Currency experts attributed the recovery in rupee value to measures taken by the SBP a day earlier.
The SBP imposed restrictions on persons traveling to Afghanistan. The central bank allowed persons traveling Afghanistan to carry only $1,000 per person per visit with a maximum annual limit of $6,000.
The SBP also made it mandatory for exchange companies to undertake biometric verification for foreign currency sale or purchase transactions above $500.
Currency experts said that rising dollar demand for import payment had deteriorated the rupee value. They said that panic buying for dollars was seen during the day after the report of a massive surge in import bill during the first quarter of the current fiscal year.
The import bill of the country registered a record increase of 65 per cent to $18.63 billion during July – September of the current fiscal year as compared with $11.28 billion in the corresponding period of the last year.
The higher import bill also widened the trade deficit significantly. The trade deficit ballooned by 100 per cent to $11.66 billion during the quarter under review as compared with the deficit of $5.81 billion in the same period of the last year.
Since the start of the current fiscal year the rupee was under pressure. The high dollar demand for import payment may be attributed to ease in cases of coronavirus cases and enhanced industrial and commercial activities.
The FBR said that through Finance Act, 2019 added a sub-section (6) to Section 8B of the Sales Tax Act, 1990 whereby a Tier-1 Retailer who did not integrate its retail outlet in the manner prescribed under sub-section (9A) of Section 3 of the Sales Tax Act, 1990 during a tax period, its adjustable tax for that period would be reduced by 15 per cent. The figure of 15 per cent has been raised to 60 per cent through Finance Act, 2021.
In order to operationalize the provision of law, a system-based approach has been adopted whereby all Tier-1 retailers who are liable to integrate but have not yet integrated, with effect from July 2021 (Sales Tax Returns filed in August 2021) are to be dealt with as per the procedure laid down in STGO No.01 of 2022 issued on August 03, 2021.
Through the latest STGO, a list of 1,136 identified Tier-1 Retailers has been placed on FBR’s portal allowing them to integrate with FBR’s system by October 10, 2021 and the procedure of exclusion from this list of 1,136 identified Tier-1 retailers shall apply as laid down in STGO 01 of 2022 dated August 03, 2021.
Upon filing of sales tax return for the month of September 2021 all notified Tier-1 retailers not having yet integrated, the input tax claim would be disallowed as above, without any further notice or proceedings, creating tax demand by the same amount.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 5, 2021 (The rates are updated at 12:42 AM):
Currency
Buying
Selling
Australian Dollar
123.10
125.10
Bahrain Dinar
386.70
388.46
Canadian Dollar
135.60
137.60
China Yuan
23.75
23.90
Danish Krone
23.45
23.75
Euro
198.60
200.10
Hong Kong Dollar
16.65
16.90
Indian Rupee
2.03
2.10
Japanese Yen
1.41
1.44
Kuwaiti Dinar
481.60
484.10
Malaysian Ringgit
36.45
36.80
NewZealand $
96.30
97
Norwegians Krone
17.50
17.75
Omani Riyal
392.70
394.70
Qatari Riyal
39.80
40.40
Saudi Riyal
45.05
45.55
Singapore Dollar
122.60
124.10
Swedish Korona
18.30
18.55
Swiss Franc
159.80
160.70
Thai Bhat
4.80
4.90
U.A.E Dirham
46.55
47.05
UK Pound Sterling
232.10
234.60
US Dollar
172.40
173.40
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.
