Karachi, September 29, 2021 – The State Bank of Pakistan (SBP) has released the exchange rates for customers on September 29, 2021.
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FBR extends IR working hours for tax collection
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday directed offices of Inland Revenue (IR) to observe extended working hours to facilitate taxpayers in payment of duty and taxes.
In an official memorandum, the FBR directed all the IR offices including Large Taxpayers Office (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) to open and observe extended working hours till 9:00 PM on Wednesday September 29, 2021 and till 12:00 midnight on Thursday, September 30, 2021, to facilitate the taxpayers in payment of duties and taxes.
The FBR directed chief commissioners Inland Revenue to establish liaison with the State Bank of Pakistan (SBP) and authorized branches of National Bank of Pakistan (NBP) to ensure transfer of tax collection by these branches on September 30, 2021 to the respective branches of the SBP on the same date so as to account for the same towards the collection for the month of September 2021.
Earlier in the day the SBP also issued instructions to the banks to facilitate the taxpayers in payment of duty and taxes.
The SBP said that the SBP-BSC offices and NBP branches (A, B and C category) shall observe extended banking hours till 8:00 PM and 9:00 PM on September 29, 2021 and September 30, 2021, respectively for collection of government taxes and duties through manual mode as well as Alternate Delivery Channels (ADCs) mode at Over-the-Counter (OTC) facility.
The SBP further said that in order to ensure same day settlement of tax collection on September 30, 2021, following special clearing and settlement will be arranged through M/s. NIFT and 1Link:
a. M/s. NIFT shall arrange special clearing at 7:00 PM on September 30, 2021 for same-day clearing of payment instruments.
b. M/s. 1Link shall arrange to provide the settlement batch of transactions executed through ADCs platform till 10:00 PM on September 30, 2021 to the SBP for settlement in government accounts.
The NBP branches shall settle their transactions of September 30, 2021, with respective SBP-BSC field offices / head office latest by 10:00 PM same day i.e. September 30, 2021.
The SBP said that in order to eliminate the issue of spillover of tax receipts, NBP shall ensure that no instrument concerning government receipts, lodged in aforesaid office hours, shall remain unattended at any NBP branch and shall be settled in the value date of September 30, 2021 through special clearing.
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KIBOR rates on September 28, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on September 28, 2021.
Tenor BID OFFER 1 – Week 7.22 7.72 2 – Week 7.26 7.76 1 – Month 7.30 7.80 3 – Month 7.52 7.77 6 – Month 7.91 8.16 9 – Month 8.18 8.68 1 – Year 8.39 8.89 -
SBP issues customers exchange rates for September 28
Karachi, September 28, 2021 – The State Bank of Pakistan (SBP) has issued the exchange rates for customers on September 28, 2021.
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KIBOR rates on September 27, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on September 27, 2021.
Tenor BID OFFER 1 – Week 7.22 7.72 2 – Week 7.26 7.76 1 – Month 7.31 7.81 3 – Month 7.53 7.78 6 – Month 7.89 8.14 9 – Month 8.14 8.64 1 – Year 8.35 8.85 -
SBP issues customers exchange rates for September 27
Karachi, September 27, 2021 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Monday, September 27, 2021.
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Prize bonds (bearer) to become worthless after Sept 30
Bearer prize bonds of major denominations including Rs40,000/-, Rs25,000/- and Rs15,000/- will become worthless after September 30, 2021 if no date extension announcement comes from the government.
The last date for encashment or exchanging the bearer prize bonds with denominations of Rs40,000/-, Rs25,000/- and Rs15,000 is September 30, 2021, which was already extended from May 31, 2021.
In order to comply with the Financial Action Task Force (FATF) for the prevention of money laundering and terror financing, the government had decided to document the financial instruments by the withdrawal of bearer prize bonds.
So far the government has decided to withdraw prize bonds of four denominations including Rs40,000/-, Rs25,000/-, Rs15,000 and Rs7,500. However, the last date for exchanging Rs7,500 denomination bearer prize bonds is December 31, 2021.
The government started withdrawal of bearer prize bonds with Rs40,000 denomination on June 24, 2019. Later, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.
It is likely the finance ministry extend the date for encashment / exchanging the bearer prize bonds beyond September 30, 2021. However, the decision in this regard has not been taken so far.
The finance ministry has issued the following procedure for encashment/exchanging the bearer prize bonds.
01. Conversion to Premium Prize Bonds (Registered): The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000/- and Rs40,000/- (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP)’s Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.
02. Replacement with Special Saving Certificates (SSC) / Defence Saving Certificates (DSC): The bonds can be replaced with SSC/DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.
03. Encashment at Face Value: The bonds will only be encashed by transferring the proceeds to the bond holder’s bank account through the 16 field offices of SBP Banking Services Corporation as well as the authorized commercial bank branches and to the Saving Accounts at National Saving Centers.
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KIBOR rates on September 24, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on September 24, 2021.
Tenor BID OFFER 1 – Week 7.19 7.69 2 – Week 7.24 7.74 1 – Month 7.30 7.80 3 – Month 7.51 7.76 6 – Month 7.88 8.13 9 – Month 8.10 8.60 1 – Year 8.27 8.77 -
PKR falls against dollar in interbank market
KARACHI: The Pak Rupee (PKR) continued its slide against the dollar on Friday in the interbank foreign exchange market.
The rupee fell by five paisas to close at Rs169.08 to the dollar from the previous day’s closing of Rs168.03 in the interbank foreign exchange market.
The rupee depreciated despite the initiatives taken by the State Bank of Pakistan (SBP) to support the balance of payment.
The SBP a day earlier issued revised Prudential Regulations (PRS) for Consumer Financing. The targeted step will help to moderate demand growth in the economy, leading to slower import growth and thus supporting the balance-of-payments, the SBP said.
The changes in the regulations effectively prohibit financing for imported vehicles, and tighten regulatory requirements for financing of domestically manufactured/ assembled vehicles of more than 1000 cc engine capacity and other Consumer Finance facilities like personal loans and credit cards, the SBP added.
The local currency is near to make another historic low. The rupee hit all-time low of Rs169.12 on September 15, 2021.
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SBP issues customers exchange rates for September 24
Karachi, September 24, 2021 – The State Bank of Pakistan (SBP) has released the exchange rates for customers on Friday, September 24, 2021.
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