Day: July 15, 2021

The 61^st meeting of the National Assembly Standing Committee on Finance and Revenue was held today at the Parliament House, under the chairmanship of Member National Assembly (MNA) Faiz Ullah.

Federal Board of Revenue (FBR) Chairman briefed the Committee about the action taken by the FBR on the implementation of the Benami Act.

He said that 500 cases were identified, out of which fifty-five (55) references have been launched.

The Committee members expressed their concerns over the process of execution of the Benami Act by the FBR at ground level.

The Committee noted that Anti-Money Laundering Act’s rules and regulations need to be reviewed for its effective implementation.

The FBR Chairman assured the Committee that FBR always puts taxpayer facilitation as its topmost priority.

He further informed that a robust internal control mechanism is in place to ensure transparency. A policy of non-interactive system-based disposal of business is followed, i.e., all kinds of notices are issued electronically bearing Bar Code. Therefore, all possible measures have been put in place to arrest the incidence of harassment.

The Committee unanimously directed that FBR should launch an awareness campaign for the public about the rules of AML and Benami Act.

The Committee also discussed the issue regarding the missing of non-duty paid auctioned vehicles. Member Customs informed the Committee that the subject news item is distorting the facts without seeking any input/feedback from the concerned department, which shows a complete lack of journalistic ethics on the part of the reporting. He explained the facts and background of the matter.

After a detailed discussion, the Committee recommended that all Provincial Secretaries of Excise and Taxation departments may be called in the next meeting of the Committee.

The Committee noted that implementation of Regulatory Duty (RD) on any item should be considered in light of the requirements of the local level. The Committee recommended that local manufacturers may be invited to the next meeting for final directions to the FBR in that regard.

The Committee discussed the Securities and Exchange Commission of Pakistan (Amendment) Bill, 2020, clause by clause. However, THE Committee could not complete its reading due to a shortage of time and decided that further discussion will be carried by tomorrow’s meeting.

The meeting was attended by Dr. Aisha Ghous Pasha, Faheem Khan, Ali Pervaiz, Jamil Ahmed Khan, Dr. Nafisa Shah, Amjad Ali Khan and Makhdoom Syed Sami ul Hassan Gillani, MNAs and Minister for Finance and Revenue besides the senior officers from M/o Finance and Revenue, Federal Board of Revenue.

 

Source: Pro Pakistani

The Pakistani Rupee (PKR) posted blanket losses in the interbank currency market today after posting blanket gains yesterday.

Yesterday was only the second day since the beginning of the current fiscal year that PKR had posted improvement against the US Dollar. Yesterday also brought major gains for the local unit against other major currencies, but today PKR posted notable losses.

PKR closed at Rs. 159.30 to the USD today (July 15), down from yesterday’s (July 14) exchange rate of Rs. 159.12 to the USD.

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “After receiving Eurobond $1 billion, the [State Bank of Pakistan’s foreign Exchange Reserves] reached $18.2 billion, [which is] highest level since January 2017. This means total liquid fx reserves is roughly around $25.3 billion… However, sharp Rupee gains could delay due to payment pressure.”

Today was also a bad day for PKR against other major currencies as it posted blanket losses in the interbank currency market.

PKR went down notably by Rs. 1.06 against the Euro, fell slightly by 6 paisas against the Pound Sterling (GBP), deteriorated by 50 paisas against the Australian Dollar (AUD), and lost 13 paisas against the Canadian Dollar (CAD).

PKR also posted losses of 4 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank currency market today.

 

Source: Pro Pakistani

The Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, held a meeting with Special Assistant to the Prime Minister on Food Security, Jamshed Iqbal Cheema, at the Finance Division.

During the meeting, the overall situation regarding the availability of essential food items was discussed.

In his remarks, the Finance Minister reiterated the firm commitment of the Government to provide essential food items at affordable prices to the consumers throughout the country. He also underscored the importance of building strategic reserves of key commodities, namely wheat, sugar, pulses, ghee, tomatoes, onions, and potatoes, to eliminate undue profit margins and to stabilize prices of the items of daily use.

The “Agriculture Transformation Plan” was also discussed, which is being introduced to shift conventional agriculture to the next level, i.e., commercial agriculture aimed at boosting agricultural productivity in the country.

The SAPM outlined that the Agriculture Transformation Plan will promote agri-business, attract investment from the private sector, reduce post-harvest losses, add value to local agricultural produce, develop rural infrastructure and enhance access to microcredit for farmers.

The Finance Minister stressed the need to involve all the relevant stakeholders in the successful implementation of the proposed Agriculture Transformation Plan. He also assured his full support and facilitation at the occasion.

The Finance Minister also desired to utilize the expertise of SAPM on Food Security to effectively control the prices of essential food items regularly to provide maximum relief to the general public.

 

Source: Pro Pakistani

Pakistan Stock Brokers Association (PSBA) filed a Constitutional Petition (CP) in the High Court of Sindh against the Futures Eligibility Criteria, for Selection of Securities Eligible for Trading in Deliverable Futures Contract (DFC) and Cash Settled Futures Contract (CSF) Market, as notified by the Pakistan Stock Exchange (PSX), with prior approval of the Securities and Exchange Commission of Pakistan (SECP).

The first hearing of the said CP was held today at the Sindh High Court.

“The Honorable Court has very kindly granted interim order to make the concerned notice inoperative to the extent that it discriminates against entities that have obtained a stay order from the Court,” said a statement issued by PSBA.

Among other grounds, it was pleaded before the Honorable Court that the Respondents have acted in violation of the Constitution of the Islamic Republic of Pakistan, 1973, as they have no right to restrict any specific securities eligible for trading in the deliverable futures contract and cash-settled futures contract markets, under the guise that such entities have invoked their constitutional right of protection by assailing any illegal action in a court of law.

“The PSBA will remain dedicated to the betterment of the economy, promotion of the stock brokerage industry, and protection of the rights of its members,” added the statement.

 

Source: Pro Pakistani