Connect with us

Business

Karachiites to pay additional Rs1.52 in surcharge

Published

on

  • Federal cabinet nod is necessary to notify it.
  • It will be collected for a span of one year.
  • Federal government had requested increase.

ISLAMABAD: On the federal government’s request, the National Electric Power Regulatory Authority (Nepra) Thursday approved a hike of Rs1.52  per kWh surcharge for Karachi Electric (KE) consumers, which will translate into a whopping Rs24.50 billion burden on Karachiites.

The sole power supplier of Pakistan’s biggest city — in terms of population — will be able to collect this additional surcharge for a period of a year, from December 2023 to November 2024, according to Nepra.

Although the power regulator has approved the rise in the tariff, the federal cabinet nod is necessary to notify it. The increase will not affect the sole power provider’s lifeline customers.

“In view of the foregoing discussion, response of the MoE, and the fact that Motion has been filed under Section 3 1(8) of the NEPRA Act, which empowers the Federal Government for imposition of surcharge, and is being levied for fulfillment of the financial obligation of the Federal Government, the Authority has decided to allow the subject Motion i.e. recovery of Rs. 1.52/kWh from the consumers of K-Electric, except life line, for a period of twelve months from December 2023 to November 2024,” Nepra said.

The government has taken several measures to hike gas and power tariffs in a bid to curtail the circular debt and satisfy the International Monetary Fund (IMF) for releasing a much-needed loan under a short-term programme.

Pakistan is set to receive $700 million soon, which will boost the economically struggling nation’s foreign reserves and help it pay off debts and in terms of imports.

Expressing the commitment to further hike electricity and gas tariffs, caretaker Minister for Finance Dr Shamshad Akhtar had said that the interim government plans to increase gas prices in January next year to address the circular debt issue.

Addressing a press conference here at the Q Block last week, she said that under the IMF’s Stand-By Agreement Programme (SBA), it has been agreed to reduce costs in the energy sector and restore efficiency in the sector.

“The circular debt of the power and gas sectors has crossed 4 percent of Gross Domestic Product. Urgent action is needed to bring it down. We have started work in this regard and electricity and gas rates have been adjusted accordingly,” she added.

Business

Over 600 points are added by PSX in intraday trading.

Published

on

By

Tuesday’s lunchtime trading on the Pakistan Stock Exchange saw favorable activity.

During intraday trading, the benchmark KSE-100 Index increased by 672.08 points, or 1.11%, and was trading at 61131.82 levels.

The KSE-30 Index was trading at 20,558.31 after adding 211.46 points, or 1.04%.

The Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples’ Party (PPP) had another round of discussions for the establishment of a central government the day before the rally in the local stock exchange.

In the meanwhile, Fitch Ratings has issued a warning, stating that the likelihood of default would rise in the event of a drawn-out discussion or the inability to reach an agreement with the International Monetary Fund (IMF).

According to the State Bank of Pakistan, which reported net foreign reserves of $8 billion as of February 9, 2024, up from a low of $2.9 billion on February 3, 2023, Pakistan’s external situation has improved recently.

Continue Reading

Business

The smartphone app “Tajir Dost” to tax Pakistani businesses is anticipated to launch on February 22.

Published

on

By

The sources stated that the caretaker administration aims to include 3.5 million shops in the tax net by use of the “Tajir Dost” app.

They said that Anwaar-ul-Haq Kakar, the acting prime minister, has instructed the relevant authorities to conclude their engagement with the retailing bodies within a few days.

The introduction of the “Tajir Dost” smartphone app to impose taxes on several merchants was authorized earlier this month by the acting federal administration.

The smartphone application, created by Pakistan Revenue Authority Limited (PRAL), a division of the Federal Board of Revenue (FBR), is intended to serve as a registration tool for shops and dealers throughout the nation.

The app’s database will be updated with the traders’ information who have already registered with the FBR.

Previously, in December 2023, the Federal Board of Revenue (FBR) made history by collecting Rs1.021 trillion. After deducting refunds of Rs 38 billion that were given out that month, the FBR’s net collection increased to Rs 984 billion.

Continue Reading

Business

SBP confirms the choice to use new currency notes was not influenced by the IMF.

Published

on

By

In response to recent rumours, Saleem Ullah, the deputy governor of the State Bank of Pakistan (SBP), said on Thursday that the International Monetary Fund (IMF) had no influence over the decision to release new currency notes.

Saleem Ullah underlined in an interview that printing new notes is a regular procedure carried out every 15 to 20 years to maintain the currency’s integrity.

He stressed that, in contrast to rumours, the deficit is expected to decline in the next fiscal year, in line with the goals of the new monetary policy.

“Every 15 to 20 years, new notes are printed,” he clarified. The new currency’s goal is to keep the note’s integrity intact.”

The SBP assured the public earlier this week that the current banknote series will continue to be in circulation despite the introduction of new currency notes, which it intended to implement over the course of the next two years.

Regarding the latest series of currency notes, the deputy governor clarified that they were launched in 2005 and were in circulation for three years.

He admitted that the procedure was time-consuming and estimated that because of the careful preparation required, it would take around two years to issue the first note.

In addition, he guaranteed that the new banknotes will have improved security measures because they would be made using contemporary technology. He gave information regarding the SBP’s effort to get public feedback on the new currency notes’ design, highlighting the fact that recommendations were being actively sought from the populace.

“There are three prizes for each denomination, and there are a total of seven denominations, hence 21 prizes,” he disclosed, highlighting the process’ openness. First place is worth Rs 1 million, second place is worth Rs 500,000, and third place is worth Rs 300,000.

Continue Reading

Trending