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Gold price jumps Rs1,000 per tola in Pakistan

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  • Gold price settles at Rs131,600 per tola.
  • Cumulatively, gold loses Rs700 per tola during the week.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold prices in Pakistan jumped on Saturday partly due to the uptrend in commodity prices in the global market and partly due to mounting inflation.

Gold prices in the local bullion market soared by Rs1,000 per tola and Rs858 per 10 grams today to reach Rs131,600 per tola and Rs112,826 per 10 grams.

Cumulatively, the precious commodity lost Rs700 per tola during the week ended April 16.

Earlier, speaking to Geo.tv, AA Commodities Director Adnan Agar had said that the recent plunge in gold price during the week came on the back of an improvement in rupee-dollar parity.

“However, improved sentiments in the international market lent support to the uptrend,” he said, mentioning that global gold price gained because of soaring inflation in the US.

In the international market, bullion prices remained unchanged at $1,974 per ounce.

Agar had noted that the precious commodity will undergo correction after crossing the threshold of $2,000.

Gold rates in Pakistan are around Rs3,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today.

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In four months, FBR found Rs 800 billion in fraudulent tax refunds.

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Over the last four months, the Federal Board of Revenue (FBR) has discovered a Rs800 billion tax refund scam.

The Inland Revenue and Customs reforms were considered at a review meeting that Prime Minister Shehbaz Sharif convened. During this time, the board allegedly discovered the Rs800 billion tax refund fraud.

According to the conference, there are 83,579 outstanding tax cases totaling Rs3.2 trillion, of which about 63 cases, or Rs44 billion, have been settled as a consequence of various government measures.

In an effort to speed up the resolution of tax issues, the prime minister also ordered the creation of 100 tribunals.

The gathering also featured the identification of around five million new taxpayers, of whom fifteen thousand retailers have enrolled since April 1, 2024.

View more:More than 46,000 traders have signed up for the Tajir Dost Scheme: FBR.

The prime minister has instructed the tax authorities to promptly include the five billion tax evaders in the tax system and has placed a strong emphasis on working with merchants to improve system efficiency.

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PM Gives FBR Instructions To Speed Up Digitization Work: An investigation revealed a Rs. 800 billion tax refund scam.

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Noting favorable results of FBR’s digitization efforts, Prime Minister Shehbaz Sharif revealed an 800 billion rupee tax refund scam discovered in the last four months.

Shehbaz Sharif stressed improving the tax refund system further while presiding over an important meeting on FBR reforms and digitization in Islamabad.

Regretting the delays in putting various reform programs into action, he emphasized that FBR changes had the potential to increase income.

There is a total of 3.2 trillion rupees worth of ongoing tax cases in various courts and tribunals, according to the briefing given to the conference. With 63 lawsuits worth 44 billion rupees resolved in the last four months, the current government has taken action to resolve these outstanding matters.

The prime minister has directed that efforts be made to attract as many of the 4.9 million potential taxpayers who are wealthy into the tax system as possible without putting undue strain on the impoverished.

Fifty thousand merchants have enrolled so far for the mobile phone retailer registration effort, which began in April.

He also emphasized the necessity for a consolidated approach for continuing reform initiatives and the complete digitization of FBR’s fraud detection and investigation department.

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Mining in Balochistan: Mari Pvt Ltd Secures Exploration License

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Licenses for mineral prospecting in the Chagai District of Balochistan have been obtained by Mari Mining Company Private Limited.

501 square kilometers and 513 square kilometers, respectively, are covered by the licenses that the Directorate General Mines and Minerals Balochistan awarded.

Mari Petroleum Company Limited has formed Mari Mining Company as a subsidiary. Major player in Pakistan’s natural gas sector, Mari Petroleum manages the country’s largest gas deposits in Sindh’s Dakhri Gas Field.

With a success record of 70%, which is much greater than many of its peers both domestically and internationally, Mari Petroleum is a major oil and gas exploration and production business.

Because of the efforts of organizations like the International Monetary Fund, Balochistan, a region rich in minerals and natural resources, is developing quickly.

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