Author: zerfeshan arshad

The Pakistani Rupee made a significant comeback against the US Dollar in today’s financial market. Opening at 280 in the interbank trading scene, the Rupee showcased stability and resilience after some clarity emerged following recent elections. For most of the day, the Rupee’s value remained stable when compared to the US Dollar, maintaining its position from the previous day during intraday trading. The interbank rate hovered around 280 for the majority of the day, eventually settling at 279 by the close of the market. Open market rates for the Rupee ranged between 279 and 280 across various currency exchange platforms.…

Traveling to Saudi Arabia for spiritual journeys has become more accessible recently, thanks to the country’s efforts to boost tourism through various reforms and initiatives. As the number of pilgrims heading to perform Umrah increases, especially during the Ramadan season, which is considered the peak period, the demand for travel services and accommodations in the Holy cities sees a significant rise, along with increased fares. Umrah Visa Changes in 2024 The Saudi Ministry of Hajj and Umrah has introduced a groundbreaking update for pilgrims from the European Union (EU), the United Kingdom (UK), and the United States (US). Now, individuals…

Official Holidays Announced The Pakistani government has officially declared the list of public holidays for the year 2024, ensuring citizens are aware of the days off they can expect. A total of 11 public holidays have been designated, covering national events and religious festivities for both the Muslim majority and minority communities. Key Public Holiday As per the Cabinet Division’s announcement, the following are the public holidays scheduled for 2024: Holiday Date Kashmir Day February 5 Pakistan Day March 23 Eid-ul-Fitr April 10, 11, 12 Labour Day May 1 Eid-ul-Azha June 17, 18, 19 Ashura July 16, 17 Independence Day…

Tecno is set to introduce its latest addition to the POVA series, the POVA 6 Pro, boasting an array of advanced features. Positioned as the premium offering within the series, this smartphone is anticipated to redefine user expectations. Tecno POVA 6 Pro Price in Pakistan The Tecno POVA 6 Pro is projected to hit the Pakistani market with a price tag of approximately Rs. 54,999, equivalent to around $248 USD. It will be available in captivating variants: Dark Illusion, Silver Fantasy, and the special Free Fire Edition. Key Specifications at a Glance The device promises an immersive viewing experience with…

The Pakistani Rupee faced a downturn in today’s trading, initially opening at 281 against the US Dollar in the interbank market. Despite a downward trend, the Rupee hovered around the 279-280 mark against the Dollar during the day’s trades. The interbank rate mostly stayed at 280 throughout the day, eventually settling at 279. The open market saw similar trends, with rates fluctuating between 279 and 281. Today, the Rupee slightly depreciated by 0.08 percent, shedding 22 paisas to finalize at 279.57 against the Dollar. From the start of the fiscal year to date, the Rupee has appreciated by 2.29 percent.…

In Islamabad, the political landscape buzzes with anticipation as top political figures engage in discussions to form a new coalition government after an election that did not produce a clear winner. The focus is sharply on who will take up the critical role of finance minister amid the country’s challenging economic situation. Crucial Discussions Underway Negotiations between the Pakistan Muslim League Nawaz (PML-N) and the Pakistan People’s Party (PPP) are in progress, with the decision on the finance minister’s position being of paramount importance. Despite several rounds of talks, a consensus has yet to be reached, prompting more scheduled meetings.…

In a recent move, Punjab’s traffic police have initiated strict actions against individuals driving without a valid license. According to the law, one must secure a driving license from the authorized body if they meet the set eligibility criteria. Understanding the Minimum Age Requirements Under Section 4 of the Motor Vehicle Ordinance 1965, specific age limits have been stipulated for different categories of driving licenses. Age Limits for Various Driving Licenses: To simplify, here’s a table summarizing the minimum age requirements for obtaining a driving license in Punjab for different vehicle categories as of February 2024: License Type Minimum Age…

National Electric Power Regulatory Authority (NEPRA) is gearing up to revise electricity tariffs due to fuel cost adjustments. The Central Power Purchasing Agency (CPPA) has approached NEPRA with a request to elevate the electricity rates for the upcoming month. The CPPA proposes a significant tariff increase of Rs7.31 per unit attributed to fuel cost adjustments. Should NEPRA greenlight this proposal, Pakistani consumers, already grappling with inflation, will face an additional Rs66.77 billion in charges. In January 2024, the CPPA reported the distribution of 7.93 billion units to various power distribution companies. This request for a tariff hike will undergo scrutiny…

At the onset of this week, the gold market in Pakistan showed resilience, with prices remaining stable despite the backdrop of political uncertainties. As reported by the Karachi Sarafa Association, the rate for 24-carat gold stayed at Rs. 214,300, and the cost for 10 grams was recorded at Rs. 183,728 on Monday. This stability comes after a week where gold prices saw a reduction of Rs. 1,700 per tola, influenced by a decline in the global market. On the global front, the price of spot gold was observed at $2,022.39 per ounce early in the morning GMT, with US gold…

The Federal Tax Ombudsman (FTO) has taken a significant step by instructing the Federal Board of Revenue (FBR) to expedite the processing of a substantial sales tax refund. The refund, amounting to Rs. 408.782 million, is pending for M/s GlaxoSmithKline Pakistan Limited, highlighting a crucial move towards addressing corporate grievances. GlaxoSmithKline Pakistan Limited brought forward claims for sales tax refunds for the period from February to June 2022, utilizing the FASTER PHARMA module. According to the rules, such claims should be processed within 72 hours, facilitating prompt advice to banks for crediting the amount to the claimant’s account as per…