Tag Archives: government

Demanding Dowry Will Result in Fine and Imprisonment in KPK

Demanding Dowry Will Result in Fine and Imprisonment in KPK


Sumera Saeed | February 22, 2018 | category: News

Demanding Dowry Will Result in Fine and Imprisonment in KPK. Don’t Demand Dowry Otherwise You Will Face Fine and Imprisonment. The government of Khyber Pakhtunkhwa has approved a new law and according to the new law you will face fine and imprisonment if you will demand dowry form bride family.

The new law has banned the demands of dowry and if you violate the law it will result in fine and imprisonment as well. The government of Khyber Pakhtunkhwa has barred bridegroom and their families from demands of dowry in the province.

As per Law demanding the dowry will face charges that could result in prison time of up to two months, a fine of Rs 300,000 or both.

If you are facing such a situation you can write a complaint can be filed to a first class magistrate. This new bill was presented by the Rashida Riffat of Jamaat-e-Islami in KP assembly and got the approval of the majority yesterday.

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Kashmir Day: Public Holiday on 5th February 2018 in Pakistan

Kashmir Day: Public Holiday on 5th February 2018 in Pakistan


Sumera Saeed | January 24, 2018 | category: Holidays

Kashmir Day: Public Holiday on 5th February 2018 in Pakistan. In order to commemorate the Kashmir Day, Interior Minister Ahsan Iqbal has declared a public holiday on 5th February, 2018 in Pakistan.

As per notification issued on 10th January 2018, there will be a public holiday on Kashmir Day, 5th February. On 5th February, all government, semi-government offices, educational institutions, and corporations will remain closed.

So there will be a long weekend for the government and private offices’ employees as the 5th February will fall on Monday.

About Kashmir Day

Kashmir Day is commemorated by people all over Pakistan and Azad Jammu Kashmir (AJK) in order to show their devotion for the people of Kashmir that they are not alone in their struggle for freedom.

Kashmir Day has greatest important across the world. Religious parties organize rallies, conferences, seminars on this day in Kashmir and AJK.

In 1990, Qazi Hussain Ahmad of Jamaat-e-Islami party had suggested a non-working day to highlight the issue of Kashmir and the government had decided to commemorate the 5th February as a public holiday in the country.

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LCCI Terms Withholding Tax an “Economic Intimidation”

LCCI Terms Withholding Tax an “Economic Intimidation”


admin | January 22, 2018 | category: Business

LCCI Terms Withholding Tax an “Economic Intimidation”. The Lahore Chamber of Commerce & Industry has termed the withholding tax on banking transaction “economic intimidation” for the business community and called for its immediate withdrawal.

The LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said that withholding tax on banking transactions is doing more harm than good and continuously affecting the business atmosphere in the country. “Issue of withholding tax is top of the list in the other miseries like disparity in taxation system, dual taxation, high input cost and delay in refunds that must be resolved according to the demand of the business community, the LCCI office-bearers said while talking to a delegation of
All Pakistan anjuman-e- Tajran, led by Khalid Pervez.

They said that business community has rejected withholding tax on banking transactions from the first day but concerned authorities are not ready to realize the ground realities.  They said that though expansion of tax net is need of the hour but  government would have to find out new ways to bring the untaxed sectors into the tax net.

They said that measures like imposition of withholding tax on bank transactions are not doing any service to the economy as it has been observed that tax collection machinery has no authentic data to specify difference between filers and non-filers.

They said that tax on all bank transactions has been imposed forcefully, that is not only hampering the trade and economic activities but is also tarnishing the soft image of the government. They said that a number of  trade & industrial associations have approached to the LCCI and informed that imposition of tax on all banking transactions has caused
unrest and put the interests of business community on stake.

They said  that imposition of this tax has forced business community to conduct its monetary transactions in cash that is promoting undocumented economy. The LCCI office-beares hoped that withholding tax on banking  transactions will be withdrawn immediately in the larger interest of the industry, trade and economy.

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Privatization of PIA inevitable

Privatization of PIA Inevitable


admin | January 15, 2018 | category: News

Privatization of PIA inevitable.Minister for Privatization Daniyal Aziz Monday said privatization of national carrier Pakistan International Airlines (PIA) is inevitable as the government has to bear losses of Rs. 325 billion to keep the airline in operational.

Addressing a press conference here today the Minister for Privatization said the process of privatization of the PIA will be completed according to law and assured that the rights of the employees will be safeguarded at all cost. He said that the process of privatization will be in a professional and transparent manner.

Daniyal Aziz said that the government has decided to privatize all the state-owned companies that are costing billions in losses so that these losses of the government will be minised and the performance of these state owned organizations could be imporvd.

The Minister for Privatization said that the economy is burdened with over Rs 600 billion annually owing to losses of some of the leading state owned companies therefore, the government had to privatize them to save the losses.

Replying to a question the Minister said the government would treat assets of the PIA and aviation section separately for completing the process of privatization. He ruled out the criticism of the opposition that PML-N has double standards for privatization and only some of the state owned organizations are being privatized. He clarified that all those state owned organizations will be privatized which are running in losses.

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APBF Wants Strong Reforms for External Stability as Budget Deficit Reaches 2.3% of GDP

APBF Wants Strong Reforms for External Stability as Budget Deficit Reaches 2.3% of GDP


admin | January 12, 2018 | category: News

APBF wants strong reforms for external stability as budget deficit reaches 2.3% of GDP. APBF: As the country’s budget deficit has reached 2.3% of Gross Domestic Product during July-Nov of fiscal year 2017-18, the All Pakistan Business Forum has stated that the government is deviating from the path of fiscal discipline mainly due to heavy cost of domestic and foreign debt servicing.

APBF President Ibrahim Qureshi said the figures negate the federal government’s claim of reversing the trend of the last fiscal year when the budget deficit peaked to a record high of Rs. 1.86 trillion.

He said that the budget deficit and the current account deficit have become the biggest challenge for the economy, overshadowing the government’s economic performance in other areas. Because of these twin deficits, there are apprehensions that Pakistan might go back to the IMF for yet another bailout package, APBF leader warned.

He said that government should undertake strong reforms to maintain external stability, ensuring debt sustainability and supporting higher economic growth by containing the budget deficit.

He said the present trend shows that the annual budget deficit target of 4.1% of GDP approved by the parliament in June last year has now become unrealistic in just five months due to rising spending on debt servicing, forcing the country to go for more borrowing from the international market.

According to State bank of Pakistan (SBP), the country’s total external debt servicing stood at $2.09 billion during the first quarter of FY18. On principal side, external debt servicing under public debt stood at over $900 million, some $32 million on Public Sector Enterprises (PSEs) guaranteed debt, $53 million on PSEs non-guaranteed debt and around $ 50 million on private non-guaranteed debt. Around $670 million were paid on account of short-term debt servicing. Debt servicing on account of interest includes over $30 million to the IMF, $8 million to Paris Club and $90 million of multilaterals.

Ibrahim Qureshi said that country’s total external debt servicing exceeded $ 2 billion mark during the first quarter of current fiscal year. The decline in the SBP reserves also reflects lower inflows and higher foreign payments. The overall gap between expenditures and incomes has widened to Rs.826 billion during the July-Nov despite the fact that all provinces showed Rs. 150 billion as cash surplus during this period.

He said that the main reason behind this budget deficit is ballooning debt servicing repayments. The domestic and foreign debt servicing has increased to around Rs627 billion during July through November of the current fiscal year.

APBF chief said that the government’s growing reliance on short-term domestic and foreign borrowings has significantly increased the debt servicing cost. The 7% rupee devaluation during last one year would also increase the government’s cost of external debt servicing.

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PTI Announces To Join Qadri’s Protest

PTI Announces To Join Qadri’s Protest


Sumera Saeed | January 11, 2018 | category: News

PTI announces to join Qadri’s protest.Pakistan Tehreek-i-Insaf (PTI) Chairman Imran Khan on Thursday announced that PTI would join the Pakistan Awami Tehreek (PAT) chief Tahirul Qadri for the protest he has announced for January 17.

While addressing a press conference, he stated that PTI’s tigers will join Dr Tahirul Qadri when he begins his grand protest against the government on January 17. However, Imran Khan has also requested Chief justice to take suo moto notice of the Model Town incident, saying there had been “no headway” in the case for the past four years “because Shahbaz Sharif is sitting at the top” in the province.

He also criticized the alleged role played by Sanaullah in the tragedy, who, Khan alleged, “had been accused of murders” by people in his own party. Speaking on the murder and rape of six-year-old Zainab in Kasur, he said that the people, including the victim’s father, had been demanding justice from the CJP and the chief of army staff (COAS) because they had lost faith in the Punjab police and government.

“It is not as if these kinds of crimes do not happen in other countries; but a civilised society decides that such crimes will not be allowed to take place in the future whenever such incidents happen.
He explained his perspective saying that the incident may not have taken place had strict action been taken against the culprits involved in the 2015 Kasur child abuse scandal.
He also criticized the police’s firing on grieving protesters on Wednesday, which ended up killing two people, asking: “What professional police does this?” he asked.

He also criticised the police in Punjab for acting with impunity because the Sharif family had been “using it to protect themselves and act on their orders.”
The PTI chief, whose party is leading the government in Khyber Pakhtnukhwa (KP), also presented statistics on how crime has fallen in KP since 2014, adding that the same could happen in Punjab if police reforms are initiated.

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Budget Preparation Starts, Abolishing Pension and Increase in Pay Suggested

Budget Preparation Starts, Abolishing Pension and Increase in Pay Suggested


Shahid | January 10, 2018 | category: News

Budget preparation starts, abolishing pension and increase in pay suggested.The government has started budget preparations and commenced the consultation process with the concerned stakeholders including representatives of various chambers of commerce and industries and different business organizations.

In this regard Prime Minister Shahid Khaqan Abbasi has reconstituted his own team for preparing the budget for year 2018-19 as government is in hurry and interested to complete the work before the completion of the term of the assemblies.

The Prime Minister has appointed Haroon Akhtar Khan as his Advisor, with the status of Federal Minister, who will be responsible for the affairs of the Federal Board of Revenue (FBR), and consult with the business community to prepare the recommendations for improving the collection of taxes.

The Prime Minister has also appointed Miftah Ismail as his advisor who will be responsible for dealing with the international monetary organizations for seeking loans and other financial assistance from them. To deal with political elements, the Prime Minister has appointed Rana Afzal Khan as Minister of State for Finance, who will deal with the politicians and other local organizations to seek their proposals for the next budget.

According to sources of Ministry of Finance, the government has been working on a plan to abolish the system of pension and the salaries of the government servants will be increased accordingly to the level of private sector so that the financial burden on the government for the payment of pension could be abolished. In this proposal, which will be very difficult to be adopted by the government in its last year of the tenure, the government has received suggestions that instead of giving pension, the government officials will be given handsome salaries so that they can save sufficient money at the time of retirement.

The government has also discussed this proposal with the International Monitory Fund (IMF), the main lender of loans to Pakistan but still there is no progress on this proposal and it will be further discussed at various levels in the Ministry of Finance before the finalization of the next budget.
Meanwhile, the government has also discussing the proposals to increase the funds for improving the basic needs of life including power, provision of water, gas, health facilities, education and other such basic facilities and huge amount will be allocated in the next budget so that they can seek the support of the people on the occasion of the next elections.

The sources in the Ministry of Finance said that during the recent meetings of officials of Finance Department with the representatives of IMF, Pakistan has been advised by the IMF to prepare a three year frame work which include reduction on the foreign loans, prepare a comprehensive strategy for improving the debt payment in the next three years, as Pakistan has to pay back nine billion dollars during 2018 against the loans secured by the country.

The IMF also advised the officials of the Ministry of Finance to chalk out comprehensive strategy and take adequate and effective measures to reduce the trade deficit which has increased to US dollars 36 billion. In this regard the financial team of the Prime Minister has also been asked to prepare recommendations for increase in the revenues by the FBR, give incentives to increase foreign remittances and other such options.

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FPCCI Asks PM to Mediate on Withholding Tax on Bank Transactions

FPCCI Asks PM to Mediate on Withholding Tax on Bank Transactions


Ram zi | January 10, 2018 | category: Banking

FPCCI asks PM to mediate on withholding tax on bank transaction.The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed grave concern over FBR’s inaction on section 38-B and withholding tax on bank transactions and urged the prime minister to intervene into the matter.

The FPCCI Vice President & Regional Chairman Ch.Arfan Yousaf said that challenges to economy would swell if issues of discretionary powers and withholding tax on bank transactions would not be resolved. Ch.Arfan Yousaf expressed these views while talking to a delegation of Pakistan Computers Association (PCA) at the FPCCI Regional Office Lahore.

“Being a major source of revenue for the government, business community deserves honor while withholding tax should be removed as it is unjustified and double taxation”, the FPCCI Regional Chairman said and added that indirect taxes are being removed gradually throughout the world. However in Pakistan these are contributing around 60 percent to the revenue despite the fact that expenses on this practice are higher than the collections.

He said that section 38-B is being misused badly against the business community that is one of the major reasons of low tax-to-GDP ratio. He said that exports have been already declined and trade deficit is touching the sky while such issues are adding fuel to the fire. He said that FBR should stop harassing filers as it discourages businesses to come into the tax net. Registered businesses are required to comply with various departments involving a lot of financial and time resources whereas unregistered businesses are free from all such hassles.

He said that there are 3.5 million registered taxpayers out of which only around 1 million file their tax returns. Government should take all the measures to ensure filing of returns by remaining 2.5 million individuals and businesses. The government claims that it always acts as a facilitator but in this scenario it is entirely otherwise.

Ch.Arfan said that attaching bank accounts for recovery of outstanding dues is hampering business growth and tarnishing the soft image of the government. He said that bank accounts should not be attached without prior notice to the taxpayer and after seeking approval in writing of Commissioner in the light of reply submitted by the taxpayer. The recovery should be after the decision of the Tribunal and not before that.

He said that unfortunately if the FBR initiates a recovery case, the taxpayer is not allowed to defend as FBR itself is the complainant and a judge. Instead of focusing on controlling under-invoicing, curbing smuggling and expanding the tax net, the FBR seems to be inclined to pressurize registered taxpayers who are already suffering due to high rate of sales tax, income tax and Custom duties by creating fictitious cases for recovery of outstanding dues to meet revenue target.

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ICCI Shows Concerns Over Falling Value of Rupees Against Dollar

ICCI Shows Concerns Over Falling Value of Rupees Against Dollar


admin | January 9, 2018 | category: Banking

ICCI shows concerns over falling value of rupees against dollar. The Islamabad Chamber of Commerce and Industry has shown concerns over the falling value of rupees against dollar as rupees has hit an all-time high of 113 against dollar in the open market.

It called upon the government to take urgent measures to bring stability in the value of domestic currency as the continuous fall in the value of rupee would bring imported inflation in the country and curtail domestic demand leading to further slowdown in the economic growth of the country.

Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that after hectic efforts of the government, Pakistan’s economy was marching towards stabilization. However, he said that the falling value of rupee would push the economy from low inflation and high growth to high inflation and low growth period that would not be in the best interest of the country. He said the slowdown in the economic growth and curtailed domestic demand would adversely affect employment generation and give rise to a new wave of price hike in the country.

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Prices of Food Items Zoom to High Peaks with Upswing in Prices of Petroleum Products

Prices of Food Items Zoom to High Peaks with Upswing in Prices of Petroleum Products


admin | January 6, 2018 | category: News

Prices of Food Items zoom to high peaks with upswing in prices of petroleum products. The prices of food items have zoomed to high peaks following hike in prices of petroleum products by federal government.

The traders are playing havoc with the pockets of common man with scaling up prices of all food items, groceries, vegetables in order to satiate their lust for money minting and growing billionaires overnight.

A wanton increase by the traders community in the prices bear witness that the prices committees are playing the role of puppets in the hands of profiteers and retailers.

These committees through their criminal obliviousness towards the financial woes being exacerbated by the galloping prices have posed a set back to the Chief Minister (CM) Punjab policy of providing eatables and groceries to the poor masses at subsidized rates without compromising on the standard and quality of the products.

Govt Set to Give New Year Gift by Soaring Petroleum Prices Upto Rs 13 Per Litre

The wave of price hike swept away the business of small traders, shop keepers and retailers so much so that they are forded to shut their shops.

The low paid government employees have to bear the brunt of price escalation most as their salary witnesses a raise to the tune of 10 percent but upswing in the rates of commodities soars to 25 percent defeating the purpose this increase in their salaries.

The galloping wheel of price hike is running at breakneck speed forcing the poor people to commit self immolation .

The shop keepers and small fruit and vegetable traders said that expressions of sympathy for the retailers and small fruit and vegetable traders, vendors are never seen on the faces pf commissioner, deputy commissioner and the concerned officials as what ever steps are taken by them to bring stability in the prices are not people friendly but are a covert declaration for economic murder of common man.

Should we shut our shops amid the ever growing rent of shops, sky rocketing utility bills and blood curdling carriage charges, said a group of shopkeepers with distress rolling deep their eyes.

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Business Community Stands United with Government and Armed Forces against American Threats

Business Community Stands United with Government and Armed Forces against American Threats


admin | January 4, 2018 | category: Business

Business community stands united with government and armed forces against American threats.The Business community Thursday condemning US President Trump’s tirade against Pakistan expressed complete solidarity with government and valiant armed forces against any external threat and said that US was leveling false allegations on this country after its defeat in Afghanistan.

Talking to media after chairing central core committee meeting of the United Business Group, veteran trade leader and UBG Chief Iftikhar Ali Malik said that entire nation is on one page and no one should dare cast evil eye on Pakistan and our world best armed forces know how to protect the country from any kind of external aggression.

He said that Trumps allegation against Pakistan giving shelter to terrorist outfits was false because Pakistan itself was being attacked by terrorists hiding in the so called Indian consulates in Afghanistan.

He said that Pakistan could not be cowed down by Trump’s threats and the entire nation stood shoulder to shoulder with its armed forces against the US nefarious designs.

He urged the US to “check India’s anti-Pakistan role not only from inside of Afghanistan but also through the enhanced and increased ceasefire violations along the Line of Control and the Working Boundary.

He suggested the US should try and negotiate with the Taliban in Afghanistan instead of using the armed forces. He said it is both disturbing and disappointing to hear a repeat of Pakistan being pressured to do more to stabilize Afghanistan.

“Pakistan and the United States have been close allies in the fight against terrorism, which is a common threat to all nations of the world adding he said as a matter of policy, Pakistan does not allow use of its territory against any country. Instead of relying on the false narrative of safe havens, the US needs to work sincerely with Pakistan to stamp out the menace of terrorism,” he added.

Iftikhar Malik said after years of shouldering the heavy lift in Afghanistan and suffering the blowback of an earlier transformational war thirty years ago, Pakistan should not have had to hear recrimination as a non-NATO ally that has given unparalleled colossal sacrifices in life, resources and national trauma to fighting a joint battle against terrorism on the Afghan border. “There is little mention of the cost Pakistan has incurred or the successes it continues to achieve in clearing terrorism from the region,” he added.

He further said that the Trump-led US administrations should recognize the sacrifices rendering to eradicate terrorism in Pakistan as Pakistan is bearing irrecoverable loss due to its involvement in war on terror.

Iftikhar Ali Malik urged all political parties for setting aside their political differences for the sake of the country and sit down to evolve a joint strategy to tackle US-India diplomatic pressure.

He said the United States also has no choice but to use Pakistani roads to resupply its troops in landlocked Afghanistan.

However, he suggested the United States and Pakistan should expand cooperation on the 2013 Joint Action Plan on Trade and Investment as the United States remains Pakistan’s largest bilateral export market and a significant source of foreign direct investment.

He said the United States is Pakistan’s largest bilateral trading partner. He said it would be in the interest of both the countries to enhance their trade volume which had been hovering around $5 billion for the last five years.

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CDWP Approves Projects Worth Rs 12.2 Billion for Improvement in Higher Education, Science and Technology Sectors

CDWP Approves Projects Worth Rs 12.2 Billion for Improvement in Higher Education, Science and Technology Sectors


admin | January 1, 2018 | category: Education

CDWP approves projects worth Rs 12.2 billion for improvement in higher education, science and technology sectors. Central Development Working Party (CDWP) has approved different project worth Rs 12.2 billion for improvement in higher education and science and technology sectors.

Deputy Chairman Planning Commission (PC) Sartaj Aziz has said it is first and foremost mission of government to ensure bright future for the young generation through education under government of Pakistan vision -2025 program.

The CDWP has accorded this approval in its meeting held here on Monday. Sartaj Aziz said strategy has been evolved in the meeting for extending the best educational facilities to women in the field of science and technology in different district besides constructing hostels for the girl students for their residential purpose in the educational institutions. Several important decisions were taken.

The Higher Education Commission (HEC) presented a project for setting up sub campus of Faisalabad Agriculture University in Tehsil Dibalpur of district Okara at the cost of over Rs 889 million and it was approved in the meeting. The HEC also presented project valuing Rs 1.54 billion for fortifying and equipping the sub campuses of Sargodha university in Mianwali and Bhakkar with state of the art facilities which was also given yes nod in the meeting.

The HEC also presented projects for construction of educational infrastructure and hostel in Shaheed Zulfiqar Ali Bhutto Law university Karachi at the cost of Rs 763 million and provision of modern educational facilities and upgradation of Sindh Jamshoro university at the cost of over 1.61 billion and establishment of Federal Urdu university in Hyderabad Sindh at the cost of Rs 1.91 billion which were also approved.

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Pak Suzuki To Increase Price of Vehicles From 800cc to 1000cc

Pak Suzuki To Increase Price of Vehicles From 800cc to 1000cc


admin | January 1, 2018 | category: Autos and Vehicles

Pak Suzuki To Increase Price of Vehicles From 800cc to 1000cc. Government has gifted the nation with the increase of petrol price at the occasion of New Year and now the famous auto manufacturer in Pakistan namely Pak Suzuki has increased the price of its various vehicles ranging from 800cc to 1000cc of engine capacities.

In the start of the new year, Pak-Suzuki Company has increased the prices of the cars, especially the small cars, being manufactured locally by Rs. 10,000 per car in the pretext of adjustment of new taxes and duties imposed by Federal Board of Revenue.
A spokesperson of Pak-Suzuki Company on Monday while explaining the reasons for increasing the prices said these prices have been revised upward for various vehicles specially ranging from 800cc to 1000cc engine capacities to adjust the new duties and taxes imposed by FBR on the auto mobile industry.

It may be mentioned that the range of the vehicles from 800cc to 1000cc are in more demand by the common customers as people have the buying capacity for these vehicles which use less fuel and economically better as compared to big vehicles which consumed more oil.
According to an official letter issued by Pak Suzuki to its dealers, the price of Suzuki Mehran VX will be Rs. 689,000 which was Rs. 679,000 on December 31, 2017.

Similarly the new price of Mehran VXR will be Rs. 742,000 which was Rs. 732,000 just yesterday. The price of Suzuki Mehran VXR with CNG has been increased to Rs. 802,000.
The new price of Bolan is Rs. 764,000 which was Rs. 754,000 in last year, just one day ago an the price of Bolan Cargo has been increased from Rs. 720,000 to Rs. 730,000.
The price of Suzuki Wagnor VXR has been increased to Rs. 10,74,000 from Rs. 10,54,000 and similarly the price of Suzuki Wagnor VXL has been increased to Rs. 11,14,000 from the previous year price of Rs. 10,94,000. The price of Suzuki Ravi has been increased to Rs. 706,000 from Rs. 672,000. The new price of Suzuki Ravi EURO II has also been increased to Rs. 706,000.

In this regard Pak Suzuki has issued a notification which you can see below.

Pak-Suzuki-Notification-Daytimes

The new prices of the Pak Suzuki vehicles are as follows;

Model Old Price (In Rupees) New Price (In Rupees)
Suzuki Mehran VX 6,79000 6,89000
Suzuki Mehran VXR 7,32000 7,42000
Suzuki Bolan 7,54000 7,64000
Suzuki Bolan Cargo 7,20000 7,30000
Suzuki WagonR VXR 10,54000 10,74000
Suzuki WagonR VXL 10,94000 11,14000
Suzuki Ravi 6,72000 7,06000

For further information stay in touch with daytimes.pk

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Business Community Hails UBG Historic Victory in FPCCI Elections

Business Community Hails UBG Historic Victory in FPCCI Elections


Shahid | December 30, 2017 | category: Business

Business Community Hails UBG Historic Victory in FPCCI Elections. Business fraternity across the country Saturday  has felicitated the United Business Group (UBG) for sweeping of all  FPCCI seats with a thumping majority which clearly reflects their confidence in judicious policies being followed by the group leadership.

They said that UBG leaders should now evolve a roadmap for year 2018 and ensure its implementation in true spirit. They said that outgoing FPCCI body under the leadership of UBG had made the federation corruption-free and hoped that new body would follow their footmarks. While felicitating for victory in FPCCI elections for year 2018, they urged UBG leaders to keep core committees on as it would help them to consult and get feedback from top to bottom.

UBG strong candidates made a clean sweep in the annual elections of the federation defeating the all candidates of his rivals groups Pakistan Businessman Panel and Pakistan Business Group fourth time consecutively.

UBG Presidential candidate Ghazanfar Bilour,SVP Syed Mazhar Ali Nasir,VPs Kareem Aziz Malik,Sh Atif Akram,Ch Arfan Yousaf,Shabnum Zafar,Syeda Saeeda Bano,Muhammad Shafeeq Anjum,Ch Javed Iqbal,Zahid Saeed,Tariq Saleem and Waheed Ahmad defeated their rivals.

UBG Central Chairman Iftikahr Ali Malik,patron-in-chief SM Muneer,FPCCI President Zubair Tufail,UBG Sind Chairman Khalid Tawab,UBG provincial chairman Punjab Muhammad Adrees.UBG head of FATA and Islamabad Rauf Alam and other trade leaders thanked the voters and supporters for reposing trust on the UBG prudent policies and they vowed to continue its 30 agenda mainly aimed at the accelerating the pace of economic development besides addressing the problems being confronted by business community across the country.

While talking to media after thumping victory in FPCCI election, UBG Chairman Iftikhar Ali Malik said that the result of election indicates confidence of business community in the UBG policies.He said, “We firmly believe in rule of law, promotion of democratic system and strengthening of national economy by safeguarding the interests of traders.” He said that FPCCI will continue to work with the sole objective to forward solid proposals to the government for economic progress and prosperity. He said that despite unprecedented crisis at national level, all efforts were made to restore the confidence of the business community.

On the occasion, SM Munir hailed the business community for reposing confidence in UBG in the larger interests of the economy of the country. He said the UBG would continue to serve the business community in the larger interest of economy and would urge the government to form business-friendly policies. He said that business community decided to vote for UBG keeping in view the policies of UBG and its efforts against corruption.

Speaking on the occasion, newly elected president Ghazanfar Bilour said that he will try best to serve the interests of business community. He said that sweeping of all important FPCCI seats with a thumping majority clearly reflects the confidence of business community in judicious policies being followed by the group leadership.

Pakistan Furniture Council (PFC) Chief Mian Kashif Ashfaq Ghazanfar Bilour  also has also congratulated SM Munir, Iftikhar Ali Malik and newly elected FPCCI President for landslide victory  in the elections o FPCCI through a democratic process for the year 2018.

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Govt Set to Give New Year Gift by Soaring Petroleum Prices Upto Rs 13 Per Litre

Govt Set to Give New Year Gift by Soaring Petroleum Prices Upto Rs 13 Per Litre


Sumera Saeed | December 29, 2017 | category: News

Govt set to give new year gift by soaring Petroleum prices upto Rs 13 per litre. The incumbent government is all set to give new year’s costly gift to its masses as prices of petroleum are scheduled to be increased upto Rs. 13.

As final phase of the government’s period is going on and almost five months are left in completing its tenure, it is leaving no stone unturned to impose taxes and soaring prices of essential commodities. According to media reports, the petroleum prices would shoot up till Rs 13 on the eve of new year.

Majority of Pakistanis who belong to lower middle class, own motorcycle as their ride was already annoyed with increase of Petrol prices as during the last two to three months, the price of petrol has had been increased upto Rs 11n per litre so far.
The upward trend started when Petrol was being sold at Rs 68 per litre and now it is being sold at Rs 77. 47 per litre and after increase it will reach to almost Rs 82 per liter. This increase in Petroleum prices would not only affect the majority of motorcyclists but transporters who have increased fares on various long routes, would like to increase fares.
According to details, the fuel prices will go up as high as Rs 13. The authorities have decided to add Rs 4.06 in the per litre value of petrol. The price of high-speed diesel would be increased by Rs 5.83 per litre while there will be at least Rs 12.49 per litre increase in the price of light diesel.
The highest price spike will be seen in the rate of kerosene oil. Rs 13.58 per litre increase is likely to be witnessed in its price.

The formal approval to raise oil prices will be given by the Ministry of Finance after the Oil and Gas Regulatory Authority (OGRA) sends its summary.
The Ministry of Petroleum and Ministry of Finance will seek final approval from Prime Minister Shahid Khaqan Abbasi on petroleum products. It is worth mentioning that the government had hiked prices of petroleum products for the month of December.
During 2017 petrol price was up by 20.5 percent to Rs 77.47 per liter, high speed diesel was up by 18.5 percent to Rs 85.95 per liter, light diesel oil rose 20.25 percent to Rs 57.58 per liter and kerosene oil price was up by 33 percent to Rs 57.58 per liter.

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OGRA Proposes to Increase Petrol Prices by Up To Rs.10

OGRA Proposes to Increase Petrol Prices by Up To Rs.10


Sumera Saeed | December 27, 2017 | category: News

OGRA Proposes to Increase Petrol Prices by Up To Rs.10. We reported you earlier that the government has a plan to increase the petrol prices in the country with the beginning of the year 2018. And now the Oil and Gas Regulatory Authority (OGRA) has proposed to increase the petroleum products prices by Rs. 10 from January 2018.

The media reports revealed that the petrol price in Pakistan may increase by up to Rs.5.20 per liter in January 2018. The Pakistani rupee has brought down against the US dollar. The price of petrol sees surge in the international market as crude oil has seen $2 price hike per barrel internationally in the month of December.

The new Petrol Prices and other petroleum products will come into effect starting from 1st January 2018, if the federal government approved the OGRA suggestion.

Here is how much increase will be in petroleum products

  • 5.20 per liter in petrol prices
  • 6.00 per liter in light diesel oil (LDO)
  • 4.50 per liter in high-speed diesel (HSD) prices
  • 10.00 per liter in kerosene oil prices

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Pakistan Good Market for Manufacturing of Telecom Equipment:PBIF

Pakistan Good Market for Manufacturing of Telecom Equipment:PBIF


Ram zi | December 26, 2017 | category: Business

Pakistan good market for manufacturing of telecom equipment: PBIF. President Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has said Pakistan is a good market for manufacturing of mobile sets, telecom and internet equipment. While talking to the delegation of businessmen ,on Tuesday he said that the investors seem more interested in importing these things rather than establishing manufacturing facilities.

Mian Zahid Hussain said that around fourteen crore people are using cellphones while 4.5 crore people are using broadband. He said that devaluation of rupee, an imposition of regulatory duty and discouraging smuggling has increased the prices of handsets in the market which is an opportunity for the local investors to establish manufacturing facilities.

The business leader noted that the prices of common mobile phones used by the poor have also been increased due to the steps taken by the government. The authorities should try to make the phones used by poor a little cheaper, he demanded. The number of users of 3G and 4G continues to increase while the users of portable internet devices are also increasing at a rapid pace.
The telecom and mobile companies need to improve their services so that more people can be attracted while the government can review the taxation regime.

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Quaid’s 141th Birth Anniversary To Be Celebrated On Monday

Quaid’s 141th Birth Anniversary To Be Celebrated On Monday


Shahid | December 23, 2017 | category: News

Quaid’s 141th birth anniversary to be celebrated on Monday. Founder of the nation Quaid e Azam Muhammad Ali Jinnah’s 141th birth anniversary will be celebrated on Monday.
According to media reports, different seminars and conferences will be organized across country under Nazaria Pakistan Foundation and several other government and private organizations.
Speakers will pay tribute to the great leader to acknowledge his precious services done for his nation.
Special programmes will be aired on radio and TV stations while national newspapers will also publish special additions. There will be public holiday across country on December 25.

Banks and Stock Market To Remain Close on December 25

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Saudi Arabia to Issue Tourist Visas in 2018

Saudi Arabia to Issue Tourist Visas in 2018


Sumera Saeed | December 22, 2017 | category: News

Saudi Arabia to Issue Tourist Visas in 2018. Yes, you heard the right. Saudi Arabia will start issuing tourist visas in 2018. According to sources the Saudi Arabia will start issuing tourist visas in the first quarter of 2018.

Saudi Commission for Tourism and National Heritage, Prince Sultan bin Salman bin Abdulaziz said that government has consented to the launch of electronic visas next year to all nations. He add that they are setting up the regulations regarding the tourist visas and who is eligible and how to obtain.

The main aim to introduce the tourist visas is just to promote the tourism sector of Saudi Arabia.  Currently, millions of Muslims travel to Saudi Arabia to perform Haj and Umrah. But now Saudi Arabia, which is also offering tourist visas for a limited number of countries under strict regulation, will start offering to other countries as well.

Prince Sultan said the cost of the new tourist visa had not yet been settled, but it be as low as possible.

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Issue of Regulatory Duty On Imports About to Resolve: LCCI Chief

Issue of Regulatory Duty On Imports About to Resolve: LCCI Chief


Sumera Saeed | December 22, 2017 | category: Business

Issue of Regulatory Duty On Imports About to Resolve: LCCI Chief. The LCCI president Malik Tahir Javaid has said that issue of Regulatory Duty on imports is near to be resolved as high government funcionaries have given assurance in this regard. “I had important meetings with Prime Minister Shahid Khaqan Abbasi, PM Assitant on Revenue Haroon Akhter, Federal Minister for Industries & Production Ghulam Murtaza Khan Jattoi, Chairman NA Standing Committee on Finance, Revenue & Economic Affairs Qaiser Ahmed Sheikh, Chairman FBR & Member Customs FBR Zahid Khokhar and demanded total withdrawl of Regulatory Duty on imports.

Good news is that they had principally agreed to move in favor of business community”, the LCCI president told the delegation of businessmen here at the Lahore Chamber of Commerce & Industry. Malik Tahir Javaid said that the Lahore Chamber of Commerce & Industry is active from the very first day on Regulatory Duty and meeting the people sitting on the helm of affairs and informing them that RD on various essential items including raw materials would harm the economy which already under pressure due to rupee devaluation, heavy borrowing, high trade deficit and poor ranking in ease of doing business.

Malik Tahir Javaid was of the view that the Regulatory Duty regime will not only destroy the exporting sector but will also hit the manufacturing sector hard as a number of raw materials have been subjected to new Regulatory Duty.

He said that new Regulatory Duty regime would be hardly doing any service to the economy. Federal Board of Revenue should totally withdraw the recently imposed Regulatory Duty otherwise its destruction would be beyoned the imaginations. He said that since various imported raw materials are being used in the local industries for manufacturing and exporting of goods therefore Regulatory Duty on these important inputs would add to the miseries of export-oriented industries. Resultantly, he said, exports would be continued to sink.

While sharing his poinv of view with the Parliamentarians, the LCCI president said that business community is already suffering because of undue delay in payment of refunds and high cost of doing business and cannot afford to bear heavy burden of Regulatory Duty that is imposed without keeping in view the ground realities.

The LCCI President said that principally Regulatory Duty is imposed on such products where local industry needs protection. The LCCI understands that protection of local industry is important for any state as it provides employment opportunities and contribute sizeable amount of revenue to national exchequer. But business community fails to understand that why Regulatory Duty is imposed on import of raw materials and other goods which are either not locally manufactured or produced in very small quantity as compared to their imports.

He said that if Regulatory Duty is not withdrawn totally it would also adversely affect the industrial sector. On the other hand it would open flood gate of smuggling and under invoicing that are already causing huge financial loss to the national kitty.

The LCCI president said that positive response from the high officials is a good omen and hopefully Regulatory Duty would be withdrawan totally until and unless genuine reservations of business community are addressed.

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