Latest news with #Rs145
Express Tribune
2 days ago
- Business
- Express Tribune
Sugar crisis deepens across twin cities
In the digital age, there's no excuse for opacity as a transparent digital dashboard that tracks sugar from mills to wholesalers to retailers would make it harder for hoarders and profiteers to operate undetected. Photo: file The ongoing dispute over sugar supply, wholesale pricing, and retailer profits involving sugar mills, brokers, dealers, and district administration has triggered a severe sugar crisis in Rawalpindi and Islamabad. With wholesale supply disrupted, most retailers in the district have run out of stock. Sugar is now being sold at inflated prices of up to Rs220 per kilogram. In response to heavy fines and shop closures by the district administration, many retailers have removed sugar from shelves, with some selling it secretly at higher prices only to known customers. Initial negotiations between the sugar merchant association, the cane commissioner, and FBR have shown some progress. A breakthrough is expected in an upcoming meeting chaired by the federal minister. However, the crisis remains unresolved. Association leaders Rizwan Shaukat and Saleem Pervaiz Butt claim the government set the ex-mill price at Rs165 and allowed an Rs8 profit marginpermitting retail sale at Rs173. But mills are allegedly charging Rs176 per kg, making it unviable for retailers to comply. Rawalpindi Deputy Commissioner Hasan Waqas Cheema said pricing is not a district matter and must follow federal directives. Authorities are strictly enforcing the Rs173 rate, with penalties for violations. In the last 24 hours, 127 violations were reported. Fines totaling Rs145,000 were imposed, five retailers were arrested, and nine shops sealed. District-wise breakdown includes Rawalpindi (2 violations, Rs30,000 fines), Attock (11 violations, Rs8,500), Jhelum (16 violations, Rs30,000), Chakwal (8 violations, Rs22,000), and Murree (90 violations, Rs55,000, 3 arrests). Commissioner Amir Khattak has instructed retailers to ensure sugar availability at government-set prices, display rate lists prominently, and avoid hoarding or artificial shortages.
Express Tribune
3 days ago
- Business
- Express Tribune
Consumers pay bitter price for sweetener
In the digital age, there's no excuse for opacity as a transparent digital dashboard that tracks sugar from mills to wholesalers to retailers would make it harder for hoarders and profiteers to operate undetected. Photo: file Due to a lack of government attention, sugar prices have skyrocketed across the country, with an increase of up to Rs60 per kilogram at the retail level. Experts believe that the artificial sugar shortage is a direct result of inaccurate data and flawed decisions by federal institutions concerning sugar production and consumption. In the midst of this crisis, sugar profiteers have become active once again, manipulating prices in major markets across Lahore. The government's weak control has allowed profiteers to exploit the public, which is forced to buy sugar at inflated rates. In 2024, sugar was selling at Rs140 to Rs145 per kilo, but it is now being sold for Rs190 to Rs200 per kilo. The official DC rate remains at Rs145, but no retailer is selling at this price. Retailers argue that they themselves are getting sugar at higher prices. According to Sheikh Tanveer, the price of a 100kg sugar sack was Rs12,000 last year, but due to poor planning, it has now soared to Rs18,000 at the ex-mill rate. "Retailers make little profit, while the real beneficiaries are mill owners and sugar profiteers," said Tanveer. Even though the government claims to maintain complete records of sugar production and consumption, a crisis occurs every year. Citizens claim that due to poor government policies, they are forced to spend their hard-earned money buying sugar at inflated rates. This time, the price hike is not minimal, adding up to Rs40 per kilo. One citizen demanded that the Prime Minister take notice and act against those responsible. "But nothing ever happens in this country," he added. "Inflation robs us in broad daylight. It is the government's responsibility to control prices, yet no department seems to be doing anything," lamented the local. Sources have revealed that the same profiteers, who were previously targeted by the Federal Investigation Agency (FIA) with full force, including arrests and record seizures, are once again operating in an organized manner, as they dominate future sugar pricing, especially in markets like Lahore's Akbari Mandi and Karachi's Jodia Bazaar. The FIA had previously launched a strong crackdown, but suddenly and without explanation, the operation was called off. It is unclear whether this was due to the influence of powerful profiteers or fear within the government, but sources claim officials made personal gains during the process. Till date, not a single sugar profiteer has been brought under the law. According to the Pakistan Sugar Mills Association, the country produced 6.8 million tonnes of sugar during 20242025, which was 3 per cent more than the previous year. There was already a surplus of 7 million tonnes last year, prompting the government to allow exports. Despite sufficient availability, hoarders are now creating an artificial shortage once again, pushing sugar prices up to Rs200 per kilo. Currently, Federal Board of Revenue (FBR) representatives have been deployed at sugar mills to prevent tax evasion. According to the FBR, this has improved tax recovery. Additionally, joint raids by the FBR and Intelligence Bureau are being conducted against hoarders across the country to stabilize prices. While there was no price hike during Ramadan, sugar prices have surged once again across the country. However, beyond targeting hoarders, no action has been taken against the profiteers responsible for driving up prices. Meanwhile, the Ministry of Food is preparing to spend valuable foreign exchange on sugar imports. Tendering has already begun, though the next sugarcane crushing season is scheduled to start in November. In this entire scenario, billions of rupees are being drained from the pockets of the poor, while neither the government nor the bureaucracy seems affected.
Time of India
17-06-2025
- Business
- Time of India
Economic Offences Affect Nation's Financial Health and Must Be Treated Sternly: HC
Nagpur: The Nagpur bench of Bombay high court recently refused bail to an accused in a Rs145 crore scam involving alleged financial fraud against farmers. The court observed that economic offences pose a serious threat to society and must be handled with a firm approach. Tired of too many ads? go ad free now It described such crimes as a 'class apart', citing their long-lasting damage to the country's financial health and public morality. Justice Urmila Joshi-Phalke, while quoting Supreme Court rulings, stated, "The consistent view is that socio-economic offences have deep-rooted conspiracies affecting the moral fibre of the society and causing irreparable harm which needs to be dealt with sternly." She noted that offences involving public funds cannot be treated on par with ordinary crimes due to their systemic impact. The accused, Ramanrao Bolla, approached the court for bail on the basis of his cooperation during the investigation and his clean criminal record. However, the court declined relief, stating that the magnitude of the fraud and its effect on the rural population demanded a cautious approach. Strongly opposing the bail, additional public prosecutor Neeraj Jawde contended that Bolla conspired with others to fraudulently obtain agricultural loans in the names of multiple farmers. "The petitioner is one of the conspirators and owns warehouses and hatched a conspiracy to dupe farmers, got opened their bank accounts, obtained loans, and amount of loans, which is public money, is siphoned by the applicant. Total amount siphoned by him comes to Rs145 crores. Forensic Audit Report was collected and involvement of the applicant revealed," Jawde told the court. Bolla, who has been in custody since October 28, 2023, faces charges under the Indian Penal Code, Information Technology Act, 2000, and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999. Tired of too many ads? go ad free now Justice Joshi-Phalke also highlighted the human cost of the alleged fraud. "From the evidence, it is apparent that by hatching conspiracy by the petitioner and other co-accused, poor farmers were deceived and some of them committed suicide and some of them are under mental stress," Justice Joshi-Phalke noted. The court relied on past Supreme Court precedents to underline that bail in cases of economic offences should not be granted routinely due to the gravity and far-reaching consequences of such crimes.
Express Tribune
10-04-2025
- Sport
- Express Tribune
HBL PSL X: How much money will the winning team receive?
Listen to article The Pakistan Cricket Board (PCB) has announced the prize money for the upcoming 10th edition of the HBL Pakistan Super League (PSL), with the winning team set to receive USD 500,000 (approximately Rs145 million). The runner-up will earn USD 200,000 (around Rs56 million), the PCB confirmed on Thursday. HBL PSL X kicks off on Friday with an opening ceremony at Rawalpindi Cricket Stadium, followed by the tournament opener between defending champions Islamabad United and Lahore Qalandars. The T20 tournament will run until May 18, featuring six franchises across 34 matches. Gaddafi Stadium in Lahore will host 13 games, including both eliminators and the final. Rawalpindi Cricket Stadium will stage 11 matches, including the qualifier on May 13. Karachi's National Bank Stadium and Multan Cricket Stadium will host five matches each. Three double-headers are scheduled—two on Saturdays and one on Labour Day (May 1). Team leadership remains consistent with Babar Azam captaining Peshawar Zalmi, Shadab Khan leading Islamabad United, Muhammad Rizwan heading Multan Sultans, and Shaheen Shah Afridi in charge of Lahore Qalandars. Karachi Kings and Quetta Gladiators will play under new leadership this season, with David Warner and Saud Shakeel stepping in as captains, respectively. Last season, Islamabad United claimed their third PSL title, while Multan Sultans ended as runners-up for a third consecutive year.
Express Tribune
07-02-2025
- Business
- Express Tribune
Proposal to set up transport division abandoned
Listen to article ISLAMABAD: The government has dropped the idea of setting up a transport division by merging different entities under its rightsizing programme. According to sources, the proposal was discussed in a recent high-level meeting, chaired by Prime Minister Shehbaz Sharif. The meeting was informed that the committee on rightsizing had discussed in detail the idea of creating a transport division by merging the Aviation, Railways and Communications Divisions. However, it was felt that such an arrangement could create complexity and disperse focus. It was also observed that the merger of the Aviation Division with the Defence Division offered a neater and more strategically synergistic option, especially since aviation was a subject of the Defence Division until 2013. Institutional arrangements evolve with the emerging requirements and any future institutional configuration will be shaped by the imperatives of the time. Accordingly, the committee on rightsizing agreed with the proposal of merging the Aviation Division with the Defence Division. The committee had received a reference on January 10, 2025, which proposed the merger of Aviation and Defence Divisions. With emphasis that it was a strategic initiative aimed at reducing the financial burden and enhancing the efficiency of the federal government, it was argued that the proposed merger would eliminate redundancies in administrative costs such as salaries, office maintenance and operational expenses. It will integrate aviation-related budgets into a broader framework, avoiding duplication of resources while promoting efficient financial management. The merger will remove the overlapping functions in policy formulation and regulatory oversight, yielding significant cost savings aligned with the federal government's goal of fiscal prudence. Additionally, the merger will bridge the gap between civil and military aviation and enhance synergy in airspace management and operational coordination. It will also enhance civil-military cooperation in overseeing functions like air traffic control, airport security and aviation safety. The restructuring of the aviation wing will focus on catering to the needs arising after the creation of Pakistan Civil Aviation Authority and Pakistan Airports Authority. The meeting was further informed that bureaucratic delays would be reduced to enable faster implementation of the aviation policy and directives, and greater compliance with the international standards set by the International Civil Aviation Organisation (ICAO) would be achieved to strengthen Pakistan's global standing in the aviation sector. It was highlighted that the merger was in line with the national security objectives and supporting disaster response, international negotiations and the development of comprehensive policy frameworks. A rationalised organogram was included with the reference along with details of expected savings of up to Rs145 million per annum as a result of the merger. It was proposed that the administrative, human resources and financial rearrangements entailed by the merger may be worked out by the Defence Division in consultation with the Establishment and Finance Divisions. Following approval of the proposal, the cabinet may also approve the issuance of a Statutory Regulatory Order (SRO), subject to vetting by the Law and Justice Division. Accordingly, the approval of the cabinet was solicited for the proposals. During discussion, the cabinet observed that pursuant to the proposed merger, the Defence Division may be renamed appropriately. The cabinet considered the summary titled "Recommendations of the Committee on Rightsizing of the Federal Government – Merger of Aviation Division with Defence Division," submitted by the Cabinet Division, and approved the proposal with the observation that the Defence Division may be renamed appropriately.
