Islamabad, Sep 17: The Federal Government has decided to enhance the powers of the single-member Appellate Tribunal Inland Revenue (ATIR) in Pakistan. Previously empowered to decide cases up to Rs. 1 million, these tribunals will now have jurisdiction over cases up to Rs. 50 million. This decision follows a meeting between officials from the Federal Board of Revenue (FBR) and the Law and Justice Division, convened at the directive of the Prime Minister to discuss reforms related to ATIR. Key issues addressed in the meeting included: Increasing the threshold from Rs. 1 million to Rs. 50 million for cases that…
Author: Mawadat Fatima
Islamabad, Sep 17: In the week ending September 2024, Pakistan saw a significant increase in cash holdings, with currency in circulation rising by Rs. 212.7 billion to Rs. 9.09 trillion. This represents a 2.3% increase week-over-week. However, the total currency stock is down by Rs. 61.1 billion compared to Rs. 9.15 trillion at the end of June FY24. Total deposits with local banks reached Rs. 26.4 trillion, resulting in a currency-in-circulation (CiC) to bank deposit ratio of 34%. The State Bank of Pakistan (SBP) data shows that broad money (M2) decreased by Rs. 940 billion to Rs. 35.6 trillion as…
Islamabad, Sep 17: Pakistan’s food import bill has dropped by 18% in the first two months of the current financial year, as per the latest data from the Pakistan Bureau of Statistics. The Pakistan’s Food Import total bill fell to $1.06 billion, showing a reduction in the country’s dependence on imported food items. Key declines include a 23% reduction in milk imports, lowering the bill to $19 million. Tea imports also dropped from 46,451 tonnes to 38,847 tonnes, with the cost shrinking from $110 million to $97.9 million. Soybean imports saw the largest fall, down by 52% to $22.2 million,…
Islamabad, Sep 17: Pakistan secured third place and a bronze medal in the Asian Hockey Champions Trophy on Tuesday by defeating South Korea 5-2. Hannan Shahid and Sufyan Khan each scored two goals, while Roman Khan added one more during the match, held at the Moqi Hockey Training Base in Hulunbuir City, Inner Mongolia, China. Earlier, Pakistan lost to China in a tense semi-final that ended in a 1-1 draw during regular time. China’s goal came in the second quarter, while Pakistan’s Ahmed Nadeem equalized in the third quarter. The match went to a penalty shootout, where China emerged victorious,…
Islamabad, Sep 17: Mercedes-Benz is experiencing a notable increase in Indian buyers choosing electric vehicles (EVs) as their first luxury car, according to the company’s managing director, Santosh Iyer. This trend is contributing to the German automaker’s growing sales in India. Luxury car sales in India are booming, helping Mercedes achieve record figures. In the first half of 2024, Mercedes sold 9,300 cars in India, with 5% being electric models—up from 2.5% last year. Iyer noted that many young Mercedes buyers are opting for EVs for a sense of “differentiation.” This trend is particularly evident among opinion leaders such as…
Islamabad, Sep 17: The Asian Development Bank (ADB) has pledged $2 billion in annual loans to Pakistan, beginning in 2024, with half of the amount on concessional terms. Asian Development Bank (ADB) President Masatsugu Asakawa, during his visit to Islamabad, assured Pakistani officials of $8 billion in financial support over the next four years. This package will include $2 billion annually, with half of the amount, $1 billion, offered at a concessional interest rate of 2 percent. In addition to providing financial support, ADB President Masatsugu Asakawa stressed the importance of increased collaboration on public-private partnerships, energy sector reforms, and climate…
Islamabad, Sep 17: NIH Receives Technical Report on Sixth Monkeypox Case in Pakistan According to sources, the report from Border Health Services detailed that a 44-year-old man named Farooq from Gujrat, Punjab, arrived in Pakistan from Riyadh on September 14. Farooq was isolated due to suspected monkeypox symptoms identified during screening. Subsequent tests confirmed the presence of the monkeypox virus in him, and testing of his family members is currently ongoing, according to NIH sources. Pakistan has now reported a total of six monkeypox cases, including five from Khyber Pakhtunkhwa province. What is Monkeypox Virus? Mpox, previously known as monkeypox,…
Islamabad, Sep 17: The Pakistan women’s cricket team, under the leadership of Fatima Sana, is set to take on South Africa, captained by Laura Wolvaardt, in a three-match T20I series starting on Monday at the scenic Multan Cricket Stadium. This series marks the first-ever T20I matches hosted at this venue, adding a historic element to the occasion. The second and third T20Is will be held on 18 and 20 September, respectively. The first two matches are scheduled to begin at 7:00 PM PST, while the final game will start at 10:00 AM. These matches are crucial preparation for both teams…
Islamabad, Sep 17: The Airport Security Force (ASF) successfully thwarted a smuggling attempt at Karachi’s Jinnah International Airport, seizing 2.65 kg of heroin from a passenger en route to Jeddah. The drugs were hidden inside soap bars within the passenger’s luggage. The suspect, identified as Salamullah, was apprehended during a routine baggage inspection by ASF personnel. In a separate incident at Bacha Khan International Airport in Peshawar, another passenger’s belongings were searched, resulting in the discovery of more illegal substances, which were concealed in the lower section of the luggage. Both suspects, along with the confiscated drugs, were handed over…
Islamabad, Sep 17: Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar on Tuesday stressed the importance of reforming Pakistan’s education system through a comprehensive approach that emphasizes character development, technological advancement, spiritual growth, and capacity building. Speaking at the Seeratun Nabi (PBUH) Conference in connection with Eid Miladun Nabi, the deputy prime minister highlighted that education should not be solely focused on material success, but also on fostering spiritual well-being and enhancing individuals’ abilities to contribute positively to society. Organized by the Ministry of Religious Affairs and Interfaith Harmony, the conference titled “State Education System in Light of the…
