Latest news with #Rs10
Express Tribune
6 hours ago
- Business
- Express Tribune
IMF seeks plan to end circular debt
The International Monetary Fund (IMF) has asked Pakistan to submit a comprehensive plan to eliminate the growing circular debt. According to sources, the gas sector's circular debt has soared to Rs2,800 billion, causing severe financial strain on Sui gas companies and other state-run oil and gas entities. In response, the government is working on a strategy to address the crisis, which includes securing a Rs2,000 billion loan from banks on favourable terms. Negotiations are reportedly underway with banks to reduce or waive interest rates. The government is also considering imposing a petroleum levy of Rs3 to Rs10 per litre and an additional surcharge on gas bills to raise funds for debt repayment. Through the proposed petroleum levy alone, it expects to generate around Rs180 billion. The repayment of the bank loans is expected to span five years. Meanwhile, the government will also need to reduce the operational losses of gas companies to effectively tackle the circular debt issue.
Time of India
11 hours ago
- Time of India
61-year-old gets life term for woman's rape in Mayurbhanj
Balasore: A special fast-track court in Mayurbhanj dist on Wednesday sentenced a 61-year-old man to life imprisonment after convicting him in a rape case that had taken place in Sept 2023. Ad-hoc additional district and sessions judge Santosh Kumar Nayak of the fast track special court, Mayurbhanj, also imposed a fine of Rs10,000 on the convict, with an additional six months of rigorous imprisonment in case of default. Special public prosecutor Manoranjan Patnaik said a total of nine witnesses and 16 pieces of documentary evidence were examined in the case. The incident came to light when the son of the survivor (now aged 52) filed a police complaint on Sept 25, 2023. He alleged that on the night of Sept 19, his mother was raped by the accused and two of his associates while she was staying at a relative's place in another village. The woman sustained severe injuries and was later admitted to Baripada hospital for treatment. The court acquitted the other two. Following the complaint, police registered a case and launched an investigation. Statements of the survivor and witnesses were recorded and medical examinations conducted. The accused was arrested and forwarded to court on Sept 27.
Time of India
12 hours ago
- Business
- Time of India
Senior citizen duped of Rs 4L in stock market investment fraud
Ahmedabad: A 77-year-old retired man from Bodakdev became victim of cyberfraud, losing Rs 3.95 lakh after being lured into a fake stock market investment scheme. According to a complaint filed with the cybercrime cell, the senior citizen, who lives with his wife, first received a message on WhatsApp from an unknown number in March 2025. Tired of too many ads? go ad free now The sender claimed that one could earn high returns by investing in shares and IPOs through a firm named 'FYERS Security Pvt Ltd'. The fraudsters added him to a WhatsApp group where the administrators posed as financial advisors, regularly sharing fake profit screenshots to build credibility. Initially, the victim invested Rs 10,000 and was shown a return of Rs 14,000, which convinced him to invest further. He later transferred Rs 3.65 lakh for an alleged IPO called 'Borana Weaves', believing he would get returns of over Rs10 lakh. When he attempted to withdraw the so-called profits, he was asked to pay Rs 93,000 commission fee. Realizing he had been duped, the senior citizen reported the matter through Cyber Crime Helpline 1930. Vastrapur police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) for cheating and criminal breach of trust, along with provisions of the Information Technology Act. An investigation is underway, siad police.
Express Tribune
a day ago
- Business
- Express Tribune
PIA plans UK flights from Aug 14
PIA's bidding is expected to take place in the last quarter (October-December) of the current calendar year, said Muhammad Ali, Adviser to the Prime Minister on Privatisation. photo: file Listen to article The government said on Tuesday that the new buyer of the Pakistan International Airlines would require investing up to Rs70 billion in the loss-making airline over a period of five years but final investment needs would be assessed only after the audited accounts are available next month. Privatisation Commission secretary Usman Bajwa said that the new investors would require to invest Rs60 billion to Rs70 billion over the five years. He made the statement during a meeting of the Senate Standing Committee on Privatization, which was chaired by Senator Dr Afnan Ullah Khan of the PML-N. Usman Bajwa said that new investment will be aimed at financial recovery, operational improvements, and increasing the fleet size. During the last failed attempt to privatise PIA, the government set the investment limit at $300 million and the new limit appeared on the lower side compared to the last time. One of the possible reasons can be the assumption of improved profitability due to opening of international routes to Europe and the United Kingdom and tax exemptions on lease of aircraft. Usman Bajwa said that PIA has decided to start flights to Manchester from August 14 after the United Kingdom lifted a ban on PIA flights. The ban had been imposed after the last PTI government claimed that the PIA pilots had bogus degrees. The advisor to Prime Minister on Privatisation Muhammad Ali said after the meeting that the airlines total investment requirements would be assessed once the audited financial accounts for end June period are available by mid of next month. The Secretary Privatisation said that there were security concerns regarding PIA's North America routes but efforts were underway to address and clear these concerns. The investor will retain 85% of the bid amount to invest the money in the airline. The government will get only 15% of the bid money. The PIA fleet age has also risen to 18 and a half years and the new investor would have to double the fleet within five years, said the secretary. The CEO of PIA said early this month that the airline was currently flying 19 aircraft. The government had earlier claimed that the PIA showed Rs26 billion profit last year but a report by the Ministry of Finance busted the claim and stated that the airline in fact incurred a net loss of Rs4.6 billion and one-off "accounting profit" of Rs26 billion due to treating past losses as future assets "should not be misinterpreted as a sign of operational profitability". The government wants to sell 51% to 100% stakes along with the management control. It had also made an attempt to privatize PIA last year but ended up receiving Rs10 billion bid against Rs85.03 billion minimum price. The standing committee also reviewed a report highlighting complaints of the pensioners of PIACL. It was also revealed that currently pension liabilities for 6,625 employees of PIA amounted to Rs14. 9 billion. Expressing concern, Chairman Committee Senator Dr. Afnan Ullah Khan remarked that the pension amount was extremely low, asking how people are expected to survive. In response, the Ministry of Privatization stated that pension policies are regularly revised and updated annually in line with allowances. The Chairman directed that grade and scale wise pension details, including the amount received and the distribution process, be presented in the next meeting of the committee The secretary said that the due diligence process for pre-qualified companies has begun and the field visits would start soon. He said that starting next week; pre-qualified companies will conduct site visits and participate in expert sessions. These sessions will include briefings on aircraft conditions and routes, as stated by Usman Bajwa. The Privatisation Commission officials said that the current business model of PIA was not sustainable. They said that the privatisation prospects have increased after Rs45 billion worth more liabilities were taken off the balance sheet of PIA and parked in the new holding company. They said that the last failed attempt will not affect the new bidding process. The Secretary Privatisation said that the government was earlier providing Rs100 billion annually to keep PIA operational. The Committee was informed that the Pakistan Minerals Development Corporation (PMDC) is not yet included in the Privatization list. Senator Zeeshan Khanzada questioned why this institution was being privatized. Senators further queried the basis of the privatization decision, noting that the Petroleum Ministry lacks the mandate to privatize the PMDC. Regarding Zarai Taraqiati Bank Limited (ZTBL), the committee was informed that it is included in phase one of the privatization list approved by the government in August 2024. ZTBL is currently in the process of hiring a financial advisor. The Chairman Committee questioned the delay in hiring a financial advisor, noting that the last meeting was held on January 31st, when the bids were submitted and evaluated. He expressed concern that nearly six months had passed without finalizing the appointment. The ministry responded that the process typically takes six to eight weeks but was delayed due to high fee demands by one party by nearly Rs500 million, which is forcing a restart of the process.
Business Recorder
2 days ago
- Business
- Business Recorder
Pakistan's textile manufacturer approves revival strategy, eyes entry into IT sector
The Board of Directors of Bilal Fibres Limited, a textile manufacturer, has approved a business plan to launch an IT Division, anchored by a substantial Rs10 million investment. The listed company, which continues to face operational suspension, disclosed its revival strategy in a notice to the Pakistan Stock Exchange (PSX) on Monday. The company shared that its IT Division would target small and medium enterprises (SMEs) in Pakistan and the Middle East, with potential for global expansion. The division would offer a broad suite of services, including website and e-commerce platform development, mobile app development and MVP builds, IT support services, SaaS and subscription-based platforms and custom enterprise software for SMEs. The company aims to 'deliver cost-effective, high-quality IT solutions, capitalising on Pakistan's skilled workforce and strategic industry partnerships' with organisations such as P@SHA and PITB. Sharing the financial projections, the company anticipates annual revenue ranging from Rs12 million to Rs70 million, with breakeven targeted within 18 months and strong profitability expected within two years. Earlier this month, Bilal Fibres informed that it is now actively engaging with stakeholders, technical experts, and consultants to finalise a comprehensive business plan for its proposed entry into IT, health tech, and Electric Vehicle (EV) sectors. 'During the quarter ended 30th June 2025, the company's operations remained suspended, and no business activities were undertaken. However, as a first step towards revival, the Board of Directors (BOD) have approved the proposal to establish IT/health tech/EV division as a potential secondary line of business,' the Lahore-based company said in its notice back then. Established in 1987, Bilal Fibres Limited engages in the manufacture and sale of yarn in Pakistan. It offers poly/cotton, poly/viscose, CVC, viscose, and cotton yarns for weaving or knitting applications. The company also exports its products to Europe, the Far East, and the Middle East.
