Latest news with #Eid-ul-Adha
Business Recorder
3 days ago
- Business
- Business Recorder
Go Cashless: cattle markets settle Rs4.66bn via 64,553 online transactions on Eid-ul-Adha 2025
KARACHI: The State Bank of Pakistan (SBP) reported on Wednesday that cattle markets had made 64,553 online payments worth Rs4.656 billion to settle transactions for sacrificial animals among buyers and sellers on Eid-ul-Adha that fell in the first week of June this year. The number of transactions in terms of volume and value both spiked compared to Eid-ul-Adha 2024 when buyers and sellers made a total of 13,000 digital transactions valued at Rs560 million, a figure that the central bank gave in a statement earlier this year. SBP launches nationwide 'Go Cashless' campaign for Eid-ul-Adha According to the SBP statement on Wednesday, the rise in transactions was the result of the central bank's campaign titled 'Go Cashless' for the cattle markets in 2025. 'With the participation of 24 partner banks, the campaign was successfully implemented in 54 major cattle markets across Pakistan.' To support the Go Cashless campaign, the SBP had temporarily eliminated daily transaction limits and the per-month limit had been increased to Rs5,000,000 for Branchless Banking Level-1 Accounts, Asaan Account/Asaan Digital Account, and Merchant Accounts for the period (May 19 to June 15, 2025). Launched before Eid-ul-Adha (May 20 to June 6), the Go Cashless campaign aimed to promote Digital Financial Services (DFS) and reduce reliance on cash transactions in urban cattle markets. 'This campaign was highly appreciated by the buyers and sellers in the cattle markets, as it reduced their reliance on cash,' the central bank said. Eid-ul-Adha 2025: NBP installs ATM booth at Karachi cattle market SBP, Banking Services Corporation (SBP BSC), hosted an award ceremony on Wednesday in Karachi to honour high-performing banks for their contributions to the Go Cashless in Cattle Markets Campaign 2025. In recognition of the regional impact of campaign, SBP field offices also organised recognition ceremonies for participating banks in their respective regions. Digital payment systems play a vital role in modern economies by offering transparency, reducing fraud risks, and providing secure, convenient, and inclusive access to financial services. 'Initiatives like Go Cashless are crucial in building trust and driving the adoption of digital platforms among a wide range of users, including livestock buyers and sellers,' the central bank said.
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First Post
5 days ago
- Politics
- First Post
Mango diplomacy after Eid letter: Is Yunus seeking to reset ties with Modi?
Bangladesh's interim leader, Muhammad Yunus, has sent 1,000 kg of Haribhanga mangoes to PM Narendra Modi, days after exchanging Eid greetings through letters. Amid strained ties since Sheikh Hasina's exit, this sweet gesture follows a long tradition of mango diplomacy in Asia, signalling a possible shift in Dhaka's approach toward New Delhi read more Bangladesh's interim Chief Adviser, Professor Muhammad Yunus, has initiated what many are referring to as 'mango diplomacy' with India. According to Dhaka Tribune, a consignment of 1,000 kilogrammes of Haribhanga mangoes, a highly prized variety cultivated in northern Bangladesh, was dispatched to Indian Prime Minister Narendra Modi and key political leaders in New Delhi over the weekend. The gesture, coordinated by Bangladesh's Ministry of Foreign Affairs, is being seen as part of a broader diplomatic effort by the current caretaker administration in Dhaka to re-engage New Delhi. STORY CONTINUES BELOW THIS AD Alongside Modi, mango consignments are also being delivered to West Bengal Chief Minister Mamata Banerjee and Tripura Chief Minister Manik Saha. According to officials at the Bangladesh High Commission in India, the gifts are intended for distribution among dignitaries in the Indian Prime Minister's Office and the diplomatic corps. This consignment is part of a longstanding tradition in the subcontinent, where seasonal fruits — especially mangoes — are used as tokens of goodwill. Bangladesh, in particular, has often engaged in such symbolic exchanges with Indian states and leaders. Does Yunus want to mend ties with Modi? The mangoes followed a diplomatic exchange earlier in June when Modi sent Eid-ul-Adha greetings to the people of Bangladesh and Yunus. In a return letter dated June 6, Yunus noted PM Modi's message that 'reflects the shared values' and the connect between the two nations. He continued, 'I am confident that the spirit of mutual respect and understanding will continue to guide our nations to work together for the wellbeing of our peoples.' Describing the religious festival as 'a time of reflection, which brings communities together in the spirit of festivity, sacrifice, generosity and unity,' Yunus used the opportunity to highlight the importance of working collaboratively across borders for the broader good. In his own letter dated June 4, Modi had described Eid-ul-Adha as 'an integral part of the rich and diverse cultural heritage of India' and stated the values of 'sacrifice, compassion and brotherhood' as central to building inclusive and peaceful societies. Though diplomatic courtesies such as these are customary during religious festivals, this particular sequence signals a more deliberate attempt to re-engage at a time when formal diplomatic ties have been significantly stressed. STORY CONTINUES BELOW THIS AD Strained Bangladesh-India relations India's relationship with Bangladesh has undergone a considerable shift since the dramatic fall of Sheikh Hasina's government in August 2024, following months of youth-led protests. The unrest, marked by widespread violence and a reported death toll exceeding 1,000, culminated in Hasina's abrupt departure from Dhaka. Since August 5 last year, the former prime minister has been living in India, where she remains in self-imposed exile. India's discomfort with the new dispensation has been evident. The administration under Yunus — appointed as head of the interim government — has drawn criticism from New Delhi over a range of issues, including its perceived mishandling of communal violence targeting minorities and a noticeable diplomatic tilt towards China and Pakistan. Bangladesh, on its part, has accused India of meddling in its domestic affairs and expressed strong resentment over what it called 'unwanted Indian interference.' Meanwhile, the domestic political environment in Bangladesh remains unsettled. Several opposition parties have been pressing for early national elections and a return to full-fledged democratic rule. While Yunus has indicated that elections could be held by the end of 2025, he has publicly stated that he does not intend to contest them himself. STORY CONTINUES BELOW THIS AD The political vacuum and the broader strategic uncertainty have prompted Dhaka to recalibrate its foreign policy. In the last year, Bangladesh has notably deepened its engagement with China. With over $7 billion in investments and a debt burden exceeding $6 billion, China plays a significant role in Dhaka's economic and infrastructural development. Bangladesh is also part of the Belt and Road Initiative (BRI), Chinese President Xi Jinping's flagship transcontinental infrastructure project. Why Bangladesh still needs India Despite its outreach to Beijing, Bangladesh remains deeply interlinked with India, both geographically and economically. Nearly 94 per cent of Bangladesh's 4,367-kilometre border is shared with India, and the country's geo-position makes its economy heavily reliant on Indian access points for trade and transportation. This proximity not only creates logistical dependency but also grants Dhaka considerable leverage as a vital corridor for India's northeastern states. From food staples like rice, wheat, onions, and sugar, to raw materials such as cotton and iron, Bangladesh imports a wide range of essentials from its western neighbour. India also supplies refined petroleum, electronic equipment and construction materials vital to Bangladesh's urbanisation and industrial growth. Any prolonged downturn in relations with India would significantly impair Bangladesh's economy. A reduction in cross-border trade or delays in supply chains could lead to inflation, job losses and a drop in GDP. STORY CONTINUES BELOW THIS AD Bangladesh's ready-made garments (RMG) industry — the backbone of its export economy — depends heavily on Indian textile inputs. Disruptions to this supply would directly affect foreign revenue and employment in the sector. These realities make it evident that Dhaka cannot afford to alienate New Delhi entirely, even as it cultivates strategic ties with other powers. India, for its part, sees Bangladesh as a crucial partner in regional connectivity, security cooperation and counterterrorism efforts. What is mango diplomacy? Using mangoes as a soft diplomatic tool is not new in South Asian politics. The gifting of mangoes, particularly high-quality regional varieties, has long been a symbol of hospitality and friendship in the region. In 2023, then-Bangladesh Prime Minister Sheikh Hasina sent mangoes to President Ram Nath Kovind and Prime Minister Narendra Modi as a friendly gesture during stalled negotiations over the Teesta water-sharing agreement. The practice has also been observed in other regional contexts. In 2008, Pakistani President Asif Ali Zardari gifted mangoes to then-Indian Prime Minister Manmohan Singh, seeking to open the door for bilateral dialogue. Going further back, Indian Prime Minister Rajiv Gandhi presented mangoes to Philippine President Corazon Aquino during a state visit in 1986. STORY CONTINUES BELOW THIS AD West Bengal and Tripura have often received seasonal mango gifts from Dhaka, reciprocated in kind by the Indian states. This year, Tripura received 300 kilogrammes of Haribhanga mangoes, packed in 60 cartons and delivered through the Akhaura land port. Tripura's signature offering in return has traditionally been the Queen variety of pineapples, renowned for their flavour. While these fruit exchanges are largely symbolic, they serve a purpose in maintaining a working relationship even during periods of political discord. Also Watch: With inputs from agencies
Time of India
21-06-2025
- Health
- Time of India
Saiyed family buried together on 9th day of tragedy
Ahmedabad: Hundreds from the Khanpur neighbourhood in the walled city joined the Saiyed family on Saturday afternoon to bid a final farewell to four of its members. They parted with the family on June 12 on their journey to England, promising to meet again for another festival celebration. The Saiyed family came to India from England and was returning with their daughter after celebrating the festival of Eid-ul-Adha with family members. All four — Inayat Ali Saiyed, his wife Nafeesabanu, daughter Taskin, and son Vaqi Ali — became victims of a tragic plane crash a couple of hours after family members in Ahmedabad went to the airport for a sendoff. The Saiyed family, consisting of six brothers who live together in one building in the Khanpur area, waited for nine days before all of them were identified after the DNA match, allowing them to bury their dear ones. Inayat's eldest brother, Badesaab Saiyed, said that three bodies were identified two days ago, but Nafeesabanu's DNA matched on Saturday. "It was a feeling of our family members that we should bury all four members together, and therefore we waited for two more days," he said after returning from the burial at the Musa Suhag graveyard. Inayat and his wife lived in Wembley for 19 years. Their son, Vaqi, shifted to England a few years ago after completing his schooling. Taskin joined her parents in the UK to begin a new chapter in her life. She completed her MBBS from the NHL Medical College in Ahmedabad. Her uncle said that she cleared the Professional and Linguistic Assessments Board (PLAB) exam conducted by the General Medical Council and became eligible to practice medicine in England. "She planned to pursue her postgraduation in the UK only. But she was supposed to join a hospital as a doctor there after 15 days. That is why she joined her parents," he said.
Business Recorder
20-06-2025
- Business
- Business Recorder
SBP injects record high Rs14.3trn in banks for seven days
The State Bank of Pakistan (SBP) has injected a record high Rs14.3 trillion in conventional commercial and Shariah-compliant banks for one week to help overcome the shortage of liquidity in the system after people withdrew significant cash during Eid-ul-Adha and external inflows delayed, it was learnt on Friday. The volume of the injection through open market operations (OMO) comes to almost 44% of the total deposits standing at Rs32.7 trillion in May 2025, according to the central bank latest data. SBP injects massive Rs11.85 trillion into banking system for up to 14 days Citing SBP Governor Jameel Ahmad from an analysts briefing held after the issuance of the latest monetary policy at the outset this week, Arif Habib Limited (AHL) and Topline Research said the OMO stock had increased mainly due to two reasons, including higher currency in circulation during Eid (temporary effect) and delays in external inflows. 'However, OMO levels are expected to decline in the coming weeks as (external) inflows materialise,' AHL reported Ahmad saying this. AHL's Sana Tawfiq and AKD Securities' Awais Ashraf said the cumulative supply of over Rs14 trillion to banks through OMO were record high injections. Elaborating SBP Governor Ahmad's reasoning for the elevated OMO stocks, Tawfiq said people withdrew huge cash from banks during Eid that reduced deposits levels and created additional demand for liquidity in the system. Besides, the reliance of the government on domestic debt has spiked after external inflows from multilateral creditors like the International Monetary Fund (IMF), World Bank, and Asian Development Bank (ADB) got delayed. She added the government reliance on domestic debt, including the one from commercial banks, had been on the rise, as the collection of revenue in taxes had remained low compared to government expenditure. The low tax collection was increasing fiscal deficit, which is being met through piling up debt. Ashraf said the external inflows had remained low for the past two to three years, shifting the government reliance solely on domestic debt to finance budget deficit. Pakistan salaried class rejects govt's claim of giving relief in income tax He said commercial bank financing and national saving schemes had remained two rich avenues available with the government to raise new debt. Out of total Rs31.8 trillion the domestic debt, the share of bank loans had stood at Rs28.1 trillion at present, he added. SBP OMO breakup The breakup of the data suggest the SBP injected Rs13.9 trillion into conventional commercial banks at the rate of return of 11.03% for a period of seven days, as it accepted all the 34 quotes received from banks for the loan. The central bank supplied another Rs375 billion to Shariah compliant banks at the rate of return of 11.11% for seven days, accepting all the three quotes received from Islamic banks.
Business Recorder
18-06-2025
- Automotive
- Business Recorder
Numbers speak: Sindh agriculturalists spend more on vehicle registration, pay less in income tax
In a revealing fiscal projection, the Sindh government has said it will collect Rs9.35 billion in motor vehicle registration fees in the outgoing fiscal year ending June 30, 2025. That is more than double the Rs4 billion to be collected from income tax on the province's vast agriculture sector, according to budget documents. The figures highlight a long-standing wealth imbalance, suggesting people who are classified in middle and upper agriculture income brackets and rural elite earn and spend significantly on their lifestyle, but their tax contributions remain surprisingly low. The situation has resulted in a climbing tax burden on tax compliant industrial and services sectors as well as individuals earning salaries from non-agriculture sectors. The provincial government is set to collect comparatively higher revenue from motor vehicle registration fees despite the fact that the tax is charged at lower rates — ranging from 1% to 5% of the value of vehicles, depending on engine size. In contrast, agriculture income is taxed at significantly higher rates, from 15% to 45%, effective January 1, 2025. Additionally, a super tax of 1% to 10% applies to high agricultural incomes, while corporate farming is taxed at rates between 20% and 29%. Agriculturists remain minimal contributors to provincial tax revenues During the first half of FY25 (July–December), the applicable agriculture income tax ranged from 5% to 15%. Yet, agriculturists continue to contribute disproportionately little to provincial tax revenues. Agriculture remains a big source of income for almost half of the total provincial population (55.7 million) living in rural areas including poor farmers, landlords and individuals as well as businesses engaged in large-scale agricultural production including livestock. Muhammad Abrar Polani, an auto analyst at Arif Habib Limited, estimated that some 40% of the total vehicles sold nationwide are purchased by the people living in rural areas across the country. People living in rural Sindh buy around 40% of the total sold in the province. Other analysts said car purchasing is at peak in rural areas at the time of harvesting winter and summer crops, as well as around Eid-ul-Adha when farmers sell livestock mainly in urban centers. Hamdan Ahmed, an auto analyst at Optimus Capital Management, said in a commentary this week that agriculture season and development (PSDP/public sector development programme) spending fueled volumes growth in sale of passenger cars, SUVs (Sports Utility Vehicles) and LCVs (Light Commercial Vehicles) in May 2025. Auto sales (excluding tractors, buses and 2/3 wheelers) improved 38% year-on-year to 15,396 units in May, 'supported by the easing of highway closures from last month's canal protests, PSDP spending in the last months of FY25, (and) 'wheat harvest' despite pre-budgetary expectations.' Numbers reveal deeper reality As cars continue to fill garages in rural Sindh while collection of revenue in income tax on agriculture remain significantly low, the province's fiscal data tells a deeper story — of wealth that's visible on roads, but not reflected in the tax rolls. Latest estimates suggest the share of agriculture in Pakistan's gross domestic product stands at around 23.54% in FY25, while its share in revenue in taxes remained around 1%. Since agriculture income tax remains a provincial subject, Federal Finance Minister Muhammad Aurangzeb said the provinces have done legislation for income tax on agriculture, expecting a significant increase in collections in the next fiscal year starting July 1, 2025. In contrast to Aurangzeb's projection, the Sindh government has targeted to collect Rs8 billion income tax on agriculture at in the next fiscal year (FY26) starting July 1, 2025. This is still low compared to the motor vehicle registration fees to be collected at Rs9.35 billion in both outgoing FY25 and upcoming FY26. All four provincial governments have legislated agriculture income tax recently in compliance with the federal government commitment with International Monetary Fund (IMF) to increase tax collection to Rs14.307 trillion (10.7% of GDP). The Sindh government, however, criticized the federal government for the commitment, saying it should have taken provinces into confidence before making such promises. The agriculture income tax is projected to make agriculture produces expensive, as people belonging to the sector may pass on the tax impact to end-consumers, it was learnt. A major portion of the motor vehicle registration fee was earned from passenger cars, SUVs and LCVs segment, according to Sindh's Excise, Taxation and Narcotics Control Department, which collects the fee in the range of 1% to 5% of the value of the vehicle. The department books small collections from the registration of tractors at Rs2,000/unit and motorcycles in range of 0.5% to 2% of the value of the two-wheelers.
