Latest news with #Rs280
Time of India
7 days ago
- Business
- Time of India
Commuters feel the pinch as cab drivers stay firm on ‘fare by meter'
Pune: Cab users on Friday continued to face the high-headedness of cab drivers — adamant on charging fares by the meter (RTA rates) — proving several rounds of meetings with government officials a futile exercise. Avinash Jatav, a bank professional, landed in Pune from Delhi on Friday morning. He had to go to Hinjewadi Phase-1. He said, "The cabbie accepted my ride, and a fare of Rs480 reflected on the application. But the man told me about the pay-by-meter rule and demanded Rs560. I somehow forced him to cancel the ride and took a prepaid autorickshaw for Rs530. I have never heard about such a rule in any city," Jatav said. Commuters trying to book cabs from Uber and other aggregators echoed Jatav. They said most cabbies remained firm on charging "fares by meter", resulting in many cancelling rides because of high fares and few budging under pressure. Cabbies term the Regional Transport Authority (RTA)'s rates "fare by meter". You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Wagholi resident Ashish Deokar said authorities, particularly the Pune RTO (Regional Transport Officer) officials, were responsible for the cabbies' stubbornness. "They never took any action against this practice when it began with autorickshaws. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Learn More - How Watching Videos Can Boost Your Income TheDaddest Undo Had they acted strictly, the situation wouldn't have worsened. Last week, an Ola driver demanded Rs250 for a trip from Pune station to FC Road, a distance of around 5km. Does this make any sense?" he said. TOI's attempts to contact the Pune RTO and the deputy RTO proved futile. Another RTO official said, "We didn't take action because we didn't want a major agitation, which would have caused more issues. The cab aggregator policy is coming. It will settle all problems." Magarpatta's IT professional Atul Singh (name changed on request) and his three friends are still in a shock over their nightmarish experience with an Uber driver on Thursday afternoon. We went for a team outing to Katraj and booked an Uber from Keshavnagar — our meeting point. We opted for an 'Uber for Business' ride, but the driver didn't accept it. He told us that we would have to pay by the 'meter'. The application showed a fare of Rs280, but we ended up paying Rs500," he said. "One of my colleagues raised an issue on the Uber application, to which the driver got agitated and forcibly took a picture of his PAN card. He threatened that if his ID was cancelled because of the complaint, the consequences would be dire," Singh said. On Thursday, Keshav Kshirsagar, the president of the Indian Gig Workers' Front, said cabbies would be boycotting Uber indefinitely because it went to the Bombay high court against them. There was no major surge in fare in the application on Friday, but Kshirsagar said soon the boycott would have its effects. "Information is being spread to all the cab drivers at the moment," he said.
Express Tribune
26-06-2025
- Business
- Express Tribune
NEPRA cuts base tariff by Rs1.49 per unit
The National Electric Power Regulatory Authority (Nepra) on Wednesday reduced the base power tariff by Rs1.49 per unit for fiscal year 2025-26. The recommendation in this regard has been sent to the federal government. Last month, the government moved to revise the base power tariff for the coming fiscal year, suggesting a modest cut ranging from 30 paisas to up to Rs2.25 per unit under seven different scenarios. Assuming stable economic conditions and an exchange rate of Rs280, the average base tariff would drop by Rs2.25 per unit to Rs24.75 in 2025-26, compared to the current rate of around Rs27 per unit. If the local currency depreciates to Rs300 against the dollar, the base tariff would decrease by approximately 30 paisas per unit. This decrease is primarily driven by a drop in capacity payments. Meanwhile, power consumers across the country, excluding K-Electric (KE) and lifeline users, may face a 10-paisa per unit increase in electricity tariffs under the Fuel Charges Adjustment (FCA) for May 2025. The power regulator is scheduled to hear the proposed hike of Rs0.1015 per kilowatt-hour (kWh) on June 30. The session will also be available online via Zoom. The proposal has been submitted by the Central Power Purchasing Agency Guarantee Limited (CPPA-G) on behalf of Ex-WAPDA Distribution Companies (XWDISCOs). According to CPPA-G, the actual fuel cost in May stood at Rs7.4940/kWh, compared to a reference cost of Rs7.3925/kWh, resulting in the requested hike. In May, 12,755 GWh of electricity was generated at a cost of Rs99.153 billion, averaging Rs7.7739/kWh. After deducting transmission losses of 355 GWh (2.78%) and adjustments, 12,367 GWh was delivered to DISCOs at Rs92.676 billion or Rs7.4940/kWh. Hydel power led the generation mix with 37.98% (4,844 GWh), followed by RLNG (16.99%), nuclear (15.77%), and local coal (11.08%). Imported coal contributed 6.24%, while gas added 6.92%. Other sources included RFO, solar, wind, and bagasse. The power regulator has invited stakeholders to join the hearing and submit feedback. If approved, the FCA will apply for one month only.
Business Recorder
25-06-2025
- Business
- Business Recorder
Dairy sector urges govt to reduce ST on milk
ISLAMABAD: The formal dairy sector has requested the government to reduce sales tax on milk from 18 percent to 5 percent, through amendments in Finance Bill (2025-26), which will grow volumes up to 20 percent and increase in revenue collection by 22 percent per annum. Pakistan Dairy Association (PDA) briefed media here on Tuesday that the reduction is crucial because since imposition of tax in July 2024, volumes have declined by 20 percent and governments expected revenue collection is not likely to be achieved. The remarks were made during a media briefing held in Islamabad, attended by representatives from Friesland Campina, Tetra Pak, and Nestlé Pakistan. The industry has offered to reduce the milk prices by Rs50 for consumers if sales tax is brought down from 18 to 5 percent in budget (2025-26). It also proposed a little tax on informal sector which is paying nothing in the form of taxes to the national kitty. The industry is paying 18 percent sales tax, 4 percent further sales tax, 2.5 percent advance withholding tax on sales to un-registered persons as well as Super Tax on direct taxes sides. The PDA argued that lower taxation would not only make milk affordable and safe for the public but also revitalize the formal sector, restore investments in farmer development, and increase government revenue. Speakers emphasized that milk is considered as a zero-rated, essential food item worldwide and in more than 100 countries it is either tax exempted or subject to very little taxation including Bangladesh, India, Europe, Egypt, Sri Lanka, Indonesia and many others. They claimed that even among countries backed by the IMF, Pakistan's 18% GST on dairy is highest in the world. Talking about the challenges faced by the dairy industry in Pakistan, Usman Zaheer Ahmad, Chairman PDA claimed that, 'Due to the current taxation 20% of workers have been laid off, processing facilities are running at less than 50% capacity. Now, there is a significant risk to the nation's $30 billion dairy export potential.' The formal dairy industry has experienced a 20% decrease in milk volumes since its implementation in July 2024, which forces the industry to purchase much less from farmers. This has caused 35% of registered farmers to enter the unregulated, informal milk trade and resulted in the closure of 500 milk collection centers. 'We used to invest Rs1.3 billion annually on farmer development. Today, that support is gone,' said Dr Muhammad Nasir, Head of Corporate Affairs Pakistan at Friesland Campina. Common households are being directly impacted by the tax; the cost of packaged milk has increased from Rs280 to Rs350 per litre, making it the most expensive food item in many households. The demand has decreased by more than 20% as a result. According to the experts, 91% of milk produced in the unorganized sector does not pass compliance inspections. Dr Shehzad Amin, CEO, PDA stressed that it is unsafe to consume half of the milk, in light of the pervasiveness of malnutrition, the safe milk is a fundamental right and needs to be kept within the means of low- and middle-income families. Experts brought to attention that despite the Punjab Pasteurization Act of 2017 in place, which requires safe milk practices, we do not see implementation. Noor Aftab, Director Corporate Affairs Pakistan and MENA, Tetra Pak, questioned the rationale behind taxing the only industry making an effort to maintain public health and regulate quality. Despite these challenges, Pakistan's dairy export potential remains high. In 2023, the country exported$15 million worth of dairy products. In 2024, exports rose to $35 million, primarily to the Middle East, Africa, and the United States. 'We are meeting global standards. The same products we export are sold locally. Yet, we face the highest utility costs, lowest scale, and the most punitive taxation,' stated Imran Husain, Deputy Managing Director, Friesland Campina. With a fair tax environment and consistent government support, PDA expects the potential revenue from a formalized milk sector could multiply exponentially. Copyright Business Recorder, 2025
Express Tribune
22-06-2025
- Business
- Express Tribune
Pakistan's moment for structural reforms
Listen to article After years of economic stagnation and firefighting to avert default, the government is finally pivoting towards long overdue structural reforms, buoyed by a markedly improved macroeconomic outlook. Inflation, which had surged to 38% in mid-2023, has plunged to a six-decade low, prompting the central bank to slash interest rate from 22% to 11%. The exchange rate has stabilised around Rs280 per dollar, foreign currency reserves now cover nearly three months of imports and falling global oil prices have eased fiscal pressures. With this breathing space, the government is seizing the opportunity to take bold decisions and advance long-pending reforms. Among the boldest reforms underway is the overhaul of Pakistan's import tariff regime. The government has rolled out a five-year plan to transition from one of the most inward-looking and protectionist economies to a more open, export-oriented model akin to East Asian success stories. The reform sets an ambitious target: reducing the maximum tariff rate from over 100% to just 15%. This includes the complete removal of regulatory duties, currently ranging from 5% to 90%, and additional customs duties of up to 7%. Pakistan's current tariff structure is not only excessively high but also deeply fragmented, riddled with exemptions and privileges extended to favoured sectors and industries. These special treatments cost the government an estimated Rs550 billion annually, nearly half of all customs revenue. Removing such distortions will help level the playing field, especially for small and medium enterprises (SMEs) that form the backbone of the economy. Lower tariffs will lower input costs for domestic manufacturers, enhance competitiveness and encourage firms to target export markets. A detailed analysis shows that these changes are likely to increase productivity, attract foreign investment and stimulate job creation. Consumers will also benefit through greater access to high-quality, affordable products. In short, this is not just a trade policy shift; it is a foundational move to unlock economic dynamism. Complementing tariff reform is a drive to cut red tape. The government has finalised 63 regulatory reforms aimed at simplifying and digitising business procedures. These will be rolled out over the next 15 to 90 days, easing compliance and reducing the cost of doing business. The power sector, long a major constraint on growth and fiscal stability, is undergoing significant reform. Following a review of independent power producer (IPP) contracts, a key breakthrough has been the approval of a financial restructuring plan to eliminate Rs1.275 trillion in circular debt through an agreement with commercial banks. Electricity tariffs have been reduced by over 30% for industry and by more than 50% for 18 million protected households. Distribution companies (DISCOs) are now overseen by professional boards and improved governance has already cut losses by Rs140 billion in just nine months. Debt management has seen a breakthrough with Pakistan's first debt buyback programme. Debt worth Rs1 trillion has been repurchased, saving over Rs850 billion in interest payments under refinancing arrangements. Combined with fiscal consolidation and restrained development spending, the overall fiscal deficit has narrowed to 5.6% of GDP in FY2025, down from 6.9% in the previous year. State-owned enterprises (SOEs), long a major fiscal drain costing over Rs1 trillion annually, are finally on the path to reform. Privatisation is gaining real traction: five serious investor consortiums have expressed interest in acquisition of Pakistan International Airlines (PIA), slated for privatisation in FY2025-26. Meanwhile, the process is advancing steadily for seven electricity distribution companies and two generation companies (Gencos). Reforms in the pension system, a politically sensitive area, have also begun. These include linking pension increases to the Consumer Price Index (CPI), limiting pension duration to 10 years after a pensioner's death (for spouses only), capping multiple pensions and requiring pensioners re-employed in the public sector to choose between a salary or a pension. Pakistan now stands at a rare moment of opportunity. The economic fundamentals are stabilising, inflation is down, the rupee is steady and fiscal discipline is improving. At the same time, a coherent set of structural reforms is being rolled out, targeting tariffs, electricity, SOEs, debt and the business environment. These are not cosmetic changes, but deep, systemic shifts designed to make the economy more competitive, equitable and future-ready. What matters now is persistence. Reforms will face resistance from vested interests, from inertia within institutions and from shifting political winds. But if this momentum can be maintained, Pakistan could finally escape the cycle of boom and bust and move towards sustained, inclusive growth. The writer is a Senior Fellow with the Pakistan Institute of Development Economics (PIDE). Previously, he has served as Pakistan's ambassador to WTO and FAO's representative to the UN at Geneva
Hans India
10-06-2025
- Business
- Hans India
Silver soars Rs 1,000; Gold falls Rs 280
New Delhi: Silver prices soared Rs1,000 to hit a fresh peak of Rs1,08,100 per kilogram in the national capital on Monday, in line with firm global cues, according to the All India Sarafa Saturday, the metal traded flat at Rs1,07,100 per kg . Prior to that, the white metal on Friday had soared Rs3,000 to hit another record high of Rs1,07,100 per kilogram. Traders said silver prices surged due to strong investor demand, a weak dollar against major currencies, heightened geopolitical tensions, and firm industrial demand from the EV and solar sectors. Gold of 99.9 per cent purity fell Rs280 to Rs97,780 per 10 grams on Monday. The precious metal had declined by Rs1,630 to Rs98,060 per 10 grams on Saturday. The yellow metal of 99.5 per cent purity dipped Rs250 to Rs97,350 per 10 grams. It had depreciated by Rs1,500 to Rs97,600 per 10 grams in the previous market close.
