Tag: Rs

ISLAMABAD - Railways Minister Ghulam Ahmad Bilour Wednesday asked the federal government to release the approved Rs 11.5 billion to Pakistan Railways (PR) as a bailout package.
Responding to a calling attention notice during the National Assembly session, the minister admitted that the PR was losing business because it was running only four freight trains daily. The minister dodged many questions regarding clean and safe environment to passengers in trains while the PR had 40,000

ISLAMABAD - Oil and Gas Regulatory Authority (OGRA) has imposed fine Rs 8.05 million to various oil marketing companies (OMCs) for irregularities, including non-availability or hoarding of petroleum products and overcharging during inspection in year 2010.
According to the OGRA, in such circumstances dealers do hoard products to gain extra profit on stocked products. Figures show that a total of Rs 8.05 million fine was imposed on different companies of which Rs 1.375 million was

GUJRANWALA - Gujranwala Division Commissioner Saeed Iqbal Wahla has announced the implementation of district and city special package from March 15 in the division which will cost Rs 2.36 billion. He made this announcement while presiding over a review meeting attended by the district coordination officers and other officers concerned of all the six districts.
He told the participants of the meeting that the Punjab chief minister had been monitoring the schemes of this package

LAHORE - MCB Bank has declared a final cash dividend of Rs 3.0 per share, in addition to 10 percent bonus shares for the year ended December 31, 2010, while the bank earned a profit after tax of Rs 17 billion in the year.
This was disclosed during a meeting, chaired by Mian Mansha, of the bank's Board of Directors. The meeting reviewed and approved financial results for the year ended December 31, 2010. The bank's profits after tax augmented by at least nine percent compared to

ISLAMABAD - The circular debt in net term has reached the mark of Rs 230 billion, with the major contributors being inefficient power distribution companies (DISCOs) that have failed to control massive line losses and theft to the tune of Rs 125 billion per annum.
An official source said the government had decided not to increase power tariff during the current fiscal year and would attempt to bridge the remaining difference through better management and efficiency of DISCOs. The

LAHORE - Three unidentified armed men robbed Rs 0.25 million from the Habib Bank Limited (HBL) Kot Abdullah Branch in the Mozang Police Station precincts on Monday. According to details, three men stormed into the bank at 2:15pm and took the staff and customers hostage at gunpoint and seized money placed at the payment shelf.
Security guard, Waheed Khan, 40, was standing inside the bank and put up some resistance, upon which the robbers thrashed and pistolwhipped him on his head

FAISALABAD - The city government, as a part of its plan to expand roads, has approved a landmark project to relieve the massive traffic jams at Abdullahpur Chowk and the surrounding areas. The project includes construction of three underpasses beneath Tariqa bad overhead bridge leading to Chak Jhumra Road at a cost of Rs 1.25 billion which will be completed in eight months.
The underpasses project is a part of the continued campaign by the city government under DCO Nasim Sadiq to

ISLAMABAD - The Oil and Gas Regulatory Authority (OGRA) is likely to take up the petition of Sui Northern Gas Pipelines Limited (SNGPL) to raise gas price in the first week of March. The SNGPL in its petition, while projecting a shortfall of Rs 17,029 million in the company's revenues for the current financial year, has requested for an increase of Rs 28.03 per MMBTU in the average prescribe gas price with effect from July 1, 2011.
The company filed the petition before the OGRA

KARACHI - E-banking transactions amounted to Rs 5.5 trillion during the second quarter of 2010, showing an increase of 17.47 percent. The volume and value of overall e-banking transactions in the country during the quarter under review reached 56.42 million and Rs 5.5 trillion respectively showing an increase of 7.30 percent in volume and 17.47 percent in value compared to previous quarter.
State Bank of Pakistan (SBP) has disclosed this in its second quarterly report on payments

LAHORE - FIA Additional Director General Zafar Qureshi has been served a legal notice demanding a payment of Rs 50 million as a token compensation for defaming the Pakistan Muslim League-Quaid and its leadership due to his intentional mala fide acts and misquoting the record of the court.
He was served the notice by Chaudhry Wajahat Hussain through Irfan Arif advocate. According to the legal notice, Qureshi had been warned of legal action, criminal as well as civil, if he failed

ISLAMABAD - The Supreme Court was informed on Monday that loans worth Rs 74 billion of 454,737 borrowers were written off during 2008-09. A four-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday was hearing a case pertaining to Rs 256 billion worth written-off loans.
Syed Iqbal Haider, counsel for the State Bank of Pakistan submitted a report before the court consisting of five volumes on

LAHORE - The Punjab Ministry for Minorities and Human Rights has signed an agreement with Technical Education and Vocational Training Authority (TEVTA) to impart training to youth belonging to minority communities in the province.
This was announced by Punjab Minister for Minorities and Human Rights Kamran Michael while presiding over a departmental meeting on Monday, the Minister informed that TEVTA will train and educate the students from minority communities residing in

KARACHI - The Engro Corporation Limited (ECL), one of the largest conglomerates listed at Karachi Stock Exchange, is planning to increase the company's authorised capital by Rs 1.0 billion to Rs 4.5 billion. The fertiliser and power giant had calculated its existing authorised capital at Rs 3.5 billion as of December 31, 2010.
The ECL has notified its shareholders at the country's three bourses in Karachi, Islamabad and Lahore about the company's intention to increase its

LAHORE - Federal Board of Revenue (FBR) has collected Rs 764.8 billion out of revised tax collection target of Rs 1,604 billion during the first seven-month of the current fiscal year, registers an increase of 10 percent when compared with the previous year.
This was disclosed by the FBR Member Inland Revenue Khawar Khurshed Butt, who was addressing media personnel at Regional Tax Office Lahore. He said the country was passing through a fiscal emergency and the FBR had to work on

KARACHI - After much lobbying and swaying opinions through the media, officials of the Sindh Health Department on Thursday managed to get the provincial government to extend the Hepatitis Prevention and Control Programme for another three years - a project that will cost Rs 5 billion.
The last three-year term, worth Rs.2.70 billion, was set to expire soon, and the Health Department had recently started hepatitis screening of different areas to prove the efficiency of the

ISLAMABAD - The government has sought support from parliamentary political parties for implementing its Rs 600 billion budgetary measures to bring down the budget deficit from over eight percent of the GDP to around the targeted 4.7 percent in the ongoing year.
Talks between the government and the PML-N team were not held on Thursday, as the government sought more time to finalise its recommendations. However, a source in the PML-N said the talks were deferred as two ministers

FAISALABAD - Punjab Law Minister Rana Sanaullah has revealed that Chief Minister Shahbaz Sharif has allocated Rs 14.50 billion for various health projects in the province. He was speaking at Circuit House Faisalabad after a briefing on the progress of the proposed second medical college in Faisalabad.
Punjab Medical College Principal Professor Dr Riaz Hussain Dubb briefed the audience that included Divisional Commissioner Tahir Hussain, District Coordination Officer (DCO) Nasim