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Tag: Eid ul Fitr

  • Rupee strengthens 44 paisas against dollar

    Rupee strengthens 44 paisas against dollar

    KARACHI: The Pak Rupee gained 44 paisas against the dollar on Thursday despite demand for import payments ahead of extended Eid holidays.

    The rupee ended Rs152.60 to the dollar from last day’s closing of Rs153.04 in the interbank foreign exchange market.

    Currency experts said that demand for dollar was remained in the market due to extended holidays for Eid ul Fitr announced by the government. The government announced Eid holidays from May 10 to May 15, 2021.

    However, they said that inflows of Eid related remittances and export receipts helped the rupee to make gain.

  • PSX to remain closed for 10 days

    PSX to remain closed for 10 days

    The Pakistan Stock Exchange (PSX) is set to observe an extended closure, spanning 10 days, to accommodate both weekly and Eid-ul-Fitr holidays.

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  • Bank holidays for Eid announced

    Bank holidays for Eid announced

    KARACHI: Banks shall observe six days holidays on the occasion of Eid-ul-Fitr. The State Bank of Pakistan (SBP) on Tuesday said that it will remain closed from 10th to 15th May, 2021 (Monday to Saturday) on the occasion of Eid-ul-Fitr.

    Simultaneously, banks shall also observe the holidays on the said dates. However, through another notification the SBP allowed the banks to open all the branches on Saturday May 08, 2021 to facilitate their customers.

    “In the wake of forthcoming Eid-ul-Fitr holidays from 10th to 15th May, 2021 and to cater the banking needs of public at large, it has been decided that all branches of banks / MFBs shall remain open on May 8, 2021 (Saturday) from 9:00 a.m. to 2:00 p.m. (without break).”

  • Banks to remain open on May 08

    Banks to remain open on May 08

    KARACHI: State Bank of Pakistan (SBP) on Tuesday directed to banks to observe working hours on May 08, 2021 to facilitate their customers ahead of Eid-ul-Fitr.

    The central bank said that in the wake of forthcoming Eid-ul-Fitr holidays from May 10 – May 15, 2021 and to cater the banking needs of public at large, it has been decided that all branches of banks/microfinance banks would remain open on May 08, 2021 (Saturday) from 9:00 am to 2:00 pm (without break).

  • Eid holidays announced amid coronavirus spread

    Eid holidays announced amid coronavirus spread

    ISLAMABAD: The federal government on Monday announced six holidays for Eid-ul-Fitr from May 10 to 15, 2021.

    According to a notification issued by the ministry of interior, 10th to 15th (Monday – Saturday) May, 2021 shall be public holidays on the occasion of Holy Festival Eid-ul-Fitr.

    Previously, National Command and Operation Center (NCOC) recommend extended holidays on the occasion of Eid-ul-Fitr in order to contain the spread of Coronavirus.

  • FPCCI demands only three Eid holidays

    FPCCI demands only three Eid holidays

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday demanded the government of reducing Eid holidays to three to avoid business and economic losses.

    The apex trade body expressed displeasure over yet another set of SOPs and Public Holidays on account of Eid-Ul-Fitr announced by NCOC without consulting business, industrial, and trade community of Pakistan. 

    Mian Nasser Hyatt Maggo, President FPCCI, has demanded that industries and markets should only be closed for 3 days on account of Eid-Ul-Fitr; otherwise, there will be irreversible loss to already struggling businesses and huge shortfall in tax collection will further decelerate the economic activity.

     Mian Nasser Hyatt Maggo maintained that ports, customs, and required banking services for them should not even be closed for 3 days during Eid-Ul-Fitr; as exports are as necessary for survival of Pakistan as airports and hospitals. Even a single day closure of ports during Eid will add to existing huge glut and backlog for exporters and cause financial and goodwill loss for not being able to ship the consignments on agreed schedules. He demanded that ports timings should be extended to 05:00 PM with immediate effect.  

    Mian Nasser Hyatt Maggo, also expressed his shock over proposed Eid Holidays from 10-15 May, where ports, customs, and banks will remain closed and shipping lines will keep operating.

    This is utterly illogical as without ports, customs, and banks, there will be no use of shipping lines operating.

  • Prolong Eid holidays to adversely affect exports: APTMA

    Prolong Eid holidays to adversely affect exports: APTMA

    KARACHI: All Pakistan Textile Mills Association (APTMA) has strongly reacted to the announcement of the government regarding Eid Holidays and stated the prolong closure may adversely affect economic activities.

    The Patron in Chief APTMA, Gohar Ejaz has rejected the decision of the Government for Eid ul Fitr holidays from 10th to 16th May 2021. While expressing his concerns, stated that this will bring the whole country practically shut down for 10 days from Saturday, 8th May to Monday 17th May 2021.

    Shutting down the country for 10 consecutive days is unacceptable as it would create a lot of glitches for the economy, industries, particularly the exporters who will not be able to dispatch their shipments abroad due to the complete closure of banks, ports, customs, and all other departments during excessive holidays. 

    He warned that we cannot afford such extended holidays as they will result in giving losses of up to billions of rupees to the national exchequer and terribly affect business activities particularly the exports.

    Simultaneously, it will badly affect and deprive the daily wage earners of the country of their desperately needed earnings for continuous 10 days. Workers will find it impossible to feed their families creating a social disaster.

    He particularly highlighted the Textile Industry that despite the issues and hardship, committed to double the exports.

    Textile manufacturers have orders in hand and are working day and night to dispatch shipments according to the agreed schedule.

    This decision will end up in the cancellation of orders which will not only result in losses to manufacturers but also to the country.

    Keeping in view the social overall business climate and economic crises being faced by the country, Gohar Ejaz requested the Government to review the decision of Eid ul Fitr holidays from 10th to 16th May 2021.

    The holidays should only be from 13th to 16th May 2021. The government should not shut down production and transportation for 10 days as the country simply cannot sustain such production and export loss.

  • Banks to open selected branches on May 27

    Banks to open selected branches on May 27

    KARACHI: Banks likely to open selected branches on Wednesday, May 27, 2020 to facilitate their customers in wake of long holidays for Eid ul Fitr.

    It is pertinent to mention that the government announced six holidays for Eid-ul-Fitr from May 22 – 27, 2020 (Friday – Wednesday).

    Tomorrow i.e. Wednesday May 27, 2020 is the last day of ongoing holidays. Due to closure of financial institutions for the long period, people are facing cash problems for their day to day transactions.

    The State Bank of Pakistan (SBP) on May 20, 2020 already granted approval for banks for opening of selected branches on May 27, 2020.

    The SBP said: “In order to ensure the availability of limited banking services to public at large during the extended holidays on the occasion of Eid‐ul‐Fitr, it has been decided that banks / MFBs may open their selected branches on Wednesday, May 27, 2020 at their own discretion in various business centers / commercial hubs etc. across Pakistan.

    “However, it may be noted that RTGS System and Clearing through NIFT will not be available on the above‐mentioned date.

    “Accordingly, NIFT will collect Financial Instruments from branches on Thursday, May 28, 2020 for clearing purposes.

    “For this purpose, banks / MFBs should ensure the deployment of minimal number of staff necessary to carry out smooth working at their selected branches on the above date.”

  • Eid ul Fitr Mubarak 2

    Eid ul Fitr Mubarak 2

    As the holy month of Ramadan draws to a close, PkRevenue.com extends heartfelt Eid-ul-Fitr greetings to its esteemed readers and followers. In the spirit of joyous celebration and communal harmony, the online platform takes this opportunity to convey warm wishes for a blessed and prosperous Eid-ul-Fitr.

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  • Bank holidays for Eid-ul-Fitr announced

    Bank holidays for Eid-ul-Fitr announced

    KARACHI: Banks shall remain closed during May 22 – 27, 2020 (Friday to Wednesday) on the occasion of Eid ul Fitr.

    In an official note on Wednesday issued by State Bank of Pakistan (SBP) said that the central bank will remain closed from 22nd to 27th May, 2020 (Friday to Wednesday) on the occasion of Eid-ul-Fitr.