Latest news with #Rs156
Business Recorder
25-06-2025
- Business
- Business Recorder
FY25: Sindh PA approves Rs156bn supplementary budget
KARACHI: The Sindh Assembly on Tuesday approved a supplementary budget of over Rs156 billion for the fiscal year 2025–26, brushing aside fierce resistance of the opposition in the form of 735 cut motions, which were overwhelmingly rejected by the house. Chief Minister Syed Murad Ali Shah, who also holds the portfolio of Sindh's Finance Minister, presented 84 supplementary demands for grants, including charged expenditures for the Governor's Secretariat and the Provincial Assembly. These demands were passed by the assembly during a session chaired by Speaker Syed Awais Qadir Shah. The opposition had tabled over 735 cut motions against the supplementary grants, urging individual consideration of each. Leader of the Opposition Ali Khurshidi insisted that every motion was prepared with diligence and should be debated separately. However, the Speaker grouped the motions together and subjected them to a joint vote, in which they were rejected by a majority. Presenting the supplementary demands, Murad Ali Shah detailed the expenditure breakdown, stating that over Rs5 billion was allocated to the judiciary's charged expenditures, Rs3 billion for the Sindh Assembly, and more than Rs1 billion for the Governor House. He further explained that over Rs59 billion was earmarked for debt servicing. He clarified that expenses related to the courts are non-negotiable, but administrative departments including the Assembly could be asked to exercise restraint. Interestingly, the Chief Minister noted that while there were cut motions filed against CM Secretariat expenditures, none targeted those of the Governor or Speaker. MQM's Muhammad Mazahir Amir raised concerns over rising petroleum costs due to global tensions in the Gulf region and urged the government to curb fuel expenditures. Murad Ali Shah responded by clarifying that although fuel prices had indeed risen, consumption levels had remained unchanged, which is why related costs had gone up. In another cut motion, Muhammad Mazahir questioned an allocation for the CM House garden, to which the Chief Minister clarified that the funds were for stationery and supplies, not landscaping. Murad Ali Shah also disclosed that during the visit of the late Iranian President, who had come to the CM House, hospitality and protocol expenses had totalled Rs200 million, including traditional Sindhi gifts such as Ajraks and caps, and occasionally handcrafted items. 'These are not lavish expenses but unavoidable state protocols,' Murad Ali Shah said, while asserting that all valuable gifts he received were kept at the CM House or submitted to the Toshakhana, in accordance with national laws. In his address, the Chief Minister made it clear to the opposition: 'Forget that any of the cut motions will be passed.' He acknowledged the opposition's right to contest, adding, 'It is their democratic role to oppose, so the public can see what they are standing against.' MQM's Muhammad Rashid Khan suggested that state gifts should come from personal pockets. In response, Murad Ali Shah stated he receives many quality gifts, all of which are documented and stored appropriately. The Sindh Assembly session was adjourned to resume on Wednesday at 11 a.m., when the Finance Bill 2025 is scheduled to be tabled. Meanwhile, the opposition has also submitted over 2,000 cut motions on the upcoming fiscal year's budget, which the house will decide in the next sitting. Copyright Business Recorder, 2025
Express Tribune
24-06-2025
- Business
- Express Tribune
PA approves Rs156b supplementary budget amid uproar
The Sindh Assembly on Tuesday approved supplementary expenditures amounting to Rs156 billion for the fiscal year 2024-25, brushing aside 735 cut motions submitted by opposition lawmakers. The session, chaired by Speaker Syed Owais Qadir Shah, witnessed heated exchanges as opposition members demanded individual debate on each motion — a request ultimately denied by the chair. The supplementary budget, presented by Chief Minister Syed Murad Ali Shah, who also holds the finance portfolio, included allocations for the Governor's Secretariat, Provincial Assembly, and judicial expenses, among others. The CM tabled 84 supplementary demands for grants, which were passed by a majority vote after the opposition's motions were clubbed and rejected collectively. In his address, CM Shah detailed the breakdown of the expenditures: Rs5 billion for judicial (charged) expenses, Rs3 billion for the Sindh Assembly, over Rs1 billion for the Governor's House, and a significant Rs59 billion for debt servicing. He emphasized that judicial expenses are constitutionally protected and beyond the executive's control, while urging administrative departments to exercise fiscal restraint. Opposition Leader Ali Khursheedi criticized the consolidation of cut motions, arguing that the opposition had invested considerable effort in drafting them individually. However, the Speaker maintained procedural authority and moved forward with a collective vote.
Express Tribune
14-06-2025
- Business
- Express Tribune
A budget of contrasts
Listen to article The Sindh government's Rs3.45 trillion budget for the upcoming fiscal year sees an almost 13% increase while increasing much-needed public spending in some areas, but at the same time, leaving unanswered questions about fiscal sustainability. Sindh has outsized significance for our economy — mostly due to the country's commercial capital, Karachi — and its budget priorities can have a major influence on economic activity in other parts of the country. The large projected deficit — almost Rs38.5 billion — and heavy reliance on federal transfers may face complications due to Islamabad's own precarious finances. But at least the money is being spent on the right things. Over Rs523 billion has been earmarked for education, including Rs156 billion for primary education. Health funding rises to Rs326.5 billion, some of which will help cover the construction of a new hospital in Larkana and SIUT oncology centres across the province. Poverty alleviation measures, farm subsidies and upgrades to transportation infrastructure, including Karachi's public transport system, are among the other notable spending areas. However, some of the relief measures in the budget could prove crippling, especially the removal of several taxes and reduction in others. Federal revenues are chronically short of the target every year, leaving the province at risk of a significant shortfall. Salary and pension hikes, though necessary, also represent a large outlay. Given Sindh's high dependence on federal transfers, the federal shortfall alone could deprive the province of enough revenue to throw a spanner into the works. But if Sindh can stimulate significant improvements without republic support, it could become a national benchmark — as long as Washington, DC and other world capitals do not treat audiences too harshly. Rational decisions are rarely enough to inspire the US to take a break.
Time of India
21-05-2025
- Business
- Time of India
Fake biz cartel scam amount increases to Rs250 crore, 90 fake cos under scanner
Nagpur: The spread of the financial scam involving a business cartel generating fake banking transactions to claim tax benefits has escalated to a staggering Rs250 crore, with over 90 fake companies uncovered. The crime branch is now probing indications that a significant amount of black money was laundered through these channels. "The accused routed black money from local businesses, converted it into 'white' through fraudulent billing, and reintegrated it via hawala routes," a police official revealed. The investigation is also examining the role of several hawala operators who facilitated the transfer of illicit funds. The investigation, which initially uncovered 70 dubious entities linked to Rs156 crore in fraudulent transactions , revealed a sophisticated network of fake firms, hawala operations, and connections to international online gaming and betting activities. The probe, led by senior inspector Kamlakar Gaddime under the supervision of assistant commissioner of police (ACP) Abhijeet Patil and deputy commissioner of police (DCP) Rahul Maknikar, intensified with ongoing searches yielding critical evidence. On Wednesday, the crime branch conducted raids at four locations where records and documents of the fake business entities were stored by employees of the prime accused, Santosh alias Bunty Shahu. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Viral Video: मृत्यू कसाही येऊ शकतो! सीसीटीव्हीत कैद झाली काळीज पिळवटणारी घटना Latest News Read More Undo These searches uncovered trails of substantial funds being funnelled into international online gaming platforms through hawala channels, raising concerns about large-scale money laundering , running into thousands of crores. Five accused: Bunty Shahu (52), his brother Jayesh Shahu (36), Brijkishor Maniyar (59), Rushi Lakhani (21), and Anand Harde (33), all of Nagpur, are to appear in court on Thursday, with cops seeking custody extension. "We will argue for at least another week's custody as the probe is at a crucial stage," said DCP Maknikar. Three accused — Rajesh Shahu, Avinash Shahu, and Anshul Mishra — remain at large. The police have initiated the process to freeze 25 bank accounts linked to the transactions. A forensic audit is underway to trace the money trail and establish the scam's modus operandi, which included generating fake invoices, siphoning funds through fraudulent GST claims, and laundering money via hawala networks. Investigators have seized bank passbooks, investment documents, and papers tied to the scam, from Bunty Shahu's office at Sakshi Foods in the Small Factory Area. Shahu's team had some 15 members, including chartered accountants and commerce graduates, highlighting the sophisticated nature of the operation.
Time of India
19-05-2025
- Business
- Time of India
Nagpur police probe multi-crore scam, tax evasion involving 175 companies
Nagpur: The crime branch is conducting raids and searches at different places in Nagpur in the Rs156 crore GST scam , bringing around 175 companies under its scanner. In the last 24 hours, nine teams of crime branch conducted 11 searches. Sources said that material worth more than Rs41 lakh, which included cash exceeding Rs24 lakh, has been seized from the five persons arrested so far in the case. The five arrested, Bunty Shahu, Jayesh Shahu, Anand Harde, Rushi Lakhani, and Brijkishor Maniyar, are now being interrogated in police custody. The cops are expected to seek an extension of their custody. "We have information the racketeers formed 70 companies on the basis of fake documents . The records, documents, invoices, and online transactions of these companies need to be recovered," said DCP Rahul Maknikar, who, along with ACP Abhijit Patil, started unearthing the scam, which likely cost the state exchequer crores of rupees in the form of various tax evasions. Apart from sales tax and GST evasion, the crime branch is now engaged in unearthing hawala transactions and involvement in online gaming by the businessmen named in the scam. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Добро пожаловать в Аравию SAUDI Забронировать Undo Sources said the nine businessmen and their aides misused SIM cards issued with fake documents in various illegal activities, including online gaming. The case was registered following the complaint of one Biswajit Roy, whose Aadhaar card, PAN card, SIM cards, and other signed documents were misused to create a firm in his name, only to use it to create fake transactions to the tune of around Rs96 crore last year. The nine businessmen issued fake receipts to around 117 companies, which are now under the crime branch radar. "Whether these 117 companies exist at all is a question," said Maknikar. In a similar way, the racketeers also used documents and credentials of one Mithun Rajpande to create a fake firm and issue bogus receipts to around 57 companies whose existence is being probed. "The crime branch will probe the transportation receipts and bills of the suspected companies. We will summon the transporters to furnish their records and bills issued to the businessmen who are in police custody now. A section of transporters are under the scanner, and their involvement cannot be ruled out," said a senior official part of the probe. Sources said that police are now engaging electronic gadget experts to recover evidence from the seized laptops and pen drives. The cops feel substantial evidence of fraud is likely to be gathered from the laptops and pen drives. "During the initial probe, it came to the fore that the firms engaged school dropouts as accountants to operate the transaction books," said a senior official.
