Latest news with #ToRs
Time of India
15-07-2025
- Business
- Time of India
India in wait and watch mode: Official on possible impact of Trump tariffs from August
India can consider a plan to deal with the impact of the US tariffs only after assessing the full effect of these duties, scheduled to come into effect from August 1, and until then, the government will remain in a wait-and-watch mode, a senior official said on Tuesday. The official added that the Indian team is in Washington for the fifth round of negotiations on the proposed bilateral trade agreement (BTA). "Any backup or plan has to be prepared after we know the full effect of US tariffs. Today on July 15, we are not in a position to guesstimate the differential tariff that is going to play out on August 1. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nhà tiền chế 2025: Lựa chọn nhà ở giá rẻ (Tìm hiểu thêm) Prefabricated Homes Tìm hiểu thêm Undo "We have got tariff numbers for about 25 US has announced that they are going to do trade deals in two weeks. So, what do these deals lead to, and what will be the final spectrum of tariffs that will be rolled out on August 1, without understanding that, it will be very difficult to plan for a contingency plan. So that is something we need to wait and watch," the official said. The government official was replying to a question whether India is preparing any backup plan to deal with the impact of Trump tariffs. Live Events In February, India and the US announced that the two countries would negotiate a BTA. The two have fixed a deadline to conclude the first phase of the pact by fall (September-October) of 2025. In March, both sides finalised the Terms of Reference (ToRs) of the agreement. After that, there were two rounds of discussions in April and June. Negotiators also met in early July. The fifth round of talks started on Monday. India's chief negotiator, Special Secretary Rajesh Agrawal will be joining the team on Wednesday. The talks are expected to continue till Thursday. These negotiations come in the midst of US President Donald Trump issuing letters to individual countries and economic blocs notifying them of the tariffs the US will impose on their shipments to America after August 1. While unilaterally imposing tariffs, the US has left the door open to negotiations for all the recipients. The US has sent letters to 24 countries and the European Union (EU). "We need not worry much. We should wait for it (US duties) to play out and as soon as it plays out, the government can come out with something to see what best needs to be done for the country," the official said. On whether India has a differential tariff advantage over other countries, the official said at present, there is a 10 per cent baseline tariff line across the world, except for China, which has an additional 40 per cent Fentanyl tariff. So that is the only differential, a country has today. China has got a higher tariff vis-a-vis others. In addition, there are sectoral tariffs on iron, steel (50 per cent) and auto components (25 per cent). "If you look at tariffs today, other than China, there are only announcements of tariffs. So, relative positions have not changed much. Despite that India is doing well in exports," another official said, adding that whether the differential tariffs come into play from August, one does not know. "That is something we need to wait and watch. We are in the same boat as others," the official said.
Business Recorder
15-07-2025
- Business
- Business Recorder
Consensus on Discos' sell-off: Working group formed for FA-stakeholder coordination
ISLAMABAD: The government has constituted a working group intended to coordinate with relevant stakeholders and the Financial Advisors to achieve consensus on the privatisation process of power Distribution Companies (Discos), well informed sources told Business Recorder. In the first phase, the government is fast-tracking efforts to privatise three Discos— Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO) — with the goal of completing the process by the end of calendar year 2025. Financial Advisors, Alvarez & Marsal Middle East, has given the sectoral due diligence report. The Working Group comprised of Abdul Basit Abbasi, Consultant, Privatisation Commission – (Convener), Sajid Akram, Director General, NEPRA, Umer Haroon, Independent System and Market Operator (ISMO), Umair, Senior Manager, CPPA-G, Salman Rehman, Director, NEPRA, Abdul Moiz Khawaja, Additional Joint Director SECP, Consultant, Power Division, nominee, Power Planning and Monitoring Company, nominee, CPPA-G, nominee, NEPRA DISCO's team and nominees, Financial Advisor. Discos' sell off: 'Turkish model' under consideration The Working Group will hold its first meeting on July 26, 2025 in the Ministry of Privatisation. According to the Terms of Reference (ToRs), Working Group in furtherance of section 5(f), 5(g), and 5(t) of the Privatisation Commission Ordinance, 2000, the Chairman of the Privatisation Commission, is pleased to constitute a Working Group (WG) to address and resolve key issues identified in the Financial Advisor's Sector Due Diligence (DD) report concerning government-owned Power Distribution Companies whereby the regulatory framework in which privatization will proceed will be studied to form the basis of policy, regulatory and/or administrative decisions required to be taken by the Federal Government before privatization. The Working Group will coordinate with relevant stakeholders and the Financial Advisor to achieve consensus and provide recommendations on the following matters:(i) Bifurcation of Retail and Wire Business - recommendations with respect to bifurcation of retail and wire business and ancillary regulatory matters, such as licensing, dispatch and settlement processes, optimum tariff and subsidy regimes etc; (b) examination of legal and technical issues concerning housing societies and industrial zones, and their corresponding impact on the valuation and operations of DISCOs; (c) NEPRA's deliberation to unbundle Distribution and Supply businesses; and (d) any other relevant and related matter. Uniform Tariff and Industrial Cross-Subsidy Framework: Evaluation of the impact of the uniform tariff and existing cross-subsidies on DISCO valuation and recommendations for way forward. Review of the Multi-Year Tariff (MYT) Framework will include (a) assessment of whether the current MYT and associated indexation mechanisms require revision, based on Financial Adviser's feedback; and (b) MYT revision window at the time of the transaction. Supplier of Last Resort (SoLR) Licencing: (a) analysis of the merits and demerits of issuing competitive supplier licenses to the SOLR from the perspective of potential investors; and (b) CTBCM status and future evolvement plans, possible future business combinations and changes to DISCOs business perimeter over time (Distribution/SOLR/CS). Review of transition from current wholesale market to retail market trading: total quantum of power to be allocated to the wholesale market over the next five years and a clear roadmap for transition, review the details w.r.t. annual allocation and mechanism of award, including criteria, bidding processes (if any), and regulatory approvals. Mechanism to ensure investment and efficiency improvement post privatisation: (a) determine commitments to be required from prospective investors - particularly investment in infrastructure and efficiency enhancement; to align with and support the Government's privatization objectives and proposed transition in power market structures ; and (b) propose a mechanism to ensure that post-privatization, the required investments, efficiency gains, and service delivery improvements are effectively achieved. This should include considerations for enforceability, regulatory oversight, investor confidence, and balanced risk allocation. Copyright Business Recorder, 2025
Express Tribune
13-07-2025
- Politics
- Express Tribune
'CBSs introduced to foster accountability'
Cheema was in charge of the Sri Lanka, Bhutan and Nepal desk at the ministry and was accused of sending a number of illegal migrants abroad against heavy bribes. PHOTO: NATIONAL ACCOUNTABILITY BUREAU The National Accountability Bureau (NAB) has announced the establishment of Community Building Societies (CBSs) in federal and provincial institutions to promote transparency, integrity, self-respect, and awareness against corruption and corrupt practices. Terms of Reference (ToRs) have been issued to all relevant government departments to initiate the formation of these societies. The initiative aims to help achieve the vision of a corruption-free Pakistan across all institutions. The ToRs state that each CBS will be responsible for organising lectures, workshops, and seminars to raise awareness among officers and employees about the harms of corruption. The societies are also expected to promote a documented economy as a step toward eradicating corrupt practices. Other outlined activities include organising anti-corruption awareness walks, presenting corruption as a social evil, and arranging religious lectures during Friday sermons and other forums to spread the message against corruption. Additionally, institutions are encouraged to promote the values of self-respect, honesty, and zero tolerance for corruption, under slogans such as: "Say No to Corruption", "Self-Accountability Is the Best Accountability", and "United Against Corruption". The CBSs will maintain regular coordination with NAB officials and follow anti-corruption guidelines. They are also instructed to submit performance reports and event photos to NAB. This NAB initiative is being viewed as a significant step toward institutional reform. Commenting on the move, Supreme Court Advocate Saeed Yousuf Khan says promoting anti-corruption awareness is not only a religious duty but also a national service.
Express Tribune
12-07-2025
- Politics
- Express Tribune
PA speaker forms committee to negotiate opposition suspensions
Listen to article Punjab Assembly Speaker Malik Muhammad Ahmad Khan has constituted an eight-member negotiation committee to address the issue of references filed against suspended Pakistan Tehreek-e-Insaf (PTI) members, Express News reported. The development follows an initial consultative meeting between Speaker Khan and 26 suspended MPAs of PTI over disqualification references filed against them. The committee includes chief whip Rana Arshad, Parliamentary Affairs Minister Mujtaba Shuja ur Rehman, Khawaja Salman Rafique, Samiullah Khan, and Ahmad Iqbal. Additional representation comes from allied parties with Ali Haider Gillani from the Pakistan Peoples Party (PPP), Chaudhry Shafay Hussain from the Pakistan Muslim League (Q), and Shoaib Siddiqui from the Istehkam-e-Pakistan Party (IPP).also named to the body. Sources further revealed that the opposition is expected to submit its nominees to the speaker today. The opposition delegation may include Opposition Leader Ahmad Khan Bhachar, Parliamentary Leader Ali Imtiaz Waraich, PTI Lahore President Sheikh Imtiaz, Ejaz Shafi, and other senior members. The second round of talks between the government and opposition committees is scheduled for Sunday at 4:30 pm at the Punjab Assembly. Both sides are expected to finalise their recommendations for the negotiation framework by the end of the day. Read: Punjab MPAs may strike decorum deal Key representatives from both treasury and opposition benches are likely to establish Terms of Reference (ToRs) in the coming days, aimed at regulating the future proceedings of the Punjab Assembly and discouraging humiliation, abusive exchanges and violent conduct between lawmakers. The list of suspended PTI MPAs includes: Malik Fahad Masood (PP-13), Muhammad Tanveer Aslam (PP-19), Syed Riffat Mehmood (PP-24), Yasir Mehmood Qureshi (PP-25), Kaleem Ullah Khan (PP-60), Muhammad Ansar Iqbal (PP-73), Ali Asif (PP-75), Zulifqar Ali (PP-76), Ahmad Mujtaba Chaudhary (PP-99), Shahid Javed (PP-115), Muhammad Ismael (PP-116), Khayal Ahmad (PP-118), Shahbaz Ahmad (PP-130), Tayyab Rashid (PP-141), Imtiaz Mehmood (PP-155), Ali Imtiaz (PP-156), Rashid Tufail (PP-175), Rai Muhammad Murtaza Iqbal (PP-203), Khalid Zubair Nisar (PP-231), Chaudhry Muhammad Ejaz Shafi (PP-258), Samia Kanwal (PP-260), Muhammad Naeem (PP-263), Sajjad Ahmad (PP-265), Rana Aurang Zaib (PP-276), Shuaib Ameer (PP-281), and Usama Asghar Ali Gujjar (PP-282). Both sides reportedly agreed to form a joint committee of senior members to make the consultation process more effective and to explore constitutional, legal and parliamentary solutions to the impasse. It is worth mentioning that Speaker Khan had received disqualification references against these currently suspended MPAs under Article 63(2) read with Article 113 of the Constitution. It is his constitutional obligation to decide on these references within 30 days, as stipulated in the said provisions.
India.com
24-06-2025
- Business
- India.com
8th Pay Commission: Delay In Finalisation Of ToR Causes Worry Among Central Govt Employees, NC JCM Writes Letter To Cabinet Secretary
photoDetails english 2921155 Updated:Jun 24, 2025, 12:20 PM IST 8th Pay Commission: ToR In Limbo 1 / 7 The National Joint Consultative Machinery (Staff Side)-NCJCM, which represents central government employees and pensioners, has stepped up its call for the Terms of Reference (ToR) of the 8th Central Pay Commission (CPC) to be made public. Shiva Gopal Mishra, Secretary of NCJCM, demanded in an official letter to the Cabinet Secretary on June 18, 2025, that the Terms of Reference (ToR) of the 8th CPC should be made public and the 8th CPC committee should be constituted at the earliest. 8th Pay Commission: Widespread speculation and uncertainty 2 / 7 The letter stated that the Ministry of Personnel, Public Grievances & Pensions (DoPT) has communicated that the central government has decided to constitute the 8th Central Pay Commission (CPC) and that the Terms of Reference (ToRs) for the Commission are under finalization. However, there has been a delay in the issuance of the ToRs. "The continued delay in the formal issuance of the ToRs has led to widespread speculation and uncertainty among Central Government employees and pensioners alike," the letter said. 8th Pay Commission: Apprehensions rise about credibility of announcement of CPC 3 / 7 The letter stated that apprehensions are growing among employees about the credibility of the announcement regarding the setting up of the 8th CPC. "In the absence of clear and timely communication, apprehensions are growing among employees about the credibility of the announcement regarding the setting up of the 8th CPC. Many fear whether this move is a genuine administrative initiative or otherwise." 8th Pay Commission: Government retains discretion over extention of benefits to pensioners 4 / 7 The letter further stated that a serious concern has also arisen among central government pensioners, particularly given the notification of the finance bill, wherein it has been stated that the Government retains discretion over whether or not to extend the benefit of pay fixation under the 8th CPC to pensioners. "This has led to a growing sense of insecurity and resentment among retired personnel, who have every expectation of being treated equitably alongside serving employees," the letter added. 8th Pay Commission: Requests of employees 5 / 7 The letter has requested the government to consider the following submission in the interest of "transparency, equity, and the overall morale of Central Government employees and pensioners": Issue clear and widely circulated guidelines on the finalized ToRs of the 8th CPC at the earliest, to dispel any ambiguity and restore confidence among the workforce. * Clarify, through a formal directive that the benefits of pay fixation and revision under the 8th CPC shall also be extended to all central government pensioners, thereby removing doubts and ensuring parity and fairness in treatment. * Constitution of the 8th Central Pay Commission committee at the earliest. * Prompt decision on the constitution of the Pay Commission The letter said that a prompt and favorable decision from the government will go a long way in boosting the morale of employees and pensioners and in reaffirming the government's commitment to a fair and inclusive pay policy. What is 8th Pay Commission? 6 / 7 The 8th Pay Commission will revise the pensions, allowances and salaries of central government employees and pensioners. It will also revise the Dearness Allowance as per inflation. The CPC benefits about 50 lakh central government employees, including defence personnel. It will also benefit around 65 lakh central government pensioners, including defence retirees. Govt employees awaiting formation of 8th Pay Commission 7 / 7 More than 1.2 crore central government employees and pensioners are eagerly awaiting the formation of the 8th Pay Commission which will revise their salaries and pensions. Despite the government's approval on January 16, 2025, the Pay Commission has not been formally constituted. The ToR and the appointment of the chairman and other important members have also not yet been completed.
