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  • Documentary on ‘Buddhist heritage of Pakistan’ launched

    Documentary on ‘Buddhist heritage of Pakistan’ launched

    ‘Gandhara’ is a documentary jointly produced by the High Commission of the Islamic Republic of Pakistan in Sri Lanka and Siddhivinayak Cine Arts (Private) Limited with the support of and in coordination with the Ministry of Buddhasasana, Religious and Cultural Affairs.

    It takes the viewers on a visual journey along the Gandhara Buddhist heritage sites of Pakistan.

    The documentary will be launched on Tuesday at Temple Trees by His Excellency, Prime Mahinda Rajapaksa, in the presence of Venerable Buddhist monks, Cabinet and State Ministers, MPs, ambassadors of Buddhist countries, as well as business, tourism and media fraternity of Sri Lanka.

    One of the Tooth Relics of the Lord Buddha, discovered from the Gandhara region is preserved at Taxila Museum in Pakistan.

    It is the region where the Gandhara Buddhist civilization reached its pinnacle of glory from 1st century AD to the 7th century AD.

    The first anthropomorphic statue of Lord Buddha was created in the region now called Pakistan. Also known for one of the the world’s oldest Buddhist University, Thakshashila, Taxila in Pakistan is home to some of the most sacred Buddhist artifacts found during archeological excavations around the 12th century.

    A sapling from the sacred Bodhi Tree in Anuradhapura, gifted by the government of Sri Lanka to the government of Pakistan, also grows in the gardens of Taxila Museum.

    In order to present this heritage to the Buddhist world in general and Sri Lanka in particular, the idea of “Gandhara: The Buddhist Heritage of Pakistan” was conceived.

    Launched with the blessings of the Prime Minister and Minister of Buddha Sasana, Religious and Cultural Affairs, His Excellency, Mahinda Rajapaksa and the Prime Minister of Pakistan, His Excellency Imran Khan, this documentary will open up new avenues in religious tourism as well as strengthening cultural and people to people ties between the brotherly countries of Sri Lanka and Pakistan.

    With special permission from the Government of Pakistan, both local and foreign technicians including Director, Mateen Saherai & Production Controller Sajjad Mohommad (Gateway To Production, England) from England have contributed to this film.

    The film is based on a screenplay that explores the historical ruins and artifacts captured in a realistic way while also exploring background historical information.

    Ven. Agrahera Kassapa Thero is the Senior Adviser to the entire project. The concept and script has been prepared by the Project Consultant Director, Vidyajothi Prof. Nimal Silva. The film is co-produced by Siddhivinayak Cine Arts (Private) Limited, known for producing, marketing, distribution and exhibition of international films.

    The sound and movie editing is done by local artists. Ms. Kaushalya Wickramasinghe, the Chairperson of Siddhivinayak Cine Arts (Private) Limited mentioned that the film is expected to be screened in local cinemas as well as on local TV channels and abroad in collaboration with international organizations.

    Acting High Commissioner of Pakistan, Tanvir Ahmed said that “Gandhara” was conceptualized with the aim of bringing the peoples of Sri Lanka and Pakistan together through their shared history and heritage.

    Venerable Dr Kirindey Assaji Thero, Chief Incumbent of the Gangaramaya Temple while fondly recalling his visit to the Holy Buddhist Trail in Pakistan organized by the High Commission of Pakistan, gave his blessings for the success of the documentary and closer relations between the two countries.

    ‘Gandhara’ is a documentary jointly produced by the High Commission of the Islamic Republic of Pakistan in Sri Lanka and Siddhivinayak Cine Arts (Private) Limited with the support of and in coordination with the Ministry of Buddhasasana, Religious and Cultural Affairs.

    It takes the viewers on a visual journey along the Gandhara Buddhist heritage sites of Pakistan.

    The documentary will be launched on Tuesday at Temple Trees by His Excellency, Prime Mahinda Rajapaksa, in the presence of Venerable Buddhist monks, Cabinet and State Ministers, MPs, ambassadors of Buddhist countries, as well as business, tourism and media fraternity of Sri Lanka.

    One of the Tooth Relics of the Lord Buddha, discovered from the Gandhara region is preserved at Taxila Museum in Pakistan.

    It is the region where the Gandhara Buddhist civilization reached its pinnacle of glory from 1st century AD to the 7th century AD.

    The first anthropomorphic statue of Lord Buddha was created in the region now called Pakistan. Also known for one of the the world’s oldest Buddhist University, Thakshashila, Taxila in Pakistan is home to some of the most sacred Buddhist artifacts found during archeological excavations around the 12th century.

    A sapling from the sacred Bodhi Tree in Anuradhapura, gifted by the government of Sri Lanka to the government of Pakistan, also grows in the gardens of Taxila Museum.

    In order to present this heritage to the Buddhist world in general and Sri Lanka in particular, the idea of “Gandhara: The Buddhist Heritage of Pakistan” was conceived.

    Launched with the blessings of the Prime Minister and Minister of Buddha Sasana, Religious and Cultural Affairs, His Excellency, Mahinda Rajapaksa and the Prime Minister of Pakistan, His Excellency Imran Khan, this documentary will open up new avenues in religious tourism as well as strengthening cultural and people to people ties between the brotherly countries of Sri Lanka and Pakistan.

    With special permission from the Government of Pakistan, both local and foreign technicians including Director, Mateen Saherai & Production Controller Sajjad Mohommad (Gateway To Production, England) from England have contributed to this film.

    The film is based on a screenplay that explores the historical ruins and artifacts captured in a realistic way while also exploring background historical information.

    Ven. Agrahera Kassapa Thero is the Senior Adviser to the entire project. The concept and script has been prepared by the Project Consultant Director, Vidyajothi Prof. Nimal Silva. The film is co-produced by Siddhivinayak Cine Arts (Private) Limited, known for producing, marketing, distribution and exhibition of international films.

    The sound and movie editing is done by local artists. Ms. Kaushalya Wickramasinghe, the Chairperson of Siddhivinayak Cine Arts (Private) Limited mentioned that the film is expected to be screened in local cinemas as well as on local TV channels and abroad in collaboration with international organizations.

    Acting High Commissioner of Pakistan, Tanvir Ahmed said that “Gandhara” was conceptualized with the aim of bringing the peoples of Sri Lanka and Pakistan together through their shared history and heritage.

    Venerable Dr Kirindey Assaji Thero, Chief Incumbent of the Gangaramaya Temple while fondly recalling his visit to the Holy Buddhist Trail in Pakistan organized by the High Commission of Pakistan, gave his blessings for the success of the documentary and closer relations between the two countries.

  • Petroleum prices kept unchanged for next fortnight

    Petroleum prices kept unchanged for next fortnight

    ISLAMABAD: The government on Monday decided to keep prices of petroleum products unchanged at the level of November 05, 2021, for the next fortnight.

    The prices will remain unchanged from November 16, 2021, till the end of the month: Petrol Rs145.82 per liter; High-Speed Diesel (HSD) Rs142.62 per liter; Kerosene Oil Rs116.53 per liter; and Light Diesel Oil Rs114.07 per liter.

    A statement issued by the Finance Division said that despite rising petroleum products prices globally, the Prime Minister of Pakistan has kindly rejected the proposal for enhancement in the prices and desired that the prices of petroleum products from November 16, 2021, shall remain the same as notified on November 04, 2021, for providing maximum relief to the general public.

    The decision has been taken in the public interest. The government will bear the burden by making adjustments in the sales tax rates, etc.

    Muzzammil Aslam, spokesman to the finance minister in a Tweet said: “History has been made today. In today’s petrol prices the Sales Tax is effective zero per cent.”

    Petrol tax rate cut by 73% to lower global oil price impact
  • Early detection only prevention for breast cancer

    Early detection only prevention for breast cancer

    KARACHI: The First Lady of Pakistan Samina Arif Alvi has stressed that early detection is the only prevention for dealing with the life-threatening disease of breast cancer as 98 percent of the women survive when they are diagnosed with breast cancer earlier but unfortunately, majority of the breast cancer patients in Pakistan are diagnosed belatedly when cancer reaches third stage, resulting in a death rate in between 40 to 45 percent.

    Speaking at a seminar organized at the Karachi Chamber of Commerce & Industry (KCCI) on Women Empowerment & Breast Cancer on Saturday, Samina Arif Alvi added that keeping in view the limited number of mammogram facilities available in the country, it was better for women to carry out self-examination for five minutes and if they feel anything unusual or any symptom or any change, they must immediately seek medical assistance.

    Chairman Businessmen Group & Former President KCCI Zubair Motiwala, Vice Chairman BMG Anjum Nisar, General Secretary BMG AQ Khalil, President KCCI Muhammad Idrees, Senior Vice President Abdul Rehman Naqi, Chairperson of KCCI’s Women Entrepreneurs Subcommittee Durre Shahwar Nisar, President Pink Ribbon Trust Dr. Zubaida Qazi, Associate Professor IBA Huma Baqai, KCCI Managing Committee Members and a large number of women entrepreneurs attended the seminar.

    First Lady Samina Alvi, while appreciating KCCI’s efforts to raise awareness about breast cancer, stated that it was very important that the business community of Chamber of Commerce, which plays the role of a backbone in the economy, comes forward to raise awareness about this disease being suffered by many women. “We need to sensitize our brothers, husbands and sons about this serious disease so that women should feel strong and boldly come forward for checkups. We have to ensure that women are empowered and encouraged to come out in every field as women are no less than anyone and they are capable of carrying out all types of tasks if they are strong and healthier.”

    She also stressed the need for collective efforts by all segments of society, particularly the business community and media which can play an instrumental role in raising awareness about breast cancer and women empowerment. The awareness campaigns should not remain confined to the month of October only but it should be an ongoing exercise and the media must televise awareness program at least once a month, she added.

    Chairman BMG Zubair Motiwala, in his remarks, said, “Today is an important day which would open a new chapter in the history of KCCI as for the very first time, KCCI has staged a seminar on breast cancer which was not given importance in the past.”

    Referring to Dr. Zubaida Qazi’s remarks, he said that it was really alarming to see that breast cancer cases have gone up to 23.8 percent which were likely to rise further to 60 percent in few years if not promptly addressed. The government must prioritize this serious issue and an effective strategy has to be devised so that the breast cancer cases could be controlled and gradually brought down instead of upsurging.

    He was of the view that the government must make screening and check-ups for breast cancer mandatory for every woman who reaches the age of 40 years which would certainly result in early diagnosis of this life-threatening disease and save many precious lives. “The strategy pursued to get the population vaccinated for COVID-19 pandemic proved very fruitful. Hence, a similar strategy must also be adopted for dealing with breast cancer by taking penal actions, imposing travel restrictions and barring women to avail other essential services on their failure to get the screening done for breast cancer”, he suggested, adding that it was also the responsibility of every male individual to ensure that his wife, sister or daughter have been screened.

    While commending the efforts being made by First Lady, Zubair Motiwala extended Karachi Chamber’s full support and cooperation to all the initiatives being taken by the government for women empowerment and rights. “Empowerment comes when women get education and skills, hence it has to be ensured that women have access to education otherwise, the problems being suffered by our women would never minimize”, he added.

    Vice Chairman BMG Anjum Nisar, while underscoring the need to change perception and mentally about women, said, “Unfortunately, we live in a society where it is widely believed that women will not be able to carry out several types of jobs which is untrue as women can do wonders if they are fully supported and empowered.”

    He was of the opinion that rural women must also be given equal attention in all the awareness campaigns about breast cancer while opportunities must be provided to differently abled women in public and private sector organizations.   

    General Secretary AQ Khalil, while praising the role being played by the first lady for the betterment of women, said that as women represent more than 50 percent of the population, they must be provided equal opportunities and all their problems must also be treated equally. Moreover, the reserved seats at the National and Provincial Assemblies for women must also be raised according to their population.

    President KCCI Muhammad Idrees, while warmly welcoming the First Lady, stated that the empowerment and autonomy of women and the improvement of their political, social, economic and health status was a highly important which would help in achieving sustainable development. “Education is also one of the most important means of empowering women with the knowledge, skills and self-confidence necessary to fully participate in the development process.”

    He was of the opinion that entrepreneurship was becoming an increasingly significant source of employment for women across many countries. Nowadays women perform an important role in building the real backbone of a nation’s economy. However, the number of Women entrepreneurs was quite less and they often face gender-based barriers to starting and growing their businesses which needs to be tackled, he said.

    “As a nation, I would like everyone to spread the awareness on Breast Cancer so that we could collectively fight for this noble cause”, Muhammad Idrees added while extending full support and cooperation to the government in all its endeavors to create a better society for women.

    KCCI urges SBP to restore PKR at Rs150 to dollar
  • Pakistan sees 70% rise in diabetes cases in two years

    Pakistan sees 70% rise in diabetes cases in two years

    KARACHI: Ahead of World Diabetes Day, the International Diabetes Federation (IDF) has released new figures showing that the prevalence of diabetes in Pakistan has increased significantly as 33 million adults in Pakistan are now living with diabetes – a 70 per cent increase in past two years or since 2019.

    According to IDF, in 2021, diabetes will be responsible for 400,000 deaths in the country– the highest number in the Middle-East and North Africa Region.

    These findings from the 10th Edition of the IDF Diabetes Atlas, which will be published on December 6th, report that one in four adults (26.7 per cent) in Pakistan are living with diabetes – the highest national prevalence in the world.

    Pakistan now has the third highest number of people living with diabetes in the world, after China (141 million) and India (74 million). An additional 11 million adults in Pakistan have Impaired Glucose Tolerance (IGT), which places them at high risk of developing type 2 diabetes.

    More than quarters (26.9 per cent) of adults living with diabetes in Pakistan are undiagnosed. When diabetes is undetected or inadequately treated, people with diabetes are at risk of serious and life-threatening complications, such as heart attack, stroke, kidney failure, blindness and lower-limb amputation. These result in reduced quality of life and higher healthcare costs.

    IDF says that 537 million adults are now living with diabetes worldwide — a rise of 16 per cent (74 million) since the previous IDF estimates in 2019. “The rapidly rising level of diabetes in Pakistan presents a significant challenge to the health and wellbeing of individuals and families in the country,” says Professor Abdul Basit, Director, Baqai Institute of Diabetology and Endocrinology, Baqai Medical University.

    This year marks 100 years since the discovery of insulin. This milestone presents a unique opportunity to reflect on the impact of diabetes and highlights the urgent need to improve access to care for the millions affected. An estimated 1 in 2 people with diabetes across the world who need insulin cannot access or afford it.

    “We must do more to provide affordable and uninterrupted access to diabetes care for all in Pakistan, and around the world. Policy makers and health decision-makers must turn words into action to improve the lives of people with diabetes and prevent the condition in those at high risk of developing it,” concludes Basit.

    Globally, 90 per cent of people with diabetes have type 2 diabetes. The rise in the number of people with type 2 is driven by a complex interplay of socio-economic, demographic, environmental and genetic factors. Key contributors include urbanisation, an ageing population, decreasing levels of physical activity and increasing levels of overweight and obesity.

    Much can be done to reduce the impact of diabetes. Evidence suggests that type 2 diabetes can often be prevented, while early diagnosis and access to appropriate care for all types of diabetes can avoid or delay complications in people living with the condition.

    In Pakistan, the Diabetic Association of Pakistan has initiated the Diabetes Registry of Pakistan (DROP) and signed MOUs with a selection of provincial ministries and private organizations to ensure the accessibility, affordability and standardization of diabetes care in the country.

    Key global and regional findings from the IDF Diabetes Atlas 10th Edition include:

    One in ten (10.5 per cent) adults around the world are currently living with diabetes. The total number is predicted to rise to 643 million (11.3 per cent) by 2030 and to 783 million (12.2 per cent) by 2045.

    1 in 6 adults (73 million) are living with diabetes in the Middle-East and North Africa Region.

    An estimated 240 million people are living with undiagnosed diabetes worldwide – 27 million in the Middle-East and North Africa Region.

    Diabetes was responsible for an estimated USD 966 billion in global health expenditure in 2021. This represents a 316 per cent increase over 15 years. The Middle-East and North Africa Region accounts for 3 per cent (33 billion USD) of the global expenditure.

    Excluding the mortality risks associated with the COVID-19 pandemic, approximately 6.7 million adults are estimated to have died as a result of diabetes, or its complications, in 2021. That’s more than one in ten (12.2 per cent) of global deaths from all causes. The Middle-East and North Africa Region accounts for 12 per cent (796,000) of total diabetes-related deaths.

    Around 541 million adults, or 10.6 per cent of adults worldwide, have impaired glucose tolerance (IGT), placing them at high risk of developing type 2 diabetes. Almost one in nine (48 million) people affected by IGT live in the Middle-East and North Africa Region.

    The theme selected by IDF for World Diabetes Day – 14 November – is Access to Diabetes Care. IDF is calling on national governments to provide the best possible care for people living with diabetes and develop policies to improve diabetes screening and type 2 diabetes prevention, especially among young people.

    Saudi financial assistance to Pakistan in few days: envoy
  • President Alvi orders two banks to pay victims of fraud

    President Alvi orders two banks to pay victims of fraud

    ISLAMABAD: Pakistan President Dr. Arif Alvi has ordered two banks i.e. Al Baraka Bank Ltd (ABBL) and Habib Bank Ltd (HBL) to pay their customers in order to provide relief in fraud cases.

    President Dr Arif Alvi has upheld two different decisions of the Banking Mohtasib (BM) ordering Al Baraka Bank Ltd (ABBL) and Habib Bank Ltd (HBL) to pay Rs9.145 million to Mrs. Zahida Naseem and Rs 5 million to Mushtaq Ahmed Bajwa, respectively, who had been swindled out of their money by the management of the banks.

    The President rejected the appeals of both the banks against the decisions of the Banking Mohtasib.

    He regretted that the victims of fraud, including an Overseas Pakistani, suffered a lot at the hands of the banks’ management and no relief was provided to them.

    He urged the public to avail the services of the Banking Mohtasib to seek relief in fraud cases as well as against the maladministration of bank officials/officers.

    According to details of both the cases, Mrs Zahida Naseem (complainant) opened her PKR Account on 03-03-2017 and British Pound Sterling on 28-03-2017 with Al Baraka Bank, at DHA Branch, Lahore. She applied for Term Deposit for an amount of Rs 10.7 million for one year after signing her cheque and TDR Application Form.

    The then Branch Manager, Omer Ikram, provided her fake and fabricated Account Statement and TDR Certificates on bank’s Letter Head.

    However, in July, she came to know that the given account statement and TDR certificates were fake and fabricated.

    The Bank Manger had fraudulently used her cheque and requested for Real Time Gross Settlement instead of TDR. It was later revealed that Ikram had allegedly committed fraud of huge amount of Rs 125 million and was an expert in making and providing tampered and fake bank statements to his clients.

    This was admitted by the bank which had cancelled the policies of clients and had refunded money to respective accounts in different cases. In this case, an amount of Rs 9 million was transferred to the bank account of Mr Ikram’s personal driver.

    Mrs. Naseem requested ABBL to credit the lost funds to her account but without any result. Subsequently, she approached the Banking Mohtasib for the redressal of her grievance.

    In a similar case, Mushtaq Ahmed Bajwa (complainant), an Overseas Pakistani living in Holland, was maintaining a PLS Saving Account with Habib Bank Ltd’s branch in Faisalabad.

    He handed over cash of Rs 5 million to the then branch manager, Akhtar Hussain, on 14-04-2017.

    Hussain filled in the deposit slip, and after signing and stamping it, handed over the counterfoil to the complainant. Later on, his brother informed him in Holland that an internal fraud had been perpetrated and funds deposited by several depositors had been embezzled by the ex-Branch Manager.

    The manager had deceitfully mentioned some imaginary cheque numbers on his deposit slip instead of cash amount personally handed over to him.

    Further, the bank lodged an FIR with FIA Faisalabad against the main accused and his accomplices. The bank did not pay Bajwa his claim despite acknowledging his complaint, after which, the complainant approached the Banking Mohtasib to seek justice.

    The Banking Mohtasib investigated both the cases and, after perusal of facts, ordered that the complainants may be refunded their lost money by the respective banks.

    Wafaqi Mohtasib held that the complainants had entrusted their hard earned money to the concerned banks and it was fiduciary duty of the banks to protect their customers.

    It noted that the appointment of vigilant bank officials, honest and professional staff was the responsibility of the bank and not of the complainants.

    The Ombudsman noted that the bank officials had been duly posted by the management of the banks and they were performing the employer’s business, when the complainants had suffered financial losses due to the unethical and fraudulent activities of the authorized bank officers.

    The bank cannot escape the liability in such cases when the commission of fraud with the accountholder by its management is established and admitted, the BM held.

    The Mohtasib ordered that both the banks were responsible to make good the loss of the complainants without further delay. Subsequently, the banks filed separate appeals against the decisions of the BM.

    President Dr Arif Alvi upheld both the decisions of the Mohtasib on the grounds that banks were given ample opportunity by the Mohtasib to defend and controvert the claims of the complainants, however, banks had failed to discharge the burden and statutory liability cast upon them under the law.

    “No justification has been made to upset the order of the learned Banking Mohtasib”, the President wrote while rejecting the representations of the banks.

    President rejects Soneri Bank’s appeal in fraud case
  • Inflation of essential items rises by 17.37% YoY

    Inflation of essential items rises by 17.37% YoY

    ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) has recorded 17.37 per cent increase Year on Year (YoY) by week ended November 11, 2021, said Pakistan Bureau of Statistics (PBS) on Friday.

    The SPI is computed on weekly basis to assess the price movements of essential commodities at shorter interval of time so as to review the price situation in the country.

    SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country.

    Analysts said that the SPI inflation is 37-week high level.

    The year on year trend depicts increase of 17.37 per cent, LPG (74.70 per cent), Electricity for Q1 (75.32 per cent), LPG (74.82 per cent), Mustard Oil (54.71 per cent), Vegetable Ghee 1 Kg (53.29 per cent), Cooking Oil 5 litre (49.24 per cent), Vegetable Ghee 2.5 Kg (48.27 per cent), Petrol (41.94 per cent) and Diesel (37.78 per cent)

    The major item that witnessed decrease in prices YoY basis are included: decrease observed in the prices of Onions (40.40 per cent), Pulse Moong (30.50 per cent), Potatoes (19.64 per cent), Sugar (2.22 per cent) and Pulse Mash (1.50 per cent).

    The SPI for the current week ended on November 11, 2021 recorded an increase of 1.81 per cent over the previous week. Increase in the prices of Tomatoes (18.70 per cent), Diesel (6.04 per cent), Petrol (5.78 per cent), Cooking Oil 5 litre (4.27 per cent), Vegetable Ghee 2.5 kg (3.37 per cent), Vegetable Ghee 1kg (3.28 per cent), Banana (3.04 per cent), Bread (2.84 per cent), Electricity for Q1 (2.74 per cent), Eggs (1.82 per cent),  Potatoes (1.77 per cent), Washing Soap (1.58 per cent), Onions (1.51 per cent), Energy Saver (1.30 per cent) and Mustard Oil (1.21 per cent) was observed with joint impact of (1.61 per cent) into the overall SPI for combined group of (1.81 per cent).

    On the other hand, decrease observed in the prices of Sugar (9.35 per cent), Pulse Mash (0.45 per cent), Pulse Moong (0.42 per cent), Pulse Gram (0.29 per cent), Wheat Flour Bag (0.26 per cent) and Garlic (0.04 per cent).

    During the week, out of 51 items, prices of 30 (58.82 per cent) items increased 06 (11.76 per cent) items decreased and 15 (29.42 per cent) items remained stable.

    The analysts said that looking at the trend of SPI inflation, the headline inflation based on Consumer Price Index (CPI) likely to enter double digit in November 2021. The average inflation for the current fiscal year could be in double digit as well, they added.

    Headline inflation increases by 9.2% in October
  • Petrol tax rate cut by 73% to lower global oil price impact

    Petrol tax rate cut by 73% to lower global oil price impact

    ISLAMABAD: The federal government has announced a reduction of 73 per cent in sales tax rate on supply of petrol in order lower the impact of high global oil prices.

    In this regard the Federal Board of Revenue (FBR) issued a notification i.e. SRO 1450(I)/2021 to reduce the sales tax rate on petrol and High Speed Diesel (HSD).

    According to the notification the rate of sales tax has been reduced to 1.43 per cent from the rate of 6.84 per cent. The FBR issued previous notification SRO 1327(I)/2021 on October 7, 2021.

    The revenue body also reduced the rate of sales tax on High Speed Diesel (HSD) to 6.75 per cent from 10.32 per cent.

    However, the sales tax rates on kerosene and Light Diesel Oil (LDO) have been kept unchanged at 6.70 per cent and 0.20 per cent, respectively.

    It is worth mentioning here that the normal rate of sales tax is 17 per cent. The present government has already reduced the rate of sales tax on petroleum products to the lowest level to minimize the impact of sharp rise in global oil prices.

    The government on November 04, 2021 notified increased in petroleum prices, which are now all time high.

    The petrol was fixed at Rs145.82 per litre instead of Rs137.79, showing an increase of Rs8.03. The price has been increased from previous high of Rs137.79.

    Similarly, the price of high speed diesel has been increased by Rs8.14 to Rs142.62 from Rs134.48.

    The rate of kerosene oil has been increased by 6.27 per liter to Rs116.53 from Rs110.26. Likewise, the price of light diesel oil has been increased by Rs5.72 per liter to Rs114.07 from Rs108.35.

    A notification issued by the Finance Division stated that on November 01, 2021, the prime minister had not agreed with the proposals worked out by the Oil and Gas Regulatory Authority (OGRA) and the finance division directed to maintain the prices as notified on October 16, 2021.

    It is pertinent to mention that maintaining the October 16, 2021 petroleum prices had some underlying concerns for cash flow issues due to short recovery of the cost, according to the statement.

    It is important to note that in the previous petroleum prices, already a significant relief was provided to the consumers. The government is cognizant of its responsibility to provide maximum relief to the consumers.

    “This has dented the petroleum levy budget of Rs152.5 billion during July – September, 2021 as compared to Rs20 billion realized only,” it said.

    Foregoing in view, prices of petroleum products have been increased partially as compared to the prices being worked out by the OGRA. If the government had accepted OGRA’s recommendations, the new prices would have been much higher.

    Infact, the government has absorbed the bulk of the pressure after making adjustment after making adjustment in the sales tax and petroleum levy. The collection of petroleum levy is far short of its fixed target for the first quarter of the fiscal year 2021/2022, it added.

    Petrol price increases to new high of Rs145.82 per liter
  • Inflation is core issue in Pakistan: PM Imran

    Inflation is core issue in Pakistan: PM Imran

    ISLAMABAD: Prime Minister Imran Khan on Monday said that currently inflation is the core issue in Pakistan. The prime minister said that due to recent inflationary trend in international commodity market, inflation is the core issue in Pakistan currently.

    “We are working hard to ensure effective monitoring of prices of essential commodities through good governance and better price control mechanism.”

    Ensuring a proper control on supply chain, effective price enforcement and a strict check on hoarding are being made more effective for this purpose, he added.

    The prime minister directed the authorities concerned to take all necessary measures to provide maximum relief to common man by making the Market Committees at district and tehsil levels more effective.

    Earlier the Prime Minister was apprised that a successful pilot project was launched in Rawalpindi/Islamabad by PTIs Good Governance Team which resulted in substantial drop in prices of essential commodities by ensuring strict enforcement of Government notified rates.

    The prime minister was also informed that stay orders secured by the ineffective market committees need to be vacated at the earliest to reconstitute robust price monitoring mechanism at district and tehsil levels.

    The meeting was attended by Advisor on Finance Shaukat Fayyaz Tarin, Senator Saifullah Niazi and other officers concerned.

    Pakistan to emerge as food surplus country: PM Imran
  • USC automation to ease provision of targeted subsidy

    USC automation to ease provision of targeted subsidy

    ISLAMABAD: The automaton of Utility Stores Corporation (USC) will help the government provide targeted subsidy to beneficiaries under Ehsaas Program.

    Federal Minister for Industries and Production Makhdum Khusro Bakhtyar presided over the meeting on the progress of digitalization and automation program of Utility Store Corporation under the Digital Pakistan Initiative.

    The meeting was attended by Secretary Industries and Production, MD USC, senior officials of the Ministry and representative of PTCL & NRTC.

    MD USC briefed the Chair on digitalization program of corporation: encompassing it’s business process under ERP (enterprise resource planning); including supply chain, warehousing, financials, deployment of POS, human resources, and targeted subsidy which will be consummated by end this month.

    He also informed the Minister that USC had completed the automation of utility stores in Islamabad region, shifting 20% of total sales on automation which would be inaugurated in next week.

    While reviewing the progress of USC’s digitalization, the Minister highlighted that the government would provide targeted subsidies at the Utility Stores for the Prime Minister Ehsaas program beneficiaries by linking their Ehsaas Cards/national identity cards with the sale points while making these stores a targeted subsidy tool.

    The Minister appreciated the team of USC and remarked that this project would be the largest digitalization program of any public sector oriented company.

    He informed that upon completion, Prime Minister of Pakistan would inaugurate the automation program of USC, as Digital Pakistan’s vision has been very close to his heart.

    The Minister also lauded the ongoing cooperation of PTCL and NRTC to work hand-in-hand with USC to carry out the automation program.

    ECC approves continuation of general subsidy through Utility Stores
  • Consumer confidence declines sharply on high inflation

    Consumer confidence declines sharply on high inflation

    KARACHI: The Consumer Confidence Index (CCI) has declined sharply to 70.8 points in the third quarter of 2021, compared to 88.0 points in the second quarter of 2021, translating into 19.6 per cent decrease.

    (more…)