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Day: September 6, 2023

State Bank of Pakistan has decided to introduce structural reforms in the Exchange Companies’ sector.

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state-bank

Leading banks actively engaged in foreign exchange business will establish wholly owned Exchange Companies Aim is to cater to the legitimate foreign exchange needs of general public. Exchange Companies and their franchisees will be consolidated and transformed into a single category of Exchange Companies In addition, the minimum capital requirement for Exchange Companies has been increased from Rs 200 million…

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SIFC focuses on 5 sectors for investment

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PFCCI-1

KARACHI: In continuation of its efforts to improve the country’s business climate, the Special Investment Facilitation Council (SIFC) has asked Karachi’s business community to exploit huge investment potential in agriculture, livestock, information technology, mining and energy sectors. At a meeting held at Corp Commander Office V on Tuesday, Special Assistant to Caretaker Prime Minister Dr Jehanzaib Khan and the SIFC’s…

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IMF doesn’t proscribe targeted subsidies for poor, says PM Kakar

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IMF-board

ISLAMABAD: Targeted power subsidies for disadvantaged socioeconomic classes using around 200 units of electricity were not discouraged or curtailed by the government or the International Monetary Fund (IMF), Caretaker PM Anwaarul Haq Kakar said. In an interview with Dawn News English Spotlight programme, broadcast on Tuesday, the caretaker PM was asked about the interim government’s relief proposals to the Fund and their…

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New power bills proposal sent to IMF

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IMF-demand

ISLAMABAD: After the rejection of the first one, the caretaker government has sent a fresh proposal to the International Monetary Fund (IMF) that the additional money allocated for the independent power producers (IPPs) could be adjusted to provide relief to the consumers, who were protesting against the exorbitant rise in their electricity bills. Finance ministry sources said under the new…

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PSA calls for continued support of net metering

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solar-energy

LAHORE: The Pakistan Solar Association (PSA) has issued a resounding call to action, urging authorities and stakeholders to maintain their support for net metering as a critical element of the nation’s sustainable energy future. Net metering stands as a cornerstone in the shift toward clean and affordable energy, aligning Pakistan with the global transition to solar power. The PSA has…

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Solar panel imports: Rs73bn illicit fund transfers detected

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renewable-energy

KARACHI: Directorate of Post Clearance Audit (South), Karachi has unearthed a complex web of deceit and fiscal fraud involving fictitious solar panel companies, which reportedly transferred Rs 73 billion out of Pakistan. According to details, the Directorate during the sectoral audit of solar panel imports assigned by the Federal Board of Revenue (FBR), identified significant irregularities and violations in the…

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Petrol and diesel: Exchange adjustment rate for PSO kept at Rs4.24, Rs2.62 per litre

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Petroleum-prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has kept Rs4.24 and Rs2.62 per litre exchange adjustment rate for Pakistan State Oil (PSO) on both petroleum products – petrol and high-speed diesel (HSD)- for the first half of September. The same rate was applicable during the second half of August 2023. The interim government had raised the petrol price by…

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