ISLAMABAD: Foreign exchange inflows continue to surge as workers’ remittance by overseas Pakistanis have been recorded at 1.81 billion dollars, an increase of 9.4 percent in November 2019 compared to the same period last year.

Spokesperson for the Finance Division Omar Hamid Khan in a tweet said remittances in five months of FY 2019-20 have reached 9.3 billion dollars. This will further strengthen the external account.

The Pakistani rupee in the open market has risen to its five-month high as demand for the dollar fell owing to decline in imports.

Increase in dollar from lending agencies and foreign investment in rupee also helped stabilise the rupee-dollar parity.

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The dollar was traded as low as 154.70 rupees in the open market on December 7 which was much lower as compared to 164 rupees on June 26 this year.

Currency dealers foresee the rupee to rise further in coming months in the wake of higher inflows of dollars and increased attraction of local currency.

On Nov 23, Prime Minister Imran Khan had said value of the Pakistani currency had increased by four rupees against dollar.

“During the last four months, Current Account Deficit has come to an end and as a result of this, value of rupee has increased by four rupees,” PM Khan had said in a post on his Facebook account.

The economic progress had been achieved because of the measures taken by the government to stabilize the economy, he had said. “I am proud of my economic team.”

In second week of October, the Pakistani rupee had maintained its surge against the US dollar in foreign exchange.

FBR decides to launch Track & Trace System

ISLAMABAD: The Federal Board of Revenue has decided to launch Track and Trace System for major sectors of the economy.

According to the FBR, the decision was made to prevent leakage of revenue, under-reporting of production and sales, and to ensure proper payment of Federal Excise Duty and Sales Tax on the manufacture and sale of specified goods.

The system will be implemented for specified goods/ products which are cement, sugar, fertilizer and beverages imported into or manufactured in Pakistan.

Instructions for Licensing and related documents will be published in January next year after consulting all major stakeholders.

In order to arrive at the best possible solution, FBR plans to hold meetings with all stakeholders for their input, suggestions and recommendations.