No rule’s violation in chairing of Senate session by presiding officer on June 7: Gillani

Mon, 10 Jun 2024, 9:38 PM

ISLAMABAD, Jun 10 (APP): Senate Chairman Syed Yusuf Raza Gillani on Monday ruled that there was no procedural irregularity or violation of Rule 14 in chairing the session of the Upper House of Parliament by a presiding officer while the deputy chairman was available on June 7.

The chairman also advised the Senate Secretariat, that, in future, “the availability of deputy chairman in the Parliament Building might be ensured first before inviting any member of panel of presiding officers in absence of the chairman”.

“This ruling flows as consequence of a letter written to me by the Leader of the Opposition stating therein that during sitting of the Senate held on 7th June, 2024, Rule 14 of the Rules of Procedure and Conduct of Business in the Senate, 2012 has been violated,” the ruling said.

Chairman Gillani said that the current session of the Senate was summoned on 7th June, 2024, whereupon in pursuance of Rule 14 of the Rules of Procedure and Conduct of Business in the Senate, 2012, Muhammad Ishaq Dar, Palwasha Muhammad Zai Khan and Manzoor Ahmed were nominated, in order of precedence, to preside over the sitting in absence of the chairman and deputy chairman.

“During sitting of the Senate held on 7th June, 2024, I was presiding the session but in view of pre-scheduled urgent commitment, I had to leave the House.

“At that time, Deputy Chairman Senate was not present inside the House so I invited Senator Palwasha Muhammad Zai Khan, the available member of the panel of presiding officers present at that time inside the House, to preside over the sitting.

“When Senator Palwasha occupied the seat and started the proceedings, in the meanwhile, Deputy Chairman Senate walked inside the House so the members raised objection in the House that member of panel of presiding officer cannot preside the sitting when Deputy Chairman is available in the House,” he said.

He said he had checked the record of the proceedings and it transpired that when Senator Palwasha Muhammad Zai Khan had already occupied the Chair at that time the Deputy Chairman walked inside the House for a short span of time under the impression that the chairman was presiding the session but soon after realizing the situation he walked out of the House.

APP/raz-ajb

Govt implementing measures to control iron smuggling on border areas: Minister

Habib Hanif

Mon, 10 Jun 2024, 9:32 PM

ISLAMABAD, Jun 10 (APP):Minister of State for Economic Affairs Ali Pervaiz on Monday informed the National Assembly that the government is implementing measures to control iron smuggling at Taftan border area.

During the question hour in the House, the minister said that all out resources would be utilized to protect the production of the country’s local industries including the iron industry.

The minister said that monitoring on both sides of the Iran-Pakistan border has been tightened to prevent iron smuggling on bordering areas.

Ali Pervaiz said that the only way to escape the clutches of the International Monetary Fund (IMF) program is through reforms, quoting the examples from countries like Vietnam, Indonesia and India.

To another question, he said that appeals involving amounts over Rs 20 million would be decided by appellate tribunals instead of the Commissioner of Income Tax, adding that artificial intelligence and other methods are being used in the selection of audits.

Ali Pervaiz said that minimum wage should be reviewed considering the current inflationary period, adding that he would convey members’ views on revising the minimum wage in the upcoming budget.

To another question, he said that Bank Al Habib is a private bank with its own board where employees can address their grievances, adding that there is the institution of the Banking Ombudsman for such matters.

He said in terms of Section 183(1) of the Companies Act, 2017, the Board of Directors (BoD) of banks are responsible for the policy making and supervision of the affairs of the bank including human resource related policies.

The minister said that State Bank of Pakistan does not interfere in the human resource policies duly approved by the BoD of respective bank. Ali Pervaiz said this position is also reflected in various judgments passed by the courts wherein it has been held that SBP has no jurisdiction to decide on service matters of the bank employees.

IESCO continues to maintain zero load management

Habib Hanif

Mon, 10 Jun 2024, 9:16 PM

ISLAMABAD, Jun 10 (APP):Islamabad Electric Supply Company (IESCO) continued to maintain zero load management across its six circles besides Azad Jammu and Kashmir (AJK).

The electricity demand in Islamabad Electric Supply Company (IESCO) on Monday stood at 2,171 megawatts (MW) at 08: 00 pm against the allocation quota of 2,200 MW from the national grid system.

Chief Engineer Operation Director Muhammad Aslam Khan told that owing to availability of sufficient electricity in the system, IESCO maintained zero load management programme in all six circles and AJK.

Smooth and uninterrupted power supply was being supplied in Islamabad, Rawalpindi City, Rawalpindi Cantt, Jhelum, Attock and Chakwal Circles besides AJK, he added.

He said that the company was withdrawing 2,099 MW from the National Grid.

TCP imports 6,572,430 metric tons of wheat from 2020 to 2023: NA Informed

Habib Hanif

Mon, 10 Jun 2024, 9:07 PM

ISLAMABAD, Jun 10 (APP):Minister for Commerce Jam Kamal Khan informed the National Assembly on Monday that the Trading Corporation of Pakistan Limited (TCP) imported 6,572,430 metric tons of wheat during the period from 2020-21 to 2022-23.

During the question hour in the house, the minister said that the TCP imported wheat based on the instructions of the Economic Coordination Committee (ECC) and the federal cabinet.

Jamal Kamal clarified that the TCP did not import any quantity of wheat during the year 2023-24.

He explained that TCP acts as the sole medium for purchasing wheat for food security purposes, while its storage and distribution are managed by the Ministry of National Food Security and Research.

The minister dispelled any rumors regarding the export of wheat flour, stating that such reports are baseless and no such decision has been made.

He said that it was decided last year that the private sector would be responsible for importing wheat, and TCP would not engage in wheat imports. However, he said that TCP can only import wheat under a mandate given by the government.

Regarding sugar, the minister clarified that decisions related to the import and export of sugar are made by the Sugar Advisory Board, and no decision has been made yet regarding sugar imports.

KE introduces live App for providing easy access to income tax certificates

Habib Hanif

Mon, 10 Jun 2024, 9:01 PM

ISLAMABAD, Jun 10 (APP):As the fiscal year closes and citizens prepare to file their taxes, K-Electric has introduced a quick and new service for customers to download their tax certificates through the KE Live App in just four simple clicks.

These include sales tax for our industrial or commercial customers, advance income tax for residential accounts, and withholding tax certificate for net metering customers, said a press release issued on Monday.

The initiative is an extension of KE’s efforts to digitize its services to bring in more efficiency and customer-centricity in its processes and leverages technology and innovation to bridge the gap between the customer and the company.

Sharing his comment on the features, spokesperson KE stated “We’re pleased to expand the portfolio of services on the KE Live App, which reduces the need for customers to physically visit our centers by offering them a digital solution at their fingertips. Customers can also apply for new connections, change of name requests, and get real-time updates on their power supply from any location.”

Currently, residential customers who are non-filers are being charged 7.5% taxes on their electricity consumption if the amount equals or exceeds PKR 25,000 in any month. Similarly, industrial, and commercial customers are also charged tax as a percentage of their electricity consumption.

All taxes levied on customer bills are in accordance with the Income Tax Ordinance and prevailing laws of the Government of Pakistan, and distribution companies are only responsible for collecting and depositing them with the Government.

Customers who are active taxpayers and whose KE account name and address match the details on their CNIC can apply for exemption from the Advance Income Tax through a simple process on the KE website.

This option is also available for those customers living in rented premises, provided their current or permanent residential address on the CNIC matches the details on the KE Bill. Spokesperson KE encouraged customers to reach out to the company’s website and social media channels available 24/7 for further guidance to specific queries. By prioritizing digital solutions, K-Electric is creating a more convenient and hassle-free experience for its customers.

SBP cuts down policy rate to 20.5% amid easing inflationary pressures

NNPS Desk

Mon, 10 Jun 2024, 8:44 PM

KARACHI, Jun 10 (APP): The State Bank of Pakistan (SBP) on Monday slashed the policy rate by 150 basis points to 20.5 percent owing to subsiding inflationary pressure and ease in inflation expectations amid tight policy stance that was also supported by fiscal consolidation and administrative measures by government.

“The reduced policy rate of 20.5 % will be effective from June 11, 2024,” the SBP said in its monetary policy statement issued after the meeting of Monetary Policy Committee (MPC).

The MPC found decline in inflation since February broadly in line with expectations and May out turn better than earlier anticipation and assessed that underlying inflationary pressures were subsiding as reflected by continued moderation in core inflation and ease in inflation expectations of both consumers and businesses in the latest surveys.

The committee viewed some upside risks to the near-term inflation outlook associated with the upcoming budgetary measures and uncertainty regarding future energy price adjustments noting that “the cumulative impact of the earlier monetary tightening is expected to keep inflationary pressures in check.”

While reviewing key development, the MPC noted that the real GDP growth remained moderate at 2.4% in FY24 as per provisional data, reduced current account deficit helped improve the foreign exchange reserves to around $9 billion despite large debt repayments while the government has also approached the IMF for an Extended Fund Facility Programme, which was likely to unlock financial inflows that would help in further building up of FX buffers.

The committee noted that international oil prices have declined, whereas non-oil commodity prices have continued to inch up.

The committee terming it an appropriate time for reducing the policy rate on basis of recent developments, noted that the real interest rate was still significantly positive which was important to continue guiding inflation to the medium-term target of 5 to 7 %.

It also emphasized that the future monetary policy decisions would remain data-driven and responsive to evolving developments related to the inflation outlook.

The committee observed that latest estimates indicate real GDP growth at 2.1 percent in Q3-FY24, agriculture was already showing strong growth and industry also witnessed positive growth in Q3 while initial growth estimates for both Q1 and Q2 for FY24 were revised upward.

Taking into account the developments in the first nine months, FY24 growth was provisionally estimated by PBS at 2.4 percent against a contraction of 0.2 percent in FY23 while almost two-thirds of this recovery was explained by improvement in the agriculture sector, the MPC observed and assessed that the developments were in line with its earlier expectations.

The MPC anticipated that economic growth would remain moderate in FY25 due to the impact of expected moderation in agriculture output and ongoing stabilization policies
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In the External Sector, current account posted a surplus for the third consecutive month in April on the back of robust growth in remittances and exports offsetting the uptick in imports.

During July-April FY24, the CAD narrowed to $202 million and exports grew by 10.6% while imports decreased by 5.3%, the MPC noted adding that Workers’ remittances also remained robust in recent months, reaching an all-time high of $3.2 billion in May 2024.

“The resultant lower current account deficit, along with improved FDI and the disbursement of SBA tranche in April, has facilitated ongoing large debt repayments and supported the SBP’s FX reserves, the committee assessed and stressed that timely mobilization of financial inflows is essential to meet the external financing requirements and further strengthen FX buffers for the country to effectively respond to any external shocks and support sustainable economic growth.

The MPC observed that fiscal indicators continued to show improvement during July-March FY24 as the primary surplus increased to 1.5% of GDP, while the overall deficit remained almost at last year’s level mainly due to impact of increase in tax and PDL rates, higher SBP profit, and lower energy sector subsidies.

“The fiscal consolidation through broadening the tax base and reforming loss-making public sector enterprises would help achieve fiscal sustainability on a more durable basis,” the committee emphasized and added that it was also imperative to keep inflation on a downward trajectory and contain external account pressures.

The MPC noted that broad money (M2) growth decelerated to 15.2% y/y on May 24, 2024 from 17.1% as of end-March 2024, the growth contribution of net foreign assets in M2 remained positive and from the liability side deposits remained the mainstay in M2 growth, while currency in circulation growth decelerated.

As a result, reserve money growth observed a steep decline from 10% to 4.3% during the period, the MPC noted adding that the developments in monetary aggregates were consistent with the tight monetary policy stance and had favorable implications for the inflation outlook.

The committee observed that Headline inflation decelerated to 11.8% in May 2024 from 17.3 percent in April and Core inflation also decelerated to 14.2% from 15.6 %. Besides the continued tight monetary policy stance, the sharp reduction was also driven by a sizeable decline in prices of wheat, wheat flour, and some other major food items, along with the downward adjustment in administered energy prices.

The MPC foresaw a risk of inflation to rise significantly in July 2024 from current levels, before trending down gradually during FY25 and also observed that sharp wheat price reductions have historically proved to be temporary.

Int’l media visits Virtual Press Center in Makkah

NNPS Desk

Mon, 10 Jun 2024, 8:38 PM

MAKKAH, Jun 10 (APP): The international media on Monday visited the Virtual Press Center established at the Hajj Media Hub by the Saudi Ministry of Media in Makkah.

Through the Center, information related to the Hajj 2024 in provided to the news agencies and other media of different countries who are partners of the Ministry of Media of Saudi Arabia.

The aim of this center is to organize media efforts to cover the Hajj 2024. The Centre has been named ‘Media Library’ as screens have been installed at the Centre displaying news, videos, photos and social media activity from the Ministry of Media’s global media partners in Arabic, English and other languages.

At the Virtual Press Center, various desks have been set up for international media, including Pakistan’s state news agency Associated Press of Pakistan (APP).

There are several operational rooms at the Centre, with different teams deputed there to provide services.

The Saudi Information Minister also visited the Virtual Press Center, where he was briefed about the its functioning. He appreciated the efforts of media partners.