Category: Shortcode

Solar panel case: Further probe under way to uncover ‘startling’ facts

Admin
solarisation-project

ISLAMABAD: Further investigation is under way to uncover additional information and the potential involvement of other entities in the solar panel sector following the detection of overinvoicing of Rs69.5 billion in imports of solar from 2017 to 2022. An official in the Finance Ministry, when asked, said that as per the Federal Board of Revenue (FBR), further investigation is currently under way to uncover additional information and potential involvement of other entities in the solar panel. He further stated that solar panels have emerged as a high-risk item over the…

Read More

Breaking nexus with electricity thieves: Transfers of Discos’ operational staff on the cards

Admin
power-subsidy

ISLAMABAD: The Power Division has decided to transfer operational staff of power Distribution Companies (Discos) from one circle to other another circle to break their collusion with electricity thieves, official sources told Business Recorder. “Transfer of operational staff of Discos, SDOs, line superintendents and meter readers is on the cards and no political influence will be accepted in this regard,” the sources added. Areas in Mardan (KPK) where theft is very high will not get electricity from October 1, 2023 and the same treatment is expected in Sindh and elsewhere. ‘Mafias…

Read More

SNGPL imposes Rs55m in fines over gas pilferage in Punjab, KP

Admin
sngpl.jpg

LAHORE: Sui Northern Gas Pipelines Limited (SNGPL) teams have disconnected 7,187 connections — 7,144 domestic and 43 commercial — in several operations from September 8 to date in Punjab and Khyber Pakhtunkhwa due to gas pilferage and other complaints. The company imposing heavy fines totalling Rs55.2 million, according to an SNGPL spokesperson. “Over the past 17 days, we have disconnected a total of 7,187 connections across all regions of the company,” said the spokesperson while talking to Dawn on Sunday. “We will provide a complete breakdown by region on Monday (today),” he…

Read More

Is the worst behind Pakistan’s economy?

Admin
Pakistan-economy

ISLAMABAD: While it remains too early to assert definitively, several indicators suggest that Pakistan’s economy may have weathered the worst of its recent challenges. There were serious concerns that due to the IMF’s push for easing import controls and letting the exchange rate float, the rupee may see further free fall. However, after hitting a record low of Rs335 on September 5, the rupee is regaining ground, stabilising at approximately Rs292 to the US dollar, a level where the caretakers inherited. Foreign exchange reserves have surged past $13 billion, including…

Read More

Boosting industrial competitiveness: SIFC executive body seeks a financial plan

Admin
Shamshad-Ather

ISLAMABAD: The Executive Committee of Special Investment Facilitation Council (SIFC) has directed that a financial plan be prepared to introduce industrial tariffs based on cost of service to tackle the issue of cross subsidy for domestic users, which is eroding competitiveness, sources close to caretaker Finance Minister told Business Recorder. Secretary Commerce, Secretary Finance and Secretary Power have been directed to devise a mechanism to reduce the cost of electricity involving: (i) implementation of wheeling at cost of 1 cent per unit; and (ii) formulation of a committee on capacity charges…

Read More