Latest news with #Rs165.7
Express Tribune
4 days ago
- Business
- Express Tribune
Skyrocketing prices deter cattle buyers
As the religious festival of Eidul Azha approaches fast, three major sacrificial animal markets set up in the twin cities of Rawalpindi and Islamabad have so far failed to attract potential buyers owing to skyrocketing prices. With only four days remaining until Eidul Azha, the three major livestock markets of the twin citiesBhata Ground (Cantonment), I-12, and Rawat-Kallar Syedanare brimming with animals. However, buyers are few and far between. Sky-high prices of goats, sheep, cows, bulls, and camels have left most people unable to afford an animal of their choice. If this trend continues, traders may once again be forced to take unsold livestock back home, as happened last Eid. Many citizens unable to afford individual animals have already started reaching out to organisations arranging collective (joint) sacrifices. Contracts for the three main livestock markets were auctioned at high rates with Bhata Ground market at Rs165.7 million, I-12 market Rs55m, and Rawat-Kallar Syedan market at over Rs30m. Following these auctions, livestock was transported in trucks from Punjab and other provinces. Arrangements including tents, lighting, drinking water, animal feed, security, vehicle parking, and livestock health inspections by veterinarians were made in those markets. Despite these facilities, sales have been dismal. A 20-kg goat is priced as high as Rs100,000 or more, depending on weight and appearance. Bulls weighing around five maunds (approximately 200 kg) are priced between Rs300,000 to Rs400,000. For collective sacrifices, a single share in a large animal now costs Rs70,000 to Rs80,000, making even joint purchasing unaffordable for many. Shocked by the high prices, most buyers inquire about prices, pose for photos with the animals, and then walk away. In all three markets, buyers are seen visiting in the evening, but purchases remain low. Discussions and arguments between traders and buyers under the tents have become a common scene. Buyers turn to collective sacrifices As livestock prices remain out of reach, many residents of the twin cities of Rawalpindi and Islamabad are turning toward collective sacrifice options, where one share can be reserved for as low as Rs35,000. Many are now compelled to opt for this alternative to fulfil the religious obligation of Sunnat-e-Ibrahimi.
Express Tribune
20-05-2025
- Business
- Express Tribune
Eid cattle market opens in Rawalpindi
With Eidul Azha falling in the first week of June, the Rawalpindi Cantonment Board (RCB) has awarded the contract for the largest livestock market, valued at Rs165.7 million. The market for sacrificial animals set up at Bhatta Ground has started receiving sacrificial animals from across the country to facilitate the residents of the twin cities of Rawalpindi and Islamabad. However, the contractor is still liable to pay 50% of the remaining dues under the contract and is also obligated to pay Rs16.5m in income tax. In light of previous instances where contractors fled without clearing dues and taxes, the Board has taken a more vigilant approach this year. Monitoring of the cattle market has been significantly tightened. The contract to set up the livestock market at Bhatta Ground was awarded to Moin & Co for Rs165.7m. Fifty percent of the contract amount has already been received, while recovery of the remaining 50% is still pending. Sources in the RCB indicate that the final approval letter for the contract has not yet been issued. Once issued, the contractor will be required to pay the remaining dues to the board and the Rs16.5m in income tax to the government within seven days. Meanwhile, livestock from across the country has started arriving at Bhatta Ground, and the pace is expected to pick up from June 1. Traders from all over Pakistan will bring cows, bulls, calves, camels, goats, and sheep to the market. However, this year, prices of sacrificial animals are expected to be higher than last year, making it more difficult for buyers to find animals within their budget. To ensure the success of the official cattle market, the Board has imposed a ban on the sale of sacrificial animals on roads, open plots, private enclosures, and walled areas throughout the cantonment. Selling animals outside the Bhatta Ground market will not be allowed, and enforcement teams have been formed to take action against violators. On the other hand, collecting the remaining 50% of the contract dues and the Rs16.5m income tax from the contractor has become a major challenge for the RCB. According to sources, monitoring teams from the board will oversee the livestock market operations and ensure timely recovery of all outstanding payments and taxes. Meanwhile, the twin cities are abuzz with activity as vendors and buyers alike prepare for the festive occasion. The markets, set up in various locations, offer goats, cows and other livestock for sacrifice. Buyers can be seen haggling over prices, inspecting the health and quality of the animals and negotiating with vendors.
Express Tribune
28-04-2025
- Business
- Express Tribune
Bhata Ground auction breaks all records
The contract for the largest livestock market at Bhata Ground during Eidul Azha in Rawalpindi Cantonment has been auctioned for a record Rs165.7 million, marking an increase of Rs50 million compared to last year. In 2024, the contract was awarded for Rs110 million. This year, the Cantonment Board confiscated a Rs5 million advance deposit from a contractor who failed to pay the full bid amount, resulting in a total income of Rs115 million for the Cantonment Board. The Bhata Ground livestock market will host sacrificial animals from across the country. A total of 23 parties participated in the auction for the market contract. Assistant Secretary Imran Habib and Revenue Superintendent Muhammad Siddiq Khan supervised the proceedings. The highest bid of Rs165.7 million was placed by Moin & Co., which was required to deposit Rs5 million in advance and pay 50% of the total amount within one day. After final approval, the remaining 50% must be paid within seven days. The contractor is also responsible for paying the applicable income tax on the total contract amount. Moreover, Moin & Co. will have to provide facilities such as drinking water and electricity at their own expense. The entry fee at the market has been fixed at Rs3,000 for large animals (cows, buffaloes, camels) and Rs2,000 for smaller animals (goats, sheep, lambs). For fodder, large vehicles will be charged Rs1,000 and small vehicles Rs500. Vehicle entry fees have been set at Rs400 for 10-wheeler trucks, Rs200 for 6-wheelers and Mazda trucks, and Rs100 for pickups. The Livestock Department will inspect all animals entering the market, setting up camps on-site. Animals found sick, weak, or carriers of the Congo virus will be barred from entry. After receiving the full contract amount and taxes, the Cantonment Board Rawalpindi will formally hand over Bhata Ground to the contractor. It is worth mentioning here that in 2021, the livestock market contract was awarded for just Rs7 million.
