Latest news with #Rs59
Time of India
20-07-2025
- Time of India
Two arrested from Surat for duping doctor of Rs1.1 crore
Kolhapur: The city police have arrested two people from Surat in connection with an investment scam in which a doctor lost Rs1.1 crore. The arrests, made after a year-long investigation, shed light on a prevalent online fraud tactic used by the cyber criminals. The victim, Dr. Nitin Prabhakar Deshapande, a resident of Mahadwar Road, was targeted last year by the conmen. Scammers had created a fake website mimicking that of "Stanley Morgan", a renowned global investment banking firm. Lured by promises of substantial returns, Deshapande invested the significant sum, only to later realize he had been cheated. A case was promptly registered at the Juna Rajwada Police Station. The police diligently pieced together clues over the past year. Once they confirmed the involvement of two individuals based in Surat, a police team was sent to their location. This led to the successful arrest of Tousif Iliyas Raja (24) and Umang Bharatbhai Dudhat (30). "During the investigation it was found that out of the total Rs1.1 crore, around Rs59 lakh was transferred to the accounts of these two individuals," a police officer said. The two were arrested and presented before the court that remanded them in police custody until July 22.
Business Recorder
25-06-2025
- Business
- Business Recorder
FY25: Sindh PA approves Rs156bn supplementary budget
KARACHI: The Sindh Assembly on Tuesday approved a supplementary budget of over Rs156 billion for the fiscal year 2025–26, brushing aside fierce resistance of the opposition in the form of 735 cut motions, which were overwhelmingly rejected by the house. Chief Minister Syed Murad Ali Shah, who also holds the portfolio of Sindh's Finance Minister, presented 84 supplementary demands for grants, including charged expenditures for the Governor's Secretariat and the Provincial Assembly. These demands were passed by the assembly during a session chaired by Speaker Syed Awais Qadir Shah. The opposition had tabled over 735 cut motions against the supplementary grants, urging individual consideration of each. Leader of the Opposition Ali Khurshidi insisted that every motion was prepared with diligence and should be debated separately. However, the Speaker grouped the motions together and subjected them to a joint vote, in which they were rejected by a majority. Presenting the supplementary demands, Murad Ali Shah detailed the expenditure breakdown, stating that over Rs5 billion was allocated to the judiciary's charged expenditures, Rs3 billion for the Sindh Assembly, and more than Rs1 billion for the Governor House. He further explained that over Rs59 billion was earmarked for debt servicing. He clarified that expenses related to the courts are non-negotiable, but administrative departments including the Assembly could be asked to exercise restraint. Interestingly, the Chief Minister noted that while there were cut motions filed against CM Secretariat expenditures, none targeted those of the Governor or Speaker. MQM's Muhammad Mazahir Amir raised concerns over rising petroleum costs due to global tensions in the Gulf region and urged the government to curb fuel expenditures. Murad Ali Shah responded by clarifying that although fuel prices had indeed risen, consumption levels had remained unchanged, which is why related costs had gone up. In another cut motion, Muhammad Mazahir questioned an allocation for the CM House garden, to which the Chief Minister clarified that the funds were for stationery and supplies, not landscaping. Murad Ali Shah also disclosed that during the visit of the late Iranian President, who had come to the CM House, hospitality and protocol expenses had totalled Rs200 million, including traditional Sindhi gifts such as Ajraks and caps, and occasionally handcrafted items. 'These are not lavish expenses but unavoidable state protocols,' Murad Ali Shah said, while asserting that all valuable gifts he received were kept at the CM House or submitted to the Toshakhana, in accordance with national laws. In his address, the Chief Minister made it clear to the opposition: 'Forget that any of the cut motions will be passed.' He acknowledged the opposition's right to contest, adding, 'It is their democratic role to oppose, so the public can see what they are standing against.' MQM's Muhammad Rashid Khan suggested that state gifts should come from personal pockets. In response, Murad Ali Shah stated he receives many quality gifts, all of which are documented and stored appropriately. The Sindh Assembly session was adjourned to resume on Wednesday at 11 a.m., when the Finance Bill 2025 is scheduled to be tabled. Meanwhile, the opposition has also submitted over 2,000 cut motions on the upcoming fiscal year's budget, which the house will decide in the next sitting. Copyright Business Recorder, 2025
Express Tribune
16-06-2025
- Business
- Express Tribune
Govt limits powers of taxmen
After the hue and cry made by common people and businesspersons, the federal government on Monday decided to radically limit the proposed powers for arresting executives and also simplified the income tax on cash-on-delivery of goods at home. The decisions were made after Prime Minister Shehbaz Sharif intervened over concerns expressed by people about giving powers of arresting businessmen to junior tax officers. However, the National Assembly Standing Committee on Finance, where these decisions were disclosed, opposed the grant of authority to share taxpayer information with banks and to allow taxmen to enter business premises in income tax cases. PPP's Syed Naveed Qamar chaired the committee meeting. The prime minister on Monday chaired a meeting and decided that safeguards would be introduced to limit the arresting powers of the Federal Board of Revenue (FBR), said Finance Minister Muhammad Aurangzeb in the standing committee meeting. The government has proposed in the budget to give the FBR the authority to arrest people in tax fraud cases without arrest warrants from any magistrate. This set off alarm bells across the country. Another NAB in the form of FBR could not be allowed, remarked MNA Sharmila Faruqui, who also criticised the permission to the FBR to share taxpayer information with commercial banks. The authority to arrest people for tax fraud should only be given in cases where huge amounts were involved, PM Sharif said while chairing the meeting. FBR Chairman Rashid Langrial said that new safeguards would be introduced to limit the use of such powers. He said that a person could only be arrested if he tried to escape from the country. According to another safeguard, the person can be arrested for tampering with evidence or if he does not appear before the FBR despite the issuance of three notices. An executive could be arrested over tax fraud involving large amounts, likely to be set above Rs50 million, said the FBR chairman. Langrial added that a special FBR board comprising three members would give permission for arresting an executive, instead of the current proposal to give powers to a junior officer. While reviewing the budget, the standing committee objected to imposing taxes on cash-on-delivery of goods. The government has proposed 0.25% to 2% income tax on cash-on-delivery of goods. There would be single and separate rates for payment in cash or in digital mode, said Bilal Azhar Kayani, Minister of State for Finance. He said that the tax rate on cash payment would be higher than the digital mode to compensate for revenues and discourage a cash economy. FBR's Member Policy Najeeb Memon said that the government aimed to collect Rs59 billion from the tax on cash-on-delivery for goods. Meanwhile, Standing Committee Chairman Syed Naveed Qamar urged the FBR to ask the International Monetary Fund (IMF) to continue the tax rebate for teachers and researchers in the next fiscal year too. The FBR chairman had committed that 25% rebate would continue but the amendment said otherwise, said MNA Nafisa Shah. However, Langrial said that the IMF did not agree to the rebate beyond June 2025. He will again take up the issue with the IMF. Langrial informed the standing committee that the income tax credit regime for non-profit organisations (NPOs) had been made stringent on the IMF's insistence. Unlike the current system, the NPOs will have to file income tax returns to claim tax credit and the FBR will have the authority to review business activities of these entities. Langrial had to face a lot of criticism for corrupt practices in his organisation and in that backdrop for giving more powers under Section 175A related to banks and Section 175C related to business premises. "Unfortunately, your department has a very bad reputation and it's not desirable to move onto a new territory," said Syed Naveed Qamar. Langrial made a surprising statement by offering to leave his position after July 1, if he could not appoint at least 90% of people with clean reputation in key FBR offices. "From July 1, 90% of FBR people working in key field offices won't be corrupt and if majority of those still remain corrupt, I will not do this job," he said. The powers to allow FBR employees to sit in business offices in income tax matters were not aimed at enhancing revenue but to open avenues for corruption, said MNA Ali Sarfraz. "The FBR is getting under the skin of the industry and its new powers will lead to harassment and open new mines of corruption," said MNA Nafisa Shah.
Express Tribune
02-06-2025
- Business
- Express Tribune
Govt challenges K-Electric tariff in NEPRA review
Additional concerns were raised over capacity payments to K-Electric's power plants, projected to cost over Rs 82b. PHOTO: FILE Listen to article The federal government has filed a formal review petition with the National Electric Power Regulatory Authority (NEPRA) challenging the tariff set for K-Electric, expressing strong reservations over what it calls an unfair financial burden on both the national treasury and power consumers. In its submission, the Ministry of Energy argued that the tariff granted to K-Electric for electricity sourced from the national grid is disproportionately high compared to other power distribution companies. The ministry warned that this elevated rate could impose an estimated Rs59 billion burden on the federal budget over the next two years. The petition also objected to the inclusion of recovery losses in K-Electric's tariff, stating that this would result in an additional Rs200 billion being passed on to consumers over a seven-year period. The government expressed concerns over what it described as preferential treatment. It pointed out that NEPRA approved a 13.90% loss threshold for K-Electric—exceeding the company's actual demand—and granted a special law and order margin of 2%, not extended to other companies. Furthermore, the petition criticised the approval of a 12% return on equity in US dollars, which is expected to add another Rs37 billion burden during the current tariff period. Additional concerns were raised over capacity payments to K-Electric's power plants, projected to cost over Rs82 billion. According to the Ministry of Energy, NEPRA's decision could lead to a significant rise in electricity bills for Karachi consumers and may set a precedent for a 'dual system' that favours one provider over others. The federal government has requested NEPRA to ensure uniform treatment across all power distribution companies in Pakistan, emphasising fairness and economic sustainability.
