Islamabad, Sep 22: The planning minister recently approved several significant infrastructure projects aimed at enhancing connectivity and resource management in Pakistan. One notable initiative is the “Greater Water Supply Scheme for Central Hunza from Attabad Lake (Revised),” with an estimated cost of Rs. 2,075.667 million. The Minister emphasized the need for integrating solar energy projects into this scheme to promote sustainability in the region. In the Transport & Communications sector, five key projects were discussed. The “Inter-Regional Connectivity Between Baltistan Division & Diamer Astore Division” project, which involves constructing a 105-km road from Kachura to Astore Valley, was referred to…
Author: Mawadat Fatima
Islamabad, Sep 22: The Directorate General (DG) of Immigration and Passports has announced that the backlog of passport applications in major cities like Karachi, Lahore, Islamabad, Rawalpindi, Peshawar, and Quetta has been successfully cleared. Previously, many citizens had expressed frustration over delays, with the passport-issuing process taking months instead of the usual three weeks. In 2024, regular fee passports faced significant delays, while urgent fee green books took up to two months to issue. The Passport and Immigration Department had encountered issues such as ink shortages and a lack of lamination paper, which have now been resolved. However, limited printing…
Islamabad, Sep 22: The Power Division of Pakistan has successfully recovered over Rs114 billion in a nationwide crackdown on power theft. This initiative, supported by the government and military leadership, aims to bolster the country’s economy and is yielding positive results. The operation has led to the arrest of over 84,500 individuals involved in electricity theft. In September alone, institutions collected more than one billion rupees from offenders in cities like Lahore, Gujranwala, Faisalabad, Multan, and Islamabad. Initiated on September 6 of the previous year, the crackdown targets rampant electricity theft, which significantly contributes to the circular debt crisis in…
Islamabad, Sep 22: Pakistani bond yields have dropped to a 2-year low, with notable declines across various maturities. The 1-year bond is now trading at 15.21%, the 3-year bond at 12.98%, the 5-year bond at 13.17%, and the 10-year bond at 12.87%. According to a brief review by Topline Securities, bond yields have fallen by 374 to 952 basis points from their peak in September 2023. This decline is accompanied by a decrease in the 6-Month KIBOR, now standing at 16.29%, also a 2-year low. The reduction in bond yields reflects improved market conditions, driven by falling inflation and a…
Islamabad, Sep 22: Rising global prices have led to a sharp decline in Pakistan’s gold imports. According to official documents, gold imports have fallen by 41.64% annually. In August, only 22 kilograms of gold were imported, totaling an import bill of $1.742 million. This marks a significant drop from the 47 kilograms imported during the same month last year, which cost $2.985 million. In July, Pakistan imported 32 kilograms of gold with an import bill exceeding $2.196 million. The cumulative gold imports for July and August of the current fiscal year amounted to 54 kilograms, worth $3.938 million. This represents…
Islamabad, Sep 22: The Federal Board of Revenue (FBR) has issued a stern warning to taxpayers who fail to file their income tax returns by the deadline of September 30, 2024. According to FBR, consequences for non-filers include the blocking of mobile phone SIMs, cutting off electricity and gas connections, and a ban on international travel. FBR has notified non-filers via email, reminding them that under Section 114(1)(b)(vii) of the Income Tax Ordinance, 2001, individuals with taxable income must submit their tax returns for the year 2024 by the specified deadline. Failure to comply may result in significant penalties. The…
Islamabad, Sep 22: Although air pollution is often associated with urban areas, it significantly affects rural regions in Pakistan, eroding traditional ways of life. Pollution from agriculture, waste burning, and traditional cooking methods is becoming increasingly detrimental to human health and the environment. Dr. Naseer Memon, a climate expert, highlighted the consequences, including respiratory diseases, economic challenges, and threats to agriculture, which makes up nearly 40% of Pakistan’s GDP. In rural areas, pollution comes from biomass fuels like wood and crop residue used in traditional cookstoves. These fuels release fine particulate matter and toxic gases, which pose serious health risks.…
Islamabad, Sep 22: New enforcement procedures that will prevent compliant taxpayers from taking more than Rs. 30 million in cash yearly are being planned by the Federal Board of Revenue (FBR). Filers who make more than Rs. 10 million a year would only be able to buy automobiles, and before they can purchase real estate, they must provide documentation of their income source. Before purchasing a car, a parcel of land, or making investments in mutual funds and equities, anybody generating less than Rs. 10 million will have to provide documentation of their income. The unattainable tax target of Rs.…
Islamabad, Sep 22: In the first two months of the current fiscal year 2024–25, Pakistan imported mobile phones worth $143.889 million, representing a 19.82 percent decline from $179.453 million during the same period of the previous fiscal year 2023–24. Pakistan also imported mobile phones worth $1.898 billion during the fiscal year 2023–24, down from $570.071 million during the fiscal year 2022–23. In terms of rupees, the country imported mobile handsets worth Rs40.069 billion during the first two months of the current fiscal year and recorded a 22.73 percent decline from Rs51.853 billion during the same period of the previous fiscal…
Islamabad, Sep 22: The Pakistan Stock Exchange (PSX) has emerged as the world’s top-performing stock market in 2024, according to Bloomberg, driven by improved macroeconomic conditions and a surge in foreign investment. The PSX’s KSE-100 Index reached an all-time high, closing at 81,459 points, with intraday trading touching 81,865 points. This marks a 30% growth for the year, positioning PSX as the global leader in stock market performance. Foreign investors have played a key role in this achievement, purchasing $87 million worth of Pakistani shares, the highest since 2014. Enhanced economic fundamentals, including improvements in the current account balance and…
