Latest news with #Rs296
Time of India
09-05-2025
- Business
- Time of India
No GST grant for 2 months, NMC faces financial crisis
Nagpur: The (NMC) is facing a severe financial crunch after failing to receive the mandatory goods and services tax (GST) compensatory grants from the state govt for two consecutive months—April and May—of the current financial 2023–24, NMC received a monthly GST grant of Rs137 crore. Tired of too many ads? go ad free now For the 2024–25 financial year, the civic body anticipated an 8% hike, expecting monthly grants to rise to Rs148 crore. However, not a single rupee was disbursed in the first two months, severely impacting the NMC's ability to meet its financial to NMC accounts and finance department officials, the civic body's average monthly expenditure is Rs148 crore. This includes salaries, pensions, electricity and water bills, and crucial payments to private agencies like AG Enviro and BVG India for door-to-door waste collection. Additionally, it covers remuneration for contract-based staff, including security guards, computer operators, and ex-servicemen deployed in the nuisance detection squad.A senior official, speaking on condition of anonymity, said the NMC so far managed to meet its financial obligations for April and May by dipping into its reserve funds, covering an estimated Rs296 crore. However, the situation remains financial stress has already begun to show. Pension disbursement to retired employees, typically done on the first of each month, was delayed and only released on May 8. "If GST grants continue to be delayed, even employee salaries will be at risk," the official within NMC link the disruption in funds to the state govt's populist spending ahead of the upcoming assembly elections. "While the govt is announcing freebies, it is failing to release even the committed grants to urban local bodies. Rather than offering giveaways, the focus should be on long-term schemes to build employment skills for young women, farmers, and other marginalised groups," said the delay has raised serious questions about state govt's fiscal discipline and its commitment to supporting civic bodies at a time when cities are grappling with mounting service demands.
Business Recorder
01-05-2025
- Business
- Business Recorder
Gold prices drop significantly
KARACHI: Gold prices saw a significant drop on Wednesday, as the global market receded below $3,300 per ounce, traders said. The precious metal lost Rs3,400 and Rs2,915, reaching Rs345,800 per tola and Rs296,467 per 10 grams, respectively, All Pakistan Sarafa Gems and Jewelers Association said. Domestic silver prices fell by Rs70 and Rs50, settling at Rs3,427 per tola and Rs2,938 per 10 grams, respectively, the association added. International market registered a noticeable decline by $34, bringing down the gold bullion value to $3,276 per ounce while silver was selling for over $32 per ounce. Copyright Business Recorder, 2025
Express Tribune
30-04-2025
- Business
- Express Tribune
Gold loses Rs3,400/tola
Listen to article Gold prices in Pakistan slipped on Wednesday, mirroring a decline in international markets, as the precious metal continued to trade within a narrow range amid mixed market signals. In the domestic market, gold dropped by Rs3,400 per tola to settle at Rs345,800, while the 10-gram rate fell by Rs2,915 to Rs296,467, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Internationally, gold prices also retreated, with the rate falling by $34 to $3,276 per ounce (inclusive of a $20 premium). Silver prices in Pakistan were not spared either, slipping by Rs70 per tola to Rs3,427. Analysts say gold remains range-bound due to conflicting forces in play. "Gold is currently oscillating between strong support at the $3,26070 zone and resistance around $3,360-80," said Adnan Agar, Director at Interactive Commodities. "The market lacks momentum and is stuck in this band. A breakout on either side could trigger decisive movement." He pointed out that escalating geopolitical tensionssuch as developments in the US-China trade war or any worsening of India-Pakistan relationscould push prices higher. Conversely, signs of de-escalation or trade resolution could exert downward pressure. Meanwhile, the State Bank of Pakistan (SBP) raised a total of Rs882.66 billion through two auctions held on April 30, 2025. In the Pakistan Investment Bond - Floating Rate (PFL) Semi-Annual Auction, SBP accepted bids worth Rs320.66 billion, with Rs93.05 billion raised for 5-year bonds and Rs227.61 billion for 10-year bonds. No bids were accepted for the 2-year tenor. For the Market Treasury Bills (MTBs) Auction, SBP raised Rs562 billion across four tenors: Rs65.18 billion for 1-month, Rs151.66 billion for 3-month, Rs99.42 billion for 6-month, and Rs245.74 billion for 12-month bills. Combined, these auctions successfully mobilised Rs882.66 billion, reflecting strong investor participation in government debt instruments. The Pakistani rupee recorded a slight gain against the US dollar on Wednesday, rising by 0.02% in the interbank market. By the end of the trading session, the rupee closed up 5 paisa settling at 280.97 against the dollar, compared to 281.02 on Tuesday. Globally, the US dollar remained stable during the day but was on track for its worst monthly performance since November 2022, as unpredictable trade policies under President Donald Trump created pressure on the greenback while benefiting currencies like the euro, yen, and Swiss franc.
Business Recorder
30-04-2025
- Business
- Business Recorder
Gold price per tola falls Rs3,400 in Pakistan
Gold prices in Pakistan declined on Wednesday, in line with their decrease in the international market. In the local market, gold price per tola reached Rs345,800 after it shed Rs3,400. Similarly, 10-gram gold was sold at Rs296,467 after it registered a decrease of Rs2,915, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The international rate of gold also declined on Wednesday. As per APGJSA, the rate was at $3,276 per ounce (with a premium of $20), a decrease of $34 during the day. Silver price per tola decreased by Rs70 to settle at Rs3,427 in Pakistan. On Tuesday, gold price per tola gained Rs2,100 to settle at Rs349,200.
