Latest news with #Rs187
Express Tribune
20-05-2025
- Business
- Express Tribune
PAC quizzes Excise over missing records
The Public Accounts Committee (PAC) of the Khyber-Pakhtunkhwa Assembly has expressed strong displeasure over the Excise and Taxation Department's failure to submit details regarding vehicles under its ownership and those seized in legal cases. The committee has ordered a formal inquiry and directed that responsibility be fixed. Additionally, it instructed the recovery of Rs187 million from a contractor under the head of tobacco cess. The PAC meeting, chaired by Idris Khattak, was held Tuesday and attended by committee members and officials from various government departments. During the session, the audit officer reported that in the fiscal year 2017-18, the Excise Department was asked to provide information on the number of vehicles in its possession, how many were auctioned, and how many were allocated to other departments. However, the department failed to submit the required records. Secretary Excise Khalid Ilyas stated that under the law, seized vehicles are considered case property and not public assets. At the time, there was ambiguity regarding the status of these vehicles. He added that records were eventually shared in July 2021, based on advice from the Finance Department. Chairman Idris Khattak questioned the legality of providing the records four years later and only after consulting the Finance Department. The law officer commented that once the audit demanded the records, the department was obligated to comply and should have at least presented the matter before the Departmental Accounts Committee (DAC). MPA Mushtaq Ghani suggested that the delay indicated potential issues with the records. In response, the Secretary Excise explained that part of the problem was the lack of clear tracking for seized vehiclessome are reclaimed by courts, while cases for others are closed.
Express Tribune
12-04-2025
- Business
- Express Tribune
SBP pumps Rs12.84tr into market
Listen to article The State Bank of Pakistan (SBP) has injected a massive Rs12.84 trillion into the money market through a mix of Shariah-compliant and conventional Open Market Operations (OMOs). The central bank deployed two distinct instruments - a Shariah-compliant Mudarabah-based OMO injecting Rs550.2 billion (comprising Rs363.2 billion for 7 days at 12.09% and Rs187 billion for 14 days at 12.10%) and a much larger conventional reverse repo operation adding Rs12.29 trillion to the system (including Rs673.55 billion for 7 days at 12.09% and a staggering Rs11.62 trillion for 14 days at 12.08%). Conventional instruments accounted for 95.7% of the total injection, while Islamic finance tools represented just 4.3% of the liquidity provision. Meanwhile, gold prices continued their upward momentum on Friday, reaching an all-time high in Pakistan amid a global rally driven by economic uncertainty and safe-haven demand. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local market surged by a record Rs178,000 in two days, bringing the per tola rate to Rs338,800. On the international front, gold prices also broke new ground. The global rate soared to $3,218 per ounce, reflecting a $100 jump in a single day. Global market analysts attribute the spike to a weakening US dollar and rising recession fears, fuelled by escalating trade tensions between the US and China. As a result, investors are turning to gold as a traditional safe-haven asset. Abdullah Abdul Razzaq, a representative of APGJSA, described the recent gains as historic. "Such a large jump per tola has never occurred before, making it a new milestone for both local and international markets." Adnan Agar, Director at Interactive Commodities, also commented on the trend, noting that gold continues to show strength. "Today's low was $3,188, while the high touched $3,245, currently hovering around $3,230. Market sentiment suggests a further climb toward $3,270 or even $3,280. However, any breakthrough in US-China trade negotiations could trigger a reversal." He added, "Gold has surged nearly $300 in the last three days. If a trade deal materialises, a significant correction is likely. Until then, the market remains highly sensitive and situation-driven." The gold rally reflects a mix of local currency pressures, geopolitical risks, and investor cautionfactors that continue to shape short-term movements in both domestic and global markets. The Pakistani rupee posted a modest gain against the US dollar on Friday, appreciating by 0.03% in the inter-bank market. By the end of the trading session, the rupee closed at 280.47, marking an increase of Rs0.09 compared to Thursday's closing rate of 280.56. Globally, the US dollar weakened on Friday amid growing concerns about the US economy, prompting investors to shift away from American assets in favour of traditional safe havens such as the Swiss franc, Japanese yen, euro, and gold.
