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Reduction in electricity prices

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National Electric Power Regulatory Authority (NEPRA) has issued a notification for electricity prices. According to the notification, the price of electricity has been reduced by Rs.2 and 68 paisa and it has been reduced against the fuel adjustment for the month of May. While it will not be beneficial for those who use more than 300 units. According to the details, NEPRA has announced to reduce the price of electricity against the fuel adjustment for the month of May and the price of electricity has been reduced by Rs.2 and 68 paisa. The recent decline in the price of electricity will not be beneficial for the consumers using 300 units monthly and this relief will not be applied for K-Electric and Agricultural users. National Electric Power Regulatory Authority has issued a notification to the distribution companies that distribution companies should also provide facility in the bills of September.

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Pakistan received an aid of $3.668 Million from US under Coalition Support Fund

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Pakistan received an aid of $3.668 Million from US under Coalition Support Fund
KARACHI: United States has issued an aid to Pakistan of an amount of $3.668 Million under the Coalition Support Fund Program. Pakistan financial institute confirmed the receiving of the aid.
As per Media reports, in a statement issued by State Bank of Pakistan that the Bank has received an amount of $3.668 Million by United States under Coalition Support Fund program. After these funds, Pakistan reserves has been reached to $19 Billion.
According to State Bank of Pakistan $3.668 Million is a first installment of Coalition Support Fund program by US, whereas Pakistan will receive additional $1.5 Billion by the end of 2016.
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Dollar has shown its increase again

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Dollar has shown its increase again

Dollar has shown its increase again

LAHORE: Pakistan Industrial and Traders Association Front (PITAF) chairman Irfan Iqbal Shaikh has shown a concern over continuous rapid increase in dollar rate.

Orignaly Published Here Sindhi Dunya 

Mr. Irfan Iqbal Shaikh said that increase in dollar rate in comparison to Rupee will greatly make its impact on local industry. By this increase in dollar rate, local industry will be purchasing raw material from international market on higher rates, which will increase the cost of local productions. By this increase, an overall impact will result in expensiveness in local market.
Chairman PITAF urged State Bank of Pakistan and Forex Companies within Pakistan to play their roles in this regards. He said that SBP and Forex Companies should play a vital role to reduce the dollar rate and make possible efforts to stop an increase in dollar rates. He said, dollar was available in the market in nominal rate before Eid holidays, but after Eid holidays dollar rate has been increased dramatically. By this increase, a local industry within Pakistan is facing lots of problems as overall production will be decreased and overall international debts will be increased within the country. He emphasized that Government should take possible steps to strengthen rupee, so that trade should be stabilized within Pakistan. He further said that continuous increase in Dollar rate can increase the risk factors in local industries. Government should immediately take possible efforts to control dollar rates and make all possible efforts to bring dollar at a rate of less than 100 rupees, because increase in dollar rate will surely increase the local production rates within Pakistan.


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NA told that 2000MW will be added to nat'l grid.

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2000MW will be added to nat'l grid.
2000MW will be added to nat'l grid.
ISLAMABAD: The national Asembly finds out when they were asking questions on Mounday that efforts are being made to reduce loads shedding in the pakistan and next month they will add 2000MW to the national frid by next month.

To overcome the shortage of the electricity the goverment are planing to start some projects such as Thermal, Hydle, Coal, Wind, Solar and Bagasse , Minister of State of water and power Abid Sher Ali told the house.

According to Abid Sher Ali"The total demand of electricity of Balochistan is 1730 mw"

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No possibility of Petrol crisis in the country, PSO

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KARACHI: Pakistan State Oil (PSO) spokesman said that there is no chance of the petrol crisis in the country. PSO has satisfactory level of storage of fuel available.

According to the PSO spokesman two and a half million tons of petrol has been imported so far from the company in February. In three days, a total of one million tons of petrol through two ships has been imported. PSO is ensuring to continue uninterrupted supply of fuel in the country. According to industry sources, Byco refinery is also increasing the capacity of its oil storage, for which Byco will make three new locations of oil storage tank in the country
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Thar Coal Power agreement signed between Engro Powergen and China Machinary

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The project has been signed officially between Pakistani company Engro powergen Limited (EPL) that invest on project and China Machinery Engineering Engro Powergen Limited will build two power plant of 660 megawatt (MW) in Thar Block II to produce electricity from coal for which it has contracted with the China Machinery Engineering Corporation. The ceremony of agreement held in Beijing in which the CEO of EPL Shams Uddin A. Sheikh and President of CMEC Xing Chen has signed the Contract 

In the event the Minister of Foreign Affairs, Tariq Fatmi, Special Envoy CPEC Zafauddin Mahmood, MD PPIB Shahjahan Mirza and TCEB Ijaz Ahmed Khan and other shareholders Thal Limited, Habib Bank Limited attended the meeting.
On this occasion, Shams-ud-Din Sheikh and Xing Chen was briefed on the ongoing work on the project to the Pakistani delegation. Xing Chen said on the occasion, CMEC will continue to contribute to the expansion and development of power projects in Pakistan. We see the solution of Thar Coal Project in Pakistan that facing future crisis. Shams-ud-Din Sheikh called the agreement a milestone about Thar Project and highlighted the potential consequences.

He said that this is a great achievement and Thar plan will be completed in 2017 as a result of the agreement between the two institutions. Now our endeavor is that the Chinese credit facility could be obtained as soon as possible. Tariq Fatmi also praised the efforts of both companies and said that the agreement shows commitment to solve the energy crisis in Pakistan.

He called it a historic opportunity and the Pakistan-China economic friendship is the strongest relationship. Joint Venture Company Engro Power Gen Thar Ltd. (EPTL) will contract with Sindh Engro Coal Mining Co. (SECMC) to supply annual 3.8 per metric ton of coal which will be used for power generation.
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Maldives to improve the tax system seeks Pakistan's help

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ISLAMABAD: Maldives is sought technically assistance from Pakistan to develop tax infrastructure including preparation of tax administration and tax policy.

According to the document, Vice President of Maldives is visiting Pakistan for 2-days on February 25. On the occasion of his visit, bilateral cooperation will be discussed between Pakistan and Maldives for banking, trade, finance, taxation, transport and various other sectors.

It is stated in documents, the provision of technical assistance from Pakistan to Maldives in preparation of tax policy, making information technology systems for tax administration and international law will be discussed. Moreover, the Pakistan will provide training to the Maldives tax authorities regarding tax audit.

According to the document, apart from these sectors if Maldives wish any further cooperation and assistance of Pakistan in tax sector the support will also be provided. Sources said about that the Maldives want that the Pakistan provide active support to enable efficient and automated tax system so that Maldives can update their tax system and increase their revenue. 
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Income tax increased for those who don’t submit Tax Returns

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Income tax increased for those who don’t submit Tax Returns:

INCOME TAX
INCOME TAX 
The companies who had not field income tax returns, the federal government has increased 5 percent withholding
tax rate for those who import fertilizer and fertilizer manufacturers, pulses import lodged, Ship Breakers, Steel Melters, and non-commercial importers with other non-filers. 

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Twenty-Three Rupees Per Unit Electricity Prices are Likely to Decline

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Twenty-three rupees per unit electricity prices are likely to decline. A reduction in the cost of electricity at the request of the Nepra Central Power purchasing Agency will approve tomorrow.

ISLAMABAD: Twenty-three rupees per unit electricity prices are likely to decline. A reduction in the cost of electricity at the request of the Nepra Central Power purchasing Agency will approve tomorrow. 


According to the sources, the reduction of three rupees twenty one paisa will be made in the month of December against the fuel adjustment. Power users will find relief over twenty billion from reduction in the cost of electricity. Relief will be delayed one month because of pressure of the Ministry of Finance. While in the Economic Coordination Committee meeting, the government has imposed an additional five percent regulatory duty on the import of furnace oil so that revenues can be achieved.
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The government borrow more than 10 billion loan from banks in three months

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The government will borrow the loan more than 10 billion from commercial bank in next three months to reduce the gap between income and expense.

 The government will get the money from the auction of T-bills. According to the State Bank, The government has decided to sell 1050 billion T-bills to the banks for the next three months. In spite of this 150 billion investment bonds will also be auctioned. Experts say that due to not the wide scope of tax the government is facing declining in revenue as a result of which loans have to resort. Local debt has already exceeded 16,000 billion.

The government doesn’t reforms in the system of revenues and only raising the taxes on goods and services rather than direct income tax then the rich richer and the poor will become poorer in the country.
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Pakistan External Debt Exceeds to $ 65 Billion and 60 Million

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Paksitan External Debt Exceeds to $ 65 Billion and 60 Million


Islamabad: Pakistan's external debt has surpassed 65 billion to $ 60 billion, while the Finance Minister predicts that one billion dollar reduction in debt this year

According to the Federal Finance Minister Document, by the end of the fiscal year 2012-13 to Pakistan foreign debt was 60 billion and 90 million. These loans during the 14-2013 have been exceeded by 65 billion and 60 million dollars after adding 4 billion and 70 million dollars. By the end of the current fiscal year, the volume of external debt is expected to decline by one billion dollars. According to the document the internal debt was 95 billion to 21 billion during the 2012-12. It was increased 109 trillion and 20 billion rupees at the end of 14-2013.
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China's yuan nabs fifth place in world's most used currency

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China's yuan nabs fifth place in world's most used currency

Chinese currency, the yuan, has taken the world’s fifth spot in the international payment league tables, beating Canada and the Australian dollar, The Telegraph reported.
In terms of global payments, the Chinese currency has been responsible for 2.17%, according to transactions company Swift. Interestingly, even though China is the world’s second largest economy, its currency is not easily tradeable compared to other currencies.
Even though it managed to beat Canada and Australia, it still lags behind the US dollar, euro and pound. However, it is very close to the Japanese yen which has been accountable for 2.69% of transactions.
Swift also stated that the Chinese currency rose in value by 20.3% in December as compared to a year before, and its ascent denotes its superiority in the country’s economic hike.
The yuan was responsible for 1.1% of total foreign exchange turnover, according to a survey published in 2013 by the Bank of International Settlements – a time during which the currency held the 9th place in the world.
“It is a great testimony to the internationalisation of the yuan and confirms its transition from an ‘emerging’ to a ‘business as usual’ payment currency,” Swift’s head of banking Wim Raymaekers said.
The yuan’s ascent has been credited to its increase in offshore clearing centres worldwide.
While the Chinese currency’s payments grew by 102%, other currencies only stood at 4.4% in 2014.
Moreover, with the IMF soon to update is Special Drawing Rights currency basket this year (review on the basket is conducted every five years only and currencies included so far have only been the US dollar, euro, the pound and the yen), the official reserves could possibly include the yuan.
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