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Business Recorder
a day ago
- Business
- Business Recorder
Gold prices decline further
KARACHI: Gold prices continued to fall on Saturday as world market further lost momentum, sliding under $3,300 per ounce, traders said. Local gold prices went down by Rs1,400 per tola and Rs1,200 per 10 grams following a decline in world bullion rates by $14 to sell at $3,288 per ounce. The plunge dragged down gold prices to Rs347,200 per tola and Rs297,668 per 10 grams, All Pakistan Sarafa Gems and Jewelers Association said. Domestic silver prices also reduced by Rs24 to Rs3,456 per tola and Rs2,962 per 10 grams. The international market traded silver for $33 per ounce, the association said. Copyright Business Recorder, 2025
Time of India
3 days ago
- Time of India
One more case against Shashank, mom
Pune: A case of cheating, criminal breach of trust and threatening was registered by Pimpri Chinchwad police on Thursday night against Vaishnavi Hagawane's husband Shashank and his mother, Lata. They face charges of duping a land developer from Nighoje in Khed taluka of Rs11.7 lakh. A case was registered under sections 420 (cheating), 406 (criminal breach of trust) and 506 (criminal intimidation) of the Indian Penal Code and relevant sections of the Indian Arms Act. Pimpri Chinchwad police's deputy commissioner (zone II) Shivaji Pawar told TOI that in March 2022, the complainant had purchased an earth-moving machine from the Hagawanes. The deal was finalised for Rs24 lakh. The complainant paid Rs5 lakh to Shashank and his mother, and took the equipment. "Shashank had taken a loan from a private bank to purchase the earth-moving machine and Rs19 lakh was still due. The complainant agreed to give Rs50,000 per month to the Hagawanes and they would pay it to the bank. The complainant transferred Rs6.7 lakh to Lata's account," Pawar said. The Hagawanes, however, did not repay the loan, following which the bank took away the machine in Aug 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like CFD: Invertir $100 con IA podría devolverte un segundo salario Digital Group Prueba ahora Undo "Shashank recovered the earth-moving machine from the bank later, but did not return it to the complainant," he said. Since then, the complainant was pursuing Shashank and his mother and demanding that either they return his money or the machine. But there was no response. "When he went to meet Shashank, the latter threatened him with a licenced pistol," Pawar said, adding that the complainant then filed an application with the Mahalunge MIDC police. "We have registered a case and investigations are on," he said. Meanwhile, Pune city police on Thursday night registered two separate offences with the Warje and Kothrud police stations against Shashank and his brother, Sushil, for fraudulent representation of addresses by deceptive means to obtain firearm licences in 2022. DCP (zone III) Sambhaji Kadam said, "We registered the two cases after realising they had submitted misleading addresses which amounts to fraudulent misrepresentation."
Time of India
5 days ago
- Business
- Time of India
PWD cleaning storm water drains to avoid a repeat of last year's flooding
Nagpur: Backed by a Rs195 crore allocation in the 2025-26 Central Road Fund (CRF) and state budget, the state Public Works Department (PWD) division number 1 has begun an extensive pre-monsoon cleaning of storm water drains across Nagpur city and district along with construction of cement concrete (CC) roads and other road works at 17 locations. The initiative follows severe flooding during last year's monsoon, when areas like Deendayal Nagar, Pratap Nagar, the Ring Road stretch, especially between Chhatrapati Square and Hingna T-point near Radheshyam showroom, and the Ambazari–Hingna stretch remained submerged for hours after heavy downpour. For the first time, PWD launched a systematic drive to clean both newly-constructed and existing CC drains under its jurisdiction. Executive engineer Abhijit Kuchewar said cleaning work is under way on key routes including South Ambazari Road, Jaitala Road, Temple Road, and the New Railway Feeder Road. The highest allocation of Rs24 crore was made for the construction of cement road from Shatabdi Square to Manish Nagar, followed by Rs20 crore each for Jaitala and the Feeder Road. Temple and South Ambazari roads received Rs18 crore each, while several other stretches like Borgaon, Umred Road, and Zingabai Takli received between Rs3 crore and Rs15 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo "In the South-West Constituency, near the Radheshyam showroom on Ring Road, a newly-constructed drain and pumping station by the EE PWD World Bank division is expected to reduce flooding significantly," said deputy engineer Avinash Gulhane adding, "We are focusing on saucer-shaped low-lying areas that are prone to water accumulation." The PWD is currently working on storm water drains along 29 km of road length, while coordination efforts are under way with agencies like NMC, NHAI, NIT, and MahaMetro to ensure integrated drainage connectivity. NMC's chief sanitation officer Dr Gajendra Mahalle emphasised the need for such preparedness in light of climate shifts. "Today's rain pattern has changed — the same volume that used to fall over three days now pours in a few hours. Rapid discharge is the only solution," said Gulhane. PWD teams are seen clearing drain chambers, removing construction debris and issuing coordination letters to link PWD drains with city-level trunk lines. # 31K storm water chambers cleaned: NMC As per Nagpur Municipal Corporation officials, 35,000 storm water chambers were identified for cleaning ahead of monsoon, out of which 31,724 have already been cleaned by the solid waste management department. These include regular chambers as well as those in rain-affected areas. Apart from this, the drains along major roads, such as the 3-kilometre stretch on Manewada Road, have also been desilted. Although not all these areas have chambers, the entire stretch has been cleared for smooth water drainage. Additionally, a 9-10 kilometres long major drain has been cleaned. Officials added that the desilting work in the trunk lines of the sewerage network is also under way, and 34 main trunk lines are expected to be cleared soon as part of the pre-monsoon preparations.
Business Recorder
5 days ago
- Business
- Business Recorder
When having too much still isn't enough
Pakistan's energy planning is entering a surreal phase. A country that once chased gas cargoes across oceans and rationed fuel to industry now finds itself unable to utilize what it already has. In a turn of events that defies economic logic and exposes deep flaws in governance, Pakistan is now facing a surplus, not of problems, but of gas. Yet the electricity remains expensive with little reduction in tariff, efficient plants stay idle, and energy bills continue to spiral. This is not a crisis of resources; it is a crisis of coordination. The government's recent decision to impose a levy on captive power use aimed to bring industrial consumers back to the grid. In principle, this was a step forward, correcting years of inefficient parallel generation. But the equation is not complete, and leads to the question what to do with the Cheap Spare Indigenous Gas that Captive is not going to consume? This move caused a sharp drop in gas off-take from captive users, estimated at nearly 200 mmcfd on the SSGC network alone. Of this, at least 100 mmcfd is now stranded, with no alternative demand in sight. Total indigenous gas surplus is estimated to have reached approximately 300 mmcfd across the country. Stranded gas is not just a lost opportunity, it is a liability. Gas that cannot be sold to industry or power producers will either be pushed into households at highly subsidized tariffs (further inflating the circular debt), or worse, left unused. Rising linepack pressures in the transmission system have already forced gas producers to shut off wells, even as Pakistan continues to service long-term RLNG contracts and diverting RLNG shipments. Sometime Indigenous Gas wells are shut off to make way for imported RLNG. It is important to note that RLNG and Indigenous-Pipeline Quality Gas molecules are the same, and molecules do not carry a price tag once inserted in the pipeline. Pricing is done in SSGC or SNGPL Accounting Softwares. Economic absurdity is shutting local wells while importing gas from abroad. Meanwhile, the RLNG that is available is being poorly utilized. Efficient RLNG-fired plants like Balloki, Bhikki, and Haveli Bahadur Shah, each over 1,200 MW and capable of running in high-efficiency combined cycle mode, are underused or being operated in single-cycle mode due to distorted merit order decisions and the high standalone price of RLNG (Rs 3,500/mmbtu). These plants are consuming close to 0.19 to 0.20 cubic meters of gas per kWh instead of their design-efficient 0.15, pushing the fuel cost up to Rs24 to 26 per unit, making them uncompetitive. The tragedy is that a solution exists and is already practiced in other sectors. Blending of RLNG and indigenous gas is already done for industrial and captive users through accounting, not physical mixing. The same can and must be extended to power producers. For example, blending 60 percent indigenous gas at Rs 1,050/mmbtu with 40 percent RLNG at Rs 3,500/mmbtu results in a weighted average fuel cost of Rs 2,030/mmbtu. When this is applied to efficient CCGTs operating at 8,000 Btu/kWh (about 0.0053 mmbtu/kWh), the fuel cost becomes just Rs 10.76/kWh, significantly lower than RLNG-only generation and even below imported coal (Rs 14 to 16/kWh) and furnace oil (Rs 30+/kWh). The Pricing of Gas by OGRA is distorted, the mechanism of Pricing Gas is 40 years old, world has shifted to real-time pricing of energy and we continue to price gas twice a year with a slow, tortoise speed and red-taped mechanism. Balloki, for instance, if run at 85 percent plant load factor using blended gas, could generate over 9,100 GWh annually. The cost savings just on fuel, Rs 11.24/kWh versus RLNG-only, would amount to over Rs 102 billion per year for one plant alone. Apply this logic to the full fleet of RLNG plants (about 3,600 MW) and the annual savings cross Rs 300 billion. Add in the reduction of coal imports, improved gas field economics, and improved circular debt recovery, and the benefit climbs even higher. Instead of using these surplus resources intelligently, Pakistan continues to sabotage itself. Rooftop solar installations under generous net metering policies are shaving off daytime demand, right when RLNG plants on Blended Tariff are needed to run optimally. Net metering allows unit-for-unit net-off and full retail buyback rates, creating perverse incentives. The government attempted to revise this policy, including lowering the buyback rate and adjusting the net-off window, but was forced to roll back reforms due to public backlash. At the same time, utility-scale solar projects, cleaner, cheaper, and easier to dispatch, have been excluded from the IGCEP 2024 to 2035. The result is policy incoherence. Off-grid rooftop systems are rewarded while grid-connected solar is ignored, and the system becomes more unstable. Solar-driven demand suppression, coupled with inefficient fuel dispatch, is a key reason RLNG remains surplus. It is not surplus because Pakistan has too much. It is surplus because we refuse to use it smartly. Blending gas for power producers does not require physical mixing. It requires accounting adjustments, coordination between SNGPL, SSGC, the Petroleum Division, and the Power Division, and a regulator that understands that efficient dispatch is not a theoretical construct but a fiscal necessity. If this coordination is enabled, surplus gas can be blended on paper and allocated to CCGTs. These plants then move up the merit order, displacing inefficient generation, lowering average cost of electricity, and stabilizing the grid. Larger fallacy lies in the incomplete treatment of captive power. The Solution is simple, Blend Gas+ RLNG by accounting as already being done for other categories of consumers of gas) and supply it to the Most Efficient CCGTs, make them move up in the merit order and get maximum output, this will not only produce cheaper electricity but the issue of Rising CD what has been a headache for our government can also be solved with additional benefit of Stranded RLNG Consumption. Shifting industry to the grid is not a complete solution. If the gas they once used remains unutilized or misdirected, the circular benefit is broken. True reform requires that the released gas be rerouted to efficient turbines via blends, something no one in government or even the IMF has understood. They treat captive reform as the endpoint. It is only the beginning. Without closing this loop, the government has merely shifted consumption, not optimized it. Pakistan doesn't lack gas. It lacks coherence. The solution isn't new generation capacity, more subsidies or financing the already inflated Circular Debt; it is simply to use what we already have, with logic and discipline. Until that happens, we will remain trapped in the same paradox, gas-rich, power-poor, and economically exhausted. (The writer is a power sector expert and a leading industrialist. He can be reached at: [email protected]) Copyright Business Recorder, 2025
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.
