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Business Recorder
3 days ago
- Business
- Business Recorder
JI accuses Nepra of displaying anti-Karachi bias
KARACHI: Jamaat-e-Islami (JI) Karachi chief Monem Zafar Khan has accused the National Electric Power Regulatory Authority (Nepra) of discriminatory practices against Karachiites, criticizing the decision to burden consumers with recovery losses and imposing a higher basic tariff of Rs40 per unit in the metropolis as compared to Rs35 in other cities. In a letter to NEPRA's chairman, he condemned the authority for failing to uphold its constitutional duties, alleging clear bias against Karachi's residents. He argued that while other cities' electric supply companies are barred from passing recovery losses onto consumers, Karachi Electric (KE) has been allowed to do so, placing an unfair financial strain on the city's residents. 'Such biased decisions undermine NEPRA's claims of equality and lay the foundation for injustice,' he stated. Highlighting NEPRA's approval of a multi-year tariff, the JI leader noted that KE is set to collect an additional Rs97 billion from consumers until 2030. He also raised concerns over NEPRA's ongoing hearings regarding KE's Rs76 billion write-off claims, alleging the authority may once again favour the controversial private utility. Monem criticized KE's dismal performance, pointing out that it provides the most expensive electricity in the country while failing to address inefficiencies and alleged misdeeds. He demanded that Nepra take strict notice of KE's poor service, frequent load-shedding and questionable transactions. Additionally, he called for the revocation of KE's operating license and a forensic audit of the company's accounts to ensure transparency. The JI Karachi Chief urged the Nepra to reconsider its policies and prioritize the interests of Karachi's consumers, warning that continued discrimination would deepen public resentment. Copyright Business Recorder, 2025
Time of India
22-04-2025
- Business
- Time of India
Bullion Bull Run: 1 tola gold costlier than a kg of silver
Nagpur: The gold-silver equation has gone haywire. In a rare instance, traders say 1kg of silver is cheaper than one tola (10 gram) of gold, indicating a sharp increase in gold prices. On Tuesday, the rate of a tola of gold stood at Rs99,000 (Rs101,970 with GST), while one kg of silver was at Rs97,000. The yellow metal crossed the Rs1 lakh mark with GST on Monday itself. A difference of Rs2,000 is not only significant but, but also not in line with the normal trends, say traders. A tola and a kg are standard measures for gold in the domestic market. Globally, the rates are quoted in dollars per ounce. Normally, one kg of silver remains costlier than one tola of gold. This indicates a one-sided rally in the price of gold, which has now left silver behind. The sliding dollar, differences between the US President and Fed chief, and volatile geopolitical situations have led to funds being parked in gold, fuelling its price. The same factors have impacted the industrial consumption of silver, keeping its rates moderate. Silver also has an industrial use while gold is used in ornaments and as a safe haven asset. Rajesh Rokde, president of Gems and Jewellery Council (GJC), said this shows that if gold is racing ahead, silver still has some headroom. TOI collected the last five years' rates from the local market at Sarafa Oli in Itwari. A person who invested in the yellow metal in the Covid year of 2020 now stands to gain more than double the principal amount. Silver, on the other hand, has given 25% returns since then. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Oldest Stars Who Are Still Alive And Often Forgotten Boite A Scoop Undo Around March-April 2020, gold rates stood at Rs41,600 a tola, now touching Rs99,000 (without GST), an increase of 137% since then. Silver, on the other hand, gave over 25% returns compared to the physical market rates. Meanwhile, the gold exchange-traded funds (ETF) rates have also crossed Rs81 a unit, while silver ETFs are over Rs93 on average. Investors in sovereign gold bonds got a price of Rs9,669 per unit for premature redemption of bonds issued in October 2018, again giving handsome returns, said market sources.
Express Tribune
24-02-2025
- Business
- Express Tribune
BISP beneficiaries to get bank accounts
The government has increased the amount for Benazir Income Support Programme (BISP) from Rs97 billion for fiscal year 2014-15 to Rs102 billion for 2015-16. PHOTO: PID The Chairperson of the Benazir Income Support Program (BISP) Rubina Khalid on Monday declared that any deductions from the funds of deserving women and the presence of the agent mafia will not be tolerated under any circumstances. She made these remarks during her visit to the Dynamic Registration Office in Deh Shah Bukhari and the Benazir Nashonuma Center in Latifabad, Hyderabad. To resolve issues related to deductions, a plan was in place to open bank accounts for each deserving woman, allowing them to withdraw their money directly, and a pilot project for this initiative will be launched soon.
