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Govt mulls shifting of deposits to SBP


April 18, 2019

KARACHI: The government is examining a proposal to introduce the Treasury Single Account (TSA) to shift deposits of various government departments and organisations with the State Bank of Pakistan (SBP). “While the proposal to introduce TSA is being examined by the Government of Pakistan in consultation with the SBP as part of its agenda to reform public financial management, however, …

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NTDC sees trouble-free power supply


April 18, 2019

LAHORE: Major technical constraints in the 220/500kV system have almost been removed, enabling the National Transmission and Despatch Company (NTDC) to ensure a trouble-free power transmission to the 120kV network of the electricity distribution companies (Discos). Among all provinces, Punjab will be the major beneficiary since the 220/500kV grids and transmission system here continued to be overloaded in summer causing …

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ECC shows concern over supplementary grants


April 18, 2019

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday expressed serious concern over a floodgate of supplementary grants during the year, raising question marks over sanctity of the federal budget approved by the parliament. The ECC also approved the launch of advertisement campaigns for promotion of five prime minister’s schemes —Poverty Alleviation (Ehsas Programme), Sehat Insaaf Scheme, PM’s …

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Rain causes widespread crop damage in southern Punjab


April 18, 2019

MULTAN: At least 14 districts across Southern Punjab — the wheat and cotton belt of the country — have seen large scale damage to standing crops due to hailstorms and gale force winds seen recently. The district authorities are still in the process of assessing the scale of the damage, and surveys are still ongoing, but reports from farmers and …

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Govt likely to miss wheat crop target amid rains


April 18, 2019

ISLAMABAD / LAHORE: The country’s economy, already walking a tightrope, faces a grim scenario as the government is unlikely to achieve the wheat production target of 25.51 million tonnes this year — mainly because of extended spells of rain in Punjab and Khyber Pakhtunkhwa. “The westerly wave affecting upper parts of the country is likely to move eastward during the next 12 …

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Pakistan’s internet capacity to be increased by 96 Tb/s with new submarine cable system


April 17, 2019

A landing party agreement signed between Cybernet Pakistan and PEACE Cable International Network Company Ltd is set to increase Pakistan’s internet infrastructure capacity by 96 terrabits per second with the country’s first carrier-neutral, open-access submarine cable system. Pakistan and East Africa Connecting Europe (PEACE) Cable International Network Company Ltd and Cyber Internet Services Pvt Ltd (Cybernet Pakistan) signed the agreement …

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Tax amnesty plan approval deferred amid reservations


April 17, 2019

ISLAMABAD: The federal cabinet on Tuesday deferred the approval of the much-awaited tax amnesty scheme after some of the ministers opposed it, expressed their reservations and sought further clarification. To deliberate on the issue in detail, Prime Minister Imran Khan convened a special meeting of the cabinet on Wednesday. Read: PTI govt’s first tax amnesty scheme ready for launch Inside sources told Dawn that some …

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BMW to recall 360,000 China cars over Takata airbags


April 17, 2019

Germany’s BMW will recall 360,000 vehicles in China as part of the worldwide effort to root out defective airbags made by now-defunct Japanese supplier Takata, regulators in Beijing said. Around 20 people have died in accidents linked to defects in Takata airbags since 2013, prompting a massive worldwide recall of at least 100 million cars from a wide range of …

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Aramco in talks to buy stake in refining business of India’s Reliance


April 17, 2019

State oil giant Saudi Aramco, the world’s biggest oil producer, is in talks to buy a minority stake in the refining and petrochemicals businesses of India’s Reliance Industries Ltd, sources familiar with the matter said on Wednesday. The Times of India reported earlier that Aramco was in talks to buy a stake of up to 25 per cent, which could be worth …

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20 ‘suspicious’ banks accounts attached on request of Federal Board of Revenue


April 17, 2019

A local court in Karachi on Wednesday ordered the attachment of 20 bank accounts suspected of having been used in three cases involving the illicit transfer of foreign exchange, money laundering and benami accounts. Acting on an application submitted by the Federal Bureau of Revenue (FBR) Karachi, the court ordered that the accounts be attached for a period of 30 …

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