Latest news with #Rs2.68
Time of India
3 days ago
- Time of India
Banned 7 Years Ago, Single-use Plastic Bags Still Flood City
Nagpur: Seven years after the ban on single-use plastic came into force in the state, Maharashtra Pollution Control Board (MPCB) and Nagpur Municipal Corporation (NMC) continue to grapple with widespread violations, exposing the ineffectiveness of enforcement drives and a glaring lack of deterrence. Though prime responsibility of enforcing the ban on single-use plastic relies on MPCB, the board is taking least interest in implementing the diktat, issued on March 23, 2018. From 2018 to May 2025, NMC's nuisance detection squad (NDS) cracked down on over 1.66 lakh establishments, seizing over 75,000kg banned single-use plastic bags and collecting fines exceeding Rs2.68 crore. Yet, these bags remain a common sight across markets, kirana stores, and roadside vendors, a testament to the civic body's inability to enforce sustainable compliance. The trend-line in enforcement shows sharp inconsistencies. For instance, while 2019-20 saw the highest number of cases (1,276) and most plastic bags seizure (17,929kg), both the number of seizures and the quantity have drastically fallen in recent years, with just 1,728kg seized in 2024-25, despite 24,713 shops being checked. The drop is even more alarming for April and May 2025, with only 132kg seized in 1,783 inspections. The fact that despite thousands of inspections, only one FIR has been lodged since the ban, and no legal notices were issued since then, indicate a troubling over-reliance on fines with minimal legal escalation. While the number of shops checked in 2023-24 peaked at 56,458, the volume of seized plastic actually dropped to just 5,816kg, implying either lack of serious violations, which contradicts ground realities, or failure to act decisively when violations are found. A close look at NDS action in these years reveals most violations are taking place in areas under Gandhibagh and Satranjipura zones. Activists and citizens allege enforcement is often superficial and selective. "Plastic carry bags are openly used in markets like Itwari, Mahal, and Sakkardara. NMC's actions are largely cosmetic — they raid for a few days, then disappear," said an environmental campaigner. Officials admit that a lack of sustained public awareness, weak penalties, and limited manpower have crippled the campaign. "Retailers return to using plastic bags because alternatives are costlier, and there's no consistent follow-up. Without criminal prosecution or seizure of trade licenses, the problem will persist," said a senior officer. Ironically, 2023-24 and 2024-25 saw some of the highest inspection numbers, yet outcomes fell short. The deterrent value of penalties, averaging Rs5,000 per case, appears minimal, especially for wholesale traders and larger vendors. The civic body had earlier promised to develop a zero-tolerance zone model and promote cloth and paper bag alternatives in partnership with NGOs, but the initiative has not taken off. If the current pace continues, environmentalists fear that the city's plastic burden will only grow, choking drains and polluting the environment. Citizens have demanded that NMC intensify raids, escalate legal action, and support the plastic-free cause with genuine alternative solutions, not just numbers on paper. Environmentalist Leena Buddhe said NMC, like all other urban local bodies, has a significant role to play in enforcing the plastic ban to ensure effective plastic waste management. "Conducting regular inspections and drives to confiscate banned plastic bags and imposing heavy penalties is crucial to deter people from using them," she said. In a city aiming to be counted among 'Smart Cities', the continued failure to ban something as basic as single-use plastic remains a blot on civic governance, she said.
Express Tribune
14-03-2025
- Business
- Express Tribune
PSX rallies on Moody's upgrade, IMF relief
The new flat 15% CGT rate for filers and 20% for non-filers will be applicable to only those shares that are bought and sold on and after July 1, 2017. PHOTO: FILE Listen to article The Pakistan Stock Exchange (PSX) closed on Friday on a bullish note as investor confidence remained strong, driven by expectations of a favourable International Monetary Fund (IMF) review and an optimistic earnings outlook. The KSE-100 index gained nearly 450 points, or 0.38%. Market sentiment was further lifted by Moody's upgrade of Pakistan's banking sector outlook and reports of the IMF lowering the tax collection target for FY25 to Rs12.35 trillion, easing fears of a mini-budget. This played a key role in sustaining the rally at the PSX. Looking ahead, analysts anticipate a continued bullish momentum, with 115,000 standing as a key support level and prospects of reaching all-time highs. "Stocks closed bullish on a strong earnings outlook. Investors also weighed Moody's upgrade of Pakistan's banking outlook to positive and reports of the IMF slashing tax collection target for FY25 to Rs12.35 trillion, dispelling fears of a mini-budget," said Arif Habib Corp MD Ahsan Mehanti. At the end of trading, the benchmark KSE-100 index posted a surge of 441.93 points, or 0.38%, and settled at 115,536.17. Arif Habib Limited (AHL) said in its daily report that on Friday 52 stocks advanced, while 40 declined. The top contributors to the index gains were Mari Petroleum (+4.85%), Fauji Fertiliser Company (+1.03%) and Systems Limited (+0.57%) whereas Pakistan Petroleum (-0.83%), PSO (-0.95%) and Lucky Cement (-0.49%) emerged as the biggest drags. In a significant development, it said, Pakistan and the IMF agreed to revise downward the macroeconomic and fiscal framework for the current fiscal year. As part of the revision, the annual tax collection target has been reduced from Rs12.97 trillion to Rs12.35 trillion. According to AHL, the market sentiment remains highly positive, with the KSE-100 index continuing its upward trajectory. The index structure looks strong, with all-time highs now within reach. The 115,000 level is emerging as a key support, suggesting that bullish momentum could accelerate further. Overall, it was a solid week for the KSE-100, which gained 1% week-on-week and hit a high of 115,700, it added. Topline Securities, in its market review, said that the KSE-100 index extended gains as expectations that Pakistan would clear its first review of the $7 billion Extended Fund Facility of the IMF continued to garner investor interest. The top positive contribution to the index came from Mari Petroleum, Fauji Fertiliser Company, Engro Fertilisers, Systems Limited, Air Link Communication and Pak Elektron as they cumulatively contributed 426 points. Traded value-wise, Mari Petroleum (Rs2.68 billion), PSO (Rs2.19 billion), Maple Leaf Cement (Rs1.07 billion), DG Khan Cement (Rs875 million), Fauji Cement (Rs848 million) and Lucky Cement (Rs612 million) dominated the trading activity, Topline added. Muhammad Hasan Ather of JS Global said that the KSE-100 index saw a rally, with the benchmark index closing at 115,536, up 0.4%. The rise was driven by a strong buying momentum in key sectors such as auto, cement, commercial banks and exploration & production. "Looking ahead, the market is expected to remain positive, supported by investor confidence and sectoral strength," he said. Overall trading volumes were recorded at 360.5 million shares compared with the previous session's 382.8 million. The total traded value stood at Rs21 billion, reflecting a decline from Rs25.4 billion in the last session. Shares of 435 companies were traded. Of these, 195 stocks closed higher, 169 fell and 71 remained unchanged. Pakistan International Bulk Terminal was the volume leader with trading in 42.7 million shares, gaining Rs0.50 to close at Rs9.92. It was followed by The Bank of Punjab with 36.1 million shares, losing Rs0.36 to close at Rs13.09 and Fauji Foods with 25.6 million shares, gaining Rs0.84 to close at Rs16.06. During the day, foreign investors sold shares worth Rs166.2 million, according to the NCCPL.
