Tag: Rs

LAHORE - The federal government has sanctioned Rs 120 for the Pakistan Hockey Federation and has promised to increase the amount in the next year to meet the PHF's demand of Rs 500 million. The PHF executive board in its last meeting approved a budget of Rs 500 million with a deficit of Rs 300 million.
PHF secretary Asif Bajwa had said that they will raise the deficit amount from different quarters and would ask the government to come to its support. It has been learnt that the

ISLAMABAD - Following the big reduction in Liquefied Petroleum Gas prices in international market, distribution companies announced to scale down the prices by Rs 12 per kilogram on Monday and the new prices would take effect from today.
LPG Prices were dropped by $111 or Rs 11268 per metric ton in international market, as a result the price of LPG domestic cylinder went down by Rs 133 and commercial cylinder by Rs 532. LPG Zonal Standing Committee Chairman Muhammad Irfan

FAISALABAD - A dacoit gang broke into a jewellery shop at Saturday night and took away a large quantity of gold ornaments worth Rs 16 million. Reportedly, the organised gang entered the sho of Shahzad Gold Jewellers from the roof after drilling a large hole, emptied all shelves and iron safes and took 200 tolas of gold jewellery worth Rs 16 million.
Sarafa Bazaar Chiniot is the busiest commercial centre. Surprisingly, there were no watchman or CCTV cameras in the shop for the

KARACHI - Pakistan's domestic debt hit the mark of Rs 5.50 trillion in December 2010 because of the government's borrowing policy. In September 2010, the government's domestic debt and liabilities amounted to Rs 5.191 trillion, which shot up to Rs 5.5 trillion in December 2010, showing an increase of Rs 306 billion in just three months.
On a year-on-year basis the domestic debt showed an alarming growth of Rs 1.05 trillion from December 2009 to December 2010. In December 2009,

KARACHI - The country's total foreign and domestic debt has increased to a record mark of Rs 10.745 trillion by September 2010, while the debt to GDP ratio surged to 73.3 percent, up from 63.4 percent in September 2009.
In September 2009, the country's combined debt stood at Rs 9.30 trillion, which rose to Rs 10.745 trillion due to the government's massive borrowings to meet its budgetary deficit. The combined debt grew by Rs 445 billion between September 2009 and September 2010.

GUJRANWALA - Water and Sanitation Agency (WASA) Gujranwala has become a parasite of provincial government, members of national assembly (MNAs) and members of provincial assembly (MPAs) for its survival and to pay its electricity bills and salaries of the employees.
With at least Rs four million monthly income, WASA had become a defaulter of more than Rs 50 million and it often remained under the threat of power disconnection by Gujranwala Electric Power Company while sometimes

ISLAMABAD - The National Assembly was told on Friday that the overall fiscal deficit of the country during the first half of the current fiscal year (July -December 2010) has mounted to Rs 491 billion. In a written reply, the Finance Ministry also informed the house that the government from March 2008 to December 2010 had borrowed Rs 1.1 trillion from the State Bank and other scheduled banks.
"The interest paid by government on loans (borrowing from banks) during the year 2010-11

ISLAMABAD - The Finance Ministry on Friday apprised the Senate of the fact that the officials at the State Bank of Pakistan and the Federal Board of Revenue cost Rs 24 million to the national exchequer on their visits abroad.
Ironically, these visits were meant to seek remedy against the financial crunch in which the Pakistani officials held talks with representatives of the International Monetary Fund (IMF) from October 2008 to November 2010. The Finance Ministry submitted

FAISALABAD - The police moved into action and recovered Rs 800,000 snatched from a disabled woman who was robbed while travelling in a rickshaw. According to details, Abida Parveen, a disabled old woman of Mohallah Fatehabad of Jhaal Khanuana Chowk, used to call a rickshaw driver Nazeer Ahmed whenever she needed to go out for any household chore.
On the day of the incident, she called Nazeer and told him that she wanted to take money to her brother in Kaleem Shaheeed Colony. She

KARACHI - Despite Zakat and Ushr having been devolved to the provinces under the 18th Constitutional Amendment, the federal government has refused to transfer at least Rs6.5 billion to the provinces, Pakistan Today has learnt.
Sources told Pakistan Today that the funds are currently available with the Ministry of Finance, but the federal authorities have turned down all efforts by the provinces on the pretexts of economic crisis and shortage of funds. Of the funds, Sindh stands

ISLAMABAD - In a brazen broad daylight robbery in the capital, three armed bandits on Thursday held up an accountant of a local advertising agency and fled with Rs 5.3 million. The accountant, Malik Abdul Rasheed, son of Rehmat Ali, told police that he was on his way to office after drawing cash from a bank in I-9 sector when three armed men robbed him near I-8/2 Sector.
Responding to the situation, police set up pickets near Sabzi Mandi and tried to intercept the fleeing

ISLAMABAD - The federal and provincial governments were asked by the Supreme Court on Thursday to ensure Rs7,000 per month as minimum salary in public and private sector of the country, to carry out surveys and to punish those who are reluctant to pay as much.
SC also ordered the establishing of complaint cells in every district for implementing this directive, also seeking report on the same by February 14.
A four-member bench headed by Chief Justice Iftikhar Muhammad

KARACHI - Attock Refinery has jacked up prices of lube base oil by Rs 6.50 per litre. Refineries have inflated prices of lube base oil by 15 percent in the past four months, All Pakistan Lubricants Manufacturers Association (APLMA) Chairman Mian Zahid Husain said in an issued statement.
He stressed the new increase would result in price rises in the case of all lubricants, ranging from Rs 8.0 to Rs 10 per litre. It was noted that since December, this was the third time that base

KARACHI - The government, sustaining its reliance on the banking system, raised over Rs 194.555 billion on Wednesday from the commercial banks through auction of long and short-term government securities. The State Bank of Pakistan (SBP) tendered the three, six and twelve month Government of Pakistan Market Treasury Bills (MTBs) and received bids of Rs 231.305 billion from primary dealers.
Investors, fearing uncertainties emanating from global recession, high interest rate and

KARACHI - The Pakistan State Oil (PSO) has warned the government that its Letter of Credit (LC) for oil imports would default if the government does not release Rs 40 billion immediately. The PSO management, through SOS letters, has requested the Ministry of Petroleum to immediately release Rs 40 billion for fresh import of petroleum products, as the oil marketing company has to pay at least Rs 16 billion to international suppliers.
According to sources in PSO, current

LAHORE - It is possible to save Rs 80 billion per annum in the Punjab government by curtailing expenditures and introducing revenue reforms, a proposal formulated by the PCS Officers Association read on Wednesday.
According to the formula proposed by the provincial service officers, Rs 30 billion per annum can be saved per annum by curtailing expenditures. The PCS officers put forward that a lot of money could be saved by restricting the number of vehicles for officers and

SAHIWAL - Federal Minister Mehar Ghulam Farid Kathia inaugurated a development project worth Rs 380 million in Noor Shah. Under the project, development schemes of electricity, Sui gas, drainage and roads would be completed in Harappa and Noor Shah.
Speaking on this occasion, the federal minister said it was the first and foremost duty of the federal government to provide all basic facilities to the people. He added the government would make all-out efforts to create job