Islamabad, Aug 31: The August revenue collection target set by the Federal Board of Revenue (FBR) was exceeded by more than Rs. 100 billion. Provisional estimates show that, as of August 2024, FBR has collected Rs. 785 billion, short of the objective of Rs. 898 billion, or Rs. 113 billion. Up till August 30, 2024, the FBR collected Rs. 340 billion in income tax, Rs. 335 billion in sales tax, Rs. 58 billion in federal excise, and Rs. 93 billion in customs duty. Even while the final bank clearance would increase FBR’s provision statistics for August by a few billion…
Author: Mawadat Fatima
Islamabad, Aug 31: The Oil and Gas Regulatory Authority (OGRA) on Friday ordered OMCs, including PSO and GO, to maintain High-Speed Diesel (HSD) stocks in accordance with established practice, taking serious note of media reports regarding a slowdown in diesel upliftment due to imports allowed to OMCs. According to a press statement, “The Oil and Gas Regulatory Authority (OGRA) has taken note of reports circulating in various newspapers regarding a slowdown in diesel upliftment due to imports allowed to Oil Marketing Companies (OMCs)”. Pakistan’s dependence on imported petroleum products necessitates careful preparation, which is often done two months in advance,…
Islamabad, Aug 31: With immediate effect, Federal Minister for Planning Ahsan Iqbal assumed the role of Deputy Chairman of the Planning Commission following Prime Minister Shehbaz Sharif’s acceptance of Mohammed Jehanzeb Khan’s resignation on Friday. The Establishment Division announced that Khan’s resignation was accepted with immediate effect and that one month’s salary will be substituted. Khan will nevertheless carry out his responsibilities as the Special Investment Facilitation Council’s Apex Committee Secretary (SIFC). Sources claim that Khan and Ahsan Iqbal, the minister of planning, disagreed on a variety of topics. Regarding the Deputy Chairman, the minister had also voiced concerns to…
Islamabad, Aug 31: Ambassador Rizwan Saeed Sheikh today received a high-level delegation headed by Honorable Justice Shahid Waheed, a senior judge of the Supreme Court of Pakistan. The delegation included Honorable Justices of the High Court of Lahore, Sindh, Peshawar and Islamabad, Judges of the District Judiciary and Additional Attorney General. Mrs. Martina Polášek, Secretary General of the International Centre for Settlement of Investment Disputes (ICSID) at the World Bank, Mr. Zamrak Khan and members of Commercial Law Development Program (CLDP) of the US Department of Commerce were accompanying the delegation. The delegation is currently visiting the United States to…
Islamabad, Aug 30: 39 Pakistani nationals had their work visas revoked by Bosnia and Herzegovina (BiH) as part of an effort to stop foreign workers from abusing their visas. The Pakistani laborers used their work visas from Bosnia and Herzegovina (BiH) to travel to Croatia and subsequently other EU nations, including the Schengen Area, according to information released by the SFA of Bosnia and Herzegovina. The authorities in Bosnia have issued a warning, stating that anyone found to be abusing their work licenses to enter other countries unlawfully will have their credentials revoked. In addition, as part of the ongoing…
ISLAMABAD, Aug 30: The Competition Commission of Pakistan (CCP) has successfully recovered a penalty of PKR 5 million from Wateen Telecom (Pvt.) Ltd. This recovery was carried out under Section 40(2)(a) of the Competition Act, 2010, which empowers the CCP to recover penalties by attaching the bank accounts of non-compliant entities. The penalty was originally imposed by the CCP following an inquiry triggered by numerous complaints from residents of the Defence Housing Authority (DHA) Lahore. The residents had voiced concerns about the lack of alternative service providers and the substandard quality of services provided by Wateen Telecom. The CCP’s investigation…
Islamabad, Aug 30: With a rise against the US dollar, the Pakistani rupee (PKR) closed the final week of August at 278 on the interbank market. It closed the green against the greenback after remaining steady all day. During today’s session, it recorded gains against the majority of the other major currencies. The interbank rate closed at 278/$, where it had spent the majority of the day. Today’s open market rates were rigidly set at the 278 level across a number of currency exchanges. The Pakistani Rupee gained 10 paisas versus the US dollar today, and it appreciated by 0.04…
Islamabad, Aug 30: In close collaboration with the Securities & Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP), the Pakistan Stock Exchange (PSX) and Central Depository Company of Pakistan Limited (CDC) aim to provide a smooth and seamless experience for investors taking part in initial public offerings. As part of the plan, 1Link has directed all of its member banks to abolish the funds transfer limitations for transactions carried out through e-IPO platforms, with the assistance of SBP. In the past, the Banks set transactional limits on these electronic payments. 1Link recently released a memo to this…
Islamabad, Aug 30: Ecommerce Gateway has presented Chairman P@SHA Muhammad Zohaib Khan with the inaugural IT Icon Award in recognition of his significant contributions to the regional business community. At the 25th ITCN Asia’s opening session, State Minister for IT and Telecommunication Shaza Fatima gave him the prize. For the previous fifteen years, Zohaib Khan has been involved with the IT association in a variety of roles, including chairman, vice chairman, and member of the central executive committee. As chairman, he oversaw the nation’s record-breaking FY24 export earnings of over $3.2 billion and the first-ever hosting of the APICTA Awards…
The Punjab Chief Minister, Maryam Nawaz Sharif, has initiated the CM Punjab Solar Panel Scheme as part of the “Chief Minister Roshan Gharana Program,” This program, which was announced on April 9, 2024, is to provide 50,000 solar panels to Punjabi homes. The CM Punjab Solar panel scheme has introduced the Solar Panel Scheme 2024, a ground-breaking initiative to support renewable energy, with the goal of making solar energy available and reasonably priced for homes throughout the state. By encouraging a greener, more sustainable future and lowering reliance on conventional electricity, this project aims to empower citizens. In order to…