Tag Archives: strengthen

The Sindh government plans a bailout package to strengthen KDA | Instant News

The chief minister of Sindh said on Tuesday that the provincial government had launched 20 mega projects worth Rs5.78 billion in Karachi, of which 10 of them valued at Rs3.8 billion had been completed, while the rest would be completed preferably by the end of the current financial year. .

“I want to strengthen the Karachi Development Authority [KDA] by giving them a bailout package and a plan that includes more energy and resources, ”said Syed Murad Ali Shah, who chaired a meeting at the CM House to review the progress of the mega project.

The chief executive said he had launched a Rs5.78 billion project in the city to streamline vehicle traffic by building flyovers and underpasses, reconstructing dilapidated rainwater channels and providing water to the West District by installing new pipes.

“I am happy that today of the 20 projects, 10 major projects have been completed, and in the next fiscal year new major projects will be launched,” he said. Completed projects include construction of an underpass at Submarine Chowrangi and nearby roads worth Rs2.2 billion.

Shah directed the Minister of Regional Government Syed Nasir Shah to beautify the underpass and open the turn of the road from Khaliquzzaman Road to Sunset Boulevard by leveling the buildings built on the road. CM said that he had spent funds to compensate the residents and shop owners of the building.

Projects under construction include the construction of a rainwater channel from Star Gate to Chakora Nullah for Rs198.806 million (70 percent progress) and the reconstruction of 8000 Roads from Jam Sadiq Bridge to Dawood Chowrangi for Rs1.48 billion (98 percent progress).

The project also includes repair of traffic signs and signboards as well as works to beautify Mai Kolachi Road for Rs171.56 million (work from MT Khan Road to Punjab Chowrangi has started). There are several more projects in progress.

The chief executive directed the minister LG to personally monitor the progress of the ongoing project and kept him updated. As for the bailout package for KDA, CM asked the minister to submit his recommendations and strengthen the organization.


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Rupee may strengthen further | Instant News

KARACHI: The rupee is likely to strengthen further against the dollar in the coming week, as inflows from remittances, Roshan Digital Accounts, and greenback sales from exporters exceed demand from importers.

The local unit made a strong rally touching 156.85 in intraday trading on Friday, the highest in a year. It closed at 157.12 / dollar on the interbank market. Last year, it closed at 154.30, but then started to lose value, as a pandemic-related lockdown began, which weakened the rupee to 169 against the dollar.

“We expect the rupee to continue bullish in the face of relatively weak demand for the dollar, amid ample supplies,” a foreign exchange trader said on Saturday.

“If the dollar supply to the market is maintained, the rupee will extend its gains in the near term. The local unit appears to be trading at 156 levels against the dollar next week. “

Earlier this week, there was strong support at the 158.10 level, but once it was caught, the rupee / dollar parity fell rapidly, only taking a break on the day Pakistan Tehreek-e-Insaf lost the Senate election.

The rupee has gained about 2.50 percent since the start of 2021 due to RDA inflows, the convenience of the IMF program, and strong dollar sales ahead by exporters. Last week, the country’s foreign exchange reserves also rose to $ 20.133 billion.

Tresmark, an app that tracks financial markets, in a client note, said that apart from being positive, the current account remained in deficit in February, albeit at a smaller pace, the fiscal deficit was at a historical high and inflation continues to be insurmountable. Pakistan also has a debt repayment schedule for June, totaling nearly $ 3 billion. There remains a sizeable pile of import payments which, for unknown reasons, are not approved for processing. The Real Effective Exchange Rate (REER) is also thought to have crossed the magic number 100 last month (no official figures available), said an analyst at Tresmark.

Regional and peer currencies, including India, Sri Lanka, Indonesia, Turkey, Brazil, Thailand and Malaysia have all lost value in recent days against the dollar, since yields on T-bills rose and the dollar strengthened against nearly all currencies.

The only exception is the rupee, which is strengthening. A decline in the value of the dollar is likely to help reduce debt burdens and lower import inflation.

However, this ongoing rupee rally could render exports relatively uncompetitive in pricing. This will have a negative impact on exports.

Analysts say that the rupee may gain further in the next 30 days before consolidating and reversing some of its gains.

Like the world, bond yields go up. Six-month and 10-year bonds that traded at 7.18 percent and 10 percent a few weeks ago are now trading at 7.50 percent and 10.25 percent, with the Karachi Interbank Offer Rate also rising in line with this benchmark.


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FBR will strengthen IT systems to combat counterfeit tax invoices | Instant News

KARACHI: The Federal Revenue Council (FBR) has decided to further strengthen its information technology systems to combat the issuance of fake sales tax returns, sources said on Tuesday.

The decision to strengthen the IT system was taken at a tax management meeting with FBR Chairman Javed Ghani which was held Monday at the Karachi Large Taxpayer Office.

The meeting discussed one agenda item: “Fake Invoices – Actions taken so far and future strategies to combat them”. The main commissioners of all the tax offices located in Karachi attended the meeting.

The chief commissioner advised the chairman to improve the efficiency of IT systems to combat these threats. They said the system must ensure the issuance of invoices by the sector concerned.

The meeting discussed a hotfix in the IT system that prevents fake invoices and flying to claim refunds and input adjustments. However, more effort is needed to prevent revenue losses. The source said that the chairman agreed to the suggestion to strengthen the IT system and the necessary direction will be issued in the coming days.

The chairman directed the chief commissioners to submit their proposals for the 2021/22 budget with a focus on creating deterrence in sales tax evasion. The chairman said that some directives require parliamentary approval. The meeting also discussed possible measures to prevent fake and flying sales tax invoices. The chief commissioner suggested formulating a system whereby income withholding tax reports should be made available for cross-verification of sales tax invoices.

The source said the issuance of counterfeit refunds had given FBR a headache because billions of rupees had been drained in the past through fake and unexpected invoices.

Recently, the Federal Tax Ombudsman (FTO) has also paid serious attention to this issue and directed FBR to take firm action against companies and tax officials who are involved in refunding sales tax counterfeits.

To comply with FTO orders, FBR has initiated the launch of FIRs against the corporate entities involved and has also initiated disciplinary action against delinquent tax officials.

The source said about 80 officials had been nominated in the case of the issuance of counterfeit sales tax returns by the Karachi Corporate Tax Office and a list of officials had been sent to FBR headquarters for disciplinary action.

During the meeting, the Chairman of FBR directed the main commissioner to immediately take action if there was a complaint related to corruption by an official in his jurisdiction. Furthermore, the main commissioner must also forward a case to FBR where they find the integrity of the official in question.


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The CCPC aims to strengthen public confidence in the police: ministers | Instant News

LAHORE: The Raja Basharat Provincial Minister for Law and Cooperatives said that the Citizen-Centered Police Conference (CCPC) was an effort by the Punjab Police whose recommendations would provide assistance to the general public in the province based on priorities and strengthen the atmosphere of trust between police and citizens. He spoke as the main guest at the CCPC closing ceremony held at the Lahore Punjab Police Officers Mess on Friday.

Raja Basharat said that for the first time Punjab Police are taking practical steps for the convenience of citizens instead of changing laws or demanding resources from the government.

He said that in line with the vision of Prime Minister Imran Khan and the Chief Minister of Punjab, practical measures of people-friendly policing will further improve the police service delivery process and the people of the province will benefit equally from this facility.

Basharat said that the Punjab government is ready to expand all possible cooperation to improve the 1934 Police Act while monitoring officers should play their role more diligently and efficiently in providing services to the public and controlling crime.

In his speech, IG Punjab said that the Punjab Police should be given the eradication of crime. A detailed roadmap has been drawn up for the transformation of police force to police force, according to which Punjab Police, while remaining within its jurisdiction, will soon take practical steps to implement whatever can be done for Citizen-Centered Policing, including convenience, service and protection. citizen.

He further said that an action plan had also been drawn up to strengthen the identity of the Punjab Police as a community friendly police.

Punjab Police have prepared new programs in the style of Service Center, Special Initiative Police Station and Women’s Safety App for the convenience of citizens, while special attention will be paid to monitoring and inspection to keep these projects useful.

Retirees and old officers include Ehsan Ghani, Additional IG Rao Sardar, DIG Maqsood ul Hassan, AIG Imran Karim, SP Shaista Nadeem, Ch Yaqub, Sarmad Saeed, Additional IG Ali Amir, Additional IG Kanwar Shahrukh, DIG Shehzada Sultan, SP Ahsan Chauhan, Additional IG Azhar Hameed Khokhar, Iftikhar Ch, Additional IG Farooq Mazhar, DIG Yousuf Malik, AIG Asad Muzaffar, Battalion Commander Amara Athar, Bushra Taskin, Razia Hussain, Rida Qazi, Saroop Ejaz, Fatima Bukhari, Zarrin Ehsan, Kausha Abbas, Zaus, Rana Abdul Aziz, Hafiz Arsalan, Dr Tehmina Ranjha, Umar Khan, Madiha Alam, Zia Hashmi, Shahrzad Amin, Iram Sana and others were given a warning shield while Punjab IG Inam Ghani presented a souvenir to King Basharat.


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The rupee strengthens | Instant News

KARACHI: The rupee closed higher against the dollar on Monday coupled with healthy inflows, while positive sentiment amid rising exports helped prop up the local unit, dealers said.

On the interbank market, the rupee ended 0.27 percent higher at 159.56 versus the greenback, compared with 159.99 on Thursday. On the open market, the rupee closed at 159.80 / dollar, compared to the previous close of 160.10.

“The inflows from remittances, exports and bonds exceeded the demand for importers today,” said a foreign exchange trader. “The increase in exports in January and reports of maintaining $ 2 billion in financial support from Saudi Arabia and the United Arab Emirates to Pakistan also helped sentiment,” he added.

Pakistan’s exports rose 8 percent to $ 2.132 billion in January 2021 from $ 1.972 billion last year. Saudi Arabia maintains a remaining $ 1 billion in deposits, while the UAE has also rolled out a $ 1 billion deposit for another year, according to reports.

Dealers expect the rupee to continue to be supported in the upcoming sessions potentially trading in a range of 159.30 and 159.60. However, some traders warned against expecting a strong rise in the rupee anytime soon, given the higher trade deficit and uncertainty over the Financial Action Task Force’s (FATF) decision on Pakistan’s status.


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