Pkrevenue.com

Category: National

  • Pakistan cotton prices surge due to flood devastations

    Pakistan cotton prices surge due to flood devastations

    KARACHI: Cotton prices in Pakistan have surged sharply over the past few days because floods destroyed the cotton crop.

    According to analysts of AKD Research issued on Thursday, local cotton prices have traded up over the past month, increased by 24 per cent to Rs22,506 per 40-kg, having reached a recent high of as much as Rs24,649/40-kg on August 27, 2022.

    READ MORE: PYMA demands cotton import through land routes

    The sharp uptick in prices was driven by expectations of supply-side constraints in the cotton market in the aftermath of the floods that left one-third of the country submerged in water.

    According to latest estimates from the UN, about 3.6 million acres of crop land has been destroyed in the floods, with the majority of the devastation concentrated in Sindh (2.9 million acres affected).

    In a recent address, Finance Minister Miftah Ismail pointed towards all of the cotton crop in the province of Sindh having been damaged by the floods – indicating that about 30 per cent of the national cotton crop has been lost.

    READ MORE: Textile exporters urge allowing cotton import from India

    Resultantly, Pakistan is expected to meet the supply shortfall by importing cotton of $1.5-2 billion,

    Latest data released by Pakistan Cotton Ginners Association (PCGA) showed that cotton arrivals in the ginners were down by 0.25 million bales when compared to the same period last year, with 1.54 million bales having reached by September 2022. The slump was largely driven by a shortfall in Sindh, where 0.84 million bales arrived at the ginners, lower by 0.4 million bales or 33 per cent year on year.

    The COTLOOK A Index is currently trading at USc122/lb, compared to USc104/lb on September 06, 2021 and FY21 average of USc82/lb.

    READ MORE: FBR notifies duty exemption on cotton yarn import

    The prices have, however, eased from a high of USc173/lb reached in May 2022. Higher prices in the international arena are being driven by adverse climate conditions across the globe, with India suffering from heavy rains and pest attacks, while the US has experienced a drought in the cotton-growing region of Texas (the state has experienced the second driest year in 128 years so far this year).

    To note, the US accounted for 33 per cent of total cotton shipments in FY22, and the US Department of Agriculture estimates 66 per cent of the cotton producing area has been experiencing a drought.

    Moreover, the US has downward revised the global output for FY23 by around 3 million bales in recent WASDE reports, with the output now expected at 117 million bales.

    READ MORE: Exporters welcome duty withdrawal on cotton, yarn import

    The analysts said that textile players in Pakistan build the majority of their inventories during the December Quarter, although the damage to local crop may hinder local procurement. However, the analysts expect the companies to meet this shortfall through imports.

  • Mari Petroleum stops production from Zarghun, Bolan fields

    Mari Petroleum stops production from Zarghun, Bolan fields

    KARACHI: Mari Petroleum Company Limited (MPCL) on Thursday announced suspending production of oil and gas from one of its facility located in Balochistan due to torrential rains and flash floods.

    In a communication sent to Pakistan Stock Exchange (PSX), the company announced the suspension of production from Zarghun South Gas Fields and Bolan East Oil Field, Balochistan.

    MPCL is the operator of Zarghun South Gas Field and Ziarat Block in Balochistan with 35 per cent and 60 per cent working interest, respectively.

    Annual 10 MMCFD of gas is produced from Zarghun South Gas Field, which is supplied to SSGCL, while around 500 BPD of oil is produced from Ziarat Block (Bolan East – 1), which is mainly transported to Attock Refinery Limited through bowsers.

    The company said: “The ongoing torrential rains and flash floods in Balochistan have severely impacted the gas pipeline and road infrastructure around Zarghun South Gas Field and Ziarat Block.

    “Resultantly, the company is unable to continue production operation of these sites for the time being.”

    The company is taking all possible measures for early commencement of production after rehabilitation of the pipeline and roads network, according to the communication.

  • How to change personal details for filing income tax return

    How to change personal details for filing income tax return

    Many taxpayers are worried about changing their personal details in the registration information with Federal Board of Revenue (FBR).

    The information is key to file income tax return. Any wrong information may lead to serious problem in future.

    READ MORE: KTBA recommends changes in IRIS for calculating deemed income on properties

    However, those taxpayers who are registered with the FBR and want to change their personal details they must read the entire article.

    According to the FBR, a person can change registration information recorded for filing Income Tax Return in three (3) possible ways.

    Changing information through Iris, a person can change/update information by logging into Iris.

    READ MORE: KTBA demands suspending further tax due to practical issues

    Following information can be updated by the person through Registration Form 181 (filed for modification) Income Tax: Mobile number; Email; Personal/Residential Address; Business Address; Addition of Business Branches; Legal Representative u/s 87 of Income Tax Ordinance 2001; Bank Account.

    Changing information through FBR helpline, a person can also change or update information through FBR helpline via phone or email.

    READ MORE: FBR gets 3.38 million active taxpayers by August 28, 2022

    Following information can be updated through the helpline: Name; Date of Birth; Gender; Disability Status; Senior Citizen Status; Changing Information by visiting Regional Tax Office (RTO).

    For changes in registration regarding the following issues, the person will have to visit their relevant RTO: Discontinuance of business; Jurisdiction for Income Tax Return assessment; Deregistration; Updating CNIC number; Updating Pakistan Origin Card (POC).

    A person will have to take relevant documents to RTO in order to successfully change details regarding Income Tax Registration.

  • Pakistani fintech enables individuals to donate flood victims

    Pakistani fintech enables individuals to donate flood victims

    KARACHI: ABHI, a Pakistani fintech company, along with its clients, employees, users, and investors is channeling donations using its robust platform to support the bigger cause by partnering up with leading NGOs like JDC, Al-Khidmat, and Saylani who are at the forefront and are actively providing relief to flood victims on the ground.

    For the first time ever in Pakistan, employed individuals who are ABHI users can empower families that have been affected by floods, by donating from their earned but unpaid salary directly from the mobile app within 30 seconds through ABHI Dost – this feature enables them to transfer the donation money directly to JDC, Al-Khidmat, or Saylani’s bank account.

    In this time of urgent need, ABHI is determined to give its generous support to afflicted families and communities as they struggle to sustain themselves and rebuild their lives. With the help of the gathered donations, our partner NGOs will provide emergency support like shelter, household supplies, and food items to the ones in need.

    ABHI is here to support its fellow Pakistani brothers and sisters in these tough times. Donate, to financially empower people nationwide.

  • KE adjusts electricity bills under FCA relief package

    KE adjusts electricity bills under FCA relief package

    KARACHI: K-Electric, the power distribution utility for Karachi, has started providing relief under package to waive Fuel Charge Adjustment (FCA), which was announced by Prime Minister Shehbaz Sharif.

    According to a statement issued by the power utility on Tuesday, following PM’s Announcement of FCA’s relief package for the month of June, 1.8 million eligible electricity consumers across KE serviced territory in Karachi and adjoining regions are receiving benefit and being delivered adjusted bills for August at their doorsteps with extended due dates.

    READ MORE: Date extension demanded for electricity bills payment

    The announcement of June’s FCA relief has come in two parts, it was first announced for Non-ToU Residential Consumers having electricity consumption up to 200 units in June, and later it was extended to the same category of consumers with power consumption up to 300 units in June following the announcement by the Government of Pakistan.

    While the revised bills for August are being delivered to the consumers on their premises, it is also important to note that all those eligible consumers who have already paid their non-revised August bills will receive adjusted bills for the month of September.

    READ MORE: Power tariff hike termed disaster for industries

    Commenting on the matter, Spokesperson K-Electric said, “We are taking every possible measure to pass on the benefit to the qualifying consumers in line with the announcement made by the Honorable Prime Minister.

    Following the announcement of the relief package, our customer care centers operated for extended hours and remained open during the weekends for consumers’ convenience.

    However, to further ease the procedure for their benefit, we are also delivering the bills to consumers’ doorsteps so that they do not have to visit our centers physically. KE Customers may also download their bills via KE WhatsApp Service, KE Live App and from the company’s website.”

    While reiterating the eligibility criteria of the relief package, the Spokesperson further said, “June FCA’s relief applies only to Non-ToU residential consumers who have a power consumption equal to or less than 300 units.

    READ MORE: Pakistan petroleum sales slump by 24% in 2MFY23

    All the remaining electricity consumers, such as ToU residential consumers, Non-ToU residential consumers having power consumption exceeding 300 units, commercial, and industrial consumers do not qualify for the relief, and thus, are requested to timely pay their bills to avoid late payment surcharge.”

    “Our customer care platforms, including our call center 118, 8119 SMS service, and social media channels are also available 24/7 to answer any query from our consumers in this regard,” the Spokesperson further added.

    K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005 KE is the only vertically integrated utility in Pakistan supplying electricity within a 6500 km square territory including Karachi and its adjoining areas.

    READ MORE: New petroleum prices in Pakistan from September 01, 2022

    The majority shares (66.4 per cent) of the company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a minority shareholder (24.36 per cent) in the company.

  • President Alvi directs State Life Insurance to pay compensation

    President Alvi directs State Life Insurance to pay compensation

    ISLAMABAD: The President of Pakistan Dr. Arif Alvi has directed State Life Insurance Corporation to pay compensation to family of policy holders.

    While rejecting four similar representations preferred by State Life Insurance Corporation of Pakistan (SLICP) against the decisions of the Wafaqi Mohtasib, President Dr Arif Alvi has directed SLICP to pay Rs 1.78 million to the family members of the policyholders, a statement said on Tuesday.

    READ MORE: President Alvi rejects Habib Bank plea, orders to pay victims

    He said that by denying rightful dues to the claimants SLICP has committed maladministration.

     The President disregarded the arguments of SLICP and said that SLICP had failed to prove the existence of alleged pre-insurance ailments with irrefutable evidence at the time of approving the life insurance policies to deceased policyholders.

    The President said that while filing appeals, the SLICP did not factor in the reports of its own Field Officers who had declared the insured persons as completely healthy.

    READ MORE: HBL ordered to compensate bank fraud victim

    He further observed that the denial of life insurance claims without irrefutable evidence was highly unjustified and reflected maladministration on the part of the SLICP.

    The President held that in all four cases, no clinical investigation or diagnostic assessment had been produced by SLICP to corroborate that the deceased policyholders were in fact patients of different diseases.

    READ MORE: FBR directed to bring entire sugar supply chain into tax net

    He rejected all four representations and directed SLICP to report compliance to the Mohtasib within 30 days. As per details, the complainants (Mst Irshad Bibi, Mst Samreen Aasima, Muahammad Awais and Muhammad Ismail) had approached SLICP for the payment of the sum assured as per the insurance policies.

    SLICP refused to pay the claims by alleging that the deceased policyholders had pre-insurance ailments, such as TB, Cystic Bronchiectasis, kidney disease or lung disease, which they wilfully kept secret at the time of obtaining the policies.

    READ MORE: President Alvi directs bank to refund unfair recovery

    Feeling aggrieved, the complainants separately approached the Wafaqi Mohtasib to seek compensation, which passed the orders in their favour. Later, SLICP filed representations against the decisions of the Mohtasib with the President, which were also rejected.

  • Gang busted engaged in illegal SIMs activation

    Gang busted engaged in illegal SIMs activation

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) in collaboration with Federal Investigation Agency (FIA) carried out a successful raid at three different locations in Peshawar against illegal activation of SIMs on Afghan passports, tampering in Afghan passports an issuance of SIMs on fake visas.

    During the raid, a total of 10 suspects were arrested whereas copies of 450 Afghan Passports, 3 Laptops, 4 PCs and 15 mobile phones were recovered.

    The raid shows PTA’s commitment and persistent efforts in curbing the menace of illegal issuance of SIMs.

  • Date extension demanded for electricity bills payment

    Date extension demanded for electricity bills payment

    Karachi Chamber of Commerce and Industry (KCCI) on Monday demanded the authorities to extend the last date for payment of electricity bills across Pakistan as in the ongoing extraordinary situation, neither the business and industrial community nor the poor masses were in a position to pay their bills.

    Keeping in view the hardships being faced by the citizens and business and industrial community of Pakistan due to massive flashfloods, KCCI President Muhammad Idrees has appealed Prime Minister Shehbaz Sharif to issue directives for extension of last date for payment of electricity bills for entire Pakistan as in the ongoing extraordinary situation, neither the business and industrial community nor the poor masses were in a position to pay their bills.

    READ MORE: Power tariff hike termed disaster for industries

    In a letter sent to Prime Minister, President KCCI further requested to refrain DISCOs from charging FAC whereas the controversial Fixed Charges which are neither in favor of the industry nor the economy must also be withdrawn as soon as possible which would be widely welcomed by the entire business & industrial community of Pakistan.

    He pointed out that as the entire country is suffering badly because of massive flashfloods triggered by this year’s torrential rainfalls of Monsson Season, the business & industrial community across Pakistan is facing severe liquidity crunch as all the receivables have been pending due to ongoing extraordinary situation wherein the entire Pakistan remains totally sunk.

    READ MORE: Industry slams finance ministry for blocking letter of credit

    “Keeping in view the hardships being faced by the citizens and the business & Industrial community, some leniency would have been exhibited but unfortunately, this was not witnessed at any stage and regardless of taking the ground realities into consideration, electricity tariffs for all DISCOs and KE have been raised by more than 100 percent which are totally unabsorbable for the industries and unaffordable for the poor masses,” he noted.

    “Secondly, the issue of exorbitant Fuel Adjustment Charges (FAC) and Fixed Charges also stand unresolved which, we firmly believe, need to be reviewed and withdrawn at the earliest as these are neither in favor of the industries nor the economy,” he added.

    READ MORE: Clearance of banned cars, phones allowed on 100% surcharge

    He hoped that Prime Minister would instantly consider KCCI’s request and accordingly instruct relevant Ministry/ departments to provide relief otherwise, many industries, which are already at the verge of collapse, would close down forever which would trigger massive unemployment, chaos and other economic issues.

    READ MORE: Pakistan lifts ban on import of cars, phones, luxury items

  • MIPD organizes teaching, learning excellence awards ceremony

    MIPD organizes teaching, learning excellence awards ceremony

    ISLAMABAD: Millennium Institute of Professional Development (MIPD) has organized Teaching and Learning Excellence Awards Ceremony 2022, a statement said on Saturday.

    The MIPC in collaboration Department of International Qualifications, Curriculum and Assessments at The Millennium Education group organized the ceremony to honour, award, and appreciate teachers for their excellent teaching performance and significant contribution towards enhancing the quality of teaching and learning nationwide.

    The Millennium Education Group places great emphasis on reflective teaching, improving learning experiences, and cultivating effective practices. It is all about providing world class learning opportunities to the teachers. It aims to provide the teachers with a platform to express themselves not only as educators, but also to discover the hidden potential in each one of them that leads to the discovery of their ultimate identity.

    Teaching & Learning Excellence Awards 2022 were presented for securing distinctions in Foundation courses, MIP, and for being star teachers in Pearson Edexcel iPrimary and Cambridge Check Point Examinations. Awards were also distributed among Programme leaders for Cambridge International Certificate in Teaching and Learning CICTL, and Cambridge International Certificate for teaching with Digital Technology CICTDT.

    The ceremony was concluded with the distribution of TMUC Service Excellence Awards. The ceremony was graced by Prof. Quintin McKellar CBE, Vice Chancellor & Chief Executive University of Hertfordshire, United Kingdom.

    Chief Guest, Prof. Quintin McKellar CBE, heightened the multifarious responsibility of teachers in an era of interconnected dimensions and emphasized that flexibility, opportunity, and community are the basic components for excellence in education. He appreciated the dedication and commitment of The Millennium Education Group, their leadership, management, as well as the professionalism of teachers who are nurturing the future of Pakistan. He concluded his address and quoted, “The future of Pakistan is indeed in safe hands.”

    While addressing the occasion, Dr. Faisal Mushtaq TI, Founder & CEO The Millennium Education Group, congratulated the awardees and celebrated their endeavours for achieving outstanding results within their disciplines which reflects their commitment to an ongoing, clearly articulated, shared process of continued enhancement.

    The highlight of the ceremony was signing of a Memorandum of Understanding (MOU) between the University of Hertfordshire, United Kingdom, and The Millennium Education Group, Pakistan. This partnership will serve as a gateway to higher education and will open new vistas to excellence in teaching and learning.

  • KATI sends 2nd batch of relief goods for flood victims

    KATI sends 2nd batch of relief goods for flood victims

    KARACHI: Korangi Association of Trade and Industry (KATI) has send second batch of relief goods for flood victims of Sindh and Balochsitan.

    In a statement issued on Saturday, KATI President Salman Aslam said that nine trucks of relief goods are being sent to the victims of Sindh and Balochistan.

    READ MORE: Suzuki donates 10 million yens for Pakistan flood victims

    The relief items include flour, rice, pulses, oil, dry food items, mosquito nets, pillow, water cooler, slippers, soap, toffees and biscuits for children.

    On this occasion, KITE Limited CEO Zubair Chhaya, Senior Vice President Maheen Salman, Vice President Farrukh Qandhari, Member Aid Committee Junaid Naqi, Sindh Council Member Moazzam Qureshi and others were present.

    Salman Aslam said that earlier he had taken the first batch to Balochistan under his leadership, in which relief goods worth millions of rupees had been dispatched, and the second batch is carrying goods worth more than Rs10 million.

    READ MORE: SBP bars banks from taking service charges on flood donations

    Three trucks will be sent to Balochistan, remaining 6 trucks will be sent to Khairpur, Dadu, Sukkur and other areas of Sindh.

    President KATI said that we are determined to deliver aid to more than 20,000 families by the end of this month, while the aid supplies for 7,000 families has been completed.

    He said that the cooperation of Rangers is with us in this activity, and the relief goods dispatched within Sindh and Balochistan under the supervision of Rangers which will be distributed at the designated points of KATI.

    READ MORE: Complaints against banks for refusing flood donations

    Salman Aslam said that there was a meeting with Commissioner Karachi Iqbal Memon in which he told that there are more than 500 IDPs in Korangi, our effort is to take care of 16,000 IDPs came to Karachi so far.

    He said that after the immediate aid, we are trying to take steps to bring their lives back to normal.

    On this occasion, Zubair Chhaya, CEO of KITE Limited, said that I am grateful to the members of KATI, including Patron-in-Chief SM Muneer, President Salman Aslam, Commissioner Karachi Iqbal Memon, People’s Party Korangi President Moazzam Qureshi, who are taking timely action, established a 7-member relief committee and sent the first aid supplies from the business sector.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    He said that I appreciate KATI President Salman Aslam for coming to help the flood victims and taking part in the relief activities. He said that I appeal to the business community and all citizens to actively participate in the initiative taken by KATI and donate generously to help our brothers and sisters who have been badly affected by the floods.