Latest news with #Rs310
Time of India
3 days ago
- Business
- Time of India
Infra works delay: Bawankule slams NMC over non-utilisation of Rs310cr
Nagpur: With civic elections approaching, guardian minister Chandrashekhar Bawankule on Saturday criticised the Nagpur Municipal Corporation (NMC) for inaction in utilising Rs310 crore sanctioned for urban development by the state govt in 2023–24 financial year. The govt has already specified the type of development works to be prioritised under these special infrastructure funds. These include water supply and sewerage works, construction, expansion or cleaning of drains to meet major urban demands, and installation of streetlights, high-mast lighting, footpaths, and stormwater drainage lines. During a high-level review meeting at NMC headquarters, Bawankule expressed strong displeasure over the civic body's failure to submit a zone-wise development plan, despite the funds being earmarked by then deputy chief minister and incumbent CM Devendra Fadnavis. He warned officials to urgently prepare and submit detailed proposals, ensuring the projects align with local needs and benefit citizens. The meeting was attended by city MLAs Krishna Khopde, Pravin Datke, Vikas Thakre, NMC commissioner Abhijeet Chaudhari, district collector Vipin Itankar, and senior civic officials. Bawankule instructed that MLAs be actively consulted in identifying area-specific works and called for the appointment of sub-engineers in each zone to oversee implementation of projects under the District Planning Committee (DPC) fund. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like アマゾンで爆売れ「スゥーっと浸透した」爪に潜む菌まで殺菌する特殊ジェル クリアストロングショットアルファ Undo by Taboola by Taboola He emphasised that execution must begin without further delay. City MLAs also demanded that the civic administration eases mandatory online tender condition for works above Rs10 lakh and insisted that elected representatives be taken into confidence for all development works in their constituencies. The state has encouraged civic bodies to take up projects like building community halls, temples, gyms, libraries, and markets, along with public toilets and urinals. Other permissible works include the development of open spaces, parks, upgradation of existing gardens, conservation of heritage structures, construction or renovation of govt buildings, improving accessibility for persons with disabilities, and development of cremation grounds and green belts such as Amrutvan. Any other infrastructure project directly related to urban services can also be considered. Notably, this is not the first time NMC drew flak for failing to utilise available state funds. Under the 2022–23 district annual plan, the Maharashtra govt made a separate provision for urban infrastructure projects through a govt resolution dated March 28, 2022. The scheme, aligned with the UN's Sustainable Development Goals (particularly SDG 11), allowed 100% state funding for urban local bodies for civic infrastructure upgrades. Official sources confirmed that while urban local bodies (ULBs) across Maharashtra submitted proposals under this scheme, NMC failed to do so — missing a crucial opportunity to address persistent flooding and infrastructure gaps in the city. With elections to the NMC due later this year, the Mahayuti appears eager to show results. But NMC's repeated lapses in planning and proposal submission may become a major political liability unless urgent corrective action is taken.
Express Tribune
16-06-2025
- Business
- Express Tribune
Govt plans tax to counter India's water threat
Pakistan has sought the International Monetary Fund's (IMF) permission to impose a special 1% tax on every taxable product produced in the country, except electrical energy and medicines, to fund two mega water storage dams as a solution to deal with Indian water aggression. The decision to impose a new cess has been taken after majority of the provincial governments showed reluctance to finance the early completion of the Diamer-Bhasha Dam and the Mohmand Dam, according to the sources in the Ministry of Water Resource and the Ministry of Finance. However, the government was also meeting opposition from the IMF, which has urged the federal government to try to find a space within the approved Rs1 trillion federal Public Sector Development programme, the sources revealed. The Diamer-Bhasha Dam worth Rs480 billion and Mohmand Dam – originally estimated to cost Rs310 billion – had been approved in 2018 but still a minimum Rs540 billion was needed for their completion. India has threatened to cut water supplies after it held the Indus Waters Treaty (IWT) in abeyance in violation of the treaty provisions and in the breach of the international law. Islamabad has plainly told India that any such act would be considered as an act of war. The sources said that as an alternate strategy, Pakistan has decided to fast track the construction of the two dams. However, due to its political priorities and pressing demands by the coalition partners, the government has reduced the water sector development budget by 28% to Rs133 billion for the next fiscal year. Now it wants to offset this by introducing a new tax. The sources said that the government has decided to levy a 1% cess on the gross value of all local taxable supplies to raise the additional funds, subject to the approval by the IMF and by parliament. They said that all the goods produced in Pakistan and subjected to tax are proposed to be charged at a new cess rate of 1%. The goods that are currently exempted from the sales tax under the Sixth Schedule, or are charged at a zero rate under the Fifth Schedule of the sales tax law would be immune to the cess. Likewise, the electrical energy goods and pharmaceutical goods are proposed to be exempted from the new cess. Cess is different from a normal tax and it can only be levied for a specific purpose, like the Gas Infrastructure Development Cess (GIDC) that had been imposed to fund Iran-Pakistan Gas Pipeline. Effectively, every good produced in Pakistan and consumed by all households would be subject to 1% new special tax, said the sources. The Ministry of Finance spokesman Qumar Abbasi and the Secretary Water Resources Ministry Syed Ali Murtaza did not respond to the request for comments. They have been asked to confirm the development and also the IMF's position. A senior Finance Ministry official said that the proposal was under consideration but the discussions with the IMF were still going on. He said that the cess would not be imposed through the Finance Act 2025, and instead a new separate bill will be introduced in parliament, subject to the IMF clearance. In the case of GIDC, the Supreme Court has decided that the cess can only be levied for a specific purpose and it requires separate legislation. This binds the government's hands from introducing the cess through the Finance Act, which is currently under discussion in parliament. The GIDC case is also an example of how the government is indifferent. The textile and fertiliser companies have not yet deposited over Rs400 billion in the kitty despite collecting those from the consumers. The finance and petroleum ministries are not able to make an effective strategy. One of the options is that instead of levy a new 1% cess, the government should amend the GIDC law and divert the already collected money towards building dams. On the intervention of the Petroleum Minister Ali Pervaiz, the government has again constituted a committee under the chairmanship of Finance Minister Muhammad Aurangzeb to recover the GIDC. But this committee too is moving at a snail's pace. The sources said that the IMF's view was that the government should fund the dam projects from the PSDP instead of imposing more burden on the people. However, the Ministry of Water Resources has informed the government that it would take 15 years to complete the Mohmand Dam and over 20 years to finish work on the Diamer-Bhasha Dam at the current pace of the budget allocations. The PSDP is already overstretched and there is no space to fund these projects beyond the allocations made in the new budget, said Ahsan Iqbal, the federal minister for Planning and Development. He said that out of the Rs1 trillion allocations, effectively, Rs640 billion was available for funding the PSDP. Iqbal said that the remaining Rs360 billion had been allocated for spending on N-25 Karachi-Quetta road, provincial schemes and special areas' allocations. The sources said that after the National Economic Council (NEC) meeting earlier this month, Prime Minister Shehbaz Sharif had also chaired a special meeting with the provinces to convince them to fund these two dams to deal with Indian aggression. In a follow-up meeting with Deputy Prime Minister Ishaq Dar, the provinces except Khyber-Pakhtunkhwa showed reluctance to fund federal projects, said the sources. The cost of the Diamer-Bhasha Dam had been estimated at Rs480 billion seven years ago and it still needs Rs365 billion more to complete the work against a price that is likely to increase further. For the next fiscal year, only Rs25 billion has been allocated for project, which is even less than this fiscal year. Likewise, the Mohmand Dam was approved at a cost of Rs310 billion seven years ago and it still requires a minimum of Rs173 billion more at the old price. Only Rs35.7 billion has been allocated in the new fiscal year. Earlier this week, Ahsan Iqbal said that the government has advanced the completion of both the projects by two years and these dams will be completed by 2030. He said that on completion, Pakistan will have 7 million acre feet of additional water storage capacity. Pakistan's two reservoirs Tarbela and Mangla dams are facing storage related issues due to sedimentation and other technical issues. The Sindh government has given a deficit budget for the next fiscal year and also showed zero-balance for the outgoing fiscal year. This has surprised many, as the provincial government had a cash surplus of Rs395 billion till March this year, according to the Ministry of Finance's fiscal operations summary. For the next fiscal year, Sindh has shown a Rs38.5 billion deficit budget, which defeats the IMF's core objective of getting Rs1.4 trillion cash surpluses from all the four provinces.
Business Recorder
14-06-2025
- Business
- Business Recorder
Gold prices track global market's surge
KARACHI: Gold prices rallied on Friday, reflecting the international bullion market's significant rise, crossing $3,400 per ounce, traders said. With a $46 increase, world bullion rates grew to $3,417 per ounce, driving the local gold prices up by Rs4600 per tola and Rs4023 per 10 grams. The fresh surge pushed the total value of gold to Rs361,500 per tola and Rs310,007 per 10 grams, the All Pakistan Sarafa Gems and Jewellers Association said. Domestic silver prices went up by Rs35 to Rs3,780 per tola and Rs30 to Rs3,240 per 10 grams with international market standing at over $36 per ounce, the association added. It is worth noting that the open market may trade gold and silver at different prices as compared to those fixed by the association. Copyright Business Recorder, 2025
Business Recorder
13-06-2025
- Business
- Business Recorder
Gold price per tola gains Rs4,600 in Pakistan
Gold prices in Pakistan increased on Friday in line with their surge in the international market. In the local market, gold price per tola reached Rs361,500 after it gained Rs4,600 during the day. As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs310,007 after it gained Rs4,023. On Thursday, gold price per tola Rs356,900 after it gained Rs4,000 during the day. The international rate of gold also surged on Friday. The rate was at $3,417 per ounce (with a premium of $20), an increase of $46, as per APGJSA. Meanwhile, silver price per tola increased by Rs35 to settle at Rs3,780.
