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Author: News Desk

  • Peshawar students to campaign against use of drugs in educational institutions

    Peshawar students to campaign against use of drugs in educational institutions

    The students of the University of Agriculture in Peshawar have decided on starting a mission to prevent use of drugs in educational institutions.

    According to reports, the administration has become active to protect the students of the University of Agriculture from drugs. The Anti-Drug Awareness Committee held a meeting at the campus.

    According to experts present at the meeting, drugs give temporary relief by increasing hormones, but later they cause permanent destruction; adding that the addict becomes a burden on his family and society.

    The students have decided to join hands with the government and social organisations to play an active role in the anti-drug campaign.

    According to the report of a non-governmental organisation, 7.6 million people use drugs in Pakistan, including 78% men and 22% women.

  • SBP reports $112 million increase in workers’ remittances

    SBP reports $112 million increase in workers’ remittances

    In September 2023, Pakistan experienced a notable surge in workers’ remittances, marking a 5.3 per cent increase compared to August 2023.

    This uptick can be primarily attributed to a crackdown on the informal money transfer systems known as hawala and hundi.

    According to the State Bank of Pakistan (SBP), the country received remittances amounting to $2.206 billion in September 2023, up from $2.094 billion in August 2023, equating to a $112 million rise.

    The majority of remittance inflows for September 2023 were derived from several key sources, with Saudi Arabia contributing $538.2 million, the United Arab Emirates $400 million, the United Kingdom $311.1 million, and the United States of America $263.4 million.

    This increase in remittances can be linked to the fact that a substantial number of Pakistani expatriates resorted to using the Hawala/Hundi channels during the initial two months of the fiscal year, largely due to a significant disparity between official and unofficial exchange rates.

    Subsequently, strict enforcement measures against illegal currency dealers have curbed this volatility, leading to a gradual appreciation of the Pakistani rupee in both the interbank and open currency markets.

    In the last month, the rupee has rebounded by 9 per cent, recovering from its record low of 307.1 against the dollar on September 5. The crackdown on these illicit currency dealers has also contributed to the 5 per cent month-on-month increase in remittances for September.

    However, when examining the entire first quarter of fiscal year FY24, the overall home remittances to Pakistan have experienced a sharp decline of 20 per cent, totalling $1.57 billion. Home remittances for the July-September period of FY24 amounted to $6.33 billion, a decrease from $7.90 billion during the same period in the previous fiscal year, FY23.

    During this initial quarter, remittances from all major sources displayed a downward trajectory. Specifically, home remittances from Saudi Arabia decreased by 22 per cent to $1.516 billion for July–September in FY24, down from $1.946 billion in the equivalent period in FY23.

  • World Bank proposes tax reforms with 3% GDP growth projection for Pakistan

    World Bank proposes tax reforms with 3% GDP growth projection for Pakistan

    The World Bank has advised Pakistan to implement taxes on the agricultural and real estate sectors and merge the income thresholds for salaried and non-salaried individuals to create a progressive Personal Income Tax (PIT) system.

    If agriculture income and property taxes are effectively enforced, they could contribute 3 per cent of the GDP annually, totaling over Rs3 trillion. The World Bank is awaiting approval for a $350 million allocation for Pakistan under RISE-II, with the meeting date yet to be confirmed.

    Currently, the annual income threshold for salaried individuals is Rs600,000, and for non-salaried income, it stands at Rs400,000, both exempt from taxes.

    The World Bank emphasises the urgency of Pakistan’s fiscal situation and the need to generate revenue and reduce expenditures, recommending taxing the wealthy while protecting the poor.

    The World Bank proposes simplifying the income tax structure by aligning it for both salaried and non-salaried individuals, ensuring progressivity without suggesting a reduction in the current nominal threshold.

    They acknowledge the importance of considering inflation and labour market changes in recent data when reforming the income tax structure.

    The focus of the recommended tax reforms should fall on higher income brackets and include a comprehensive tax package and expenditure reforms to address unsustainable fiscal deficits.

    These reforms involve cutting down on subsidy expenditures, eliminating regressive tax exemptions, and increasing the taxation of high-income earners, particularly in agriculture, property, and retail sectors, to enhance the progressivity of the tax system.

    Regarding a question about lowering the current exemption threshold for salaried workers earning below Rs50,000 monthly, the World Bank’s lead economist clarified that the bank does not recommend a reduction in the current nominal threshold.

    Instead, the emphasis is on streamlining the income tax structure for both salaried and non-salaried individuals to ensure progressivity while protecting the poor during the reform process.

  • Gold price drops by Rs15,500 to Rs199,500 per tola

    Gold price drops by Rs15,500 to Rs199,500 per tola

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) resumed its bullion rate updates after an approximate month-long hiatus, revealing a substantial decline in the value of precious metals.

    According to APSGJA’s data, the price of 24-carat gold plummeted by Rs15,500 per tola and Rs13,546 per 10 grammes, reaching new levels of Rs199,500 and Rs171,039, respectively.

    The last bullion rate report was issued on September 12, when the per-tola price of gold stood at Rs215,000.

    However, escalating uncertainties in the economic landscape led to increased speculation. Consequently, the government intervened with a crackdown on speculators, resulting in the temporary suspension of bullion rate updates.

    During this 28-day period of rate suspension, gold traders resorted to arbitrary pricing as no standardised rates were available. Simultaneously, in the international market, the price of gold experienced a notable decline, dropping by $55 to reach $1,891 per ounce.

    Furthermore, APSGJA’s data also revealed a decrease in silver prices, with a Rs50 per tola and Rs42.87 per 10 grammes reduction, bringing silver’s rates to Rs2,500 and Rs2,143.34, respectively.

  • Pakistan creates history; chases down highest total in World Cup

    Pakistan creates history; chases down highest total in World Cup

    Records were left stranded in the dust as Pakistan created history on Tuesday night, chasing down the highest total in World Cup history against Sri Lanka.

    Magnificent centuries by Abdullah Shafiq and Mohammad Rizwan paved the way towards victory as mercurial Pakistan stomped home comfortably.

    Batting first, Sri Lanka scored 344 runs for the loss of 9 wickets in the given 50 overs, with Kaushal Mendes scoring 122 runs and Samara Wickrama scored 108 runs.

    Pakistan achieved the target of 345 runs with just four wickets down in the 49th over, with Abdullah Shafiq scorinh 113 runs and Mohammad Rizwan remaining not out with 131 runs.

    Read More: India receives e-mail threat of bomb blast to blowup PM Modi, Narinder Modi Stadium

    The target of 345 runs is the highest achieved by any team in World Cup history. In the 2011 World Cup, Ireland successfully achieved a target of 329 runs against England.

  • Malala issues statement on the Israel-Palestine war

    Malala issues statement on the Israel-Palestine war

    Nobel Prize winner and education activist Malala Yousafzai has issued a statement on Israel’s war on Palestine.

    In her letter, she called for both sides to hold a ceasefire and prevent innocent lives from being lost, writing that it is cruel how Palestine and Israel children have been caught in the middle.

    The Nobel Prize winner reflected on her own upbringing during a wave of terrorism in Khyber Pakhtunkha, writing “We woke up to the sounds of mortar shells, saw our schools and mosques destroyed by bombs. Peace became something we could only dream about.”

    “War never spares children,” Malala further wrote. “Not those kidnapped from their homes in Israel, not those hiding from airstrikes or without food and water in Gaza.”

  • Not going to take part in  upcoming elections, says Shahid Khaqan Abbasi

    Not going to take part in  upcoming elections, says Shahid Khaqan Abbasi

    Former Prime Minister, Shahid Khaqan Abbasi has revealed in an interview with Nadeem Malik on Samma TV that he is not going to take part in the upcoming elections in the current political environment.

    The senior politician said that he is unable to give a final word on elections as he has not consulted the people of his constituency on this matter.

    Abbasi emphasized that he asked Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif to find a solution for the bad economic situation in the country.

    “I have told Nawaz Sharif that all political leaders can sit together and solve the country’s problems,” he added.

    The former prime minister stated that PML-N president Shehbaz Sharif and Vice President Maryam Nawaz are not his leaders. “Nawaz Sharif is my leader,” Abbasi firmly stated.

  • Nawaz Sharif to come back via special flight

    Nawaz Sharif to come back via special flight

    Sources have confirmed that Pakistan Muslim League-Nawaz (PML-N) leader Nawaz Sharif is all set to head back to the country via special flight named ‘Umeed Pakistan’. There is enough space for 150 individuals in this flight.

    Sharif will leave for Saudi Arabia tomorrow from London and perform Umrah there. The stay will last for a week and will include meetings with significant Saudi leadership.

    He is expected to reach Dubai on either 17 or 18 of October. Several meetings are scheduled there as well and this stay will last for three days.

    This journey will hit the crescendo when the PML-N leader will reach Islamabad from Dubai on October 21, accompanied by party members and journalists. With a layover of half an hour in Islamabad, the whole entourage will take off for Lahore where Nawaz Sharif will address the procession in Minar-e-Pakistan.

  • No chance of Nawaz Sharif’s arrest, says Ishaq Dar

    No chance of Nawaz Sharif’s arrest, says Ishaq Dar

    Senior leader of the Pakistan Muslim League-Nawaz (PML-N) and former finance minister Ishaq Dar has said that there is no chance of the party supremo Nawaz Sharif getting arrested on his return to Pakistan.

    In an interview with Asma Sherazi, Ishaq Dar said that Nawaz Sharif will arrive in Saudi Arabia and perform Umrah. After performing Umrah, the PML-N chief will reach Pakistan on October 21.

    He continued, “There is no chance of arresting Nawaz Sharif on his return as he will take protected custody and transit bail on return”.

    The former finance minister also mentioned that it’s a standard judicial practice to face the courts.

    Dar also stated that PML-N will clearly get a clear majority in the next election, and PML-N’s agenda is the recovery of the economy.

    The former finance minister said that the truth commission on the characters of Project Imran is included in our agenda, “however we do not want to take any action that smells of revenge,” he added.

  • Indian journalists slam govt for not giving visas to Pakistani correspondents

    Indian journalists slam govt for not giving visas to Pakistani correspondents

    Senior Indian journalist Rajdeep Sardesai expressed disappointment on his government’s continuous delay in issuing visas for Pakistani journalists, stating that if Pakistan is playing the World Cup in India, visas cannot be denied to journalists.

    Rajdeep Sardesai asked why should journalists be politically demotivated. “We should adopt the attitude of good hosts,” he remarked, saying that he will expect the same from Islamabad in the future.

    Read More: World Cup 2023: Pakistani cricket presenter Zainab Abbas sent back from India due to safety concerns

    It should be noted that the head of the Pakistan Cricket Board (PCB), Zaka Ashraf, contacted Foreign Secretary Cyrus Sajjad Qazi in regards to the issuance of Indian visas to Pakistanis for the cricket World Cup.

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