Current Afairs

Weekly Inflation Falls 0.07%

2020-11-13T22:14:00.001+05:00

The Sensitive Price Indicator (SPI) for the week ended November 12, 2020, recorded a decrease of 0.07 percent over last week due to a fall in prices of food items i.e. tomatoes (2.75 percent), pulse moong (1.42 percent), gur (1.15 percent), garlic (1 percent) and wheat flour (0.47 percent).

According to the latest data, released by the Pakistan Bureau of Statistics (PBS), the SPI went down from 142.81 points during the week ended November 5, 2020 to 142.71 points during the week under review.

The year on year trend depicts an increase of 7.68 percent with most of the items increased mainly chilies powder (86.31 percent, potatoes (63.09 percent), eggs (48.27 percent), chicken (46.19 percent), sugar (40.60 percent), pulse mash (23.39 percent), match box (23.20 percent), pulse moong (22.73 percent), sufi washing soap (20.79 percent), pulse masoor (20.38 percent), gur (17.77 percent), bread (16.66 percent), long cloth (16.42 percent), vegetable ghee 1kg (16.25 percent) and rici irri 6/9 (15.92 percent), while a major decrease was observed in the price of tomatoes (30.20 percent), garlic (19.19 percent), diesel (18.84 percent), onions (10.38 percent), petrol (10.25 percent), electricity (8.77 percent) and LPG (2.14 percent).

The weekly SPI covers 17 urban centers and 51 essential items for all expenditure groups. During the week, out of 51 items, prices of 18 (35.29 percent) items increased, 11 (21.57 percent) items decreased and 22 (43.13 percent) items remained constant, according to the provisional figures released by the PBS.

The SPI for the consumption groups up to Rs. 17,733, from Rs. 17,733 to Rs. 22,888, Rs. 22,889 to Rs. 29,517 and Rs. 29,518 to Rs. 44,175 and above Rs. 44,175 per month decreased by 0.32 percent, 0.33 percent, 0.16 percent, 0.01 percent respectively, and for above Rs44,1751.16 increased by 0.07 percent.

The commodities, which recorded increase in their average price include chicken (10.63 percent), bananas (2.74 percent), match box (1.99 percent), cooked beef (1.09 percent), cooked daal (0.76 percent), sugar (0.56 percent), potatoes (0.54 percent), georgette (0.44 percent), mustard oil (0.35 percent), pulse mash (0.30 percent), sufi washing soap (0.27 percent), eggs (0.24 percent), LPG (0.23 percent), vegetable ghee (0.22 percent), curd (0.15 percent), firewood whole (0.06 percent), powdered milk (0.03 percent) and beef (0.02 percent).

The commodities, which recorded a decrease in their average price, include electricity charges for Q1 per unit (2.78 percent), tomatoes (2.75 percent), pulse moong (1.42 percent), gur (1.15 percent), garlic (1 percent), pulse gram (0.98 percent), onions (0.59 percent), wheat flour (0.47 percent), mutton (0.31 percent), pulse masoor (0.26 percent) and rice irri-6/9 (0.17 percent).

Prices of the commodities that observed no change during the week under review include rice basmati, bread plain, milk fresh, cooking oil, vegetable ghee, vegetable ghee, salt powdered, chilies powder, tea, tea prepared, cigarettes, long cloth 57″, shirting, lawn printed, georgette, gents sandal, gents sponge chappal, ladies sandal, gas charges, energy saver, petrol super, hi-speed diesel, telephone call charges and toilet soap

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FBR Technical Committee Decides to Engage Experts as Co-Opted Members

2020-11-13T21:14:00.003+05:00

Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired a virtual meeting of the FBR Technical Committee today. Chairman FBR Muhammad Javed Ghani and other senior officials participated in the meeting. Mr. Abid Shaban, Chairman of the Committee gave a detailed presentation during the meeting.

After due deliberation, it was decided to engage experts as co-opted members to streamline the working of the Technical Committee. Representatives of the Commerce and Industries Divisions will also be included to further strengthen the Technical Committee.

During the meeting, ‘FASTER’ system of Sales Tax Refund for exporters was appreciated. It was agreed that both FASTER and Rebates Systems will be fine-tuned for more efficient results on a priority basis.

Technical Committee directed the Ministry of Commerce to clear the backlog with reference to DLTL refunds expeditiously.

FBR will devise a strategy for liquidation of pending income tax returns. Adviser Finance urged the Technical Committee to simplify relevant procedures ensuring clarity and transparency in revenue collection.

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OGRA’s Notification on RLNG Rates Contradicts the Law: Sui Northern

2020-11-13T21:14:00.001+05:00

According to officials, the price of Re-Gasified Liquefied Natural Gas (RLNG) had been fixed under the Petroleum Development Ordinance for five years.

According to the spokesperson of Sui Northern Gas, Oil & Gas Regulatory Authority (OGRA) is not authorized to set the Unaccounted for Gas (UFG) benchmark for RLNG under Petroleum Levy Ordinance, and they are bound to implement the decision of the cabinet.

The Cabinet Committee had decided to include the actual percentage of UFG in the pricing of LNG. However, OGRA unilaterally decided on a 6.3 percent UFG benchmark for distribution customers.

RLNG was declared a petroleum product in consultation with OGRA, which was to become the basis for pricing decisions.

The spokesperson remarked that OGRA’s decision contradicts the law, the Cabinet decision and the Supreme Court ruling. He further added that this decision by OGRA poses a threat of severe financial crisis for gas companies and LNG importers.

Sui Northern Gas reserves the right to present the facts regarding this decision on the relevant forums, he said.

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Pakistan Customs Develops E-Commerce Automated Clearance System

2020-11-13T20:15:00.003+05:00

In order to promote Business to Consumer e-Commerce exports in Pakistan, Pakistan Customs has developed an e-Commerce automated clearance facility in collaboration with the State Bank of Pakistan, Ministry of Commerce, and e-commerce operators.

The new system will facilitate the e-Commerce trade and document the e-Commerce exports from Pakistan. The system allows commercial banks to register e-Commerce traders in WeBOC system of Pakistan Customs. Under the SBP regulatory framework for B2C e-Commerce exports, the exporters shall export their e-Commerce consignments without the requirement of E-Form up to USD 5000 per consignment.

The shipments shall be made through courier companies registered with Pakistan Customs who shall file the Goods Declaration in WeBOC system on behalf of exporters. Each individual consignment shall be identified on the basis of a unique HAWB number.

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The details of export shipments shall be accessible to banks in the e-Commerce profile of the exporters in the system after the export of goods from Pakistan. The exporter shall be required to ensure the realization of export proceeds within 60 days from the date of shipment.

The export proceeds shall be received from abroad by commercial banks, through banking channel or international payment scheme/gateway, either in foreign currency or in Pakistani Rupee from Non-Resident Rupee Account Repatriable.

Various MIS reports have been provided in the system to State Bank of Pakistan and Commercial Banks for settlement of Export realization and fulfillment of other regulatory requirements.

The e-Commerce operators have lauded the initiative that will remove the difficulties faced by the SME sector in exporting their goods thus playing an effective role in improving the country’s rating in the Ease of Doing Business index.

Training sessions have been conducted by Pakistan Customs in collaboration with the State Bank of Pakistan and Ministry of Commerce.

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Rupee Appreciates Again, Closing in On Pre-COVID Levels

2020-11-13T20:15:00.001+05:00

Pakistani rupee continued its appreciation against the US Dollar in the interbank market as it regained 93 paisas against the greenback during the current week.

According to Capital Stake, the rupee has so far gained 1.31 percent against the US Dollar during November. During the current week, the rupee has shown an appreciation of 0.58 percent against the greenback. This is a recovery of Rs. 10.27/USD from its 52 weeks low of 168.4353/USD, which was seen on August 26.

The interbank market saw the rupee climb to 158.16 versus the greenback today. It gained 17 paisas during the session, whereas it had closed at 158.33 on Thursday.

A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, while commenting on the PKR said,

The currency keeps strengthening due to strong Foreign Exchange inflows and lower outflows. Lesser international travel is forcing people to use banking channels. No outward tourism in Pakistan either. It’s time for SBP to enjoy the windfall & sweep the market. Save for rainy days.

The consistent inflows of foreign exchange in the country due to overseas remittances, investments through Roshan Digital Accounts, and export receipt maintaining a favorable balance of supply and demand of the greenback in the local market are causing Rupee-USD parity to gain stability gradually.

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Remittance Inflows Stay Above $2 Billion for Fifth Consecutive Month

Pakistan received record remittances of above $2 billion from overseas workers for the fifth consecutive month in October 2020. According to the SBP, remittances sent by Pakistani expatriates amounted to $2.3 billion during October 2020. The measures taken by the State Bank of Pakistan (SBP) to encourage overseas Pakistanis to send money home through legal channels have started to show results.

SBP Governor, Dr. Reza Baqir, yesterday shared the data on Roshan Digital Accounts. The Governor said that the outcome of the initiative has been satisfactory and encouraging. He said that over 36,000 RDAs have been opened in less than two months, fetching over USD 65 million. Furthermore, he added that the number of accounts and amounts remitted, and investment is growing by each day.

The increase in the foreign exchange reserves has boosted the local currency against the greenback. According to the data released by the State Bank of Pakistan, the foreign currency reserves held by the SBP on November 06 were recorded at $12,740.5 million, registering an increase of $558 million as compared with $12,182.6 million.

“The increase in reserves is mainly attributed to the receipt of $500 million as GoP [Government of Pakistan] loan proceeds,” the SBP said.

Pakistan’s currency, which has been a managed-float for most of its history, has seen long periods of stability followed by devaluation. As part of a $6 billion loan approved last year to avert a default, Pakistan agreed with the IMF to adjust its currency to a market-based exchange rate that allowed it to move both ways.

Is USD/PKR Approaching Pre-Lockdown level of 155?

The rupee has strengthened 6.10 percent since the beginning of the rally in August end.
According to a survey conducted by Tresmark, which is an app that tracks the financial market, people are of the view that the rupee may settle at the pre-lockdown level of 155 against the US dollar but the analysts at Tresmark forecast that the parity would find strong support at 157.

In a poll conducted by Tresmark, 33 percent of respondents suggested that the rupee may oscillate between 156-159, while 27 percent suggested that it may strengthen further to 154 by the year-end. Moreover, 37 percent suggested that the rupee might depreciate to 160-163 on the grounds of political tensions and lack of foreign aid.

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Pakistani Rupee Continues to Climb Against the US Dollar

According to Daily Forex, the price action of the USD/PKR has turned in a significant trend the past couple of months which is noteworthy. The latest trend of the USD/PKR is challenging late March values, and if current support levels are punctured lower, the Pakistani rupee could target mid-March values near the 156.5 level eventually.

It further stated that speculators of the USD/PKR also should acknowledge that the price of the forex pair remains outside the normal scope of the global market sentiment. Certainly, Pakistan is an active and important member of the global community, but the Pakistani rupee is not among the largest or most actively traded currencies.

It must be noted that without hard facts about financial transactions taking place within the Pakistani government and commerce being conducted, this price prediction is merely a conjecture based on technical charts, it added.

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Pakistan in Talks with Tethyan Copper to Resolve Reko Diq Dispute

2020-11-13T19:15:00.001+05:00

Pakistan is in talks with Tethyan Copper to settle a $5.8 billion dispute around the Reko Diq copper project, Reuters reported while quoting two senior Pakistani officials.

Tethyan Copper is a joint venture between Chile’s Antofagasta and Canada’s Barrick Gold.

Last year, the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) ordered Pakistan to reimburse damages of $5.84 billion to Tethyan Copper for blocking Tethyan from developing the asset as the joint venture had already spent more than $220 million on the project.

“We have been engaged in negotiations with parties involved in the Reko Diq dispute,” Reuters quoted an official who is part of the negotiating team.

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Another official was quoted as saying that the parties have been in talks for an extended period since Tethyan last year expressed willingness to explore a negotiated settlement.

Law360, a legal news service, reported this week that Tethyan had been given the go-ahead by ICSID to collect half of the arbitration award.

Having to pay out the award would wipe out nearly half of Pakistan’s foreign exchange reserves as the country contends with the pandemic-driven economic crisis.

Located in Balochistan, Reko Diq is among the world’s biggest untapped copper and gold deposits. The development of the asset has been stalled for nearly a decade by the long-running dispute.

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KP CM Tops the Wealth Scale Among All Four CMs

2020-11-13T17:17:00.001+05:00

According to the latest wealth data released by the Election Commission of Pakistan about the members of the provincial assemblies (MPAs), the Chief Minister of Khyber Pakhtunkhwa (KP), Mahmood Khan, is the wealthiest among the four chief ministers, with assets worth Rs 2.38 billion to his name.

Mahmood Khan is reportedly currently the richest MPA and owns agricultural property worth Rs. 2.33 billion, has Rs. 40 million cash in hand, and Rs 7.7 million in two bank accounts, but does not own a car.

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The second richest MPA in the KP assembly is Bahadur Khan from the Awami National Party, with assets valued at Rs. 894 million and twenty properties worth Rs. 875 million.

PTI MPA Syed Fakhar Jehan has Rs. 776 million worth of assets including shops, agricultural, and non-agricultural land. He also owns a land cruiser and has Rs. 1.5 million in cash.

Sher Azam Khan of the PPP owns assets valued at Rs. 664.63 million, while PTI’s Fazal Hakim Khan has assets worth Rs. 594 million to his name, and the PTI MNA Musawar Khan owns commercial, agricultural, and residential properties worth Rs. 384 million.

From the opposition parties, the Opposition Leader in the KP Assembly, Akram Durrani, as of 2019 owns assets valued at Rs. 7.75 million. The KP Assembly Speaker, Mushtaq Ghani, owns assets worth more than Rs. 50 million, and Ibrahim Khattak (the son of the Federal Defence Minister, Pervez Khattak) owns assets worth Rs. 25.5 million while his uncle Liaquat Khan’s assets are valued at Rs. 180 million.

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From Sindh, Chief Minister Murad Ali Shah owns assets worth north of Rs. 230.35 million as per the report released by the ECP.

The Leader of the Opposition in the Sindh Assembly, Firdous Shamim Naqvi of the PTI, has assets worth Rs. 330.40 million, while former president Asif Zardari’s sister Faryal Talpur has assets worth more than Rs. 390 million.

Sindh’s Provincial Education Minister, Saeed Ghani, owns assets worth Rs. 20.31 million, while the Sindh Assembly Speaker, Agha Siraj Durrani’s declared assets for 2019 stand valued at Rs. 100.20 million.

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Emirates Suffers First Loss in 3 Decades

2020-11-13T16:16:00.005+05:00

The Emirates Group announced its half-year results for the financial year 2020-21.

Dubai-based Emirates Airlines posted its first loss in more than three decades, informing that it had been badly hit by the coronavirus lockdown that brought air transport to “a literal standstill”.

In the first half of the 2020-21 financial year, Emirates reported a loss of USD 3.4 billion compared to last year’s profit of USD 235 million. Emirates revenue, including other operating income, was reported at USD 3.2 billion, depreciating 75 percent compared with USD 12.9 billion recorded during the same period last year.

This decline has resulted due to the severe flight and travel restrictions around the world relating to the COVID-19 pandemic.

Emirates reduced its operating costs by 52 percent against the overall capacity decrease of 67 percent. Fuel costs have declined 83 percent compared to the same period last year. This was due to a decrease in global oil prices (down 49 percent compared to the same period last year), in addition to a 76 percent lower fuel uplift from substantially reduced flight operations during the six months up to the end of September.

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Fuel, which was always the largest component of the airline’s cost in past reporting cycles, accounted for 11 percent of operating costs compared with 32 percent in the first six months of the previous year.

Despite the significant drop in operations during the six months, Emirates’ EBITDA stood positive at AED 290 million (USD 79 million) compared to AED 13.2 billion (USD 3.6 billion) for the same period last year.

Emirates Group

The Group has reported a half-year net loss of USD 3.8 billion.

The Group revenue was posted at USD 3.7 billion for the first six months of 2020-21, declining 74 percent from USD 14.5 billion) during the same period of the previous year.

This dramatic revenue decline was due to the COVID-19 pandemic which restricted global air travel for months as countries closed their borders and imposed travel restrictions. As part of pandemic containment measures, Emirates and dnata’s hub in Dubai suspended scheduled passenger flights for 8 weeks during April and May.

The Group’s cash position on 30 September 2020 stood at USD 5.6 billion compared to USD 7.0 billion as of 31 March 2020.

His Highness (HH) Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said,

We began our current financial year amid a global lockdown when air passenger traffic was at a literal standstill. In this unprecedented situation for the aviation and travel industry, the Emirates Group recorded a half-year loss for the first time in over 30 years. As passenger traffic disappeared, Emirates and dnata have been able to rapidly pivot to serve cargo demand and other pockets of opportunity. This has helped us recover our revenues from zero to 26% of our position at the same time last year.

He further added,

We have been able to rely on our strong cash reserves, and through our shareholders and the broader financial community, we continue to ensure we have access to sufficient funding to sustain the business and see us through this challenging period. In the first half of 2020-21, our shareholders injected USD 2 billion into Emirates by way of an equity investment and they will support us on our recovery path.

The Emirates Group’s employee base, compared to 31 March 2020, has substantially decreased by 24 percent to an overall count of 81,334.

Overall capacity during the first six months of the year declined by 67 percent to 9.8 billion Available Tonne Kilometres (ATKM) due to a substantially reduced flight program over the past months, including the suspension of passenger flights at Dubai international airport for 8 weeks.

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Emirates carried 1.5 million passengers between 1 April and 30 September 2020, declining 95 percent from the same period last year. The volume of cargo uplifted at 0.8 million tonnes has decreased by 35 percent while yield has more than doubled by 106 percent. This reflects the extraordinary market situation for air freight during the global COVID-19 crisis which drastically reduced passenger flights led to limited available capacity while air freight demand rose strongly.

Emirates was able to uplift 65 percent of its cargo volumes compared to the same period last year, which shows its cargo division’s outstanding ability in adapting its operations to provide air freight services in this new environment.

dnata

dnata’s businesses in ground handling, catering, and travel services were heavily impacted by the COVID-19 pandemic as customer airlines either reduced their flight schedules and service requirements or suspended operations entirely, and dynamic border restrictions around the world curbed travel demand and bookings.

The overall loss for dnata was reported at USD 396 million as compared to last year’s profit of USD 85 million. This figure includes impairment charges across dnata’s international business divisions, mainly due to goodwill.

dnata’s revenue, including miscellaneous operating income, was reported at USD 644 million, reporting a 68 percent decline compared to USD 2 billion last year.

dnata’s airport operations remain the largest contributor to its revenue with USD 454 million, depicting a 54 percent decline as compared to the same period last year. Across its operations, the number of aircraft handled by dnata declined sharply by 71 percent to 102,917, moreover, it handled 1.3 million tonnes of cargo showing a decline of 12 percent.

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PM Imran Khan Inaugurates Naya Pakistan Certificates

2020-11-13T16:16:00.003+05:00

Prime Minister Imran Khan inaugurated Naya Pakistan Certificates (NPCs) in Islamabad on Thursday.

Naya Pakistan Certificates is an initiative of the Ministry of Finance and administered by the State Bank of Pakistan (SBP) to offer attractive investment opportunities to overseas Pakistanis and resident Pakistanis with assets held abroad.

These certificates are available in both conventional and Shariah-compliant versions.

Addressing the audience, the Prime Minister explained how his economic team has successfully tackled the economic challenges facing Pakistan and put the country on a path of prosperity.

He acknowledged the contribution of overseas Pakistanis in addressing the pressing issue of external account deficit by continually increasing home remittances. He said that the government is working on innovative initiatives to provide attractive avenues of investment and saving for overseas Pakistanis.

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He also expressed delight at Roshan Digital Accounts (RDAs) – the first initiative of its kind by SBP. The initiative has been widely welcomed by the overseas Pakistanis. RDAs allow opening bank accounts remotely and in a presence-less manner. Roshan Digital Accounts provide innovative banking, payment, and investment solutions for millions of overseas Pakistanis.

The Prime Minister remarked that the initiative of Naya Pakistan Certificates would add further value to the RDA. He encouraged overseas Pakistanis and resident Pakistanis to invest in NPCs through RDA.

The Prime Minister lauded the efforts of Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Sheikh, and SBP Governor, Dr. Reza Baqir, for introducing the Naya Pakistan Certificates.

NPCs are sovereign instruments, denominated in USD and PKR, issued by the Government of Pakistan under the Public Debt Act, 1944, and NPC Rules 2020. The certificates can only be purchased through Roshan Digital Accounts – an initiative of State Bank of Pakistan, which was launched in September 2020.

NPCs offer attractive returns over different maturities. These special certificates are available in both conventional and Sharia-compliant versions. Resident Pakistanis who have declared their assets abroad can also invest in USD denominated NPCs. Information regarding NPCs is available at https://www.sbp.org.pk/NPC/index.html.

The minimum investment in USD denominated certificates is USD 5,000, which can be increased by integral multiples of USD 1,000 with no maximum limit. Whereas for PKR denominated certificates, the minimum investment is PKR 100,000, which can be increased by integral multiples of PKR 10,000 with no maximum limit.

The return on NPCs is subject to a 10 percent withholding tax, which is the full and final settlement of tax obligation on NPC profits. Furthermore, the overseas Pakistanis are not required to file a tax return on account of their earnings on NPCs.

Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, also addressed the audience on the occasion. He highlighted the various economic challenges faced by the country, specifically the COVID-19 pandemic, and also underscored the relief and economic stimulus initiatives taken by the Government of Pakistan.

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He emphasized that the incumbent government under the leadership of Prime Minister Imran Khan is making effective efforts to resolve all the inherited economic woes of Pakistan. The Advisor to PM said that the launch of NPCs is a significant top-up to the Roshan Digital Account aimed at providing an attractive investment opportunity to the overseas and resident Pakistanis.

He was optimistic that overseas Pakistanis would fully utilize this opportunity to invest in NPCs.

In his address, SBP Governor, Dr. Reza Baqir, noted that the initiative of NPCs by the Ministry of Finance and the Roshan Digital Accounts initiative of SBP would go a long way in meeting the demand of overseas Pakistanis for facilitating their smooth access to the financial sector in Pakistan and provide investment opportunities to them as well as resident Pakistanis.

Also, these two initiatives will help the country not only in tapping the valuable financial resources but will also become a more consistent, reliable, and long-term source of foreign exchange flows in the country.

Sharing the data on Roshan Digital Accounts, the Governor said that the outcome of the initiative has been satisfactory and encouraging. He said that over 36,000 RDAs have been opened in less than two months, fetching over USD 65 million. He informed that the number of accounts and amounts remitted, and investment is growing by each day.

Ministers, parliamentarians, presidents and CEOs of banks, and senior officials from SBP attended the ceremony.

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Samba Bank to Float TFCs Worth Rs. 5 Billion for Expanding Operations in Pakistan

2020-11-13T16:16:00.001+05:00

The management of Samba Bank Limited has decided to float a Rs. 5 billion Term Finance Certificate (TFC) to raise funds for the expansion of its operations in Pakistan.

According to the stock filing, the bank’s board of directors has given the go-ahead for this connection and has directed the management to obtain the necessary approvals from the regulatory authorities.

The funds will contribute to the bank’s Tier 2 capital requirement to comply with the capital adequacy ratio as prescribed by the State Bank of Pakistan.

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Samba Bank is a foreign bank operating in Pakistan with 40 branches in the major cities of Pakistan. It is also part of the Saudi Financial Group (SFG) that is based in the Kingdom of Saudi Arabia. The bank has been in the limelight since its selection from among eight others to provide the Roshan Digital Accounts service to overseas Pakistanis.

The bank made a hands profit growth of 77 percent year-on-year in the three quarters of 2020 which increased to Rs. 923 million. It is now set to make a profit of Rs. 1 billion in 2020 for the first time in its history.

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Samba Bank’s parent entity was recently part of a legally-binding merger agreement with the National Commercial Bank (NCB) of Saudi Arabia. This merger will be implemented through the merger of the SFG with the NCB which will result in all of the assets and liabilities of the SFG being transferred to the NCB.

On the completion of the merger, the NCB will take over the SFG which will cease to exist as a legal entity. Consequently, the SFG’s shares will be canceled and new shares in the NCB will be issued to the shareholders of the SFG. Furthermore, the shares of Samba Bank Limited that are held by the SFG will be transferred to the merged entity.

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3 Ways To Successfully Take Your Business Online

2020-11-13T15:14:00.001+05:00

‘Ecommerce is the future!’ You may have heard this phrase before because eCommerce really is the next big thing that will change the way we do business on a global scale. Companies like Amazon, eBay, and Alibaba.com have already managed to capture a large share of the global market and have made their presence known worldwide.

So, how does one take advantage of this emerging opportunity and align their business to gain maximum benefit? Well, there are three major ways to take a business online and get access to an industry worth trillions of dollars. Note that this list is not based on whether these methods allow selling your products and services locally, internationally, or both – you will have to make that distinction yourself.

Here are the 3 ways to sell your products online:

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1. The Traditional Way

This method is complicated but its rewards can be substantially higher. It requires the setting up of an online store, listing the products, and then advertising the website to generate traffic and create orders.

You first need to buy a web domain and build your website from scratch. Then, list your products, connect with a payment gateway, and use SEO on your website to generate traffic to finally start receiving organic orders.

The whole process requires a number of unique skillsets and you may need to hire freelancers to do each task effectively. For example, you will need a web designer to make your website look presentable, a web developer to actually create the website, a content writer to fill your website with engaging content, and an SEO expert to rank your website high on Google’s search results. Additionally, there is an indefinite waiting period as the web page slowly begins to generate traffic.

Your website may not be visited on the first day, or even after a month in some cases. Moreover, attracting new customers to an online store can be a tedious, lengthy, and expensive process.

If you feel discouraged by now, note that there are numerous online resources to help you learn how to simplify performing the process. Also, if you are not short on cash, you can simply outsource each of the tasks to professionals.

If you are interested in seeing what a finished online store looks like, here is an example of a website that is run by a local company and has successfully managed to bring in a large number of sales simply from selling online.

2. Selling on Amazon.com

Being the largest online retailer in the world, this platform needs no introduction. There was a time when selling on Amazon was straightforward and lucrative – a winning combination, if there ever was one. You only had to list your product online to start getting a stream of orders within a few days. Unfortunately, selling on Amazon now requires an expert hand and a large initial budget.

The process of selling on Amazon can be divided into four categories: Product Hunting; Product Sourcing; Listing Creations; and Optimization, Ranking, and Marketing.

In other words, you start with finding a viable product that has low competition and high demand. There is usually a set criterion for the number of reviews, the profit margin, the number of units sold per day, and the selling price that helps you determine the ideal level of demand and competition.

Next, find a supplier for your product – most probably from Alibaba.com as its rates are relatively cheaper in the online B2B marketplace. You will also have to handle supply chain logistics and deliver the product directly to Amazon’s warehouse after which you will be allowed to create a product listing. Also, it is better to use highly relevant keywords and high-quality pictures to attract potential buyers.

Finally, you will have to rank your product on the first page of search engines by running a marketing campaign and advertising on social media platforms. That last part is optional if you fulfill all the previous requirements, and you may also not have to pay to market your products or services any further.

There is a considerable waiting period before you see organic orders come in and before buyers leave reviews that will then help bring in even more orders for the cycle to continue.

You are probably wondering how you are even going to become an Amazon seller when Amazon does not even operate in Pakistan. Well, the good news is that there is currently a large ecosystem of like-minded Pakistani entrepreneurs working under the company Extreme Commerce which is headed by Sunny Ali. With his invaluable guidance, Pakistanis have been able to find a way to legally and ethically sell on any Amazon market, be it for the US, Canada, Germany, Saudi Arabia, and even Australia.

If you are interested in beginning your Amazon journey as a seller with expert guidance, follow Extreme Commerce’s official Facebook page here.

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3. Selling on Alibaba.com

Alibaba.com and Amazon are two vastly different online eCommerce marketplaces. While Amazon deals strictly in retail and works on a B2C/C2C model, Alibaba.com aids businesses in buying from other businesses in what is normally termed as a B2B service. If you want to buy a single unit or item like a bedsheet, it would be difficult to do so on Alibaba.com because most sellers there have a minimum order quantity (MOQ) at which they sell and it usually does not go below 500 units on average.

Therefore, there really is no option for the common customer to buy one or even ten units of a product on Alibaba.com. Nonetheless, this is also why it is a gold mine for businesses aiming to sell their products in bulk and engage in transactions worth thousands of dollars.

One great aspect of Alibaba.com is that the majority of its buyers are repeat customers who are not looking to place a one-time order and move on. Instead, they are searching for long-term suppliers with whom they can form lasting business relationships and place repeat orders over an agreed-upon period of time. You would only need to negotiate with a buyer once for them to become your permanent source of revenue in the future.

Selling on Alibaba.com can be a profitable endeavor if done right and this requires a reasonable amount of effort before it has tangible results. However, the returns gained compared to the time and money initially invested in it are staggering.

If I have piqued your interest in selling online, I suggest you start your journey by taking this course designed by Trademor – one of Alibaba.com’s authorized channel partners. It will give you comprehensive, in-depth knowledge of the platform and will teach you step-by-step how to successfully operate as a seller on Alibaba.com.

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SBP Reduces Reflection Period of Waived Off Loans By 5 Years

2020-11-13T13:15:00.003+05:00

The State Bank of Pakistan (SBP) has decided to reduce the reflection period of its written off/waived loans and advances from 15 years to 10 years for corporate borrowers in its Electronic Credit Information Bureau (eCIB).

It is a general assumption that the negative history or write-off for a relatively long period might deprive borrowers of a fresh start and exclude them from accessing finances for longer periods (following the write-offs or waivers) regardless of their ongoing financial performance and other favorable information.

Various business bodies and chamber members have also frequently raised such concerns and opine that placing a one-time write-off/waiver in the eCIB for 15 years is a long period, particularly when a business has repaid or settled its transaction with the bank. The situation prolongs hindrances for businesses’ attempts to avail fresh financing.

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Decreasing the reflection period to 10 years will align the system with international practices, provide a conducive business environment to boost economic activities, and improve the country’s ranking in the periodic Ease of Doing Business survey conducted by the World Bank.

The eCIB is a repository of information for the credit history of borrowers of the banking system and is used mostly by banks or financial institutions to assess the creditworthiness of borrowers. Additionally, this decision follows a detailed assessment of international practices.

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Credit Information Bureau or Credit Registry (the eCIB) is one of the global supervisory tools used to assist supervisors in off-site supervision and on-site examinations.

The SBP established its Credit Registry in 1992 to complement its role of prudential supervision and its assessment of the risk-monitoring functions of its regulated FIs. Since then, the eCIB of the SBP has evolved from a manually-operated system to a modern electronic online credit reporting system that is fueled by improvements in the system and technology.

The existing eCIB system aids the expansion of credit and facilitates the movement of FIs from the traditional subjective approach of granting credit to a more efficient lending process.

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Planning Commission Highlights Efforts To Streamline Development Process

2020-11-13T13:15:00.001+05:00

Deputy Chairman Planning Commission (DCPC), Muhammad Jehanzeb Khan, chaired a workshop on the implementation strategy to implement simplifications of development procedures for improving project management already approved by ECNEC, here in Islamabad on Thursday.

The representatives of federal ministries, divisions, provincial governments, and departments attended the workshop. The representatives shared their views regarding the implementation of the approved recommendations of the ECNEC on the simplification of development processes for project management and further improvement of development procedures.

Mohammad Jhenzeb said that the main ministries and departments would develop sectoral development vision and policy consistent with the national priorities and vision. The ministries and departments will have dedicated project planning and development units with appropriate human resources to design project documents professionally so that project deliverables can be achieved as per schedule.

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While highlighting legal and financial matters, it was informed that a contract management legal specialist would also be hired for the projects which would help in avoiding arbitration issues and also save the national funds. He stressed that the feasibility of any project should include technical and economic guidelines including, options analysis.

He said, “We have to adopt modern practices by hiring qualified international consultants as money spent on a good consultant is money saved on the project.”

DCPC emphasized improving the current development model. He further added that rather than the procedures, we have to focus on results, and procedures need to be simplified to improve project management.

It is worth noting that PC-1 will now be digitized through the proposed automation process. The capacity of the officers involved in development procedures would be enhanced through training in relevant fields. A Project Director (PD), at the preparation stage of PC-I, would also be appointed. Any project above Rs. 3 billion would require an independent PD to be hired from the market on a competitive basis.

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In relevance to the release of funds, it was shared that the Ministry of Finance and Ministry of Planning will further simplify procedures for the release of funds and eliminate any bottlenecks that cause unnecessary delays in the implementation of the development projects.

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You Can Now Use FBR’s Maloomat Taxray Portal to Easily File Tax Returns Yourself

2020-11-13T12:16:00.003+05:00

FBR has updated the ‘Maloomat 2.0’ and named it ‘Iris Maloomat Taxray portal,’ allowing the citizens to easily use the information regarding their income, withholding tax deductions, and expenditures in their annual tax returns.

Filers will now only need to add the mentioned tax and income information to their annual returns using the Tax Asaan mobile app or web portal.

Those who want to check how much of their tax info is available to the FBR, can visit the NADRA Tax Net portal and get in-depth information on their whole tax profile.

The updated Taxray portal also allows citizens to view tax refund or rebate information at the click of a button.

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Although citizens were previously able to view information on withholding taxes through the Maloomat portal, they were unable to use it in their tax return statements of the relevant fiscal year.

It must also be noted here that contrary to what is being reported in mainstream media, the FBR Iris Maloomat Taxray is only a web portal and not a smartphone application.

Using Maloomat Taxray, FBR maintains information of more than 53 million citizens about all of their assets, income, and expenditures. FBR also updates the information regarding salary and banking transactions in the Taxray portal in real-time using the accurate fiscal year format.

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FBR claims that non-filers cannot hide their assets and income now as it is available in the Taxray portal.

FBR has also extended the deadline for filing income tax returns (tax year 2020) till 8 December 2020.

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Govt Finally Pays Attention as Pakistan’s Textile Hub Revives After 30 Years

2020-11-13T12:16:00.001+05:00

For the first time since 1990, Faisalabad is witnessing an upward trend in the textile sector as 50,000 closed power looms have become operational in addition to the imminent possibility of the installation of 30,000 more looms.

The textile industry has recorded massive economic growth following the high demand for export items. The recently-announced incentive of electricity supply for the industrial sector at subsidized prices by the government has also played a vital role in this development.

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On Thursday, Prime Minister Imran Khan shared a television news report on Twitter regarding the revival of the textile industry. The report highlighted the rise in economic activity in Faisalabad and the shortage of 0.2 million laborers that are required to meet the high demand of orders in the sector.

The textile sector had been adversely affected by the prevalent power crisis and neglect of the previous governments. However, due to the incumbent government’s effective smart lockdown policies during the coronavirus pandemic, numerous countries have diverted their orders to Pakistan’s textile sector.

Regarding the workforce in the textile industry, the news report detailed that Faisalabad currently has 1.3 million workers with 1 million native workers.

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In its recent report titled “Opening Early helped Pakistan Boost Exports during the Pandemic”, Bloomberg also underlined a major surge in Pakistan’s textile exports.

Bloomberg’s report also quoted Shahid Sattar, the Secretary-General of the All Pakistan Textile Mills Association, as saying, “Pakistan has seen orders shifting from multiple nations including China, India, and Bangladesh”.

He added, “Garment manufacturers are operating near-maximum capacity and many can’t take any orders for the next six months”.

The report also mentioned that the outbound textile shipments of Pakistan grew at a faster pace than those of Bangladesh and India, and accounted for half of the total export. Islamabad saw total shipments grow 7 percent in September, compared with New Delhi’s 6 percent and Dhaka’s 3.5 percent, the report stated.

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Pakistan Mulling to Issue $1 Billion Eurobond as Debt Repayment Looms Large

2020-11-13T11:17:00.001+05:00

The Government of Pakistan plans to raise approximately $1 billion through Eurobonds within the next two months, said Ministry of Finance Special Secretary, Kamran Afzal. This will be the first capital market transaction by the current government.

These sovereign bonds aim to raise foreign exchange before the repayment of previous debts. Pakistan needs to repay approximately $4 billion to the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), along with loans from other global lenders.

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Kamran Afzal further informed that 10 leading banks have submitted their financial and technical bids to structure the bond issue. The actual size of the issue will be determined after taking into account the external financing needs along with the interest rates offered by the investors.

Banks from Europe, America, Gulf, China, and a local bank have submitted technical and financial bids for the contract of financial advisers to float the sovereign bond. These include Standard Chartered Bank, JP Morgan, Citibank, Credit Suisse Deutsche Bank, Bank of America, Meezan Bank, Bank of China, Dubai Islamic Bank, and Emirates NBD, Express Tribune reported on Thursday.

The upcoming transaction will prove to be a test case of the country’s claim of international recognition of its improved economic conditions, the newspaper opined.

As per news reports, Pakistan will likely hire two consortiums to structure and float these Eurobonds. For this purpose, the submitted bids will be evaluated in the upcoming week.

The Special Secretary Finance also informed that the government will issue Eurobond in the first phase, and Islamic bonds will be issued in the second phase if suggested by the financial advisers.

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The Finance Secretary stated that Pakistan’s inflows position remains comfortable despite the repayment of loans. The Federal Minister for Industries also said on Wednesday that the interpretation of the SBP’s foreign exchange reserves figures done by some mainstream media is flawed, and Pakistan continues to have the rollover facility under the IMF program to pay back the borrowed loans.

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Govt Seeking World Bank’s Support on Different Digital Pakistan Projects

2020-11-12T22:17:00.001+05:00

The Federal Government on Thursday sought World Bank support for funding different projects for the completion of the Digital Pakistan vision.

The World Bank Country Director for Pakistan, Najy Benhassine, called on Federal Minister for IT and Telecommunication Syed Aminul Haque here on Thursday.

Federal Minister for IT and Telecom and the World Bank Country director discussed matters of mutual interest, and those related to Information and Communication Technology (ICT), digitalization, and connectivity. Federal Secretary Ministry of IT Shoaib Ahmad Siddiqui was also present in the meeting.

Officials said that the World Bank official was briefed on different connectivity projects taken under the Universal Service Fund (USF) and future line of action.

Further, the ministry also gave a briefing on broadband projects and e-government projects. The World Bank official showed a keen interest in communication and telecom projects. The bank official assured of cooperation in IT and Telecom projects related to health and education.

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Talking to World Bank Country Director, Federal Minister for IT and Telecom Syed Aminul Haque said that under Digital Pakistan vision, the provision of broadband services across the country was the top priority of the Ministry of IT.

He said the IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services surged to US $379.251 million at a growth rate of 43.55 percent during the first three months (July-September) of FY 2020-21, in comparison to US $264.187 million during the same period during fiscal year 2019-20.

Haque said that the working relations between the World Bank and Pakistan would further strengthen. The federal minister also lauded the World Bank for its support during the Covid-19 pandemic.

He also urged the World Bank to do funding in different projects for the completion of the Digital Pakistan vision. The country director of World Bank lauded the performance of the Ministry of IT, and said that the World Bank was ready to cooperate regarding connectivity, provision of broadband services in far-flung areas, and in other areas.

Federal Secretary Ministry of IT and Telecommunication Shoaib Ahmad Siddiqui briefed the World Bank country director about the working and projects of the Ministry of IT and Telecom.

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FBR to Report Corrupt Tax Officials to NAB

2020-11-12T21:14:00.003+05:00

In order to check corruption within the tax machinery, the Federal Board of Revenue (FBR) will refer the genuine complaints of corruption against the tax officials to the competent forums like the National Accountability Bureau (NAB) in cases where there is substantial evidence of massive corruption, according to the FBR.

The decision has been taken in the last meeting of the Board-in-Council of the FBR.

Through a notification issued here on Thursday, the FBR has established a Probe Committee at the Board level and Regional Integrity Committees (RICs) on the national level to verify the authenticity of the complaints filed against the tax officials on the charges of corruption, bribery and speed money.

The FBR has issued Terms of Reference for Integrity Management Cell and Regional Integrity Committees here on Thursday.

The purpose of the whole exercise is to initiate inquiry against the tax officials involved in corruption and also refer cases of massive corruption to other competent agencies, FBR officials said.

One of the interesting TORs of the said committees is the submission of the affidavit by the complainant to certify the genuineness and correctness of the complaint filed against the tax officials.

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The Chairman FBR on the recommendations of In-Charge, Integrity Management Cell may refer a case against an officer/official to any other competent forum for further action under any other relevant law for the purpose in case there exists substantial evidence of massive corruption against the officer/official. The In-charge IMC, either on his own motion or on the recommendation by a RIC and with the approval of Chairman FBR, may initiate an inquiry against an official/officer if sufficient and lawful evidence with regard to corruption is available.

According to the FBR’s order, consequent to the establishment of an “Integrity Management Cell (IMC)” at the FBR and constitution of “Regional Integrity Committees (RICs)” in the field formations under FBR, the following Terms of Reference (TORs) are hereby framed for transparent, fair and judicious processing of complaints by the IMC and RICs. Composition of IMC:

The IMC, headed by a BS — 21/22 officer of IRS/Customs, shall be assisted by 02 Chiefs (one each from Customs & IRS), 02 Secretaries (one each from Customs & IRS) and as much supporting staff as is required and deemed necessary. All the Chairpersons of RICs shall report directly to In-Charge, [MC in all matters, falling within the domain of IMC.

Mode of lodging of complaints: A complaint against an employee of FBR may be submitted in person either directly to the IMC at FBR (HQs) or to any of the designated RIC through email or in writing, along with credentials of the complainant including his name, CNIC, cell number, mailing address and an affidavit in writing, certifying the genuineness/ correctness of the contents of his complaint and the facts given therein.

The following modes for lodging of complaint have been provided by the Board:-

By email at complaintsfbr.gov.pk.
On FBR online complaint portal.
By submitting a hard copy of the complaint through the post, addressed either to Chairman FBR, In-Charge, IMC or Chairperson of the RIC
Meeting in person with Secretary/Chief (IMC) or Chairperson of a RIC.
Complaints forwarded from PM Portal.

A “Probe Committee”, comprising the following officers, shall initially examine and scrutinize the contents of each complaint, received at FBR or by IMC:

Chief (IMC);
Chief (Mgt) concerned;
Second Secretary/Secretary and any other representative from the field formation concerned (if required)

The Probe Committee, after satisfying itself as to the genuineness of a complaint, shall submit its recommendation to the In-Charge, IMC. In case the complaint is required to be further probed and inquired, the same shall be forwarded to the concerned RIC for the report.

In case the complaint is not genuine or lacking in any necessary clarification, the same shall be communicated to the complainant in writing. The Probe Committee shall hold its meetings on a weekly basis or as and when required and shall maintain a complete record of its proceedings.

At the field level, in case of complaints against BS 01 to 16 FBR employees, the RIC, after satisfying itself as to the genuineness of a complaint, shall proceed as per law and either order further probe or inquiry in the complaint or file the complaint- under intimation to the complainant in writing.

In case of complaints against BS 17 and above FBR employees, the RIC after its initial scrutiny shall forward the complaint to the IMC along with its recommendations which shall be discussed in the “Probe Committee” of IMC. Further appropriate action in all such complaints shall be taken with the approval of In-Charge, IMC and in the light of recommendations of the “Probe Committee”.

The RICs shall hold its meetings on weekly basis or as and when required and shall maintain a complete record of its proceedings.

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General Principles for Inquiry and Probing Complaints: a. In order to save time and ensure prompt disposal of complaints, the scope of probe by IMC and RICs shall be strictly restricted/limited to the allegations leveled/facts provide, and substantiated in the complaint.

The FBR has clarified that no pseudonymous/anonymous complaint shall be entertained by the IMC or by the RIC in the light of instructions issued to this effect by the Government of Pakistan. The time limit for disposal of a complaint by the IMC and RICs shall be 30 days, which may be further extended by a period of 30 days by In-Charge, IMC.

A proper opportunity of hearing shall be provided to all the accused to defend themselves against the charges, leveled against them in the complaint so as to adhere to the basic principles of natural justice.

During the course of verification/initial probe, if the complainant produces or is willing to produce any documentary evidence to support his allegations against any officials/officer or to withdraw his complaint, the same shall be allowed after recording in writing and the complaint may be closed by IMC or RIC as the case may be.

The scope of inquiries, undertaken by the IMC or RICs shall strictly be limited to the ambit of E&D Rules, 1973, catering for disciplinary action against civil servants. All proceedings of IMC & RICs will be confidential and nothing will be divulged to any irrelevant person, FBR added.

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LSM Output Increased by 4.81% in Q1FY21

2020-11-12T21:14:00.001+05:00

The overall output of Large Scale Manufacturing Industries (LSMI) increased by 4.81 percent for July to September 2020-21 compared to July to September 2019-20, as per data released by the Pakistan Bureau of Statistics (PBS).
LSMI Quantum Index Number (QIM) was recorded at 133.02 points from July to September 2020-21 against 126.92 points during the same period of the preceding year.

According to provisional Quantum Index numbers of Large Scale Manufacturing Industries (QIM), the LSMI output increased by 7.65 percent for September 2020 compared to September 2019, and 10.09 percent compared to August 2020.
The LSM data released by the PBS after collecting it from the Provincial Bureau of Statistics (BOS), the Oil Companies Advisory Council (OCAC), and Ministry of Industries depicted that OCAC recorded month-on-month growth of 4.76 percent in September 2020 against the previous month and negative 2.84 percent growth was recorded year-on-year in September 2020 against September 2019.

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The data showed that the ministry of industry-related sectors witnessed an increase of 10.8 percent in September 2020 against August 2020 on the month-on-month basis, while on the year-on-year basis it registered a growth of 7.92 percent in September 2020 as compared with the same month of 2019.

The PBS data showed that LSM related data from the BOS witnessed an increase of 9.43 percent on the month-on-month basis in September 2020 against the previous month and on a year-on-year basis, BOS witnessed a growth of 9.34 percent in September 2020 against September 2019.

The production in July to September 2020-21 as compared to July-September 2019-20 has increased in textile, food, beverages, tobacco, coke, petroleum products, pharmaceuticals, non-metallic mineral products, fertilizers, rubber, paper and board while it decreased in automobiles, iron and steel products, wood products as well as electronics and leather products.

Textile, the top contributing sector to the overall big industry output, increased by 2.08 percent. Food, beverages, and tobacco witnessed a growth of 12.99 percent, coke & petroleum products 2.75 percent, pharmaceuticals 13.41 percent, chemicals 9.57 percent, non-metallic mineral products 22.17 percent, paper and board 10.35 percent, and rubber products 8.24 percent during July-September 2020-21 compared to the same period last year.

The sectors showing decline during July to September 2020-21 compared to July to September 2019-20 included automobiles output falling 5.74 percent, iron and steel products 8.06 percent, electronics 20.75 percent, engineering products 37.15, leather products 44.70 percent, and wood products 69.72 percent.

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The petroleum products witnessed an increase of 2.75 percent as its output went up from 3.365 billion liters during July to September 2019-20 to 3.457 billion liters in July-September 2020-21, On a month-on-month basis, the petroleum sector witnessed a decline of 2.84 percent as its output decreased from 1.186 billion liters in September 2019 to 1.153 billion liters in September 2020.

High-speed diesel witnessed 10.2 percent growth as its output remained 1.396 billion liters during July to September 2020-21 compared to 1.267 billion liters during the same period of last year, and witnessed a 1.94 percent decline in September 2020-21 and remained 451 million liters compared to 460 million liters during the same period of last year.

Furnace oil witnessed a 1 percent decline in output and remained 228.15 million liters in September 2020 compared to 230.45 million liters in September 2019 and with a 0.73 percent decline in July to September 2020-21 and remained 669.91 million liters compared to 674.8 million liters during the same period of last year.

Motor spirit witnessed a 5.38 percent increase in September 2020 and remained 272.57 million liters compared to 258.667 million in September 2019 and witnessed 18.04 percent growth in July to September 2020-21 and remained 818.236 million liters compared to 693.17 million liters during the same period of last year.

LPG witnessed 9.65 percent growth in September 2020 and remained 63 million compared to 57 million liters in September 2019 and with a 7.95 percent growth in July to September 2020-21 and remained 201 million liters compared to 187 million liters during the same period of last year.

Jet fuel oil witnessed a 36.52 percent decline in September 2020 and remained 48.61 million liters compared to 76.58 million liters in September 2019 and witnessed a 42 percent decline in July-September 2020-21 and remained 132.4 million liters compared to 231 million liters during the same period of last year.

Cement witnessed 22.81 percent growth from July to September 2020-21 and remained 11.3 million tonnes compared to 9.20 million tonnes during the same period of last year and registered 21.32 percent growth in September 2020 and remained 4.1 million tonnes compared to 3.4 million tones during the same period of last year.

Tractors witnessed 17.17 percent growth from July to September 2020-21 and remained 11.23 million compared to 9.58 million during the same period of last year and registered 13.42 percent increase in September 2020 and remained 4.55 million compared to 4.01 million during the same period of last year.

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Islamabad High Court Announces Jazz vs FBR Verdict

2020-11-12T20:14:00.003+05:00

Islamabad High Court has directed Jazz to deposit Rs. 5 billion tax to the FBR.

According to the official order by the court, out of the total amount of Rs. 25 billion tax imposed by the FBR, IHC has directed the company to deposit Rs. 5 billion tax within the next three days.

Rs. 25 billion tax liability includes the principal amount of due tax, penalty, and default surcharge.

The company has informed the court that they are ready to deposit tax of Rs. 5 billion to the FBR.

When ProPakistani contacted senior FBR officials, they informed that in the past Large Taxpayer Office (LTO) Islamabad had rejected the company’s same offer of advance payment of Rs. 5 billion along with monthly installment for the remaining balance of Rs. 20 billion by March 2022.

Federal Board of Revenue had sealed the head office of Jazz in Islamabad, allegedly for non-payment of Rs. 25 billion in taxes, which later was de-sealed after an order from the Islamabad High Court

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SBP Reserves Increase by a Massive $558 Million in a Single Week

2020-11-12T20:14:00.001+05:00

Pakistan’s foreign exchange reserves witnessed handsome inflows of $558 million during the week ending on November 06.

According to the State Bank of Pakistan, the increase in reserves is mainly attributed to the receipt of $500 million by the Government of Pakistan as part of the loans from different foreign agencies.

The break-up of the foreign reserves position is as under:-

Foreign reserves held by the State Bank of Pakistan stood at $12.740 billion.
Net foreign reserves held by commercial banks stood at $7.166 billion
Overall, the total liquid foreign reserves of the country stood at $ 19.906 billion.

It is pertinent to mention here that reserves inflows continued to mobilize in the accounts of the central bank as well as the commercial banks.

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Rupee Continues to Gain Against Dollar As Pakistan Receives Record Remittances

2020-11-12T19:14:00.001+05:00

Pakistani Rupee has yet again shown an upward movement in the interbank market rate today. However, the momentum has slowed down a little.

On November 12, 2020, PKR closed with a gain of 16 paisas against the USD. From PKR 158.49 per USD on November 11, the exchange rate went down to PKR 158.33 on November 12 (today), as per data released by the State Bank of Pakistan (SBP).

At the same time, Pakistan received record remittances of above $2 billion from overseas workers for the fifth consecutive month in October 2020.

According to the SBP, remittances sent by Pakistani expatriates amounted to $2.3 billion during October 2020, increasing by 14.1 percent compared to October 2019.

The local currency is gaining due to a slowdown in importers’ demand for USD, while healthy inflows from remittances and export proceeds also boosted the value of the Rupee. On the other hand, exports are stable and improving.

PKR’s improvement against USD can be said to be the result of the inflow of remittances in USD. The measures implemented by the State Bank of Pakistan (SBP) to encourage overseas investment in the country is another contributing factor.

Improvement in exports, primarily led by the textile sector and partially assisted by the early lifting of lockdown restrictions, has also played its part in strengthening the Rupee against the greenback.

Pakistan’s currency, which has been a managed-float for most of its history, has seen long periods of stability followed by devaluation.

As part of a $6 billion loan approved last year to avert a default, the nation agreed with the IMF to adjust its currency to a market-based exchange rate that allowed it to move both ways.

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Mari Petroeum and Attock Refinery Jointly Begin Refining Operations for Crude Oil from Balochistan Field

2020-11-12T18:14:00.001+05:00

Mari Petroleum Company Limited (MPCL) has taken Attock Refinery Limited (ARL) onboard and initiated the process of refining crude oil from Balochistan.

According to the notification issued to the Pakistan Stock Exchange (PSX), Extended Well Testing (EWT) production recently commenced after necessary arrangements.

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The well currently produces approximately 800 BPD of crude oil at 28/64” choke size with a Wellhead Flowing Pressure (WHFP) of 165 Psi.

Earlier in 2018, a crude oil discovery was made at the exploratory well Bolan East-1 in Balochistan. The well was successfully drilled to a depth of 1,500 meters and the hydrocarbon potential of Dunghan, Moro/MughalKot and Chiltan Formations was tested through the Drill Stem Tests.

Following the testing, the well was completed in the Chiltan formation but its production did not begin due to the non-acceptance of crude oil by local refineries because of its low API gravity.

After persistent follow-ups and negotiations with local refineries and the government, ARL agreed to start production from the Balochistan field.

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It is noteworthy that Bola East-1 is the first-ever crude oil discovery in Chiltan and the Moro/MughalKot formations in Balochistan.

MPCL operates the Ziarat Exploration License with 60 percent working interest, while PPL Europe E&P Limited is the joint venture partner with 40 percent working interest.

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PM Orders to Finalize Special Incentives for Setting up Special Technology Zones

2020-11-12T17:14:00.001+05:00

Prime Minister Imran Khan has directed the members to finalize special incentives for setting up Special Technology Zones (STZs).

The Premier chaired a meeting regarding the establishment of Special Technology Zones (STZ) in Pakistan here in Islamabad today.

The meeting was attended by Dr Abdul Hafeez Sheikh, Advisor to PM, Dr. Waqar Masood Khan, SAPM, Dr. Reza Baqir, Governor State Bank and senior officials of the government.

The Prime Minister emphasized that Pakistan has immense potential in the IT sector, which needs to be optimally tapped; both for fulfilling the country’s domestic requirements as well as exporting IT-related products. The Prime Minister said that the young Pakistani population will get maximum advantages from promoting the neglected IT sector of the country.

He further said that many talented overseas Pakistanis are also interested to invest in the sector.

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These Are the Richest and Poorest MPAs from Punjab and Balochistan

2020-11-12T16:14:00.003+05:00

After that of the senators, the Election Commission of Pakistan (ECP) has now released the wealth details of the Members of Provincial Assemblies (MPAs) of Punjab and Balochistan.

According to the data released by the ECP, the Chief Minister of Punjab, Usman Buzdar, owns assets north of Rs. 84 million. While this data shows no businesses owned by the CM Punjab in Pakistan or abroad, he does own two luxury cars and four tractors. Additionally, the Leader of the Opposition in the Punjab Assembly, Hamza Shahbaz Sharif, owns assets worth Rs. 400 million.

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On the other end of the spectrum, Pakistan Tehreek-e-Insaf’s (PTI) MPA Sajida Yousuf has no assets and only possesses Rs. 217 in her bank account. MPA Ejaz Khan Jazi also remains on the lower end of the wealth spectrum with no cars or foreign assets but only Rs. 274,000 worth of local assets.

The Punjab Assembly Speaker, Chaudhry Pervaiz Elahi, owns assets worth Rs. 220 million, while PTI’s Aleem Khan has Rs. 1.5 billion worth of assets to his name. The Provincial Law Minister, Raja Basharat, owns assets worth Rs. 29.3 million, and Rana Mashhood’s assets are worth more than Rs. 50 million.

In the Balochistan Assembly, the former chief minister of the province, Nawab Muhammad Aslam Khan Raisani, has assets worth Rs. 21 billion to his name, including agricultural land worth Rs. 19 million, a residential plot of Rs. 1.796 billion, and vehicles worth Rs 3.750 billion. He also has Rs. 513.8 million in his bank account and owns Rs. 1.735 billion worth of foreign properties.

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MPA Jan Muhammad Jamali owns 40 acres of agricultural land and cars among other assets that amount to Rs. 2.5 million. He also has above Rs. 740 million in cash with bank deposits of Rs. 426,000.

Lawmakers are constitutionally required to submit their yearly statements of assets and liabilities as well as those of their spouses and dependent children. Every year, the ECP also publicly discloses the wealth details of the legislators, and their spouses and dependent children for the previous fiscal year.

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