Wheat farming package tops Rs110b
Punjab Chief Minister Maryam Nawaz Sharif has given a package amounting to Rs110 billion for wheat farmers for the first time in the history of the province.
According to an official statement, no significant assistance is being provided to the wheat farmers in any other province.
Presiding over a meeting, the chief minister approved a relief package worth Rs25 billion under the Wheat Farmer Support Programme.
She issued directives to grant Rs5,000 per acre to the wheat farmers, amounting to Rs25,000 for five acres of cultivated land.
The chief minister directed the authorities concerned to carry out an amendment required to make the flour mills comply with a condition to purchase at least 25 per cent wheat. She approved an electronic warehouse receipt policy and a notification has been issued in this regard.
She directed the provincial agriculture minister to monitor the wheat procurement campaign. The price control department will assist in the campaign. The chief minister directed the Bank of Punjab to establish a credit line of Rs100 billion.
She was informed in a briefing that wheat farmers had purchased agricultural inputs approximately worth Rs55 billion through the Kisan Card. The wheat farmers were given a subsidy of Rs10 billion on 9,500 tractors, of which 1,000 were given free of charge to growers at a cost of Rs2.5 billion.
The wheat farmers were given a subsidy worth Rs8 billion for tube well solarisation.
The farmers are being given a subsidy of Rs8 billion on 5,000 super seeders.
The farmer who grows maximum wheat across the province will get a 85-horsepower tractor worth Rs4.5 million free of charge. The farmer who comes second in the wheat growing competition will get a tractor worth Rs4 million and the third Rs3.5 million.
It was informed in the briefing that the farmer who grows the maximum amount of wheat in each district will get Rs1 million, the second Rs800,000 and the third Rs500,000.
On the whole, the farmers will get Rs104 million in prizes in the wheat growing campaign.
An agriculture internship programme worth Rs1.25 billion has been launched for guiding wheat farmers in the province. Under the scheme, 1,000 interns will remain in the field for facilitating and supporting wheat farmers across the province.
Farmers cultivating cotton will get Rs25,000 per block, in all worth Rs375 million.
The chief minister urged all stakeholders and citizens to take the holistic responsibility for the protection of the environment and remain an active part of campaigns for a permanent solution.
Meanwhile, the Lahore High Court is likely to hear on Tuesday a plea seeking directives to the provincial government for fixing wheat price at Rs4,000 per-40kg.
The petitioner Ghulam Abbas had cited as respondents the provincial government, food secretary and director general of the Pakistan Agricultural Storage and Services Corporation.
He submitted that the government is going to fix the price at Rs2,200 40kg of wheat, while the expenditures per acre are Rs3,600.
The petitioner contended that the government is not purchasing wheat from the farmers, adding that setting a low rate of the wheat is unethical, unlawful and tantamount to multiplying the miseries of the farmers.
He requested the court to direct the provincial government to fix the price at Rs4,000 per 40kg, announce subsidy for the farmers and formulate a policy to purchase wheat from the farmers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
Gold inches up as global market cools
Listen to article Gold price inflation in Pakistan slowed on Tuesday and recorded a marginal increase, mirroring global market trends where the precious metal retreated after reaching a near four-week high as investors turned cautious ahead of a possible phone call between US President Donald Trump and Chinese President Xi Jinping. In the domestic market, the price of gold rose by Rs1,000 per tola, settling at Rs354,100, while the 10-gram rate climbed by Rs857 to Rs303,583, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This followed a sharp increase of Rs5,900 per tola on Monday when prices had touched Rs353,100. Internationally, gold fell over 1% on Tuesday after hitting a near four-week high, pressured by a firmer dollar as investors grew cautious ahead of a potential call between US President Donald Trump and Chinese leader Xi Jinping, according to Reuters. Spot gold fell 1.1% to $3,340.79 an ounce as of 1421 GMT, after hitting its highest since May 8 earlier in the session. US gold futures eased 0.9% to $3,365.90. "We are moving into this period that is well known to be the summer doldrums, so there's an expectation that the gold market could fall into a bit of a lull or a sideways consolidation," said David Meger, director of metals trading at High Ridge Futures. Markets are on edge ahead of a likely Trump-Xi call this week, after Trump accused China of violating an agreement to roll back tariffs. The talks come as trade tensions between the world's two largest economies continue to simmer. Adnan Agar, Director at Interactive Commodities, noted that gold touched an intraday high of $3,387 and a low of $3,333 before stabilising around $3,350. "After yesterday's strong $90 move, some profit-taking emerged today. The price reversed near $3,400, failing to break that level, and fell to $3,333," Agar said. He added that if the market closes below the $3,340-$3,345 range, it could test the $3,300 level again. Conversely, a break above $3,400 could push prices toward $3,420 or even $3,440 in the near term. Meanwhile, the range-bound Pakistani rupee registered a slight decline against the US dollar in the inter-bank market on Tuesday, slipping by 0.05%. The local currency closed at 282.11, down by 14 paisas from Monday's closing rate of 281.97, according to the Exchange Companies Association of Pakistan (ECAP). Globally, the US dollar fell to a six-week low on Tuesday amid growing concerns over the US economy, as the ongoing trade war under President Donald Trump's administration continues to take a toll on economic sentiment. The dollar rose 0.5% from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers.
Express Tribune
an hour ago
- Express Tribune
IMF rejects wealth tax, chicken duty
Listen to article The International Monetary Fund (IMF) has objected to the government's contentious proposals to impose a capital value tax on moveable assets and to slap a 5% federal excise duty on one-day-old chicks — measures that underscore the business-as-usual approach of the tax machinery. While the IMF did not endorse the tax on moveable assets and one-day-old chicks, it did agree to the imposition of a tax on digital services aimed at raising Rs10 billion in revenue, according to sources in the Federal Board of Revenue (FBR). There is also a budget proposal to increase the tax on dividend income of mutual funds from 15% to 20%. The withholding tax on interest income may also go up from 15% to 20%, according to officials of the FBR. Among the proposals that may be announced on budget day is the withdrawal of income tax exemption for venture capital companies and funds, according to senior FBR officials. The income tax exemption for the cinema business may also be withdrawn. There has so far been no relief in reducing the income tax rates for the highest slab of 35%, and the 10% surcharge on monthly incomes exceeding Rs500,000 may also remain, said FBR sources. However, the IMF has agreed to reduce the income tax rates for the remaining four slabs, providing some relief on monthly incomes below Rs500,000. It has not agreed to increase the income tax exemption threshold to Rs1.2 million but has approved cutting the rate from 5% to 1%. The sources said that the government wanted to reintroduce the wealth tax in the form of a capital value tax on all moveable assets, excluding shares of listed companies. The proposal had also been presented at the level of Prime Minister Shehbaz Sharif, said FBR officials. The proposal to impose tax on moveable assets such as cash and gold was also shared with the IMF, said the officials. However, the IMF did not endorse the proposal on the grounds that the government should tax income instead of taxing wealth. The FBR wanted to target cash balances in banks to raise revenue, according to FBR officials. Through the Finance Act 2022, the government had introduced a 1% CVT on foreign assets worth over Rs100 million owned by resident Pakistanis, but it has been challenged in the courts. The finance ministry and the FBR on Tuesday gave a briefing to PM Sharif about the budget contours, including measures that the IMF has cleared so far, the sources added. Some issues were still outstanding, including the relief for the real estate sector and the capital value tax. President Asif Ali Zardari on Tuesday convened a National Assembly session for June 10, where Finance Minister Muhammad Aurangzeb will deliver his second budget speech. The Economic Survey of Pakistan is expected to be unveiled on June 9, the third day of Eid. The FBR also wanted to introduce a 5% federal excise duty on one-day-old chicks, but the IMF did not support the idea. It pointed out that, on one hand, the FBR claims there are high taxes on food in Pakistan, and on the other hand, it recommends such proposals. Proposals like the tax on one-day-old chicks and moveable assets indicate that the FBR has run out of ideas. The IMF's concern was that taxing one-day-old chicks was not aimed at broadening the tax base; rather, it targeted a specific industry, said the sources. The FBR did not conduct any study before proposing the tax on chicks, which are an essential food item. The measure was rooted in a tax case involving just one company among hundreds, revealing the shallowness of the proposal. Last month, President Zardari issued the Tax Laws Amendment Ordinance, 2025, and one of the reasons was a poultry sector company. The government inserted a new section, 175C, in the Income Tax Ordinance through ad hoc legislation. The sources said that proposals to impose a 5% federal excise duty on all processed foods — including chips and biscuits — were also considered. Effectively, the 5% FED means the sales tax rate will increase to 23%, and after adding further tax and withholding taxes, the overall cost of taxation will jump to 29%. The prime minister was not in favour of doubling the federal excise duty on fertiliser and raised the issue with the IMF at the highest level. However, during last month's talks, the IMF asked the government to fulfil its commitment to increase the tax, said the sources. The sources said there was still a likelihood that the government may double the federal excise duty on fertiliser to 10% and introduce a 5% excise duty on pesticides in the budget. The sources said the prime minister was told that the budget numbers had been locked with the IMF. The FBR's annual target is likely to be Rs14.130 trillion, and the non-tax revenue target is Rs4 trillion. This brings the total tax and non-tax revenue target to Rs17.1 trillion. The federal government has been allowed to allocate Rs1.186 trillion in budget subsidies, including Rs1.036 trillion for the power sector. For IMF programme purposes, the federal development budget may be Rs873 billion, while provincial budgets are estimated at Rs2.1 trillion — about Rs700 billion less than what the four provincial governments indicated in the Annual Plan Coordination Committee meeting. The IMF has allowed all federal and provincial governments to spend Rs22 trillion on current expenditures. The total expenditures by all five governments for IMF programme purposes are estimated at Rs25 trillion for the fiscal year 2025-26.
Express Tribune
3 hours ago
- Express Tribune
Two witnesses record testimonies in gifts case
The Toshakhana is a repository which stores precious gifts given to rulers, parliamentarians, bureaucrats and other officials by heads of other governments and foreign dignitaries. PHOTO: FILE Two more prosecution witnesses on Tuesday gave their testimonies in a case related to alleged misuse of the official gift repository rules by PTI founder Imran Khan and his spouse Bushra Bibi during the former's term as the prime minister. Special Judge Central Shahrukh Arjumand conducted the hearing of the case in a courtroom inside Rawalpindi's Central Prison popularly known as Adiala Jail. Both Imran and Bushrawho are detained in the prison facility — attended the hearing. After the testimonies, the counsel for Imran, Arshad Tabriz, cross-examined both the witnesses. Lawyer of Bushra Bibi, Qosain Faisal Mufti, will cross examine the witnesses at the next hearing. Bushra Bibi had refused to attend the last hearing of the case — also called the Toshakhana II casedespite repeated summonses by the court. The judge had later warned of cancelling her bail in the case. The court will resume hearing on June 11. According to the charge-sheet, Imran misused his position to acquire a Bulgari jewelry set that the Saudi crown prince presented as a gift during the couple's visit to Saudi Arabia between May 7 and 10, 2021. The set included a ring, bracelet, necklace, and a pair of earrings. According to the evidence gathered during the investigation, Imran and Bushra unlawfully retained the set. On May 18, 2021, the deputy military secretary informed the section officer of Toshakhana about the need to assess and declare the price of the gift, but it was not deposited. Bulgari sold the necklace for 300,000 euros and the earrings for 80,000 euros to a Saudi franchise on May 25, 2018. However, the price of the bracelet and ring could not be determined. As of May 28, 2021, the total estimated value of the Bulgari jewelry set was approximately Rs75,661,600. The necklace alone was valued at Rs56,496,000, and the earrings at Rs15,065,600.
