Islamabad, Jan 3: The Federal Investigation Agency (FIA) Anti-Corruption Circle in Islamabad has apprehended four individuals, including officials from the Capital Development Authority (CDA) and the Federal Government Employees Housing Foundation, on charges of corruption and fraud. The arrested suspects Fakhar Abbas, Rana Munir, Meraj Afridi, and Qaiser Abbas—were taken into custody after the cancellation of their pre-arrest bail by the Special Judge Central Islamabad. Fakhar Abbas, a CDA patwari, is accused of fabricating reports about land in Mouza Shah Allah Ditta, Sector D-13. He allegedly falsified ownership documents for four kanals of land and fraudulently registered the property using…
Author: Iqra Khan
Islamabad, Jan 3: The Pakistan Public Works Department (Pak PWD) has proposed a substantial increase in the rental ceilings for federal employees, ranging from 60% to 125%, in response to escalating market rental rates. The revised ceilings aim to ease the financial burden on federal employees by aligning their housing allowances with current rental market trends. Proposed Adjustments by Grade Grades 1-6 Employees in Grades 1-2 may see the largest adjustment, with a 125% increase. In Islamabad: Ceiling proposed to rise from Rs. 7,029 to Rs. 15,815. In Rawalpindi: Ceiling proposed to rise from Rs. 6,591 to Rs. 14,830. For…
Islamabad, Jan 3: Pakistan’s banking sector demonstrated resilience and robust growth throughout 2024 despite significant macroeconomic and political challenges. High policy rates, increased investments in government securities, and expanding operations underpinned record-breaking profits across most banks. Key Developments in 2024 Transition to Islamic Banking A landmark constitutional amendment was passed to eliminate all forms of interest (Riba) by January 1, 2028, signaling a major shift toward Islamic banking. In response, many banks have begun adopting Shariah-compliant systems. The Islamic banking sector reported significant growth, with assets nearing Rs. 10 trillion and deposits reaching Rs. 8 trillion, accompanied by an expansion…
Islamabad, Jan 3: Chief Minister Maryam Nawaz has announced the creation of exclusive “diamond lanes” for motorcyclists on major roads in Lahore. This initiative, inspired by her visit to China, aims to enhance road safety and reduce severe motorcycle accidents. During a recent cabinet meeting, the Chief Minister discussed the concept and assigned Senior Minister Maryam Aurangzeb to oversee its implementation. She highlighted her observations in cities like Nanjing and Zhanjiang, where designated bike lanes are separated from main roads, significantly improving safety for riders. Emphasizing that head injuries among motorcyclists are a leading cause of fatalities and disabilities, the…
Islamabad, Jan 3: Sindh Governor Kamran Tessori has voiced concerns regarding widespread student dissatisfaction with the Karachi Intermediate Board examination results. In response, he has directed the Chairman of the Karachi Intermediate Board to submit a detailed report addressing the issue. Governor Tessori emphasized the need for a meticulous review of the results, urging relevant authorities to promptly address student concerns. He assured the public that the grievances of Karachi’s students would not be overlooked, highlighting his commitment to ensuring transparency and fairness in the evaluation process. “The grievances of Karachi’s students will not be ignored under any circumstances,” the…
Islamabad, Jan 3: The Ministry of Religious Affairs has announced plans to accommodate 5,000 additional pilgrims under the Hajj scheme shortly. This decision was revealed during the National Assembly Standing Committee on Religious Affairs meeting, presided over by MNA Aamir Dogar. The session primarily addressed preparations for the upcoming Hajj season, emphasizing service improvements for Pakistani pilgrims. Officials assured that food quality for pilgrims would remain a top priority. Discussions also centered on the need for enhanced training programs to ensure pilgrims are adequately prepared for the rituals. Mujahid Ali, a committee member, underlined the importance of providing proper guidance…
Islamabad, Jan 1: Prime Minister Shehbaz Sharif emphasized the need for export-led growth to drive Pakistan’s economic development during a federal cabinet meeting in Islamabad on Wednesday. While highlighting the country’s achievement in reaching 97% of the December revenue collection target, the Prime Minister acknowledged the gap of Rs. 47 billion between the Rs. 1,373 billion target and the actual collection of Rs. 1,326 billion. The revenue shortfall for the first half of FY25 has reached Rs. 386 billion, signaling a need for further improvements in tax collection. Despite these challenges, the Prime Minister expressed satisfaction with the country’s macroeconomic…
Islamabad, Jan 1: The Securities and Exchange Commission of Pakistan (SECP) has announced the phased adoption of the IFRS Sustainability Disclosure Standards in the country, marking a significant step in enhancing corporate transparency and sustainability reporting. The standards, IFRS-S1 and IFRS-S2, issued by the International Sustainability Standards Board (ISSB), are aimed at promoting consistent and complete disclosures on sustainability-related financial information and climate-related risks. IFRS-S1 mandates companies to disclose information about sustainability-related risks and opportunities that could impact their cash flows, access to finance, or cost of capital. IFRS-S2 focuses on identifying, measuring, and disclosing climate-related risks and opportunities. These…
Islamabad, Jan 1: Pakistan’s trade deficit widened by 35 percent year-on-year (YoY) in December 2024, reaching $2.444 billion compared to $1.813 billion in the same month last year, according to data from the Pakistan Bureau of Statistics (PBS). Exports showed a modest increase of 1 percent, amounting to $2.841 billion in December 2024, up from $2.882 billion in December 2023. However, imports saw a more significant rise, growing by 14 percent to $5.285 billion in December 2024, up from $4.635 billion in the same month of the previous year. The import figure for December 2024 marked a 27-month high. On…
Islamabad, Jan 1: In 2024, the Federal Tax Ombudsman (FTO) received a record 13,506 complaints against the Federal Board of Revenue (FBR) and successfully disposed of 12,941 complaints, most of which were resolved in favor of taxpayers. This marks an impressive 95.6 percent resolution rate. The significant increase in complaints was attributed to a series of awareness campaigns led by the FTO and its advisors across the country. These sessions were conducted with Chambers of Commerce & Industry, Tax Bar Associations, Business Community Associations, and tax law professionals to inform the public about the role and functions of the FTO,…