Latest news with #SaudiRiyal
Business Upturn
3 days ago
- Business
- Business Upturn
Paytm sets up wholly-owned subsidiary in Saudi Arabia to expand digital payments
By Aditya Bhagchandani Published on July 17, 2025, 16:24 IST One 97 Communications Limited (Paytm) announced on Thursday that its wholly-owned subsidiary Paytm Cloud Technologies Limited (PCTL) has incorporated a step-down subsidiary in Saudi Arabia named 'Paytm Company', marking its entry into the Kingdom's digital payments space. Key highlights: The new entity was incorporated on July 17, 2025, in the Kingdom of Saudi Arabia (KSA). PCTL's board approved an investment of 85,00,000 Saudi Riyal to acquire 8,500 shares at 1,000 SAR each, fully funded through cash consideration. Paytm Company will focus on expanding and distributing Paytm's technology-led digital payments stack in Saudi Arabia. The company is a wholly-owned step-down subsidiary of Paytm, as PCTL itself is fully owned by One 97 Communications. No additional regulatory or governmental approvals were required for this incorporation. The entity will operate in the information and technology support services sector. Paytm stated this move aligns with its global expansion strategy, bringing its payments and fintech expertise to the Middle Eastern market, starting with Saudi Arabia. The company's disclosure has been made under Regulation 30 of SEBI (LODR) and is also hosted on its investor relations website. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Recorder
6 days ago
- Business
- Business Recorder
0.17pc decline
KARACHI: Rupee depreciated against the US dollar in the inter-bank market as it lost Re0.49 or 0.17% during the previous week. The local unit closed at 284.46, against 283.97 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Dubai Islamic Bank (DIB), the largest bank in the UAE, finalised a syndicated term finance facility deal worth $1 billion with the Government of Pakistan. The facility was arranged in collaboration with a consortium of regional and international financial institutions, read a statement during the previous week. The inflow of overseas workers' remittances into Pakistan stood at $38.3 billion in fiscal year 2024-25, the highest-ever in the country's history, the SBP data showed. Remittances increased by 27% year over year, compared to $30.25 billion recorded in the previous fiscal. Open-market rates In the open market, the PKR lost 94 paise for buying and 1.10 rupee for selling against USD, closing at 286.35 and 287.50, respectively. Against Euro, the PKR gained 1 paisa for buying and lost 45 paise for selling, closing at 335.68 and 338.65, respectively. Against UAE Dirham, the PKR lost 53 paise for buying and 81 paise for selling, closing at 78.21 and 78.91, respectively. Against Saudi Riyal, the PKR lost 45 paise for buying and 58 paise for selling, closing at 76.43 and 76.98, respectively. ========================================= THE RUPEE ========================================= Weekly inter-bank market rates for dollar ========================================= Bid Close Rs. 284.46 Offer Close Rs. 284.65 Bid Open Rs. 283.97 Offer Open Rs. 284.16 ========================================= Weekly open-market rates for dollar ========================================= Bid Close Rs. 286.35 Offer Close Rs. 287.50 Bid Open Rs. 285.41 Offer Open Rs. 286.40 ========================================= Copyright Business Recorder, 2025
India Gazette
19-06-2025
- India Gazette
Mumbai Customs seize foreign currency of 50000 Saudi Riyal, diamond from passenger departing to Dubai
Mumbai (Maharashtra) [India], June 19 (ANI): Mumbai Customs of Chhatrapati Shivaji Maharaj International Airport (CSMI) Airport seized foreign currency of 50000 Saudi Riyal (SAR) and diamond valued Rs 1,70,94,900 concealed inside handbag and body cavity from passenger departing to Dubai. In a post on X, Mumbai Customs shared, 'Based on specific intel, Customs officers at CSMIA, Mumbai Customs Zone-III seized foreign currency of 50000 SAR and diamond weighing 652.20 Dia. Wt. Cts valued Rs 1,70,94,900/- concealed inside handbag and body cavity from pax departing to Dubai. Further investigation underway.' In another incident Customs officers at CSMI Airport, nabbed 2 Indian nationals with 24.96 Kg of hydroponic weed worth Rs 24.96 Crores from Thailand on Wednesday. In a post on X, Mumbai Customs shared, 'In a major drug bust, CSMI Airport, Mumbai Customs Zone-III, on 18.06.25, nabbed 2 Indian nationals with 24.96 Kg of hydroponic weed worth Rs. 24.96Cr from Thailand. Swift follow-up operation resulted in the arrest of intended recipient. Further investigation is underway.' On June 10, officers of the Airport Special Cargo , Mumbai Customs - Zone III, interdicted and seized 489 grams of cocaine, from consignment declared as 'Artificial Flowers & Cards.' So far 2 persons including one foreign national has been arrested, Mumbai Customs shared in a post on X. Earlier in April, Customs officers of CSMI Airport, Mumbai, seized suspected cocaine worth around Rs 17.89 Crore and one passenger was arrested in the case, according to the press release. 'On April 1, based on spot profiling, one passenger who arrived from Nairobi to Mumbai via Doha was intercepted by the Customs Officers at CSMI Airport. During the detailed examination of the baggage, white coloured powdered substance purported to be Cocaine having a net weight of 1789 Grams approximately valued at Rs 17,89,00,000 was recovered from the false cavity of the trolley bag carried by her. The said passenger was arrested under the Provisions of the NDPS Act, 1985,' said official in a press release. (ANI)
Indian Express
19-06-2025
- Indian Express
Weed worth Rs 24.6 crore, diamonds and foreign currency seized at airport; 4 held
The Mumbai Customs arrested four people and seized narcotics, diamonds and foreign currency from them in two separate operations at the Mumbai international airport on Tuesday and Wednesday, officials said. According to the officials, the air intelligence unit intercepted two passengers arriving from Bangkok on Wednesday and an examination of their luggage revealed 24.96 kilograms of hydroponic weed worth Rs 24.66 crore in the illicit market. The narcotics was smuggled from Thailand concealed in vacuum-sealed packages, they said. The intended receiver, who was waiting to collect the consignment near the airport gate, was also arrested. An official said that preliminary investigations suggest the involvement of an international drug trafficking syndicate, with further investigation underway. In an operation on Tuesday, Customs officials intercepted an Indian national who was flying to Dubai from Mumbai airport on the basis of specific intelligence. On examination of baggage and personal search of the passenger, officials recovered Saudi Riyal equivalent to Rs 11,15,000, lab-grown diamonds weighing 406.90 carats worth over Rs 47 lakh and natural diamonds weighing 245.30 carats valued at Rs 1.23 crore. The foreign currency was found concealed in a sling bag of the passenger, while diamonds were concealed in three pouches in the body cavity of the passenger. Further investigation is underway, an official added. When taking diamonds to another country, the same has to be declared to the Customs of both countries and a certain duty has to be paid.
Business Recorder
16-06-2025
- Business
- Business Recorder
0.28pc decline
KARACHI: Rupee weakened during the previous week as it depreciated Re0.79 or 0.28% against the US dollar. The local unit closed at 282.96, against 282.17 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Finance Minister Muhammad Aurangzeb announced Pakistan's federal budget 2025-26 'for a competitive economy', targeting a modest 4.2% growth for the coming fiscal year, compared to 2.7% expected in the outgoing FY25. Meanwhile, the inflow of overseas workers' remittances into Pakistan stood at $3.7 billion in May 2025, SBP data showed. Remittances increased by 13.7% year over year, compared to $3.24 billion recorded in the same month last year. Foreign exchange reserves held by the SBP increased by $167 million on a weekly basis, clocking in at $11.68 billion as of June 6. Total liquid foreign reserves held by the country stood at $16.88 billion. Net foreign reserves held by commercial banks stood at $5.12 billion. The Monetary Policy Committee (MPC) of SBP will meet on Monday (today) to decide on the policy rate. The SBP said it would issue the Monetary Policy Statement through a press release on the same day. Open-market rates In the open market, the PKR lost 98 paise for buying and 72 paise for selling against USD, closing at 283.32 and 285.12, respectively. Against Euro, the PKR lost 3.92 rupees for buying and 3.90 rupees for selling, closing at 324.87 and 328.57, respectively. Against UAE Dirham, the PKR lost 31 paise for buying and 27 paise for selling, closing at 76.95 and 77.72, respectively. Against Saudi Riyal, the PKR lost 41 paise for buying and 32 paise for selling, closing at 75.21 and 75.93, respectively. ========================================= THE RUPEE ========================================= Weekly inter-bank market rates for dollar ========================================= Bid Close Rs. 282.96 Offer Close Rs. 283.16 Bid Open Rs. 282.17 Offer Open Rs. 282.37 ========================================= Weekly open-market rates for dollar ========================================= Bid Close Rs. 283.32 Offer Close Rs. 285.12 Bid Open Rs. 282.34 Offer Open Rs. 284.40 ========================================= Copyright Business Recorder, 2025
