Latest news with #Rs2.5
Time of India
4 hours ago
- Politics
- Time of India
Raut accuses NCP MLA of illegal mining in letter to CM
Pune: Shiv Sena (UBT)'s Rajya Sabha member Sanjay Raut wrote a letter to chief minister Devendra Fadnavis, alleging that NCP MLA Sunil Shelke and his family members carried out illegal mining at Maval tehsil's Ambale village and cheated the govt out of crores of rupees by not paying the royalty. Raut also alleged that Shelke, in connivance with some MIDC officials, made the govt acquire a piece of land unsuitable for industrial purposes because the mining activity was being carried out. "The valuation of Shelke's plot was Rs 73 lakh per acre. After acquiring that plot, the proposal of giving an alternative piece of land valued at Rs2.5 crore per acre as compensation is pending with the MIDC." Refuting the allegations, Shelke dared Raut to come out with evidence against him. Anurag Bende
Express Tribune
3 days ago
- Health
- Express Tribune
NICVD to get international-standard clinical trials unit
The National Institute of Cardiovascular Diseases (NICVD) is setting up an international-standard clinical trials unit, aimed at promoting medical research and attracting foreign funding. The unit is to be established on the upper floor of the old Outpatient Department (OPD) building, and will comply with the guidelines of the Drug Regulatory Authority of Pakistan (DRAP). NICVD Executive Director, Tahir Saghir, stated that the facility will support advanced research and improve treatment quality, particularly for children who have had to seek cardiac care abroad due to lack of local facilities. The project is being developed under a Build, Operate and Transfer (BOT) model, with a private firm constructing and handing over the unit, while NICVD focuses on monitoring. The facility will also include a conference hall and library. The lower floor of the old OPD will be converted into an expanded emergency ward, increasing the current bed capacity from 80 to between 160 and 180, while a centralised medical hall will accommodate multiple emergency departments. A new OPD building is also under construction and expected to become operational by October or November. This project is also being executed under the BOT model, with an estimated cost of Rs1.25 billion. The building will have a separate entrance from outside the hospital, to reduce congestion within the main building. Further, the first phase of the pediatric block is expected to be partially functional by November, offering dedicated emergency, ward, and ICU facilities for children. Currently, only one pediatric ward exists, where up to three children often share a single bed. With only two operation theatres available for children, pediatric patients also share cath labs and surgical facilities with adult patients. Despite reduced federal funding, the Sindh government has allocated Rs2.5 billion for the pediatric block, in order to support the completion of two underground levels, and two floors, including all required pediatric facilities.
Business Recorder
3 days ago
- Automotive
- Business Recorder
How to make anti-poor policies 101
Pakistan's green policy is a massive red flag. A fancy climate support levy, a carbon levy on fossil fuels, a higher GST on internal combustion engines, a subsidy for e-bikes sound well and dandy. But don't worry, they hit all the wrong targets. There is a carbon levy of Rs2.5 per liter on petrol and diesel which will be imposed on consumers to discourage the consumption of fossil fuels. Next year, this could go up to Rs5 per liter. Let's call it what it is. It is a regressive tax that hurts the poor disproportionately, and for virtually no benefit whatsoever except to the help the government afford its unhealthy spending habits. A carbon levy means that the millions of bikers on Pakistani roads, already crumbling under the pressure of inflation and taxes, the perfect killer combo will have to pay the government an extra Rs2.5 for every liter they consume. Safe for walking to work, dodging manholes and dilapidated roads, they don't have a choice because there is virtually no reliable public transport system that could be an alternative. Karachi does not have a fully functional, integrated public transport system and while Lahore and Islamabad have partially integrated public transport systems, they do not have full coverage. The bus system in major cities is unreliable, unsafe, and outdated. According to the PSLM survey, every one in two households in Pakistan use a motorcycle. Two decades ago, this used to be every one in ten households. For every car sold in the year 1999, two motorcycles were sold. By 2020, this grew to 12 motorcycles. The growth is undeniable, considering the affordability compared to four wheelers, the ease of commute on crowded and congested streets, lower commute times and lack of reliable public commute systems. Bear in mind here that this doesn't just impact motorcyclists that are going from home to work. This includes a large number of people working in the gig economy—from food deliveries to parcel deliveries—who predominantly cover their own fuel costs. Any substantive increase in fuel tax also hurts commercial transportation and logistics adding to the cost of business. One could argue that Rs2.5 per liter is not a large enough tax to hurt consumers. But we are here talking about people not even earning a state-legislated minimum wage or are earning based on delivery orders. Counterintuitively, if this tax is not large enough to hurt the consumers enough to make them change their behavior—why are we imposing this tax? If 40 percent of fuel is used by motorcyclists in the country, this tax may be the most blatant display of revenue grab there ever was, with limited to no expected change in consumption patterns. The government must understand this. The poor do not need more sticks. they are already ruffling through a haystack. They need substantial carrots. Taxing fuel consumption without investing adequate in the public transport system—where the green buses, one might ask? As far as green taxes go, this tax is not sufficient enough. There is an electric vehicle policy that will begin to subsidize electric motorbikes. In the first year, the subsidy will provide 100,000 e-bikes to consumers. For context, there are 24 million motorcycles on the roads of Pakistan. If one were to trade these out for an e-bike, it would take the government 240 years-worth of currently allocated subsidy to do the job. There is also a climate support levy on combustion engine cars which would raise prices of cars but not by a large degree. It also not directly encourage EVs or plug-in hybrids that are substantially more expensive. Meanwhile, a sales tax on the import of solar panels is imposed—solar panels that are as green as they come simply because if more consumers consume less grid electricity—which is predominantly made from fossil fuels—the government will not be able to cover capacity payments to be made to IPPs. Capacity payments of plants that are largely thermal that are burning coal, fossil fuel or gas. Make it make sense! why is the government targeting those barely scraping by? Pakistan's green policy is a masterclass in missing the point. Slapping poor commuters with a regressive fuel tax, tossing around token e-bike subsidies, and taxing solar panels, all the while failing to offer anything back.
Hans India
6 days ago
- Business
- Hans India
Transmit repo cut into lending rate, Reserve Bank tells banks
Mumbai: A RBI report has suggested that all banks should bring down their lending rates for speedy transmission of the policy rate, which was lowered by 50 basis points earlier this article published in the Reserve Bank's June Bulletin stressed that the financial conditionsremained conducive to facilitating an efficient transmission of rate cuts. Most of the banks have already passed on the rate cuts announced in February and April to their may be mentioned here that several large banks, including SBI, Bank of Baroda, and HDFC Bank, have already passed on the benchmark lending rate-linked interest rate to borrowers by the same margin within days of the RBI cutting Repo rate by a jumbo 50 bps on June 6. Besides reducing the repo rate by 50 bps earlier this month, the RBI had announced a reduction in the cash reserve ratio (CRR) by 100 bps to 3 per cent of net demand and time liabilities (NDTL) in a staggered manner during the latter half of the year. 'Financial conditions remained conducive to facilitate an efficient transmission of rate cuts to the credit market,' said an article on 'State of the Economy' in the Reserve Bank's June 2025 Bulletin. The reduction in CRR would release primary liquidity of about Rs2.5 lakh crore into the banking system by December 2025. 'Besides providing durable liquidity, it will reduce the cost of funds for banks, thereby facilitating monetary policy transmission to the credit market,' the article added. The central bank, however, said that the views expressed in the Bulletin article are those of the authors and do not represent the views of the Reserve Bank of India. The article noted that the 50-bps cut in the policy Repo rate during February-April 2025 reflected in banks'Repo-linked external benchmark-based lending rates (EBLRs) and marginal cost of funds-based lending rate (MCLR). Consequently, the weighted average lending rate (WALR) on fresh and outstanding rupee loans of banks declined by 6bps and 17bps, respectively, during the period February-April 2025. On the deposit side, the weighted average domestic term deposit rates (WADTDRs) on fresh and outstanding deposits moderated by 27 bps and 1 bp, respectively, during the same period.
Express Tribune
25-06-2025
- Express Tribune
Another luxury vehicle recovered in Rs50m maid theft case
Listen to article Police investigating the high-profile case of a domestic worker accused of stealing over Rs50 million from her employer recovered another luxury vehicle on Wednesday, bringing the total value of assets traced so far to over Rs10 million. According to Saeed Theem of the Special Investigation Unit (SIU) Clifton, the latest recovery — a car worth an estimated Rs2.5 to 3 million — was made on the basis of information provided by the suspect's son, who is in police custody. The accused, Shehnaz, had been employed for 14 years at a residence in Khayaban-e-Tanzeem, Defence Housing Authority, where she allegedly stole cash, jewellery, and other valuables in small increments without raising suspicion. She was taken into custody earlier this week following a complaint filed by her employer, Anusha Jaleel. During a search of her residence, police recovered Rs600,000 in cash, while two of her bank accounts held deposits totalling Rs3.5 million. Investigators also identified a flat in the Gizri area registered in Shehnaz's name, along with three cars and a motorcycle, all allegedly purchased using stolen funds. Read More: Maid who allegedly stole Rs50m over 14 years arrested The lifestyle funded through these illicit earnings included high-end shopping, luxury vehicles, and branded clothing, according to police. Officials stated that steps have been initiated to seize the assets acquired. Meanwhile, Shehnaz was presented before a judicial magistrate on Wednesday along with her son, Asif, and another suspect, Hammad. The court remanded all three into police custody for further interrogation. Investigators told the court that the accused operated as part of an organised group, and that Shehnaz had gifted a car to her friend Naseema and a motorcycle to her husband, Mohsin — both of whom are currently absconding. From Shehnaz, police have recovered a vehicle and over Rs3.4 million in cash. Another vehicle and Rs200,000 were recovered from Asif, while Hammad was found in possession of a motorcycle. Authorities believe additional vehicles and assets are yet to be recovered. The case, registered at Clifton Police Station, remains under investigation. The court has directed police to submit a progress report by June 28.
