Business

Back to square one: NA body refers election funds issue to cabinet

Published

1 year ago

Farwa

SBP says funds allocated but don’t have authority to release.
“If NA allows funds can be released to ECP,” state minister says.
Law minister says this issue will be resolved today.

ISLAMABAD: After a heated debate over the Supreme Court’s order to the central bank directing it to release the funds directly to the Election Commission of Pakistan (ECP), the National Assembly’s Standing Committee on Finance and Revenue on Monday decided to refer the issue to the cabinet as the deadline to release Rs21 billion ends today.

The Supreme Court on April 14 directed the central bank to release funds worth Rs21 billion for elections in Punjab and send an “appropriate communication” to this effect to the finance ministry by Monday (April 17).

A special meeting of the NA panel was summoned today as the deadline given to the SBP for releasing funds to the electoral body ends today.

The bench, headed by Chief Justice of Pakistan (CJP) Umar Ata Bandial and comprising Justice Ijazul Ahsan and Justice Munib Akhtar, conducted an in-chamber hearing last week regarding the non-implementation of its April 4 order to the federal government to release the funds and directed the central bank to release funds.

The directives came after the electoral body submitted a report informing the apex court that the Ministry of Finance has failed to release funds as ordered by the three-member bench on April 4.

At the outset of the meeting today, State Bank of Pakistan (SBP) Acting Governor Sima Kamil informed the NA panel the regulator has allocated Rs21 billion for the ECP to conduct polls in Punjab on the directives of the Supreme Court, however, it does not have the authority to release funds directly.

Law Minister Senator Azam Nazeer Tarar informed the panel that the Ministry of Finance had already said that it does not have sufficient funds to hold elections in Punjab on May 14.

“Spending twice on elections is not in the country’s interest”, the law minister said, adding that the apex court had directed the central bank to arrange the funds.

He maintained that the trustees of government funds are elected representatives of the people.

It should be noted that Finance Minister Ishaq Dar was also summoned by the NA body, however, he didn’t attend the meeting today as he was in Saudi Arabia to perform Umrah, according to sources.

PML-N leader Barjees Tahir added that if the central bank releases funds directly to the electoral body it will be against the law.

“How can the Supreme Court direct the SBP to release funds?” Tahir questioned, adding that if elections are held in Punjab separately it will affect the results of the general elections of the other three provinces later.

The central bank’s acting governor, addressing the criticism it received for allocating the funds, explained to the lawmakers that by allocating the funds the amount will remain in the account.

She further added that they appeared before the Supreme Court on its directive and informed the apex court that the central bank can allocate funds; however, it cannot release the funds.

Meanwhile, State Minister for Finance and Revenue Aisha Ghaus Pasha emphasised that the SBP cannot spend money without the permission of the parliament.

“If the National Assembly allows funds can be released [to the ECP],” she said, clarifying that even the Finance Division cannot spend without seeking permission from the cabinet and the lower house.

Meanwhile, the law minister said that this issue will be resolved today as cabinet and National Assembly sessions are also scheduled.

It should be noted that the summary will also be presented in the National Assembly after the approval of the cabinet.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

15 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

15 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.