Connect with us

Business

Rupee’s downslide deepens as dollar remains in demand

Published

on

  • Dealers say no letup in dollar demand from importers.
  • LCs up to $100,000 expected to be cleared by end of week.
  • Governor SBP forex reserves statement fails to calm investors.

KARACHI: Pakistan rupee further weakened against the dollar on Wednesday in the interbank trade owing to increasing demand from importers, who are currently on a payment-making spree these days.

The local unit lost 0.22% or Re0.50 to close at 222.41 from Tuesday’s close of 221.91/dollar.

According to money dealers, there has been no letup in the dollar demand that caused the rupee to remain under pressure, while a thin foreign exchange reserves cover coupled with political mayhem also continues to undermine the general outlook.

“Rupee might face more losses as the LCs (letters of credits) worth up to $100,000 were expected to be cleared by end of this week”, a currency dealer said.

State Bank of Pakistan Governor Jameel Ahmad’s statement that the country had sufficient forex reserves to meet the foreign payments didn’t soothe investors’ nerves, dealers added.

The governor said investigations against the commercial banks involved in the exchange rate manipulation would be finished this month.

“The central bank would take necessary regulatory action against the banks,” he stated.

Business

In four months, FBR found Rs 800 billion in fraudulent tax refunds.

Published

on

By

Over the last four months, the Federal Board of Revenue (FBR) has discovered a Rs800 billion tax refund scam.

The Inland Revenue and Customs reforms were considered at a review meeting that Prime Minister Shehbaz Sharif convened. During this time, the board allegedly discovered the Rs800 billion tax refund fraud.

According to the conference, there are 83,579 outstanding tax cases totaling Rs3.2 trillion, of which about 63 cases, or Rs44 billion, have been settled as a consequence of various government measures.

In an effort to speed up the resolution of tax issues, the prime minister also ordered the creation of 100 tribunals.

The gathering also featured the identification of around five million new taxpayers, of whom fifteen thousand retailers have enrolled since April 1, 2024.

View more:More than 46,000 traders have signed up for the Tajir Dost Scheme: FBR.

The prime minister has instructed the tax authorities to promptly include the five billion tax evaders in the tax system and has placed a strong emphasis on working with merchants to improve system efficiency.

Continue Reading

Business

PM Gives FBR Instructions To Speed Up Digitization Work: An investigation revealed a Rs. 800 billion tax refund scam.

Published

on

By

Noting favorable results of FBR’s digitization efforts, Prime Minister Shehbaz Sharif revealed an 800 billion rupee tax refund scam discovered in the last four months.

Shehbaz Sharif stressed improving the tax refund system further while presiding over an important meeting on FBR reforms and digitization in Islamabad.

Regretting the delays in putting various reform programs into action, he emphasized that FBR changes had the potential to increase income.

There is a total of 3.2 trillion rupees worth of ongoing tax cases in various courts and tribunals, according to the briefing given to the conference. With 63 lawsuits worth 44 billion rupees resolved in the last four months, the current government has taken action to resolve these outstanding matters.

The prime minister has directed that efforts be made to attract as many of the 4.9 million potential taxpayers who are wealthy into the tax system as possible without putting undue strain on the impoverished.

Fifty thousand merchants have enrolled so far for the mobile phone retailer registration effort, which began in April.

He also emphasized the necessity for a consolidated approach for continuing reform initiatives and the complete digitization of FBR’s fraud detection and investigation department.

Continue Reading

Business

Mining in Balochistan: Mari Pvt Ltd Secures Exploration License

Published

on

By

Licenses for mineral prospecting in the Chagai District of Balochistan have been obtained by Mari Mining Company Private Limited.

501 square kilometers and 513 square kilometers, respectively, are covered by the licenses that the Directorate General Mines and Minerals Balochistan awarded.

Mari Petroleum Company Limited has formed Mari Mining Company as a subsidiary. Major player in Pakistan’s natural gas sector, Mari Petroleum manages the country’s largest gas deposits in Sindh’s Dakhri Gas Field.

With a success record of 70%, which is much greater than many of its peers both domestically and internationally, Mari Petroleum is a major oil and gas exploration and production business.

Because of the efforts of organizations like the International Monetary Fund, Balochistan, a region rich in minerals and natural resources, is developing quickly.

Continue Reading

Trending