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Office # 05, Ground Floor, Arshad Mansion, Near Chowk A.G Office, Nabha Road Lahore.Ph. 042-37350473 Cell # 0300-8848226 [email protected]

Source : Business Recorder & Others1

March 1,

2012

SRO 191(I)/2012: new FBR procedure

suffers from serious legal flaws

March 01, 2012

The new procedure introduced by the Federal Board of Revenue (FBR) to ascertain identityof unregistered persons, to broaden the tax base, suffers from serious legal flaws in relation todisallowance of input tax, levy of penalty and seller's liability for collection of genuineCNIC/NTN from their unregistered buyers,Business Recorderlearnt on Wednesday.

The new mechanism is explained in SRO 191(I)/2012, which does not address the fate of identical

SRO 821 dated September 6, 2011 thereby bringing the entire business community to a virtual halt.

They said the board had made it mandatory for all registered manufacturers, importers and

exporters selling taxable or dutiable goods to unregistered persons to issue invoice containing

"Computerised National Identity Card No or National Tax Number" of their unregistered buyers

through SRO 821(I)/2011 dated September 6, 2011.

However, it is astonishingly noted that while SRO 821 has not been rescinded; yet the FBR has issued

another SRO 191 on the same issue.

Another factor which has arisen relates to the effective date of compliance with the scheme.

Again, while SRO 821 is operative since September 6, 2011, Notification 191 will be effective from

March 1, 2012 onward.

Sources said the FBR had also issued a ruling dated September 19, 2011 whereby implementation of

SRO 821(I)/2011 was suspended to sugar sector until the finalisation of the discussion between FBR

and Pakistan Sugar Mills Association (PSMA).

An analysis of SRO 821, SRO 191 and the said ruling issued for sugar sector could mean that all above

are in field and sugar sector may continue to enjoy immunity from disclosing their buyers' NTN/CNIC

even after March 1, 2012.

When contacted, Adnan Mufti FCA, Partner - Shekha & Mufti confirmed that SRO 191 envisages

phased implementation of scheme for broadening of tax base.

With effect from March 1, 2012 registered seller of taxable/dutiable/exempt goods is obliged to

report NTN/CNIC of his buyer in the specified proportion.

He cited that if the seller fails to collect and report CNIC/NTN of his unregistered buyer in a

particular month, his current month's input tax credits would be disallowed.
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March 1,

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In this way, non-compliance at sales stage will jeopardise his purchase related credit.

He further said the input tax, paid for the purpose of taxable supplies, had been held to be a vested

right by superior courts which could not be taken away except necessary enactment in the statute

itself.

Coming towards the associated legal support, Adnan said the above input tax disallowance had been

framed under the powers conferred upon the Federal Government under section 8(1)(b) of the Sales

Tax Act 1990 (the Act).

However, SRO 191 has been issued by FBR and not by the Federal Government.

In other words, the apex tax authority has attempted to exercise a right beyond its statutory powers.

Consequently, the input tax may not legally be denied on such defective legislation.

Highlighting another legal defect in the SRO, he said the section 8(I)(b) of the Act, the federal

government needs to specify goods on which it desires to restrict taxpayers' tax credit.

A list of such negative items is specified in SRO 490(I)/2004 dated 12 June 2004.

However, SRO 191 does not contain any such list of goods; rather disallows input tax credit on

generic and proportionate basis.

In an identical case reported as 94 TAX 222, the Sindh High Court (SHC) had held that the board

could not disallow any input tax on generic terms under section 8(1)(b) of the Act unless goods

falling in the negative list are clearly specified.

Based on such dictum, the SHC had struck down identical SRO 1307/97 dated December 20, 1997.

In the given case, the litigation history repeating itself, unless necessary modifications are not made

in the SRO, Mufti added.

As regards penal provision, SRO 191 provides that where any registered person gives a false NTN orCNIC, which is not verified from the FBR database or Nadra database respectively, a penalty of Rs

5,000 or three percent of the tax involved, whichever is higher, for each such transaction will be

imposed.

He said the language applied in the SRO was technically flawed as it suggests that penalty would be

levied upon the person giving his CNIC/NTN, ie, the buyer.

This obviously may not be the intent of the SRO; as such the target of such penal clause would be

the seller.

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March 1,

2012

He emphasised that the registered person had no authority or access over Nadra's database to the

veracity of his buyer's CNIC.

In the absence of any such an access, it would be both impossible and impractical for the seller to

confirm the genuineness of CNIC furnished by his customer(s).

Interestingly, the SRO suggests penalty when the buyer furnishes his CNIC/NTN to the seller but it

remains unverified.

However, apparently no explicit penalty is prescribed if the said NTN/CNIC is not provided to the

seller at all.

The SRO also provides a mechanism for settlement of invoices by unregistered buyers via banking

channel irrespective of the sum involved.

He said the section 73 of the Act calls for settlement of tax invoices through banking channels, in

cases where the amount of a single transaction exceeds Rs 50,000.

However, vide its ruling C.

No 3(36) STP/99 dated July 14, 2004, the FBR has already clarified that where buyers are not liable to

be registered, the provisions of section 73 of the Act will not apply.

In such a way, the newly introduced law is both contradictory to the provision of section 73 of theAct as well as against the said ruling which holds the field, he maintained.

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March 1,

2012

Non-duty paid cigarettes: FBR to conduct

raids on stockists/wholesalers from today

March 01, 2012

Directorate General of Intelligence and Investigation Inland Revenue (IR) Federal Board ofRevenue (FBR) is all set to conduct raids on the stockists and wholesalers of non-duty paid orsmuggled cigarettes from Thursday (March 1) and Intelligence Unit of Khyber Pakhtunkhwa(KPK) would also co-ordinate with 18 Regional Tax Offices (RTOs) to conduct similar kindsof exercise in all provinces.

Sources told Business Recorderhere on Wednesday that the retailers of non-duty paid or smuggled

cigarettes have started sending messages to their stockists/wholesalers to stop supply of non-dutypaid stocks of cigarettes in view of expected raids of the directorate against the sellers of non-duty

paid cigarettes/tobacco.

Recently, certain retailers of cigarettes have expressed their serious concern to their

stockists/wholesalers on supply of non-duty paid cigarettes and refused to take new stocks of such

items from them.

Retailers are reluctant to take any kind of counterfeit stocks of cigarettes or non-duty paid items

from their stockists and wholesalers.

The agency would conduct raids on stockists and wholesalers of non-duty paid or smuggled

cigarettes/ tobacco in KPK.

The DG Intelligence IR has established a dedicated unit in the KP for launching of the drive from

Peshawar and other areas of the KP.

The dedicated unit of the DG Intelligence IR would also co-ordinate with all RTOs for starting

awareness campaign and subsequently enforcement exercise in other parts of the country in due

course of time.

The same kind of enforcement exercise would be replicated in all other cities of the country.

Sources said that the dedicated intelligence unit of KPK has also detected two cases where two

importers were involved in import of materials used in cigarettes, but the same imported materials

has been sold to the un-registered persons in the KPK.

It is apprehended that the importers have been involved in sale of materials to the units involved in

manufacturing of non-duty paid cigarettes or counterfeit cigarettes.

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March 1,

2012

The agency would also conduct investigative audit of these units to check the details of the

purchasers of imported materials which could only be used in manufacturing of cigarettes.

Besides basic objective of educating all those involved in cigarette/tobacco business, the national

drive against the non-compliant cigarette manufacturers would broadly cover raids on the illegal

warehouses of tobacco/cigarettes; investigative audit of the 'Green Leaf Threshing' units,

examination of tax record and clearances of KPK based cigarettes manufacturers and enforcement of

excise laws within the territory of Azad Jammu and Kashmir.

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March 1,

2012

High in volume, low in tax: DGI&I IR audit

nets Lahore-based gourmet company

March 01, 2012

SOHAIL SARFRAZ

The Federal Board of Revenue has launched investigative audit of beverage/bakery productsmanufacturers and directed tax officials in Lahore to exercise powers to access premises,stocks/accounts and records of a leading Lahore-based company - invoking powers of arrestand prosecution against the owners of this entity, selling food items, beverages and bakeryproducts.

Sources told Business Recorderhere on Wednesday that the manufacturers of beverage/bakery

products are causing estimated revenue loss of over Rs 3 billion per annum.

The actual loss caused by manufacturers-cum-sellers of food items and bakery products is much

higher in view of their high volume of sales, but deposited meagre amount of taxes in the national

kitty.

Some local manufacturers and local brands in this industry have extremely high volume numbers,

but extremely low corresponding revenue to the government.

The FBR has granted approval to the Directorate General of Intelligence and Investigation Inland

Revenue (IR) to take action against a top manufacturer/seller of food items and bakery products of

Lahore.

The agency has been allowed to exercise powers of the Sales Tax Act 1990 to conduct investigative

audit against the unit (NTN 3218709-2).

The department would exercise powers of section 25 of the Sales Tax Act to have access to record,

documents, etc; section 37A, power to arrest and prosecute, 37B; procedure to be followed on

arrest of a person and the authorised officers would have access to premises, stocks, accounts andrecords of the beverage manufacturer under section 38 of the Sales Tax Act.

Details of the case revealed that a leading manufacturer/seller of food items, beverages and bakery

products of Lahore got registered with the Sales Tax Department on March 19, 2009 as

manufacturer.

The taxpayer is an association of person (AOP) deriving income from manufacturing and sales of

various food items, beverages, bakery etc through outlets established in Lahore.

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March 1,

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The investigation conducted by the directorate of intelligence IR revealed that the unit has 104

outlets out of which 98 are in Lahore and 6 are in Faisalabad.

More than 70 vehicles operate on daily basis for supply of products to these outlets besides the

manufacturer-cum-sellers is also supplying beverages to different parts of the country through their

distributors.

However, perusal of sales tax returns filed by this unit does not indicate any sale to distributors and

most of the sales have been declared to unregistered buyers.

Keeping in view the volume of beverage business of the unit, it is clear that they have not declared

supplies to their distributors it can be safely presumed that they are not declaring actual sales of

beverages in their sales tax returns.

Sources said that the directorate has also found that the declared purchases of the registered person

have not been confirmed from supplier's declaration.

Most of the transactions of the registered person have been made below Rs 50,000/- to wilfully

avoid the compliance of section 73 of the Sales Tax Act, 1990.

Sources said that the registered person has declared purchases of some unconventional

commodities and has adjusted input tax against the said purchases which seems violation of section

8(1) (a) of the Sales Tax Act, 1990 and needs investigation.

According to income tax returns for the year 2009, 2010 and 2011 the cost of sale ratio is 84.84 %,

81.42% and 79.99% respectively, which simply mean that the registered person is enjoying inflated

input tax adjustment to decrease the quantum of actual payment in the sales tax returns, sources

said.

The case was moved for seeking approval from Member (IR) FBR to conduct investigative audit u/s

38 of the Sales Tax Act, 1990 the same was granted.

Thus, the FBR has decided to initiate action under section 25, 37A, 37B and 38 of the Sales Tax Act,

1990 against this Lahore-based manufacturer of beverage and bakery products.

The FBR has taken action on the report of the Directorate of intelligence IR Lahore according to

which, the complaint regarding new entrants in the beverages industry having extremely high

volume of sales, but very low revenue being deposited in the government exchequer with special

emphasis on this unit has been examined and it was transpired that currently all the business

activities relating to this manufacturer/seller are being carried out under one registration ie (Sales

Tax Registration Number 03-00-2100-030-91).

The said registration number is active since March 2009 when the activities being carried out under

the sales tax registration of bakers/sweets and beverages were merged and subsequently single

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March 1,

2012

registration under one name was obtained.

All sales relating to bakery, sweets, beverages etc are being shown under the registration of one

name.

Currently the declared outlets of this unit in Lahore and Faisalabad are 98 and 6 respectively.

More than 70 vehicles operate on daily basis for the supply of products to the various outlets.

Besides this, the unit is also supplying beverages to different parts of the country through

distributors.

However, perusal of the sales tax returns filed by this unit since March 2009 do not indicate any sale

to distributors and mostly the sales have been shown to unregistered buyers.

Further scrutiny of the sales tax returns for the period from January-2011 to October.2011 indicate

that the total value of sales of beverages/aerated waters was around value Rs 1,846,459,196/-.

However the value has been indicated irrespective of the size of the beverages.

It has been ascertained that the beverages are being sold in various packaging sizes ie 500 ml, 1.5 L

and 2.25 L, etc, and the sales value shown in the returns does not commensurate with the actual

quantum of sales.

The RTO office, Lahore was requested to provide the registration record of this unit.

Since the actual record is not available with the RTO, the Central Registration Office is being

approached to provide the details of installed machinery along with production capacity and if any

increase made thereafter to get clear picture.

The above said information has been obtained through online FBR data and also through Internet.

Prima facie it appears that the sales are grossly under declared, which can only be verified through

physical inspection and retrieval of the documents.

It is pertinent to mention here, that this Directorate of Intelligence IR is not empowered to supervise

the clearance under Section 40B of The Sales Tax Act, 1990.

Moreover, after the introduction of SRO.775(1)12011 dated 19-08-2011, this Directorate cannot

exercise the delegated powers, in any case framed after June 30, 2011, sources added.

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March 1,

2012

US lawmakers agree on bill to fight China

subsidies

March 01, 2012

Senior US lawmakers said on Wednesday they have agreed on a bipartisan bill to preservethe Commerce Department's ability to impose duties on subsidised goods from China, whichhas been placed in jeopardy by a court ruling.

"This legislation preserves our ability to fight unfair subsidies granted by countries like China that

injure our industries, cost US jobs, and distort the market," Representative Dave Camp, Republican

chairman of the House of Representatives Ways and Means Committee, said in a statement.

The United States currently has countervailing - or anti-subsidy - duties on about two dozen goods

from China and Vietnam.

But it could have to remove those in coming weeks because of a federal appeals court ruling that the

Commerce Department does not have legal authority to impose countervailing duties on "non-

market economies." Camp is expected to introduce the bill later on Wednesday along with

Representative Kevin Brady, a Republican, and Representatives Sander Levin and Jim McDermott,

both Democrats.

A companion bill is expected to be introduced in the Senate.

"This is vital legislation for tens of thousands of American workers who would have had the rug

pulled out from under them by the Court of Appeals decision," Levin said.

Lawmakers on both the Ways and Means Committee and the Senate Finance Committee have been

working for weeks on a bipartisan bill to address the court decision, but have run into opposition

recently from a conservative Republican group, Club for Growth.

The group, which is influential with many Republicans in the conservative Tea Party movement, has

urged lawmakers to vote against the legislation because it says the countervailing duties "restricteconomic liberty and are anti-growth."

"Rather than pursue a pro-growth solution to this situation, like re-defining China and Vietnam as

market economies, Congress wants to give the executive branch the continued authority to impose

these punitive tariffs," the group's vice president Andy Roth said in a statement.

For years, the Commerce Department did not impose countervailing - or anti-subsidy - duties on

non-market economies on the grounds it was impossible to measure subsidies in countries where

the state played such a central role.

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March 1,

2012

That changed in the mid-2000s, when industry groups persuaded the administration of former

President George W.

Bush that China had advanced enough that it was possible to calculate subsidies.

However, the groups did not want Commerce to take the additional step of designating China as a

market economy because that could potentially adversely affect how another type of trade remedy,

antidumping duties, are calculated.

China contested the policy change both at the World Trade Organisation and through the US court

system.

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March 1,

2012

Proactive approach against big tax evaders

a must: FTO says country has potential to

collect Rs 5 trillion revenue

March 01, 2012

Federal Tax Ombudsman (FTO) Dr Muhammad Shoaib Suddle has said that the country hasthe potential to take annual revenue collection up to Rs 5 trillion by adopting a proactive andacross-the-board approach to go after big tax evaders.

It will require the Federal Board of Revenue (FBR) to change the mindset of tax functionaries

to encourage honest taxpayers to positively interact with the tax department for redressal oftheir complaints.

In an exclusive talk with Business Recorderhere on Wednesday, Dr Suddle said that doubling of the

existing tax collection should not be a big deal.

By improving the compliance level, the tax machinery can take the revenue collection up to Rs 3

trillion within a year.

A new approach aimed at transforming the culture of 'indifference and heartlessness' that has

existed for too long in the FBR is critical to realise the true tax potential.

Let the FBR develop necessary ability and capacity to be able to collect due tax from each and every

individual, irrespective of who he or she is.

Sending a few top tax evaders, with all their might and influence, to prison every year would be key

to a new tax culture in our homeland.

According to Dr Suddle, a fundamental change is needed in the complaint handling mechanism of

the FBR.

Most taxpayer complaints should be handled at the FBR's level, and only systemic issues or major

complaints by the FTO.

The taxpayers should not feel hesitant to directly go to the concerned tax officials for redressal of

their complaints.

Sharing his vision to substantially improve revenue collection, the FTO said that some of the

measures which could substantially raise revenue collection included payment of taxes by all

persons, irrespective of their position or influence.

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March 1,

2012

Everybody should pay their due share in taxes, without burdening sectors already paying taxes.

Secondly, large-scale exemptions are causing distortions in the tax regime.

There should be no exemptions which benefit the rich and the influential.

Thirdly, there should be horizontal and vertical equity in the taxation system.

Fourthly, effective deterrence can be created by focusing on big tax evaders.

Exemplary punitive action against top tax evaders would give a clear message about the much

needed rule of law in the country.

Fifthly, the FBR needs to undergo a cultural transformation to be able to take strict disciplinary

action against tax officials involved in corrupt practices.

The officials habitually involved in maladministration need to be made examples to create general

and specific deterrence across the FBR.

Sixthly, the FBR should ensure that tax due is collected on all forms of income, irrespective of their

source.

The controversy about agricultural income needs to be laid to rest at the earliest.

Let the FBR collect tax on agricultural income in the like manner on behalf of provinces, and charge

them reasonable collection charges.

The senior hierarchy of FBR, in particular, needs to demonstrate a visible change in the

organisational mindset.

Let senior officials be seen proactively welcoming the taxpayers while handling their genuine

complaints, he maintained.

The FTO further explained that the existing practice of allocation of monthly and quarterly revenue

collection targets was leading to many malpractices within the field formations of FBR, particularly

with regard to prompt issuance of taxpayers' refunds.

Without doing away with the policy of fixing revenue collection targets, the menace of

maladministration in the field formations cannot be frontally tackled.

On the contrary, the targets should be area-specific and activity-specific.

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March 1,

2012

For instance, let the target be to bring every trader in the major markets of the country within the

tax net in, say, two year's time.

Similarly, let every professional be in the tax net in a fixed time span.

Every city has a number of markets, business centers and trade centers.

Let them be made to pay their due share of taxes, without any consideration of their party

affiliations.

Dr Shoaib Suddle further said that the simplification of tax laws and rules/procedure was necessary

to encourage voluntary compliance.

Moreover, the better the quality of interaction between the taxpayers and the tax collectors, the

higher the revenue collection.

In a broader perspective, a part of the tax collected from a specific area should be spent in the same

locality so that the taxpayers' know that their money is being utilised on improving services like

health, education, water, security, etc.

The FTO said that the desired cultural shift in the mindset of the tax officials is not possible without a

passionate resolve on the part of FBR's top management to effectively discipline the rotten eggs in

their midst.

Let there be zero tolerance for those known for routinely harassing the taxpayers.

Let it be ingrained in the tax officials that facilitating taxpayers and handling their bona fide

complaints is an organisational imperative for broadening the tax base, Dr Shoaib Suddle added.

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March 1,

2012

PCGA summons CEC meeting on March 10

March 01, 2012

Pakistan Cotton Ginners Association (PCGA) has summoned the meeting of centralexecutive committee (CEC) on March 10 to discuss the cotton crisis, taxation matters,establishment of Cotton Ginning Research Institute, cotton export wing in Ministry of Textileor Ministry of Commerce, and rejection of new varieties of the cotton evolved and approvedby Punjab seed council.

Briefing the journalists here today, PCGA chairman Amanullah Qureshi said that cotton crisis had

aggravated in the country due to the wrong policies of ministry of textile and obstacles in the

procurement of cotton through Trading Corporation of Pakistan (TCP) as per instruction of Prime

Minister Syed Yousaf Raza Gilani.

He said that some elements, under the pressure of Aptma, had created problems for the ginners as

well as farmers.

He said that farmers had suffered a huge loss of billions of rupees at the hands of textile millers who

had fleeced the growers through cartel.

Qureshi said that more than one million bales were lying unsold in the ginneries while 0.5 million

bales were lying in the field.

He said that the PCGA had planned to establish its cotton-export wing to break the monopoly of the

Aptma and other stake holders and this proposal would be discussed in the forthcoming meeting to

be held on March 10.

He said that the government should introduce a simple, easy and unambiguous cotton policy to

facilitate the growers and ginners.

He said that all hurdles in the direct export of cotton should be removed and maximum facilities be

provided to the exporters and conditions of pre-registration and other terms be waived.

Qureshi said that the government should grant permission to the PCGA to use the warehouses of

TCP in Karachi for cotton export.

PCGA, according to him, agreed to settle the rent and other preconditions with the TCP.

He said that Pakistan could earn one billion US dollar by exporting cotton.

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March 1,

2012

Textile bodies demand impartial audit of

EOBI funds

March 01, 2012

Textile Associations have demanded impartial audit of EOBI funds which are beingindiscriminately invested in dead and risky portfolios instead of expending on provision ofworkers' pension, children marriages and stipend to widows and have demanded the ChiefJustice of Pakistan to take Suo Moto cognisance of the matter.

These views were expressed in the joint meeting of Pakistan Textile Exporters Association, Pakistan

Hosiery Manufacturers Association, All Pakistan Bed-sheet and Upholstery Manufacturers

Association, All Pakistan Cotton Power Looms Association, Small Power Loom Association, Council ofLoom Owners and Pakistan Embroidery Association held here under the chairmanship of Rana Arif

Tauseef today.

In a statement issued after the meeting, Rana Arif Tauseef said that Employees' Old Age Benefits'

Institution was set up in 1976 to provide a safety net to retired ones who had been registered with it

during their employment.

The cost of EOBI pensions does not fall on the government.

The cost is met from the EOBI Fund built up by contributions from employers and employees.

Unfortunately, EOBI officials were investing labour's hard-earned money in unprofitable businesses

and much risky stock exchanges and nothing was made for the welfare of the deprived workers.

It was the responsibility of the government to provide basic facilities to the labours of the country

under its manifesto but no effective measures were taken in this regard.

Guarantee of basic needs for the workers in the private sector not only enhanced the efficiency,

effectiveness and quality but also help in reducing the burden on the public sector and worker would

also feel to be in a secure service, he said.

Rana Arif said that no economy can prosper without fair and equitable treatment of its workforce

and industrial workers play vital role in economic development of a country.

Workers in developed economies are provided all facilities at their doorstep but nothing was done

for the welfare of the working class here in Pakistan, he said.

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March 1,

2012

Textile exporters criticise hike in power

tariff

March 01, 2012

Textile exporters have strongly criticised the massive 39 percent raise in electricity and Rs 4in petrol prices, saying that it would hit trade and industry hard besides jacking up the graphof inflation further high and demanded a relief package for badly affected textile industry.

Rejecting the unjust increase in the electricity prices, Rana Arif Tauseef, Chairman Pakistan Textile

Exporters Association urged the Government to withdraw electricity and petrol price hikes as the

bulk increase would shatter all segments of society.

He said that the current increase of 39 percent in the prices of electricity and Rs 4 in petrol would

have devastating impact on the industrial sector as cost of production would increase manifold.

He expressed the concern on sluggish production activities in the industrial units due to gas and

power load shedding and said that the recent increase in electricity prices would give a big blow not

only to the industry but to the textile sector as well which is backbone of the economy.

Rana Arif was of the view that the Government must devise a proper economic mechanism instead

of adopting short-cut solutions on day-to-day basis to meet the energy demands.

He emphasised that Government must adopt and implement a long-term strategy to overcome the

energy crises and the rising inflation.

He called for withdrawal of increase in electricity prices to strengthen the industry and trade

activities.

Industry could grow and become uncompetitive in the regional and international markets, if

government cut in inputs prices, he maintained.

Rana Arif said that Industrial Sector in Pakistan is already in hot waters due to multiple factorsincluding security issues, energy crisis, high interest rates, squeesing credit facilities and dwindling

exports while any further increase in power tariff will add 'fire to the fuel' endangering the survival

of trade and industry in the country.

Factories remained closed for 210 days last year but the banks are charging mark-up on industrial

loans for 365 days, he said.

He demanded 50 percent relief in bank mark-up for the survival of the industry.

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March 1,

2012

OPEN MARKET FOREX RATESUpdated at: 1/3/2012 7:17 AM (PST)

Currency Buying Selling

Australian Dollar 97.1 98.1

Bahrain Dinar 236.7 238.7

Canadian Dollar 90.2 91.2

China Yuan 13 13.5

Danish Krone 16.6 17.1

Euro 119.8 121

Hong Kong Dollar 11 11.7

Indian Rupee 1.75 1.85

Japanese Yen 1.132 1.145

Kuwaiti Dinar 318.8 320.8

Malaysian Ringgit 28 28.5

NewZealand $ 71.5 72.5

Norwegians Krone 16 17

Omani Riyal 230 232

Qatari Riyal 25 25.5

Saudi Riyal 24.2 24.4

Singapore Dollar 71.7 72.7

Swedish Korona 13.45 13.9

Swiss Franc 97 98.3

Thai Bhat 2.6 2.7

U.A.E Dirham 24.7 24.95

UK Pound Sterling 143.5 144.7

US Dollar 90.9 91.2

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March 1,

2012

INTER BANK RATESUpdated at: 1/3/2012 7:17 AM (PST)

Currency

Bank Buying

TT Clean

Bank Selling

TT & OD

Australian Dollar 97.95 98.17

Canadian Dollar 91.23 91.44

Danish Krone 16.43 16.47

Euro 122.18 122.45

Hong Kong Dollar 11.69 11.72

Japanese Yen 1.1266 1.1291

Saudi Riyal 24.17 24.22

Singapore Dollar 72.65 72.81

Swedish Korona 13.85 13.88

Swiss Franc 101.34 101.56

U.A.E Dirham 24.68 24.73

UK Pound Sterling 144.71 144.73

US Dollar 90.65 90.85

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March 1,

2012

Bullion Rates (Gold Prices) in Pakistan Rupee (PKR)

As on Thu, Mar 01 2012, 03:30 GMT

Metal SymbolPKR

for 10 Gm

PKR

for 1 Tola

PKR

for 1 Ounce

Gold 24K XAU 50,390 58,713 156,734

Palladium XPD 20,678 24,093 64,317

Platinum XPT 49,708 57,918 154,611

Silver XAG 1,027 1,197 3,195

Gold Rates in other Major Currencies

Currency Symbol 10 Gm 1 Tola1

Ounce

AustralianDollar

AUD 515 600 1,601

CanadianDollar

CAD 547 638 1,702

Euro EUR 415 483 1,291

JapaneseYen

JPY 44,895 52,310 139,642

U.A.E

DirhamAED 2,033 2,369 6,324

UKPoundSterling

GBP 348 405 1,081

USDollar

USD 554 645 1,722
http://www.paklawpublication.com/mailto:[email protected]:[email protected]://www.forex.pk/bullion.php?base=USD&curr=XAU&type=ouncehttp://www.forex.pk/bullion.php?base=GBP&curr=XAU&type=ouncehttp://www.forex.pk/bullion.php?base=AED&curr=XAU&type=ouncehttp://www.forex.pk/bullion.php?base=JPY&curr=XAU&type=ouncehttp://www.forex.pk/bullion.php?base=EUR&curr=XAU&type=ouncehttp://www.forex.pk/bullion.php?base=CAD&curr=XAU&type=ouncehttp://www.forex.pk/bullion.php?base=AUD&curr=XAU&type=ouncehttp://www.forex.pk/bullion-rates-silver-xag-pkr.phphttp://www.forex.pk/bullion-rates-platinum-xpt-pkr.phphttp://www.forex.pk/bullion-rates-palladium-xpd-pkr.phphttp://www.forex.pk/bullion-rates-gold-24k-xau-pkr.phpmailto:[email protected]://www.paklawpublication.com/

8/2/2019 News 01 Mar 2012 Email # 51

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News Updates

Email # 51

Pak Law Publication

Office # 05, Ground Floor, Arshad Mansion, Near Chowk A.G Office, Nabha Road Lahore.Ph 042-37350473 Cell # 0300-8848226 elaw@paklawpublication com

March 1,

2012

Gold Rates & Silver Rate from major cities of Pakistan20120229

Feb 29, 2012

City 24k per 10 Grams 24 carat per Tola 22k Per 10 Grams Silver 10 Grams

Karachi Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Lahore Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Multan Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Faisalabad Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Rawalpindi Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Hyderabad Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Gujranwala Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Peshawar Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Quetta Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Islamabad Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Sargodha Rs. 51,942.00 Rs. 60,600.00 Rs. 47,614.00 Rs. 1,015.71

Source: Karachi Saraf.

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