.

    READ MORE: SBP forex reserves shrink to 1.69 months import cover

    “If this condition is relaxed then exchange companies will able to purchase huge amount of dollars and other foreign currency from public,” Bostan said.

    FAP President said the government should allow purchase of gold from local market. “They may sale gold in international market and surrender foreign currency in the local market.”

    Pakistan forex reserves inch up to $17.045 billion

    There is need to channelize foreign currency invested in cryptocurrency, he said and demanded that the government should provide legal cover to bring foreign currency back home.

    He suggested that banks should stop forward dollar selling and should be allowed to sale dollar equivalent to purchase.

    Bostan said the State Bank of Pakistan (SBP) should imposed 100 per cent cash margin on all imports except for necessary items.

    Pakistan’s forex reserves deplete to $17.03 billion

  • Weekly Review: Pakistan stocks witness 3% decline

    Weekly Review: Pakistan stocks witness 3% decline

    KARACHI: Pakistan stocks recorded a three per cent decline during the week owing to massive decline in foreign exchange reserves.

    Analysts at Topline Securities said that the benchmark KSE-100 index of Pakistan Stock Exchange (PSX) declined by 3 per cent on Week on Week (WoW) basis, this decline can largely be attributed to declining foreign reserves ($10.3 billion reserve with SBP as of May 6, 2022) and lack of clarity on government`s intent in implementing IMF`s demand on which the revival of Extended Fund Facility (EFF) program is contingent: removal of subsidy on petroleum products, increase in electricity tariff etc.

    READ MORE: Stocks gain 588 points on record remittances

    Lukewarm response from friendly country Saudia Arabia to official delegation from Pakistan, where the Kingdom reportedly tied $3 billion additional support to revival of IMF program, further dampened investor sentiment.

    READ MORE: Stocks make slight gain amid rupee devaluation

    Average traded volume and value for the week stood at 274 million shares and Rs.8.1 billion respectively.

    READ MORE: Stocks plunge 641 points on weak fiscal condition

    On flows end during the outgoing week individuals, mutual fund, insurance and foreign corporate net sold equities worth $7.55 million, $3.84 million, $3.03 million and $1.24 million as of yesterday, this selling was largely absorbed by banking sector as they purchased equities worth $12.27 million as of yesterday.

    READ MORE: Pakistan stocks gain 111 points in range bound trading

  • Bitcoin to Pak Rupee on May 14, 2022

    Bitcoin to Pak Rupee on May 14, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,667,808.38 on May 14, 2022 at 9:47 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs5,869,301.99 at closing on May 13, 2022.

    The rate of Bitcoin in US Dollar (USD) is $29,558.32 on May 14, 2022 at 9:47 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $30,598.44 at closing on May 13, 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.

    Bitcoin to Pak Rupee on May 13, 2022
  • Ripple to Pak Rupee on May 14, 2022

    Ripple to Pak Rupee on May 14, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs83.29 on May 14, 2022 at 9:44 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs85.61 at closing on May 13, 2022.

    The rate of Ripple in US Dollar (USD) is $0.43 on May 14, 2022 at 9:44 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.45 at closing on May 13, 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.

    Ripple to Pak Rupee on May 13, 2022