Tag: Rs

KARACHI - The circular debt of the energy sector has been hovering around Rs180 billion that has crippled the financial health of entities operating in this field.
The federal government attempted to tackle this crisis by floating the Term Finance Certificates and also formed a banking consortium, but the debt issued continued to undermine this sector that could make the companies engaged in this business unviable.
The President, Petroleum Marketing Business of Byco Kalim A

ISLAMABAD - The banks have been generous enough to write off loans worth Rs 74.384 billion during the past two years. In a written statement, Finance Minister Abdul Hafeez Sheikh informed members of the Lower House on Thursday that of these loans, 49 percent loans were written off by private sector local banks, around Rs 36.315 billion.
In contrast, foreign banks wrote off loans of Rs 29.984 billion, while public sector banks wrote off loans of Rs 8.085 billion. Of the public

KARACHI - The federal government's taxes and the commission of the oil-marketing companies cost petrol consumers about Rs 26 per liter.
The total value of the 17 percent GST (about Rs 13 per liter), Rs 10 Petroleum Development Levy (PDL) and about three percent commission of OMC jack up fuel price by Rs 25 per litre, Kalim A Siddiqui, president of the Petroleum Marketing Business of Byco Petroleum pointed out the facts in a meeting with reporters in Karachi on Thursday.
The

KARACHI: The Karachi Electric Supply Company (KESC) has paid Rs 3.0 billion out of over Rs 24 billion it owes to Sui Southern Gas Company (SSGC). The payment allows the KESC to continue receiving gas supply from the gas supplier.
SSGC had recently warned KESC that in event that the organisation failed to honour its outstanding dues immediately, its gas supply was in danger of being discontinued. The electric supply company has made the payment of dues incurred in the course of

ISLAMABAD: The Quetta Electric Supply Company (QESCO) has yet to receive Rs 28 billion from the federal and provincial government on account of power differential subsidy. The Senate Standing Committee on Water and Power met under the chairmanship of Mir Lashkari Raisani to discuss the problems faced by WAPDA for uninterrupted supply of electricity in Balochistan.
The meeting was informed that the power theft had increased in the province due to the law and order situation. The

FAISALABAD - A fire sparked by short circuit in a weaving factory destroyed the weaving material and machinery worth Rs 5 million. Reportedly, Maqsood Weaving Factory at Faizabad in Ghulam Muhammadabad area caught fire at night due to short circuit.
The fire engulfed the whole factory within no time and destroyed the weaving material and machinery worth Rs 5 million. Rescue 1122 service fire fighters took six hours to bring the fire under control.
ROBBERS INJURE SECURITY

ISLAMABAD: Interior Minister Rehman Malik told the National Assembly on Monday that there was an alleged corruption of over Rs 36 million (1.6 million riyals) in Haj arrangements this year.
He was responding to opposition's complains that the government was not apprising the House about the details of the Haj scam.
Malik told the House that on the directives of the Interior Ministry, several accused, including former Haj DG Rao Shakeel, had been arrested and investigations

KASUR - In a meeting with Member of Punjab Assembly (MPA) Naeem Safdar Ansari, Punjab Chief Minister Shahbaz Sharif has announced a grant of Rs 500 million for the construction of Rohi drain in Kasur.
Naeem told the journalists that he demanded CM release some funds for the completion of under construction projects in the city. He thanked CM for granting a huge amount for the development of Kasur.
Killers arrested: Kasur police have claimed to arrest the accused who had

ISLAMABAD: The claims of champions of good governance seldom turn out to be realistic, as is evident from the outstanding utility dues against Punjab Chief Minister Shahbaz Sharif's son, Hamza Shahbaz, who is a member of the National Assembly.
Hamza has so far not cleared utility bills amounting to Rs 452,278 of the parliamentary suite that he had been occupying until last month.
Per details, Hamza was allotted suite No C-107 in the Parliament Lodges, which was transferred

LAHORE: Lahore Development Authority (LDA) One-Window Cell has earned Rs 233 million by disposing off 10,228 out of 11,742 applications with a disposal rate of 87.11 percent during three months since its inception on September 7 this year.
Launched at a cost of Rs 25.5 million at LDA's office in Johar Town, the One-Window Cell has facilitated expeditious disposal of public matter besides eliminating involvement of irrelevant elements in the authority's affairs. Spreading over an

LAHORE: Federal Board of Revenue's (FBR) Directorate of Intelligence and Investigation, Lahore, has detected the huge General Sales Tax (GST) evasion of Rs 613 million by a group of fraudsters.
Sources revealed that Directorate of Intelligence and Investigation (DII) had registered an FIR against 32 tax evaders and apprehended the mastermind of plot, Ejaz Latif, who was implicated in illegal input tax adjustment on the basis of false sales tax invoices.
A senior FBR

KARACHI: The multibillion-dollar Pakistan Deep Water Container Port (PDWCP) project is once again mired by the scourge of decades-old "underwater obstructions", Pakistan Today has learnt. The wreckage of at least 10 ships sunk within port limits since 1972 are now hindering the Rs 19.28 billion dredging and reclamation works at the long-awaited PDWCP, valued at $1.087 billion.
To rectify the situation it is now considering awarding a variation order worth over Rs 500 million.