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First Post
8 hours ago
- Business
- First Post
Pakistan farmers threaten wheat cultivation boycott over 'unethical' farm tax
Sindh Chamber of Agriculture (SCA) alleged that a new 45 per cent income tax on farm earnings was introduced under pressure from the IMF and threatened of a widespread wheat cultivation boycott in protest read more In a development reflecting rising rural frustration at mounting economic pressures in Pakistan's farm belt and potentially spelling a world of trouble for food security in the cash-strapped nation, Sindh's largest agricultural body said it would mount a legal challenge against a new 45 per cent income tax on farm earnings, branding the levy 'unconstitutional, illegal and unethical'. The Sindh Chamber of Agriculture (SCA) warned of a widespread boycott of wheat cultivation in protest, escalating tensions between farmers and the provincial government. STORY CONTINUES BELOW THIS AD The chamber convened in Pakistan's Hyderabad on Tuesday (July 22) under the leadership of its patron-in-chief, Dr Syed Nadeem Qamar, to formalise its response. It alleged the tax was introduced under pressure from the International Monetary Fund (IMF), with the move drawing strong resistance from growers who argue that poor returns on crops leave no room for additional fiscal burdens, Dawn reported. Farmers attending the meeting said they were struggling to receive adequate prices for their produce and slammed the government's tax move as unjustified. The SCA responded by instructing farmers across Sindh to refrain from paying the new tax, adding that if authorities attempted arrests, 'millions of other farmers would also court arrest.' 'We are ready to face imprisonment, but will not pay the agricultural income tax,' the group's leaders declared. Participants vowed full-scale defiance, comparing their treatment unfavourably to industrialists, who they said had been granted tax exemptions. The SCA also declared a boycott of wheat cultivation for the 2025-26 season, citing inadequate support prices. Instead of sowing wheat, the SCA said farmers would switch to alternative crops such as mustard, nigella (kalonji), sunflower and other oilseeds. The group said growers were unable to recover their costs due to low wheat prices and declared 2025-26 a 'boycott year' for the staple crop. The chamber also raised alarm over a 40 per cent decline in cotton output, forecasting a total yield of no more than four million bales. It said that although the Sindh agriculture minister had pledged a support price of Rs11,000 per maund, farmers were currently receiving just Rs6,500. STORY CONTINUES BELOW THIS AD The SCA called for the immediate removal of an 18 per cent local tax on cotton and demanded a 25 per cent tariff on imported cotton to encourage domestic production. At the same time, it voiced concern over the surging cost of key inputs, noting a PKR 22 per litre jump in diesel prices and a PKR 600 increase in DAP fertiliser per bag over just a fortnight. Such rising costs, paired with stagnant farmgate prices, were pushing cultivators to the brink. The chamber warned that this squeeze signalled a 'deliberate destruction' of the agricultural sector and called on the authorities to reverse the price hikes on diesel, fertiliser, seeds and pesticides immediately. Farmers were urged to register for the government's Benazir Hari Card via local administrative offices to access welfare benefits. The chamber also demanded that existing subsidies of PKR 10,000 per acre– currently applied to sunflower and canola– be extended to mustard and rapeseed crops as well. STORY CONTINUES BELOW THIS AD The meeting included senior figures from Sindh's farming leadership, including Sindh Irrigation and Drainage Authority Chairman Kabool Khatian, general secretary Zahid Bhurgari and agricultural organisers from across the province.
Time of India
2 days ago
- Time of India
Coconut seller assaults wife with chopper over money dispute
Nagpur: A violent domestic dispute turned near-fatal when Shamsher Sheikh, a 33-year-old coconut seller from Hasanbagh, attacked his wife Reshma with an iron coconut chopping instrument, intending to kill her at their residence on Sunday. She was rushed to a nearby hospital by her kin immediately after the assault, where she is still fighting for her life. The incident, reported at Nandanvan police station, stemmed from ongoing arguments over a Rs6 lakh loan Sheikh gave to Reshma's sister six months ago for house construction. Frequent demands for repayment had led to regular abuse and assaults, said sources. Police said Sheikh did not have any past criminal records. On Sunday, the argument escalated to a boiling point when an enraged Sheikh struck Reshma on the head with the chopper. Her relatives' swift intervention saved her life, rushing her to Vanjari Hospital in Bhande Plot, where she remains in critical condition. Following the assault, Sheikh was arrested by Nandanvan police based on a complaint by Reshma's brother-in-law.
Express Tribune
5 days ago
- Business
- Express Tribune
USC closure
Listen to article The government's decision to shutter the loss-making Utility Stores Corporation (USC) by the end of July is a painful but necessary corrective to decades of fiscal bleeding. Between July and December 2024 alone, USC lost over Rs6 billion and has net liabilities of over Rs50 billion. Meanwhile, despite offering low prices, USC actually saw sales crash by 50% in recent times. This also puts the estimated Rs29 billion needed for golden handshakes into perspective. If no action was taken, USC would have spent the same amount just to keep running over the next few years. Although the government is considering limiting payouts to only 5,217 'regular' employees, after wasting billions for decades, skimping on severance pay is not the way to go. Future savings can still be reallocated to more productive initiatives that support low-income citizens. In the meantime, the government must ensure price control enforcement in areas that were highly reliant on utility stores to minimise the impact of closures on shoppers who actually relied on them. While a resolution for USC appears nearly finalised, progress on the much-publicised privatisation deals of other SOEs has been minimal. PIA has failed to attract suitable bidders despite multiple attempts, and the recent deal with Russia to revive Pakistan Steel Mills may backfire. None of the two dozen SOEs up for privatisation have sparked the kind of interest that would inspire government confidence. The closure of USC proves the government can make tough choices. Now, it must accelerate the pace of decision-making - from years to weeks — because, like USC, many state-owned enterprises are losing so much money that waiting to sell them for cents on the dollar could end up being more costly than shutting them down and salvaging what remains.
Hans India
7 days ago
- Business
- Hans India
Crypto scam: Fake investment app swindles hundreds in Uttara Kannada
Karwar: A sophisticated online investment scam has surfaced in Uttara Kannada district of Karnataka, where hundreds of residents have reportedly fallen victim to a fake mobile application named 'MM Equity' or 'Master Money'. The app, which falsely promised substantial returns through investments in cryptocurrency, crude oil, and gold, has allegedly duped investors of crores of rupees. The scheme came to light after reports emerged from Dandeli taluk, where at least 279 individuals are suspected to have lost their savings. Alarmingly, despite the scale of the fraud, not a single victim has formally lodged a police complaint, prompting concern among law enforcement agencies. Police say the perpetrators created WhatsApp groups to lure victims and encouraged micro-investments starting from Rs6,000 up to Rs1 lakh or more. The app's interface mimicked genuine stock trading platforms but lacked any approval from India's financial regulators, including the SEBI and RBI. It bypassed safeguards such as demat accounts and UPI restrictions by using terms like 'Recharge' instead of 'Investment,' misleading users into believing they were paying for services rather than making risky financial transactions. Early investors were shown small gains to build trust, but once larger amounts were invested, the app developers severed communication. The app continued functioning even on weekends—unlike legitimate Indian stock exchanges—and displayed fake products under names resembling NSE and BSE listings. Dandeli Deputy SP Shivananda Madarkhandi told reporters that authorities are aware of widespread financial loss, but are yet to gather complete data due to victims' reluctance. The district police have now launched a cyber probe and have cautioned the public not to download the suspicious app. Officials also warned that such apps may collect personal data in addition to stealing funds, and urged the public to remain alert and report any fraudulent schemes. Local community leaders echoed the appeal, asking victims to come forward so that legal action can be initiated.
Economic Times
13-07-2025
- Business
- Economic Times
PE fund Multiples, Sachetis to acquire majority stake in VIP Industries
A consortium led by Multiples Alternate Asset Management and Samvibhag Securities is set to acquire a 32% stake in VIP Industries from the Piramal family. The deal includes Mithun Sacheti, founder of CaratLane, and will trigger an open offer for an additional 26% stake. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads A consortium of homegrown private equity fund Multiples Alternate Asset Management and Samvibhag Securities will buy an about 32% stake of VIP Industries from promoter Dilip Piramal & family, the luggage maker said on Sacheti, founder of jewellery retailer CaratLane, and his brother Siddhartha are also part of the buyers will launch an open offer later to acquire an additional 26% stake from the company's public shareholders that could take their stake to 58%.VIP Industries did not disclose the financial terms in its filing with stock exchanges. Its shares closed at Rs 456.40 on the BSE Friday, rising more than 12% in the past one month, giving it a market capitalisation of Rs6,482 aware of the deal terms told ET that the price would be lower than the current market price for both the initial purchase of shares from the promoters and the open Dilip Piramal & family owns a 51.7% stake. Among the public shareholders, Tata Small Cap Fund held a 1.54% stake and SBI Flexicap Fund owned 7% as of March 31. Foreign portfolio investors held a 7.68% & Company, DGP Securities, Kiddy Plast, Piramal Vibhuti Investments and Alcon Finance & Investment, which are entities forming part of the promoter group, have entered into an agreement to sell up to 45 million shares to the consortium, according to the to the terms, certain purchasers will acquire management and control of the company and would accordingly be required to make an open-offer for the purchase of additional 26% stake in the company, it 2023, Mithun Sacheti exited CaratLane by selling his 27% stake to Tata Group's Titan for Rs 4,621 crore, in one of the leading founder exits in Capital acted as the exclusive financial advisor to the Industries owns brands such as VIP, Carlton and Skybags. It has been losing out to Samsonite in the premium end and Safari Industries at the mass-end of the addition, new entrants such as Mokobara, Assembly and Uppercase have turned to offering discounts to lure buyers, impacting luggage industry profits or widening luggage demand remains stable, backed by continued penetration of hard luggage, steady tourism and corporate travel. However, realisations have reduced due to two company posted a 2% decline in net sales at Rs2,169 crore in fiscal 2025, when it posted a net loss of Rs81 crore.
