Latest news with #Rs800
Express Tribune
5 days ago
- Business
- Express Tribune
Govt plans to build Chenab dam amid IWT row
Listen to article The International Monetary Fund has rejected Pakistan's proposal to impose 1% water storage cess on goods to build mega dams and instead suggested to increase the 18% standard sales tax rate for funding any enlarged size of the federal development programme. The development came amid an anticipated revision in the cost of the Diamer-Basha dam and needing funds to build a new Chenab dam over the Chenab river, which will require at least additional Rs800 billion, according to the government sources. Official sources said that the global lender did not endorse the proposal to impose water storage cess, which the government wanted to introduce on every taxable product produced in the country, except electrical energy and medicines. The cess has been proposed to fund two mega water storage dams and build a new one as a solution to deal with Indian water aggression. The development pushes the government in a tight spot, which was willing to increase the tax burden but only in a fashion that would ensure that 100% of the collection stays in the federal kitty instead of being shared with provinces. In case of cess, the government will have the full right on the collection while sales tax would become part of the federal divisible pool. The government had sought the IMF's permission to impose the new tax after majority of the provincial governments showed reluctance to finance the early completion of the Diamer-Bhasha dam and the Mohmand Dam. The government had proposed that the provinces should pick half of the Rs716 billion cost of the Benazir Income Support Programme and the Rs358 billion fiscal space will be used to build dams at a faster pace to deal with Indian aggression. The provinces refused. The spokesman of Ministry of Finance Qumar Abbasi did not comment on the development. The sources said that the IMF has many objections to the water storage cess proposal, including the legal and governance challenges. They added the Fund was of the view that any special levy reduces the flexibility in the budget and the sales tax can give such flexibility. Moreover, the IMF was not comfortable with the idea of giving the control of the new cess to the Water and Power Development Authority (Wapda), they added. The IMF had earlier asked the government to fund these dams from the Rs1 trillion worth Public Sector Development Programme (PSDP). But the government was not inclined to get more money from the PSDP, which this year was focusing more on the needs of the coalition partners than having mega strategic projects as national priority. The sources said that the IMF informed Pakistan that if it wanted to get more money for development spending then it can consider increasing the rate of sales tax. The standard sales tax rate is 18% while the government also charges 3% extra sales tax rate in case a good is sold to an unregistered person. The government's earlier decision to increase the petroleum levy rate to give electricity subsidy and fund a road in Balochistan has led to abnormal increase in prices of diesel and petrol since July 1st. The landed cost of diesel is Rs177.89 per liter and petrol's Rs168.73 per liter, excluding all types of margins, rupee depreciation impact and taxes. However, after adding these additional costs, the high-speed diesel price is set at Rs284.35 and petrol at Rs272.15 per liter. Seven years ago, the government had approved the Diamer-Bhasha dam at a cost Rs479 billion and Mohmand at Rs310 billion. The sources said that the revised estimates suggest that the Diamer Basha dam cost may skyrocket to over Rs1.1 trillion, an addition of around Rs620 billion. The exact cost will be determined when the Planning Ministry receives the revised documents. Even against the original Rs479 billion cost, the government needed Rs365 billion more to complete the work. For this fiscal year, only Rs25 billion has been allocated for the Diamer Basha dam, which is even less than last fiscal year. Likewise, the Mohmand dam was approved at a cost of Rs310 billion seven years ago and it still requires a minimum of Rs173 billion more at the old price. Only Rs35.7 billion has been allocated for the new fiscal year. Likewise, the government is planning to build a dam on the Chenab river with a cost of about Rs220 billion. This requires an additional Rs800 billion for Chenab dam and Diamer-Basha dam. After adding up the remaining financing requirements, the government needs a total Rs1.35 trillion for just these three dams. India has threatened to cut water supplies after it held the Indus Waters Treaty (IWT) in abeyance in violation of the treaty provisions and in the breach of the international law. Islamabad has plainly told India that any such act would be considered as an act of war. For this fiscal year, the government has reduced the water sector development budget by 28% to Rs133 billion. Now it wants to offset this by introducing a new tax. One of the options is that instead of levying a new 1% cess or increasing GST rate, the government should amend the GIDC law and divert the already collected much over Rs400 billion money towards building dams. The Ministry of Water Resources has informed the government that it would take 15 years to complete the Mohmand dam and over 20 years to finish work on the Diamer-Bhasha dam at the current pace of the budget allocations. Ahsan Iqbal, the federal minister for Planning and Development has already ruled out creating any further space in the PSDP to fund the large projects. The government has held meetings this week in the Planning Ministry and the Prime Minister's Office to finalize a strategy for funding other projects, which can be completed and to be inaugurated by Prime Minister Shehbaz Sharif this year.
Time of India
5 days ago
- Business
- Time of India
Indian Bank recruitment 2025: Notification for 1,500 apprentice posts released, applications open tomorrow
Indian Bank recruitment 2025 Indian Bank recruitment 2025: Indian Bank has officially released the recruitment notification for the engagement of 1,500 apprentices for the financial year 2025–26 under the Apprentices Act, 1961. The application process for the Indian Bank Apprentice Recruitment 2025 will commence online from July 18, 2025, and continue until August 7, 2025. The public sector bank, headquartered in Chennai, has invited online applications from graduates who have completed their degree on or after April 1, 2021. The apprenticeship programme will be for a duration of 12 months, and selected candidates will receive a monthly stipend depending on the location of their posting. Indian Bank recruitment 2025: Eligibility criteria and selection process Candidates must be between 20 and 28 years of age as of July 1, 2025. Age relaxation will be applicable as per Government of India guidelines for SC, ST, OBC, PwBD, and certain other categories including 1984 riot victims and widowed/divorced women. Applicants should hold a graduate degree in any discipline from a recognised university. The selection process consists of two stages: an online written test followed by a local language proficiency test. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo The written exam will be objective in nature and will include sections on reasoning aptitude, computer knowledge, English language, quantitative aptitude, and general awareness with a focus on banking. Indian Bank recruitment 2025: Application fee and registration process The application fee for General, OBC, and EWS candidates is Rs800, while candidates belonging to SC, ST, and PwBD categories will be required to pay Rs175. All applications must be submitted online via the official website of Indian Bank at following mandatory registration on the NATS 2.0 portal. State-wise and category-wise vacancy distribution Indian Bank has announced vacancies across all states and Union Territories. The total number of posts is 1,500, distributed across various social categories and regions: State/UT Total SC ST OBC EWS UR Tamil Nadu 277 52 2 74 27 122 Uttar Pradesh 277 58 2 74 27 116 West Bengal 152 34 7 33 15 63 Maharashtra 68 6 6 18 6 32 Bihar 76 12 0 20 7 37 Andhra Pradesh 82 13 5 22 8 34 Karnataka 42 6 2 11 4 19 Other states/UTs 526 74 53 99 43 257 Stipend and apprenticeship details The duration of the apprenticeship is fixed at 12 months. Selected apprentices posted in metro and urban branches will receive a monthly stipend of Rs15,000, whereas those in rural and semi-urban branches will receive Rs12,000. The engagement is non-renewable and does not guarantee future employment with the bank. Exam pattern and negative marking The online written test will consist of 100 questions, each carrying one mark. The total duration of the examination will be 60 minutes. The sections and marks distribution are as follows: • Reasoning Aptitude – 15 marks • Computer Knowledge – 10 marks • English Language – 25 marks • Quantitative Aptitude – 25 marks • General Awareness (with Banking Awareness) – 25 marks All questions, except those in the English section, will be available bilingually. There will be a negative marking of 0.25 marks for each incorrect response. How to apply Eligible candidates must first register themselves on the NATS 2.0 portal and then proceed to apply through the Indian Bank website under the 'Career' section. Applicants must upload a scanned photograph, signature, thumb impression, and a handwritten declaration. Submission of the application fee and final confirmation is required to complete the process. Further updates regarding the online test date and local language proficiency test will be announced on the bank's official website. TOI Education is on WhatsApp now. Follow us here . Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
Express Tribune
7 days ago
- Express Tribune
Lion cubs among 23 wild cats rescued in Punjab wildlife crackdown
Listen to article An illegal network involved in the sale and purchase of big cats, including lions, tigers, and leopards, has dismantled by Punjab Wildlife Rangers. In a series of operations, authorities recovered 23 big cats, several of them hidden in private homes. Among the seized animals were multiple lion cubs, officials confirmed. In Lahore, Wildlife Rangers have rescued five lion cubs from a posh residential area where they were being secretly kept. According to wildlife authorities, it has become increasingly common for individuals to buy newborn lions and tigers from private breeding farms as a hobby. A single cub is sold for between Rs800,000 and Rs1 million, they said. Valued for their exotic appearance, many of these animals are kept inside homes. However, officials warn that by six months of age, the cubs begin to exhibit wild behaviour, posing safety risks to both owners and surrounding communities. Officials revealed that some breeding farm owners were illegally relocating cubs from their facilities and selling them through unlicensed channels. Following a series of targeted crackdowns, authorities now say that this underground market has been dismantled. Read: Punjab CM announces Rs500,000 compensation for victims of lion attack Additional Director General of the Punjab Wildlife Rangers, Syed Kamran Bukhari, stated that wild animals will only be allowed in captivity under the protocols of the World Association of Zoos and Aquariums (WAZA). He emphasised that, under WAZA regulations, dangerous wild animals cannot be kept in residential areas under any circumstances. Bukhari confirmed that operations against individuals keeping lions and tigers illegally are still ongoing. Of the 23 animals recovered so far, 12 were seized in Lahore, four in Gujranwala, two in Faisalabad, three in Multan, and one each in Rawalpindi and other districts. These enforcement actions have led to the arrest of eight individuals and the registration of seven criminal cases. In Punjab, a total of 582 big cats have been officially declared as being in private possession. Lahore accounts for the largest number with 198, followed by Multan with 129, Rawalpindi with 104, Gujranwala with 86, Faisalabad with 20, the Salt Range with 26, Gujrat with nine, Bahawalpur with six, and one each in Sahiwal, Dera Ghazi Khan, and Sargodha. Wildlife authorities say verification of these animals is currently underway. Registered wildlife breeding farms have been given a three-month deadline to rectify shortcomings in their facilities and bring their operations into full compliance with legal and safety standards.
Business Recorder
7 days ago
- Business
- Business Recorder
KAPCO approves Rs800mn sale of gas turbines to local steel maker
Kot Addu Power Company Limited (KAPCO) has received shareholder approval to sell its Gas Turbines GT-3 and GT-4, along with associated components, to Rizwan Steel (Private) Limited for Rs800 million. The power producer disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. 'The consent of shareholders of Kot Addu Power Company Limited be and is hereby accorded to the disposal of plant and machinery of the company comprising Lot-1 (Gas Turbines (GT-3 and GT-4)) along with associated parts and components to Rizwan Steel (Private) Limited at a price of Rs800 million, subject to requisite approval(s) as per details given in statement of material facts,' read the notice. KAPCO informed that Shahab Qader Khan, Chief Executive and/or Adolf Anthony Rath, company secretary, are authorised to dispose of the plant and machinery and to act on behalf of the company 'in doing and performing all acts, matters, things and deeds to implement the disposal and the transaction contemplated by it'. Last month, KAPCO signed a Tri-Partite Power Purchase Agreement (TPPA) along with the schedules with the Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) and National Grid Company of Pakistan Limited to govern electricity sales from KAPCO's power plant. Incorporated in Pakistan on April 25, 1996, as a public limited company, KAPCO's principal activities are to own, operate and maintain a multi-fuel fired power station with fifteen generating units with a nameplate capacity of 1,600 MW in Kot Addu, Punjab. The company sell the electricity produced to a single customer, the Water and Power Development Authority (WAPDA) under a Power Purchase Agreement (PPA).
Express Tribune
15-07-2025
- Politics
- Express Tribune
PAC orders blacklisting of eight NGOs
The Public Accounts Committee (PAC) of the Sindh Assembly has ordered the blacklisting of eight non-governmental organisations (NGOs) for failing to provide audit records, invoices, and expenditure details related to over Rs800 million in funding under the Community Development Programme. The decision came during a PAC meeting on Tuesday, chaired by Nisar Khuhro, with committee members Khurram Karim Soomro, Makhdoom Fakhar-uz-Zaman, and Taha Ahmed in attendance, alongside Planning and Development Secretary Sajjad Abbasi and other officials. The meeting reviewed audit paras from 2019 and 2020 related to the Planning and Development Department. Officials disclosed that 16 NGOs received funding in 2018 for health, skills development, and education projects. However, eight of them have not submitted any audit documentation. PAC Chairman Nisar Khuhro directed the Social Welfare Department to cancel the registration and licenses of these NGOs. During the session, another issue surfaced involving SRSO, which reportedly charged 8-10% interest on Rs10,000 micro-loans given to widowed and impoverished women in 100 union councils across Kashmore, Jacobabad, and Shikarpur - despite funds being allocated as interest-free under the UC-Based Poverty Reduction Programme. A letter submitted by SRSO's CEO acknowledged the interest but claimed it was mistakenly documented in the minutes, clarifying that loans were issued through village organisations. The PAC ordered a fact-finding probe into this alleged malpractice. Separately, the PAC was informed that SRSO had not yet returned Rs380 million in interest earnings to the government from the Rs9.67 billion it received for projects in six Sindh districts between 2018 and 2024. SRSO's CEO stated the funds were intact and would be returned once a formal request is made by the Planning Department. PAC directed a fact-finding investigation into SRSO's spending and retention of the interest amount. The committee also reinstated Pervez Ahmed, the suspended Project Director of the People's Poverty Reduction Programme, after he apologised for the delayed audit submission.
