Pkrevenue.com

Author: Faisal Shahnawaz

  • Power theft cases: 20,712 FIRs lodged; 1,909 arrested

    Power theft cases: 20,712 FIRs lodged; 1,909 arrested

    ISLAMABAD: The Cabinet Committee on Energy (CCoE) has been informed that around 20,712 FIRs were registered and 1909 arrests were made in electricity theft cases.

    Finance Minister Asad Umar chaired the meeting of CCoE on Wednesday.

    The Power Division gave the meeting performance update on efficiency improvement and control of theft.

    Regarding control of theft, CCoE was apprised that during the period from October 13, 2018 to February 22, 2019 as many as 20,712 FIRs were registered and 1909 arrests were made.

    Detection bills charged amounted to Rs. 1,278.305 million while the amount of detection recovered was Rs 537.120 million.

    The CCoE appreciated the Power Division’s effective drive for recoveries and theft control. The meeting also noted the progress shared by the Power Division on proposed plan/measures to bring down power sector losses.

    The meeting was informed that total collection from November 2017 to January 2018 stood at Rs 203,953 million which rose to Rs. 243,642 million in the same period in FY 2018-19, showing net increase of Rs 39,689 million.

    Improved recovery from consumers and decrease in losses significantly contributed to the enhanced collection, the meeting was informed.

    The committee approved proposals from Power Division providing for all future Renewable Energy investments to be treated in line with the RE Policy 2019 that envisages a framework consistent with the current international market norms and greater consumer benefits.

    The Power Division informed that draft RE Policy 2019 was currently in circulation for comments by stakeholders and would be presented to the CCoE as soon as such comments were finalized.

    All those projects which have been granted LoS by AEDB, shall be permitted to proceed towards the achievement of their requisite milestones as per the RE Policy 2006.

    However in those cases where more than a year has elapsed since determination of tariff by NEPRA, their tariff would have to be reviewed by NEPRA as per policy.

    Petroleum Division apprised the CCoE about findings of the committee probing into the matter of inflated gas bills. It was also informed that report of audit being conducted in this matter will also be shared with the CCoE.

  • World Bank surveys customs clearance in Pakistan

    World Bank surveys customs clearance in Pakistan

    KARACHI: World Bank Group is conducting a survey regarding traders’ and customs agents’ views about the customs clearance process in Pakistan.

    Karachi Customs Agents Association (KCAA) is facilitating the World Bank in this survey, said a circular issued by the association.

    This survey will be used to understand the relations between companies and Pakistan customs and will be one of the tools used to ultimately improve the business climate and facilitation of trade in Pakistan.

    The KCAA said that it would contact its members for the survey in order to take feedback on Pakistan’s trade network.

    The association said that the feedback would be important for enabling further improvement in the trade and customs experience in the country.

    The KCAA further said that in order to ensure anonymity and confidentiality, the World Bank had commissioned Gallup Pakistan, an independent market research organization, to carry out the study.

    “Gallup will be contacting you (members) in the next few weeks to arrange an in-person interview,” it said.

    “As per undertaking submitted by the World Bank Group all the information provided will be kept confidential and will only be used in aggregate form,” the KCAA assured the members.

  • FBR discontinues zero rating facility to two textile units

    FBR discontinues zero rating facility to two textile units

    ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn sales tax zero rating to two textile units in Karachi for misusing facility on consumption of gas and electricity.

    According to Sales Tax General Order (STGO) issued on Wednesday, the FBR withdrew the facility of zero rating that was granted on consumption of electricity and gas to companies including A R Hosiery Works and International Chrome Tannery.

    The FBR said that the zero-rated facility was withdrawn on the recommendation of Regional Tax Office (RTO)-III Karachi.

    The FBR directed the Chief Commissioner Inland Revenue of RTO-III Karachi to communicate with concerned authorities for charging the normal sales tax rates from those textile units.

    The FBR further directed the chief commissioner to submit report in case of misuse of the facility.

  • SBP sells T-Bills worth Rs461.37 billion in auction

    SBP sells T-Bills worth Rs461.37 billion in auction

    KARACHI: The government has raised Rs461.37 billion for budget financing through auction of market treasury bills in an auction held on Wednesday.

    State Bank of Pakistan (SBP) said that it had offered treasury bills in three-, six- and 12 months maturities. However, the central bank only received bids in only three months securities.

    The central bank received bids of Rs516.38 billion at face value of Rs528.928 billion. The SBP accepted bids worth Rs461.37 billion at face value of Rs472.578 billion for three months treasury bills.

    The SBP accepted the bids at 10.55 percent cut-off yield, which was unchanged when compared with the auction held on February 13, 2019.

    The central bank has set the target for auction to sell securities worth Rs650 billion.

  • Equity market makes sharp recovery on Pakistan response to India

    Equity market makes sharp recovery on Pakistan response to India

    KARACHI: In a dramatic turn of events, the Pakistani equity market showcased remarkable resilience, recovering swiftly on Wednesday after a sharp plunge of over 1,400 points attributed to escalating tensions at the Pak-India borders.

    (more…)
  • Rupee ends down by 38 paisas against dollar

    Rupee ends down by 38 paisas against dollar

    KARACHI: The Pak Rupee ended down by 38 paisas against the US dollar on Wednesday owing to growing border tension.

    The rupee was ended at Rs139.26 to the dollar as compared with Rs138.88 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs138.95 and Rs139.05.

    The market recorded day high of Rs139.26 and low of Rs139.00 and closed at Rs139.26.

    Director-General Inter-Services Public Relations Major-General Asif Ghafoor earlier in morning in a tweet said Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector.

    Following the mounting tension at borders the currency markets witnessed deterioration.

    Last week the Pak Rupee made significant gain dollar owing to shrinking current account deficit and foreign inflows.

    Last Friday the rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    In open market the exchange rate also changed significantly.

    The buying and selling of dollar was recorded at Rs138.70/Rs139.20 from previous day’s closing of Rs138.00/Rs139.00 in cash ready market.

  • Business community applauds Pakistan response to India

    Business community applauds Pakistan response to India

    KARACHI: The business community has applauded the professional approach of Pakistan air force for downing two India jets, which intruding into Pakistani soil.

    Dr. Mirza Ikhtiar Baig, Acting President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), business community leaders S.M. Muneer, Iftikhar Ali Malik, Zubair Tufail, Shaikh Khalid Tawab, have vehemently condemned the act of aggression by Indian air force by violating Pakistan Air space and targeting civilians inside Pakistan.

    They said that the Modi’s government is in hysteric state due to their anticipated defeat and they want to create an atmosphere where they can exploit the sentiments of their voters against Pakistan.

    The business community is behind our brave armed forces and expresses its full solidarity with them. Pakistan Armed forces are among the top Professional forces in the world and not only they can defend the motherland but resoundingly respond to the enemy.

    Dr. Baig said that Pakistan is a nuclear state now and any misadventure by India will have catastrophic consequences for them.

    Pakistan has acted with responsibility so far and Prime Minister has shown maturity by offering all options to India.

    Pakistan’s stance has earned support worldwide and no one has seriously taken Indian allegations against Pakistan for Pulwama incident.

    The incident was purely indigenous and reaction to Indian barbaric brutality against Kashmiri people.

    The business community congratulates the Pakistan Air force for downing the tow Indian jets. They said, India must have leant lesson from this response and will think several times before going any further.

    Dr. Baig also lauded the efforts of the Foreign Ministry for engaging the world on this crucial issues and effectively projecting Pakistan stance.

  • List of 1,208 banned tariff lines for import from India

    List of 1,208 banned tariff lines for import from India

    KARACHI: Following is the list of items not importable from India under Import Policy Order 2016 as issued by minister of commerce.

    The items cannot be imported under Appendix-G of Import Policy Order 2016.

    Following is the list including Serial Number, PCT Code and Description


    See Appendix G of Import Policy Order 2016

  • Equity market recovers earlier losses on shooting down two India aircraft

    Equity market recovers earlier losses on shooting down two India aircraft

    KARACHI: The equity market has recovered early day losses following the news of retaliation by Pakistan and shot down two Indian aircrafts inside Pakistan.

    The KSE-100 index is being traded at 37,723 points dwon 1,098 points or 2.83 percent at 12:16PM.

    In response to PAF strikes this morning as released by MoFA, IAF crossed LOC. PAF shot down two Indian aircrafts inside Pakistani airspace. One of the aircraft fell inside AJ&K while other fell inside IOK. One Indian pilot arrested by troops on ground while two in the area, said GD ISPR.

    Earlier in the day the stock market witnessed a decline of 1475 points.

  • Rupee falls 23 paisas in mid-day trade on border tension

    Rupee falls 23 paisas in mid-day trade on border tension

    KARACHI: The Pak Rupee declined further against the US dollar in mid-day trade on Wednesday owing to growing border tension.

    The dollar is being traded at Rs 139.11 in interbank foreign exchange market. The rupee went down by 23 paisas so far when compared with Rs 138.88 to the dollar in foreign currency market

    Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector, Director-General Inter-Services Public Relations Major-General Asif Ghafoor said on his official Twitter account early on Tuesday.

    Following the mounting tension at borders the currency markets witnessed deterioration.

    Last week the Pak Rupee made significant gain dollar owing to shrinking current account deficit and foreign inflows.

    Last Friday the rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.