Day: April 10, 2024

Directorate General of Customs Valuation Karachi has issued new customs values on the import of a wide range of branded potato chips from all origins.

The directorate has issued a valuation ruling number (1870 of 2024) on Tuesday.

The directorate has issued new customs values on the import of Potato Chip brands (Various Flavours) Pringles; Ligo; Chizzpa; Jacker Potato; Kracks; Hunter’s; Mister Chips; Tiffany; Kettle; Potato Chips brand Poppin and other branded chips of different flavours.

The ruling revealed that the Customs values of Potato Chips were determined under section 25A of the Customs Act, 1969. The existing valuation ruling was around seven years old and the customs values determined therein were not reflective of the prevailing international market. Therefore, an exercise has been undertaken by this Directorate to determine the same.

In this regard, the meeting Was held in the Directorate of Customs Valuation, Karachi. Ninety days’ clearance data has been retrieved and the same has been scru
tinized. Subsequently, market inquiry has been conducted and examined in the light of this Directorate’s Office, it added.

Source: Pro Pakistani

The Government of Punjab will give Rs. 300 billion in interest-free loans to farmers under the new Kissan Khushal program in one year.

Punjab Agriculture Minister Syed Muhammad Ashiq Hussain Shah Kirmani on Wednesday gave details of the agricultural package in a video on X. He said the full size of the package was approximately Rs. 450-500 billion.

As part of this initiative, farmers will benefit from interest-free loans totaling Rs. 300 billion in the initial phase. Kirmani said Rs. 150 billion of the total kitty will be disbursed in the first phase while small-scale farmers holding less than 12.5 acres of land will receive the Kisan Card.

Under the package, an interest-free loan of Rs. 30,000 per acre of land will be extended to farmers. Another Rs. 100 billion will be allocated for subsidies and various supportive measures.

Kirmani said that the Punjab government had kickstarted 26 significant development projects in just 21 days of assuming office. He added that small-scale farmers with holdings unde
r 12.5 acres will be entitled to benefit from the Nawaz Sharif Kissan Card initiative.

Source: Pro Pakistani

The Ministry of Finance has raised concerns over the cash credit limit requested by the Pakistan Agricultural Storage and Services Corporation (PASSCO).

The Finance Ministry says PASSCO’s funding request exceeds the actual cost of wheat procurement from farmers. The ministry has sought clarification from the Ministry of National Food Security and Research in this regard, reported Express Tribune.

The Economic Coordination Committee (ECC) had recently approved the Food Ministry’s proposal to approve a cash credit limit of Rs. 169 billion for PASSCO, with a wheat procurement target based on a price of Rs. 3,900 per 40 kg, roughly Rs. 33 billion higher than what was required.

The proposal also assigned the Sindh government a wheat procurement target of one million metric tons, accompanied by a tentative cash credit limit of Rs. 100 billion and a support price of Rs. 4,000 per 40 kg. Balochistan was tasked with a procurement target of 0.050 million metric tons, with a cash credit limit of Rs. 5.70 billion and
a support price of Rs. 4,300 per 40 kg.

Notably, incidental charges totaling Rs. 2 billion are expected to be covered by the respective provincial governments. Islamabad isn’t happy with the disparity in support prices established by different provinces.

Source: Pro Pakistani

The government has raised Rs. 12.7 billion from the auction of Ijarah Sukuk bonds, the Pakistan Stock Exchange (PSX) announced on Monday.

The auction, which featured a one-year fixed-rate discounted (FRD) Sukuk, attracted bids totaling Rs. 23.7 billion.

The auction included fixed-rate discounted, variable rental rate (VRR), and fixed rental rate (FRR) Government of Pakistan Ijarah Sukuk (GIS).

The government had initially set a target of Rs. 10 billion for the one-year fixed-rate discounted (FRD) Ijarah Sukuk auction.

Of the total bids received for the one-year GIS FRD, Rs. 15.3 billion was raised, with competitive bids comprising Rs. 15.12 billion and non-competitive bids Rs. 184.88 million.

In addition to the FRD Sukuk, the government raised Rs. 9.68 billion through the sale of GIS VRR bonds, with Rs. 9.65 billion approved through competitive bids. The three-year GIS VRR helped raise Rs. 6.6 million, while the five-year GIS VRR raised Rs. 9.67 billion.

The three-year FRR Sukuk raised Rs. 425.42 milli
on, while bids for the five-year FRR bond were rejected by the government.

Source: Pro Pakistani

The federal government is all set to start the construction of a 105-kilometer railway track from Thar to Port Qasim for transporting coal from local fields to power plants across Pakistan.

Funded jointly by the federal and Sindh governments, the project will be overseen by federal authorities, reported a national daily.

The railway track will facilitate the transportation of coal from Thar coalfields to power projects nationwide to increase the contribution of cost-effective coal-based energy in Pakistan’s energy mix.

However, an expert in the field raised environmental and social concerns regarding the Thar coal projects. She highlighted the adverse effects on the local community, including depleted water and air quality, loss of livelihoods, migration, and poor development opportunities.

She expressed concerns about its route passing through agricultural land, reserved forests, and human settlements, potentially leading to disturbances to ecosystems and agriculture production along the transportation
route.

She also criticized the narrative which claimed that Thar coal may help lower electricity prices.\

The expert pointed out previous environmental concerns at Port Qasim Authority related to coal handling operations. She warned of the potential impact on the local community and industrial units if local coal transportation operations don’t account for environmental impacts.

Source: Pro Pakistani