Tag: Platinum

  • Authorities confiscate smuggled cigarettes worth Rs14 crore

    Authorities confiscate smuggled cigarettes worth Rs14 crore

    In a substantial crackdown on the illicit trade of non-duty-paid cigarettes, the Inland Revenue Enforcement Network (IREN) successfully seized over 679,000 packerites (15,580,000 sticks) of smuggled cigarettes during a two-day operation.

    The confiscated cigarettes, representing various local and foreign brands, including Business Royal, H&P, Platinum, Milano, and Olympic, have an estimated value exceeding PKR 140 Million.

    The enforcement teams targeted local shops in Peshawar, Multan, and Sialkot, where the availability of non-duty paid cigarettes had seen a concerning surge.

    This operation was initiated under the directive of Mir Badshah Khan Wazir, Member (IR-Operations), who emphasized the need to curb the illegal trade of tobacco products.

    Criminal proceedings have been set in motion against both manufacturers and transporters involved in this illicit trade.

    One of the key factors contributing to the rise in the popularity of smuggled cigarettes is the substantial price difference compared to duty-paid alternatives.

    While the cost of a pack of 20 duty-paid cigarettes starts at Rs600, the non-duty paid counterparts can be obtained for as low as Rs200. Some reports even suggest that certain brands are being sold at an even more economical rate.

    The increasing prevalence of non-duty paid cigarettes poses a serious concern, not only in terms of lost revenue for the government but also due to health implications.

    Smokers in Pakistan, attracted by the affordability of these illicit products, have contributed to the surge in sales of non-duty paid cigarettes.

    The IREN’s recent operation sends a clear message that the authorities are actively addressing this issue to safeguard public health and financial interests.

    As investigations unfold, it remains to be seen how this crackdown will impact the illicit trade of cigarettes and discourage individuals from opting for non-duty paid alternatives.

  • Gold price surpasses Rs213,000 per tola in Pakistan

    Gold price surpasses Rs213,000 per tola in Pakistan

    The price of gold in Pakistan has experienced an upward trend, marked by a noteworthy increase of Rs2,000 per tola within the domestic market on Saturday.

    This surge brings the price of one tola of gold to Rs213,300, as reported by Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.

    Similarly, the price of 10 grammes of gold also saw a significant increase, rising by Rs1,714 to reach Rs182,870.

    On the international front, gold prices are also experiencing an upward trend, currently standing at $1,987 per ounce. 

    However, in the spot market, gold fell by 0.3 per cent to $1,976.19 per ounce by 1:42 pm ET (1741 GMT), and  US gold futures settled 0.3 per cent lower at $1,987.80.

    Other precious metals displayed mixed performance, with silver slipping by 1.3 per cent to $23.05 per ounce, platinum rising by 0.3 per cent to $897.58, and palladium gaining 3 per cent to reach $1,131.03.