Latest news with #Rs31
Business Recorder
28-06-2025
- Business
- Business Recorder
LTO Karachi recovers record-breaking Rs31bn outstanding taxes: FBR
ISLAMABAD: In an aggressive and highly effective move, the Large Taxpayers Office (LTO) Karachi has recovered a record-breaking Rs31 billion in outstanding taxes by freezing the bank accounts of major tax defaulters. This significant recovery is part of an intensified drive aimed at enhancing compliance among large taxpayers in Karachi, Pakistan's financial hub. According to officials at the Federal Board of Revenue (FBR), the LTO Karachi, which is responsible for handling high-volume and high-value taxpayers, executed the recovery actions over the past few days. The crackdown targeted various corporate entities, including a prominent State-Owned Enterprise (SOE), as well as private sector players across marine, housing, and energy sectors. Sources revealed that the LTO Karachi resorted to freezing bank accounts after repeated reluctance from companies to fulfill their tax obligations. One notable recovery stemmed from a company's failure to pay Rs14.5 billion in advance tax due on June 15. In accordance with Section 147 of the Income Tax Ordinance, 2001, the LTO Karachi assessed the company's turnover and determined the outstanding amount. After non-compliance, the office directed the company's banks to debit the required sum from its accounts. In another case, LTO Karachi recovered Rs12 billion from a different corporate entity using the same account attachment method. Additional recoveries were made from several other companies, all of which had failed to pay advance taxes based on their turnover, as required under section 147. Section 147 mandates quarterly advance tax payments on the following schedule: September quarter by September 25; December quarter by December 25; March quarter by March 25 and June quarter by June 15. Failure to comply with these deadlines empowers the FBR, through LTO Karachi, to take coercive measures, including account attachments. Moreover, officials noted that recoveries were also made under Section 137(2) of the Income Tax Ordinance. This provision allows the tax authority to serve a notice for any payable amount under an assessment order. Once the notice is served, the amount must be paid within 30 days, officials added. Copyright Business Recorder, 2025
Express Tribune
22-06-2025
- Health
- Express Tribune
NICVD boss dismisses corruption charges
Professor Tahir Saghir, Executive Director of the National Institute of Cardiovascular Diseases (NICVD), has denied allegations of financial irregularities, claiming that the institute operates with full transparency and a commitment to public service. Speaking to The Express Tribune, Prof. Saghir said that the NICVD provides free treatment to over 2,000 patients daily, including 35-40 emergency angioplasties, alongside 1,000-1,200 emergency cases and 800-1,000 OPD visits. "This is a high-volume centre, and our teams work day and night to serve patients," he added. About corruption charges, Prof Saghir clarified that the NICVD undergoes both government and private audits annually. While audit objections are routine, he said that all queries are responded to with detailed explanations. He highlighted procurement reforms, saying that previously only 20-30% of medical supplies were acquired through tenders, whereas now over 90% of purchases are processed via the Sindh Public Procurement Regulatory Authority (SPPRA) digital system, minimising human intervention. "This data is also shared with international bodies, including the IMF," he added. Refuting a human rights report alleging Rs40 billion in corruption, Prof Saghir pointed out that the NICVD's total annual budget is only Rs9 billion. "Where did the extra Rs31 billion come from? Yet, surgeries and medicines continued uninterrupted," he questioned, terming the accusations baseless and malicious. He cited Sindh government recognition of the institute's performance, which led to an increased budget after NICVD saved Rs1 billion last year, followed by an additional Rs2 billion allocation. Prof Saghir provided an example of emergency decision-making, explaining that when the main A/C unit in the emergency ward failed, the administration hired temporary cooling systems for Rs200,000-250,000 to ensure patient comfort, bypassing lengthy tender procedures.
Time of India
19-05-2025
- Time of India
Mumbai peddler, 2 others caught with Rs31 lakh worth MD in city hotel
Nagpur: A Mumbai-based drug peddler, Wasim Khan, was arrested by the crime branch from a hotel at Hanuman Lane, Sitabuldi, along with two others, on Sunday. The three were found in possession of narcotics powder, mephedrone, worth more than Rs31 lakh. The Mumbai-based peddlers received the MD consignment from one Siraj, who is learnt to be the kingpin in the racket. Wasim, earlier arrested by city police in 2023, was held along with Fakruddin Quereshi, from Govandi (E) in Mumbai, in the hotel room. They were found with their city link, Abdul Wasim Shaikh, a resident of Hansapuri. Substantial cash and four mobiles were seized. The Mumbai-linked module was busted by senior inspector Amol Deshmukh of the crime branch under DCP Rahul Maknikar and ACO Abhijit Patil. An offence was registered at Sitabuldi police station. In another raid, the anti-narcotics cell under senior inspector Gajanan Gulhane's team, comprising head constables Manoj Neware and Vijay Jadhav, also arrested three peddlers. Ankit Ambade, Kashyap Patil, and Asif Malik were arrested from Malka Colony in Kapil Nagar on Monday. Around 52 grams of MD worth around Rs2.60 lakh was seized from the trio. An offence was registered against them at Kapil Nagar police station. Ambade had several offences against him. Police said another aide of the three, Kunal Kunal Dongre, is yet to be arrested.
Time of India
14-05-2025
- Time of India
City police bust interstate sex rackets involving north eastern, foreign women
Nagpur: The city police crime branch busted multiple interstate sex rackets at different locations, rescuing seven girls, including one from Nepal, three from the north-east, one from Odisha, and another from Uttarakhand. One of the two rackets, operated by natives of Assam, involved north-eastern girls in sex work, a trend unearthed for the first time. CP Ravinder Singal has issued instructions to crack down on flesh trade rackets in the team of senior inspector Amol Deshmukh and assistant PI Sachin Bhonde busted the racket involving Assamese residents late on Tuesday evening, in their third attempt within a month, and cash Rs31,000 was seized along with four mobiles. Rizul Ali Ismail Ali and his accomplice Rahanuddin Sahabuddin, natives of Assam, had taken up a posh spa at Shraddhanand Peth and converted it into a flesh trade racket. The actions on the flesh trade were supervised by DCP Crime Rahul Maknikar and ACP Abhijit from a young woman from Nepal, they involved two more from Arunachal Pradesh, one from Nagaland, and another local resident to cater to customers who paid Rs4,000 for an hour. Sources said the young woman from Nepal had worked in another flesh trade den before shifting to the one operated by Ali and Sahabuddin from north-eastern women rescued during the raid said they were brought to the city with promise of jobs but pushed into flesh trade. Mainly from economically weak families, the north-eastern young women have been sent to shelter homes. The families of the rescued girls will be informed and they will be released only to the kin through a court order, said an official. The case was handed over to the Bajaj Nagar police station. "The women offered massages followed by other sexual activities, but access was only given to some known customers," said an insider, adding that north-eastern women are most preferred in the sex trade as they are known to be bolder and the second raid on Wednesday, the social service unit of the crime branch under senior inspector Omprakash Sontakke busted a sex racket at Sai Baba Nagar on Kharbi Road, rescuing women from Odisha and Uttarakhand during the action. Nutan Kalsarpe was arrested from the spot while her husband, Sachin, has gone underground. The two had previous crime records against them, including one related to narcotics. Kalsarpe was handed over to Wathoda police station. The cops also seized condoms, cash Rs3,000, and other materials from the spot. The two rescued women were also sent to the shelter home.
Time of India
07-05-2025
- Business
- Time of India
Carry-forward stock likely to keep sugar price stable, says ISMA DG
Pune: Director general of Indian Sugar and Bio-energy Manufacturers Association (ISMA) Deepak Ballani said the sugar price might remain stable despite a decline in production because of surplus carry-forward stocks .The sugar millers' association anticipates the sugar production to drop to 264 lakh tonnes in the 2024-25 cycle (Oct to Sept). India's sugar output during the previous cycle was 299 lakh tonnes. Factoring in the diversion of sugar towards ethanol production, the decline in sugar production would be around 20 lakh tonnes, Ballani told lower sugar production could be attributed to damage to crops because of unseasonal rainfall in Maharashtra and red rot in Uttar Pradesh, he said. India was well placed with carry-forward stocks despite a drop in production, he said. This would support domestic consumption until the new production hits the market."Sugar production was enough to meet domestic consumption and exports in addition to ethanol production. This year, the govt has allowed 10 lakh tonnes of exports, of which Maharashtra's share is around 3.5 lakh tonnes," Ballani had 80-90 lakh tonnes of export quota for 2023-24. By September-end, stocks are expected to be 80 lakh tonnes. This led to higher carry-forward stocks to cater to domestic consumption for two months to address the gap between the new sugar coming in. Typically, 45-50 lakh tonnes were enough to meet consumers' demand for two months, Ballani expects the sugarcane production to pick up in the 2025-26 season in Maharashtra and said ISMA was lobbying with the govt to establish a linkage between Fair and Remunerative Price (FRP), and sugar and ethanol prices to make the sugar price more competitive."Every time the FRP is increased, there should be a corresponding revision in sugar and ethanol prices. The minimum selling price for sugar is Rs31 per kg. It has not been revised since 2019. The ex-mill price decreases to Rs30-33 in Maharashtra and Rs36 in Uttar Pradesh because of surplus stock at the start of the season. It is much below the production cost. The average cost of production is Rs41 per kg," Ballani said.
