The K-Electric’s request for Rs68 billion in ‘unrecoverable dues’ from defaulters came under strong opposition from stakeholders for its additional impact on consumers and taxpayers in the shape of budgetary and tariff adjustment. The Karachi-based power utility has filed a write-off claim of Rs68bn, which it says accumulated over seven years since FY2017 based on a tariff determination of 2018
The performance of electricity supply companies declined in 2023-24, resulting in a loss of over Rs660 billion to the national exchequer. This deterioration was attributed to increased inefficiencies, including high losses and low recovery rates. Additionally, most power plants in private and public sectors imposed an even greater, yet unquantifiable, burden on consumers and taxpayers. In it
Pakistan Stock Exchange (PSX) on Monday surged to another record high as the KSE-100 index gained over 900 points, powered by extensive institutional buying and widespread optimism about the policy rate reduction in the upcoming monetary policy announcement. In the morning, the market opened with negative sentiment due to concerns over the advance-to-deposit ratio (ADR) condition for banks, whi
SECP approves a Strategic Action Plan to foster Islamic finance growth and eliminate Riba by 2028.The Securities and Exchange Commission of Pakistan (SECP) has approved a Strategic Action Plan 2024-2026 to facilitate the growth and development of Islamic finance in non-bank financial sectors. The plan was prepared by the SECP's apex committee, chaired by Mujtaba Ahmed Lodhi, Commissioner-SCD, and
The All Pakistan Textile Mills Association (APTMA), Southern Region, has sounded the alarm over the misuse of the Export Facilitation Scheme (EFS), warning of widespread closures and mass unemployment in the domestic textile industry. In a statement issued Monday, APTMA highlighted how the scheme, which exempts imported cotton and blended yarns from sales tax and duties, is being exploited. Ins