Author: newsdesk

  • Concerns rise over circulation of fake Rs5,000 banknotes

    Concerns rise over circulation of fake Rs5,000 banknotes

    In a recent meeting, the Senate Standing Committee on Finance convened to address the escalating circulation of counterfeit Rs5,000 banknotes, a matter that has raised serious apprehensions among officials, including those from the State Bank of Pakistan (SBP).

    Chaired by Senator Salim Mandviwala, the committee delved into the severity of the issue as it showcased a bundle of forged Rs5,000 notes.

    Senator Mandviwala, underscoring the gravity of the situation, asserted that even parliamentarians are susceptible to falling victim to this fraudulent activity.

    During the proceedings, Senator Mandviwala directed a challenge to SBP’s Deputy Governor, Dr. Inayat Hussain, urging him to identify the counterfeit notes.

    However, the attempt was met with a purported failure on the part of the Deputy Governor.

    Expressing the need for immediate and decisive action, the committee chairman called upon the central bank to take robust measures to combat the widespread dissemination of counterfeit currency.

    Mandviwala suggested that the infiltration of fake notes into circulation might be occurring through banks.

    A noteworthy proposal from Senator Mandviwala involved the exchange of counterfeit currency for genuine notes, an idea promptly dismissed by Deputy Governor Inayat Hussain.

    The latter cited concerns about potential misuse and abuse as the basis for the refusal.

    During the discussion, Hussain acknowledged the absence of a concrete system to prevent the printing of fake currency within the country.

    He further elaborated that while counterfeit dollars are a global issue, efforts are underway to enhance regulations to control the production and circulation of fake currency, specifically within Pakistan.

    According to ARY News, Mandviwala, highlighting the urgency of the situation, called for immediate relief measures. The committee, in unanimous agreement, advocated for the formulation of a comprehensive policy to combat the growing use of counterfeit currency, particularly within the banking system.

    The committee stressed the necessity of proactive measures to safeguard the financial integrity of the nation.

  • New tax rules: Discounts for overseas Pakistanis, higher costs for importers

    New tax rules: Discounts for overseas Pakistanis, higher costs for importers

    In a recent development, commercial importers of new mobile phones are set to miss out on any concessions following the issuance of the new valuation ruling.

    Conversely, a significant benefit has been extended to incoming international passengers, particularly overseas Pakistanis, who can now avail themselves of a depreciation of up to 60 per cent on used or refurbished mobile phones.

    The Directorate of Valuation Karachi’s latest ruling, numbered 1834 of 2023, is positioned to ease processes for overseas Pakistanis.

    However, it paints a different picture for commercial importers dealing with new mobile phones, who are now obligated to pay duties and taxes based on relatively higher customs values.

    The new ruling encompasses several additional models to refine the assessment of duties and taxes.

    Regrettably, the ruling does not offer any respite for commercial importers, placing the onus on them to adhere to the heightened customs values.

    In contrast, overseas Pakistanis stand to benefit from the increased depreciation rates outlined in the ruling, reaching up to 60 per cent for phones up to five years old brought in by incoming international passengers.

    Under the provisions of the new ruling, customs values for used or refurbished mobile phones imported by legitimate passengers will be assessed, considering the allowance for depreciation as stipulated in the provided tabulated values.

    For brands and models imported in commercial quantities but omitted from the annexure, clearance collectorates are advised to assess them under Section 81 of the Customs Act, 1969.

    Subsequently, a reference should be forwarded to the Directorate for the final determination of their values, according to the ruling.

    Sources indicate that overseas Pakistanis will find relief in the ruling due to the augmented depreciation rates, offering a substantial advantage for phones up to five years old.

    Meanwhile, commercial importers are left without any reprieve, as the new models of mobile phones will incur higher prices compared to their less-aged counterparts.

    This policy aims to curtail under-invoicing margins for both existing and new models of branded mobile phones.

  • Here are the most expensive players of IPL 2024 auction

    Here are the most expensive players of IPL 2024 auction

    The Indian Premier League 2024 auction was held in Dubai on December 19 on Tuesday. Australian cricket team’s left-arm fast bowler Mitchel Starc has become the most expensive player in the history of the Indian Premier League (IPL). IPL franchise Kolkata Knight Riders bought Starc for 24.75 crore INR (more than 84 crore PKR).

    Sunrisers Hyderabad bought Starc’s teammate and Australia’s captain Pat Cummins for 20.50 crore INR (more than 69 crore PKR). Apart from this many foreign players were bought on huge prices by other IPL franchises.

    Here are the top 10 most expensive players of the IPL auction 2024:

    Player Team Role Price (Indian Rupees) Price (Pakistani Rupees)
    Mitchell Starc Kolkata Knight Riders Bowler 24.75 crore 84.3 crore
    Pat Cummins Sunrisers Hyderabad All-Rounder 20.5   crore 69.8 crore
    Daryl Mitchell Chennai Super Kings All-Rounder 14 crore 47.6 crore
    Harshal Patel Punjab Kings All-Rounder 11.75 crore 40 crore
    Alzarri Joseph Royal Challengers Bangalore Bowler 11.5 crore 39.1 crore
    Rovman Powell Rajasthan Royals Batter 7.4 crore 25.21 crore
    Travis Head Sunrisers Hyderabad Batter 6.8 crore 23.1 crore
    Shivam Mavi Lucknow Super Giants Bowler 6.4 crore 21.8 crore
    Umesh Yadav Gujarat Titans Bowler 5.8 crore 19.7 crore
    Gerald Coetzee Mumbai Indians All-Rounder 5.0 crore 17 crore
  • Pakistani rupee gains 20 paisa against US dollar

    Pakistani rupee gains 20 paisa against US dollar

    The Pakistani rupee (PKR) extended its positive trajectory against the US dollar for the sixth consecutive session, appreciating by 0.07 per cent in the inter-bank market on Tuesday.

    According to the State Bank of Pakistan (SBP), the rupee concluded at Rs283.01, marking an increase of Re0.20.

    In the previous session, the rupee saw a marginal gain, settling at Rs283.21 against the US dollar.

    Meanwhile, in a noteworthy development, Pakistan secured $4.285 billion from various financing sources in the first five months (July–November) of the current fiscal year 2023–24.

    This represents a decrease from the $5.114 billion borrowed during the corresponding period in 2022–23, as disclosed by data from the Economic Affairs Division (EAD).

    On the global front, the US dollar experienced a 0.3 per cent decline against the yen, maintaining its position close to a four-month high of 140.95 reached last week.

    Additionally, the greenback lingered near approximately five-month lows against the Australian and New Zealand dollars.

    This was attributed to the strength of risk-sensitive currencies, driven by the anticipation that the US Federal Reserve might initiate interest rate adjustments as early as the beginning of next year.

    In the realm of commodities, oil prices stabilised on Tuesday as investors assessed the potential repercussions on oil supply arising from attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea.

    These attacks have disrupted maritime trade, compelling companies to reroute vessels. Notably, crude prices surged nearly 2 per cent on Monday due to concerns about trade disruptions through the Suez Canal, a vital shipping route that accounts for approximately 15 per cent of global shipping traffic.

    Brent crude declined by 12 cents to $77.83 per barrel.

    The US West Texas Intermediate crude for January, set to expire on Tuesday, experienced a decrease of 62 cents, reaching $71.85. In contrast, the more active February contract only incurred a marginal loss of 3 cents.

  • Gold prices surge in Pakistan: 24-karat soars to Rs217,600 per tola

    Gold prices surge in Pakistan: 24-karat soars to Rs217,600 per tola

    The price of 24-karat gold per tola witnessed a surge, rising by Rs400 and reaching Rs217,600 on Tuesday, as compared to its previous closing at Rs217,200.

    Similarly, the cost of 10 grammes of 24-karat gold also experienced an uptick, increasing by Rs343 to Rs186,557 from Rs186,214.

    Meanwhile, the rates for 10 grammes of 22-karat gold climbed to Rs171,011 from Rs170,696, as reported by the All Sindh Sarafa Jewellers Association.

    In contrast, both the per-tola and 10-gramme silver prices remained stable at Rs2,670 and Rs2,289.09, respectively.

    On a global scale, the price of gold saw an increment of $4, reaching $2,047 from $2,043, according to the Association.

    Simultaneously, the Pakistan Stock Exchange (PSX) witnessed a significant downturn in intra-day trading on Tuesday, with the benchmark KSE-100 index plummeting by over 2,600 points.

    The PSX reported a loss of 2,633 points, causing the 100 index to dip below the 63,000-point threshold, trading at 62,571 around 2:30 pm.

    This decline comes after a sustained bullish trend lasting over a month, which followed the successful conclusion of a staff-level agreement with the International Monetary Fund (IMF).

    Market analysts attribute the bearish trend to stocks in the exploration and production (E&P), fertiliser, and banking sectors.

    Throughout the session, profit-taking was evident, contributing to the index fluctuating by over 2,500 points.

  • Pakistan’s Fatima Sana signed contract in New Zealand

    Pakistan’s Fatima Sana signed contract in New Zealand

    Pakistani women cricketer Fatima Sana has signed a contract in New Zealand. Fatima Sana will represent Canterbury Magicians in the Women’s Super-Smash T20 league. She has been signed for the first six matches.

    Fast bowler Fatima Sana was on a tour of New Zealand with the national team when she signed the contract.

    Fatima said: “Playing T20 League in New Zealand is a good opportunity for me, I will try to play a full role for my team”.

    Fatima Sana has also played Caribbean Premier League (CPL) before.

  • Pope Francis gives approval for priests to bless same-sex couples

    Pope Francis gives approval for priests to bless same-sex couples

    A document released by the Vatican states that Pope Francis, the head of the Catholic Church, has formally cleared the way for priests to bless same-sex couples without subjecting them to “an exhaustive moral analysis”.

    The Pope, however, has maintained that marriage is a lifelong sacrament that can only be between a man and a woman. Blessings can be offered because, “Ultimately, a blessing offers people a means to increase their trust in God,” the document said.

    The document laid out the conditions in which a union like this can be blessed. Blessings should not be offered at the same time as a civil union or with the garb traditionally used in weddings.

    Another condition is that the priest should use “pastoral charity” when blessing such couples.

    Monday’s announcement is not a total surprise as the Pope has hinted in the past that he might formally approve same-sex blessings. It has also reversed a 2021 ruling which condemned same-sex unions as a “sin”.

  • Watch: Supporting Palestine – A strong message at Pakistan Bridal Show

    Watch: Supporting Palestine – A strong message at Pakistan Bridal Show

    A three-day bridal fashion show is going on in Lahore, in which famous Pakistani actors and personalities, including models, exhibited wedding dresses of famous designers.On the second day of the show, actor Ahsan Khan walked down the runway wearing clothes designed by Imran Rajput. But what made his appearance more special is that he held signs to show support for the people in Palestine, with messages of peace for the children in Gaza.

    Later, Amna Ilyas also walked the runway wearing clothes by Imran Rajput, with Palestinian anthems playing. Nine designers presented their collections on the first day.

    Many famous actors like Dur-e-Fashan, Imran Ashraf, Kanza Hashmi, Feroze Khan, Resham, Hara Mani, Komal Mir, Saboor Ali, Saba Qamar, and Iman Ali, among others, also walked the runway.

  • Election candidates can submit their nomination papers by tomorrow

    Election candidates can submit their nomination papers by tomorrow

    The Election Commission of Pakistan (ECP) will start receiving nomination papers from expected candidates tomorrow as the upcoming general elections are set to take place on February 8 next year in the country, The News has reported.

    District Retuning Officers (DROs) and Returning Officers (ROs) will take oaths today as per the Election Act of 2017. After that, the process of receiving nomination papers will start.

    A day earlier, at least 859 ROs completed their training for the upcoming polls while 144 DROs will complete their training today. The training of DROs and ROs was halted on December 14 after the stay order of Lahore High Court (LHC) on a Pakistan Tehreek-e-Insaf (PTI) petition against the appointment of officers.

    However, the Supreme Court (SC) suspended the LHC order and directed the ECP to release the election schedule as well as restore the training of DROs and ROs.

    Candidates who want to take part in the upcoming general elections can submit their nomination papers to their respective ROs from December 20 to December 22.

  • PECA law enforced in passport offices

    PECA law enforced in passport offices

    The federal government has taken an important step to stop issuance of illegal passports and theft of sensitive data.

    According to the sources, reported by Geo News, PECA law has been implemented to permanently block access to Pakistani passports for foreigners including Afghans.

    The Federal Cabinet has implemented the Anti-Electronic Crimes Act on six sections of passport offices.

    Sources elaborated that entry into important offices in Islamabad, Lahore and Karachi has been made inaccessible except for certain officers and employees with security clearance — all to prevent data theft of sensitive information, passports, visas, theft of citizenship and applicant data.

    Approval has been taken from the caretaker federal Cabinet through a circular on the summary of the Ministry of Interior.