Latest news with #Rs5.25
Business Recorder
22-05-2025
- Business
- Business Recorder
Gratuity, in addition to CPF: AGP questions power of ISGS board for irregular payment to employees
ISLAMABAD: Auditor General of Pakistan (AGP) has questioned the power of the board of Inter State Gas Systems (Pvt) Limited (ISGS) for irregular payment gratuity in addition to contributory provident fund (CPF) to its employees annually. According to the website of the company, ISGS is a private limited Company incorporated under the Companies Ordinance, 1984 (Now Companies Act, 2017) and a wholly owned subsidiary of Government Holding (Pvt) Ltd. The company has a Board of Directors comprising nine members. The authorised share capital of the company is Rs20 billion. In a Public Accounts Committee (PAC)'s sub-committee held on Tuesday discussed the authority of the board in light of observations of audit report 2012-13. Audit report of ISGS observed that facility of gratuity in addition to CPF was allowed to employees appointed after October 16, 1984. Thus payment of gratuity in addition to CPF of Rs5.25 million made was held irregular. Federal government service rules provide for the various other benefits such as the pension, medical, accommodation, tuition, vacation, social security etc which are currently not applicable on the employees of the ISGS. These are competitive with the current prevailing market practices. The CPF scheme was being run by the government for its employees and not the private funds created. In case of ISGS the separate funds were being maintained for the gratuity and provident fund and no payment for gratuity was made out of the CPF scheme and therefore, there was no violation of the part of the ISGS of the instructions of the Finance Division. This would have been applicable if the ISGS provident fund had been part of the government provident fund scheme. Furthermore, finance consultation with Finance Division was not warranted when payment of remuneration/ bonus did not involve budgetary impact for government. In another audit report year 2022-23 pointed out that Petroleum Division collected GIDC amounting to Rs354 billion up to June 30, 2023. These funds meant to be utilised on TAPI, IP and Pakistan Stream Gas Pipeline Project but progress on these mega gas infrastructure development projects were slow and no significant headway could be made resulting in non-utilisation of GIDC funds. Copyright Business Recorder, 2025
Time of India
02-05-2025
- Time of India
2 burglars held, gold worth Rs5.3L recovered
Pune: The Bibvewadi police on April 27 recovered a gold ingot worth Rs5.25 lakh following the arrest of two men in a burglary case reported in Gunfan housing society at Bibvewadi on April 23. Police identified the suspects as Vicksingh Kalyani (35) from Ramtekdi and Abdulla Shaikh (58) from Dhanori. The gold ornaments, which were converted into a gold ingot, were returned to the flat owner, Jeetendra Sakhare, a resident of the housing society, after seeking permission from a magisterial court. TNN
Express Tribune
16-02-2025
- Business
- Express Tribune
Diesel price cut by Rs4, petrol by Re1
ISLAMABAD: The government on Saturday gave consumers a bit of a breather, slashing Rs4 per litre on high-speed diesel and Rs1 on petrol as global oil prices took a dip. The new prices – Rs256.13 per litre for petrol and Rs263.95 per litre for HSD – will take effect from February 16 (today). The Oil and Gas Regulatory Authority (OGRA) had recommended a revision in fuel prices based on fluctuations in the international oil market. HSD, a key fuel for transport and agriculture, is now priced at Rs263.95 per litre. The reduction may provide some relief by lowering the cost of goods transportation, potentially easing inflationary pressure on commodities. Meanwhile, petrol, primarily used in motorcycles and cars, saw a modest reduction of Rs1 per litre, bringing its new price to Rs256.13. It may be noted that petrol serves as an alternative to compressed natural gas (CNG), particularly in Punjab, where CNG stations have either switched to imported gas or shut down over the past few years. The price of kerosene oil, widely used for cooking in low-income households, especially in northern Pakistan, has been slashed by Rs3.20 per litre, bringing it to Rs171.65. With a decrease of Rs5.25 per litre, the new price of light diesel oil is calculated at Rs155.81 per litre. The recent reduction in prices of petroleum products is likely to provide much-needed relief to consumers in the wake of high inflation. Local fuel prices are calculated based on government-imposed taxes, IFEM costs, and exchange rate fluctuations. Data indicates that the petrol premium is currently set at $7.75 per barrel, paid on imported fuel. The oil industry recently imported three vessels of petrol. The government is currently levying a petroleum charge of Rs60 per litre on both petrol and HSD. Although the levy is intended for the development of the oil sector, including storage infrastructure, the funds are primarily being used to meet the government's current expenditures.
