Latest news with #Rs88
Business Recorder
24-05-2025
- Business
- Business Recorder
NAB recovers, disburses over Rs88bn during 1st quarter of 2025
The National Accountability Bureau (NAB) recovered and disbursed over Rs88 billion during the first quarter of 2025 (January–March), it said in a press release on Saturday. The recoveries included direct recoveries worth Rs2.085 billion and indirect recoveries amounting to Rs86 billion, involving public and private lands associated with cases of illegal transfer and occupation. 'The disbursed amounts were returned to the relevant affected entities,' the statement read. Regarding indirect recoveries, NAB (Balochistan) retrieved state land measuring 340 acres of Chiltan Park and 250 acres of Forest department which translate into Rs6.45 billion, NAB (KPK) secured Rs0.56 billion in case titled inquiry against officers/officials of University of Swabi, Revenue and Forest departments, NAB (Lahore) recovered Rs70.87 billion in three mega cases including Employees Cooperative Housing Society, State Life Insurance Employees Cooperative Housing Society and Sarwar Omega Villas, NAB (Multan) recovered Rs0.013 billion in GFS 7 wonders housing Scheme while NAB(Sukkur) recovered 610 acres of NHA land worth of Rs8.53 billion. Housing scam victims: NAB Lahore disburses Rs1.34bn Regarding disbursement of direct recoveries, NAB transferred Rs9.72 million directly to the federal government, Rs10.80 million to provincial governments and Rs73.51 million to different department/financial institutions, etc. Further, a significant portion amounting to Rs19.90 billion has been directly distributed to 19,105 victims of various scams, according to NAB statement. This includes Rs72.04 million to 4,778 affectees of National House Building and Road Development Corporation by NAB (Rawalpindi), Rs1.168.26 billion to 11,855 affectees of Eden Housing Case by NAB (Lahore), Rs405.08 million to 989 affectees of SHG & Others case by NAB(Lahore), Rs111.08 million to 496 affectees of Arain City case by NAB (Rawalpindi), Rs109.15 million to 452 affectees of Toyota Motors Gujranwala case by NAB (Lahore), Rs23.56 million to 246 affectees of Gulshan-e- Rehman case by NAB (Rawalpindi) Rs12.07 million to 99 affectees of THG case by NAB (Lahore), Rs47.31 million to 60 affectees of Gilani Housing Corporation by NAB (Rawalpindi), Rs. 3.631 million to 78 affectees of Ahmed City Housing Scheme by NAB (Lahore) and Rs38.59 million to 52 affectees of other various scams. 'The recoveries made in the first quarter of 2025 has taken the NAB's overall recovery amount since its inception to Rs6.236 trillion, of which 62.92% (Rs3.92 trillion) were recovered in last 18 months. 'These recoveries were made from individuals and entities through plea bargains, voluntary returns and settlements,' the statement read.
Gulf Today
03-05-2025
- Business
- Gulf Today
Indian PM Modi inaugurates Rs88b Vizhinjam port in Kerala
Indian Prime Minister Narendra Modi inaugurated the first phase of the Vizhinjam International Deepwater Multipurpose Seaport, valued at Rs88 billion, on Friday. The prime minister said that 75 per cent of India's transhipment operations were conducted at foreign ports, resulting in significant revenue loss for the country. He asserted that this situation is set to change and that funds that once flowed outside the country will generate new economic opportunities for the people of Kerala. One of the port's most remarkable features is its natural deep draft of nearly 20 metres, the deepest among all ports in India. This exceptional depth enables it to accommodate all vessels, including ultra-large container ships and bulk carriers, which require significant draft to operate efficiently. Vizhinjam is the closest Indian port to the busiest international shipping routes along the trade corridor connecting Asia, Europe, and Africa. The geographical advantage allows for reduced transit times and improved logistics efficiency, facilitating relatively quicker turnaround times for shipping operations. 'Vizhinjam has now emerged as a symbol of modern development,' Modi said, congratulating the people of Kerala and the entire nation on the achievement. 'The capacity of this transhipment hub will triple in the coming years, allowing for the smooth arrival of some of the world's largest cargo ships.' He underscored Kerala's crucial role in this maritime strength and economic growth, emphasising the state's historical significance in maritime trade. Through the Arabian Sea, India maintained trade links with multiple nations, with ships from Kerala carrying goods and establishing it as a vital hub for global commerce. 'Today, the Government of India is committed to further strengthening this channel of economic power,' he said. 'India's coastal states and port cities will become key centres for the growth of a developed India.' He said the port economy reaches its full potential when it combines infrastructure and ease of doing business. Over the past ten years, this has been the blueprint of India's port and waterways policy. He emphasised that the government is intensifying efforts to boost industrial activities and achieve holistic development across states. He noted that India has upgraded port infrastructure and significantly improved connectivity. Waterways, railways, highways, and airways are being rapidly integrated to ensure seamless connectivity. He highlighted that these reforms, which aim to ease the business environment, have attracted greater investment in the ports and infrastructure sectors.
Business Recorder
28-04-2025
- Business
- Business Recorder
MoF tells PD: Power sector subsidies tied to fiscal space
ISLAMABAD: The Ministry of Finance (MoF) has reportedly informed the Power Division (PD) that the allocation of power sector subsidies for the fiscal year 2025-26 will depend on the availability of fiscal space, well-informed sources in the Finance Division told Business Recorder. In a letter titled 'MEFP for EFF 2024-27 – Circular Debt (CD) Target for FY 2025-26,' the Power Division had sought indicative allocations for the upcoming fiscal year to bridge the circular debt gap. According to the Corporate Finance (CF) Wing of the Finance Division, budgetary allocations for the power sector in FY 2025-26 will be finalized through the standard budgetary process in consultation with the Budget and CF Wings of the Finance Division, keeping in view the prevailing fiscal constraints. Energy sector reforms: Govt makes new commitments to IMF Regarding the issue of advance subsidy, the Finance Division has already shared its stance with the Power Division to clarify its position. Sources revealed that the Finance Ministry did not endorse the Power Division's proposal to release an advance subsidy of Rs224 billion to address power sector cash flow and liquidity concerns, arguing that adequate funds have already been provided. On March 25, 2025, the Power Division shared a draft summary with the Finance Ministry for submission to the Economic Coordination Committee (ECC), requesting the release of the advance subsidy. However, the Finance Division responded that sufficient funds—amounting to Rs633 billion—had already been allocated under various budgetary heads in line with the Power Division's requirements. According to the Finance Ministry, a sum of Rs509 billion has also been allocated under Finance Division's Demand No 45 of CFY 2024-25 as per the requirement shared by Power Division during the budgetary process, as per the following break-up; (i) TDS-KE (arrears) Rs88 billion; (ii) Fata (arrears) Rs86 billion; (iii) additional subsidy Rs120 billion; and (iv) GPPs/IPPs (equity) Rs215 billion. The Finance Ministry further stated that as is clear, ample funds are available in the budget for the liquidity requirements of the power sector. The Finance Ministry, however, has recommended that the funds be utilised in the same manner as allocated in the budget. Therefore, the Finance Ministry has not supported release of funds of Rs171 billion in the form of either advance subsidy or equity as proposed in the summary. Alternatively, the sum of Rs174 billion could be released on account of 'arrears of subsidy in respect of TDS-KE (Rs88 billion) and Fata (Rs86 billion)' against verified claims. The sources said, the Finance Ministry's recommendation is based on the following factors: an amount of Rs264 billion, released as advance subsidy for TDS-Discos in the previous years, still remains to be adjusted against actual claims, as per the following details;(i) stimulus package Covid-19/TDS Discos: advance Rs106.890 billion - claims Rs91.107 billion- balance Rs15.783 billion;(ii) PM Relief Package/TDS-Discos: advance Rs69.225 billion- claims Rs60.437 billion- balance Rs8.788 billion;(iii) future claims FY 2021-22/TDS Discos- Rs100 billion – claims Rs o - balance Rs100 billion;(iv) future claims FY 2021-22/TDS Discos: advance Rs50 billion - claims 0- balance Rs50 billion;(v) flood relief package/TDS Discos: advance Rs24 billion- claims 0- balance Rs24 billion;(vi) flood relief package/TDS Discos: Rs10.340 billion- claims Rs 0 – balance Rs10.340 billion; and (v) revised claims for the period of November 2020 to October 2023/TDS Discos: Rs55.487 billion - claims Rs 0 – balance Rs55.487 billion. This shows that the amount of total advances were Rs415.942 billion, of which, claims were of Rs151.544 billion and balance of Rs264.398 billion. The Finance Ministry has further stated that advance subsidy amount to Rs170 billion, released on account of TDS-KE till December 2024, also remained to be adjusted. ECC in its decisions of October 15, 2020 and July 16, 2021 had directed that reconciliation of subsidy claims be carried out, which is still pending. During the audit of FY2023-24 the AGP has raised observations that the previous advances provided against KE-TDS have not been adjusted before authorizing new/fresh advances. The sources said, Finance Ministry has recently suggested to Power Division to consider reconciliation through third party to establish the exact payables/receivables position, which is also important in the context of the upcoming privatisation of certain entities. 'The relief extended to the protected categories for first three months of FY 2024-25 was required to be funded through savings of PSDP 2024-25 as per the Cabinet's decision, 'Finance Ministry said supporting Technical Supplementary Grant (TSG) for subsidy for subsidy from PSDP to Power Division. The Finance Ministry was also of the view that funds may be utilized against actual verified claims of Discos and K-Electric after completion of all codal formalities as provision of advance subsidy on that account is not required. Copyright Business Recorder, 2025
Express Tribune
18-02-2025
- Business
- Express Tribune
CM to launch electric bus service today
Punjab Chief Minister Maryam Nawaz inspects a ramp for differently-abled passengers in an electric bus which is set to ply on the roads in Lahore. photo: express Lahore is set to embrace a greener mode of transportation as the Punjab Transport Company has soft-launched an electric bus project, with commercial operations commencing on Wednesday. Punjab Chief Minister Maryam Nawaz is scheduled to inaugurate the service, which aims to reduce environmental pollution and improve urban mobility. A total of 27 electric buses, imported from China, will benefit approximately 17,000 commuters daily. The Punjab Transport Department showcased a documentary on the buses, highlighting their features and modern amenities. Each bus has a capacity of 83 passengers, including 32 seats, space for 48 standing commuters and two reserved seats for individuals with disabilities. A dedicated section for women as well as a separate driver's cabin equipped with advanced controls enhance passenger comfort and safety. The electric buses are fitted with GPS, Wi-Fi, USB charging ports, onboard surveillance cameras and manually operated wheelchair ramps. Commuters can pay fares using digital wallets and smart cards, while a mobile app will allow real-time tracking of the buses. The vehicles, which can be fully charged in two and a half hours, have a range of 300 kilometres per charge. A charging station for the buses has been established in Green Town. The initiative, launched with an investment of approximately Rs2.4 billion, marks a significant step toward sustainable urban transportation. Each bus, valued at Rs88 million, has an operational lifespan of 12 years.
Express Tribune
07-02-2025
- Automotive
- Express Tribune
Electric buses to serve 17,000 commuters daily
LAHORE: Punjab government has launched a pilot project featuring 27 electric buses in Lahore. The initiative aimed at reducing pollution and operational costs has been introduced with an initial investment of Rs2.4 billion. A test run of the eco-friendly buses is under way on a 21km route from Green Town to the Lahore Railway Station. Regular public service of the buses is set to commence on February 16, benefiting approximately 17,000 commuters daily. Each electric bus, imported from China at a cost of Rs88 million, is designed for a 12-year operational lifespan. These vehicles are equipped with state-of-the-art facilities, including GPS, Wi-Fi, USB charging ports and designated seating with ramps for commuters with special needs. A separate compartment for women has been designated, and onboard surveillance cameras installed to enhance security and prevent harassment. Commuters will have the convenience of using digital wallets and smart cards for fare payments, while a mobile app will allow real-time tracking of the buses. Following the successful implementation of the pilot project, the government plans to expand the initiative to other cities across the province. The long-term plan envisions the deployment of 620 electric buses in major urban centers.
