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Gold prices go up Rs450 to Rs109,300 per tola

ISLAMABAD: The price of 24 karat per tola gold increased by Rs450 and was sold at Rs109,300 on Tuesday against its sale at Rs108,850 the previous day, Karachi Sarafa and Jewellers Group reported. The price of 10 gram 24 karat also increased by Rs386 and was sold at Rs93,707 against its sale at Rs93,321 while the prices of 10 gram ... Read More »

Flour Mills Association announces to go on strike from June 24

KARACHI: Pakistan Flour Mills Association (PFMA) on Tuesday announced to go on strike from June 24. Flour Mills Association Chairman said that flour mills across the country will be closed from June 24 and will go on strike indefinitely from June 30 against turnover and sales taxes imposed by the government. Asim Raza Ahmed also urged the government to withdraw ... Read More »

USD rises by 49 paisa to reach almost 3.5 month high

KARACHI: The exchange rate of US Dollar increased by 49 paisa in the on Tuesday against Pakistani rupee, reaching about 3.5 months high. As per details, greenback was being traded at around 158 rupees on second business day of week compared to previous closing of Rs156.89. In last 50 days, dollar has risen by 5.72 rupees as on March 1, ... Read More »

Tarin directs food ministry to invite bids for wheat, sugar imports

ISLAMABAD: Finance Minister Shaukat Tarin directed food ministry to initiate international procurement drive of wheat and sugar through public, private and government-to-government arrangements. Addressing a National Price Monitoring Committee’s (NPMC) meeting, Tarin directed officials to work out modalities to maintain strategic reserves of sugar and wheat to ensure smooth supply at affordable prices during the upcoming financial year. “Government is ... Read More »

FATF meets to review Pakistan’s performance over key actions

ISLAMABAD: A five-day meeting of the Financial Action Task Force has started in which Pakistan s performance will be reviewed on June 23. Pakistan has submitted a progress report on all 27-point action plan. The FATF is satisfied with Pakistan’s performance so far in achieving the targets. Pakistan has made progress on all 27 targets and its report was submitted ... Read More »

Exports increase 16.42pc to Rs3.615 trillion in 11 months; 14.59pc in May

ISLAMABAD: The exports from Pakistan in rupee term increased by 16.42 percent during the first eleven months of the current fiscal year as compared to corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The exports during July–May (2020 – 2021) totaled Rs.3,615,857 million as against Rs.3,105,799 million during the corresponding period of last year showing an increase ... Read More »

Pak Rupee ends down by 62 paisas against USD

KARACHI: The Pak Rupee depreciated by 62 paisas against the dollar on Monday due to higher demand for import and corporate payments. The rupee ended at Rs157.51 to the dollar from last Friday’s closing of Rs156.89 in the interbank foreign exchange market. Currency experts said that due to first day of the week the demand for the foreign currency was ... Read More »

LHC disposes of petition of Shehbaz’s mills against FBR notice

  LAHORE: The Lahore High Court (LHC) on Monday disposed of a petition filed by PML-N President Shehbaz Sharif’s sugar mills challenging a tax audit notice of the Federal Board of Revenue (FBR). A bench of the high court directed the petitioner, Ramzan Sugar Mills, to approach the relevant forum for redressal of grievance. The court questioned how could the ... Read More »

Pilot project of chilli farming completes under CPEC: Asim Bajwa

ISLAMABAD: Chairman China Pakistan Economic Corridor (CPEC) Authority, Lt. Gen (retd) Asim Saleem Bajwa said the pilot project of Chilli farms in the country had been completed with cooperation of the Chinese agricultural experts. “Pilot project of Chilli Farm with100 acres is completed,” he said in his tweet, adding that in the next phase, as many as 3000 acres of ... Read More »

Cutlery exports increase 40.11pc to US $107.491m in 11 months

ISLAMABAD: The exports of cutlery witnessed an increase of 40.11 percent during the first eleven months of financial year 2020-21 as compared to the corresponding period of last year. The country exported cutlery worth of US $107.491 million during July-May (2020-21) against the exports of US $76.719 million during July-May (2019-20), showing growth of 40.11 percent, according to the Pakistan ... Read More »

Power tariff likely to decrease by up to 12 paisa per unit

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) is likely to slash power tariff by up to 12 paisa per unit under the head of monthly fuel price adjustment (FPA) for the month of May 2021. In this regard, the Central Power Purchasing Agency (CPPA), in an application, has sought NEPRA’s approval for 12 paisa per unit decrease in the ... Read More »

PSX announces launch of 90 day DFC and new futures eligibility criteria

KARACHI (Dunya News) – In a major move forward, Pakistan Stock Exchange (PSX) has introduced a new futures eligibility criteria and communicated the launch of the 90-day maturity Deliverable Futures Contracts (DFC) with effect from DFC August 2021 which shall start from July 26, 2021. As per the new criteria, there shall be no segregation of A, B categorization, stocks ... Read More »

Domestic tractors witness 65pc growth in last 10 months

ISLAMABAD: Domestic tractor assembling witnessed about 65.36 per cent growth during ten months of the current fiscal year 2020-21. Adviser to the PM on Commerce and Investment Abdul Razak Dawood tweeted that around 41,327 tractors were locally assembled during the period from July to April 2020-21 as compared to the assembling of 2,500 tractors in the same period of last ... Read More »

Covid-19 vaccine procurement top priority of govt: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin Friday said that providing safety to our citizens through the timely procurement of vaccine is foremost priority of the government. While chairing the meeting, he directed Economic Affairs Division (EAD) to start the process of availing the credit lines with our development partners for ensuring timely payments to the vendors as ... Read More »

Steel sector warns govt of massive losses over scrapping FED in tribal areas

ISLAMABAD: Pakistan’s steel industry has strongly protested moving the sector from the FED to GST sales tax regime and warns the PTI government that this will have disastrous consequences for the industry and economy. “The government will have to bear a revenue decrease of Rs50 billion per annum as loss on sales tax by this move. There has been no ... Read More »

Vegetable exports increased record 1.51pc in 10 months

ISLAMABAD:  Vegetable exports during first ten months of FY 2020-21 grew by 1.51 per cent as compared to the exports of the corresponding period of last year. During the period from July-April 20-21, Vegetables worth US $ 277,507 thousand exported as compared to worth US $ 273,383 thousand of same period of last year. According to the data released by ... Read More »

Govt slashes levy on petroleum products

ISLAMABAD: The federal government on Wednesday reduced the levy on petroleum products. According to sources, sales tax on petrol and high speed diesel has been increased, while levy on petrol has been reduced by Rs 1.83 per liter from Rs 4.80 to Rs 2.97 per liter. The levy on high speed diesel has been reduced by Rs 1.53 per liter ... Read More »

Pakistani company gets largest IT order from Japanese corporation

ISLAMABAD: A Japanese company, building high-tech platform to expand its global services, announced to award orders to a Pakistani company for creation of an information technology platform for real estate. “We are happy that Bears Inc Japan has chosen Saffran Group from Pakistan for this product, which will be completed by high-tech IT experts in Pakistan,” a press release issued ... Read More »

Govt allocates Rs23b for 17 CPEC projects under PSDP 2021-22

ISLAMABAD: The federal government has earmarked Rs23 billion for 17 projects of China Pakistan Economic Corridor (CPEC) under the Public Sector Development Programme (PSDP) 2021-22. According to the budgetary documents, the government has allocated Rs5 billion for the construction of Zhob to Kuchlak Road-a part of CPEC Western Corridor, of which the total cost is estimated at Rs 63 billion. ... Read More »

Price of petrol goes up by Rs2.13 per litre

ISLAMABAD: The Finance Ministry on Tuesday approved a Rs2.13/litre hike in petrol and an increase of Rs1.79/litre in the price of High-Speed Diesel. A notification issued by the ministry also said that the price of kerosene oil is being increased by Rs1.89/litre and light diesel prices will go up by Rs 2.03per litre. The petrol prices have increased by 2.13%, ... Read More »