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LTO Karachi collects Rs1.59tr revenue in FY22

LTO Karachi collects Rs1.59tr revenue in FY22

June 30, 2022 (MLN): Large Taxpayers Office (LTO), Karachi has shown remarkable achievement by collecting Revenue at Rs1.59 trillion in all taxes in FY22 as against Rs1.124tr collected in FY21, showing an overall growth of 42%, said a statement issued on Thursday.

The overall budget target assigned to LTO Karachi by the federal government for the said period was Rs1.44tr against which LTO Karachi has achieved Rs1.59tr which is Rs146bn in excess of the assigned target.

In June 2022, LTO has surpassed the budgetary target fixed at Rs170bn by collecting a gigantic Rs196bn (all taxes).

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Govt hikes petrol prices by Rs14.85 per litre

Govt hikes petrol prices by Rs14.85 per litre, imposes...

June 30, (MLN): The federal government on Thursday decided to increase the petrol prices by Rs14.85 to Rs248.74 per litre while imposing a Petroleum Levy (PL) of Rs10 per litre. This is the fourth consecutive hike in fuel prices since May 26.

As per the notification issued by the Finance Division, “In view of the fluctuations in prices in the international market and exchange rate variation, the government has decided to partially apply the petroleum levy and revise the existing prices of petroleum products as agreed with the development partners."

After the latest round of hikes, high-speed diesel will be priced at Rs276.54 per litre (up by Rs13.23), kerosene oil at Rs230.20 per litre (up by Rs18.83) and light diesel at Rs226.61 per litre (up by 18.68).

Meanwhile, Rs5 has been applied as PL on each high-speed diesel, kerosene oil and light diesel.

New prices of petroleum products are effective from July 1, 2022.

It is pertinent to mention that the new government has raised the petrol prices by a whopping Rs98 per litre since May 26, 2022.

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Govt discontinues MPMG

Govt discontinues MPMG, PMKJ-YES Schemes

June 30, (MLN): The government on Thursday discontinued the Mera Pakistan Mera Ghar (MPMG) and Prime Minister's Kamyab Jawan Youth Entrepreneurship Scheme (PMKJ-YES) as it advised banks, Development Financial Institutions (DFIs), and microfinance banks (MFBs) to put further disbursements under MPMG and PMKJ-YES on hold from July 01, 2022.

The State Bank of Pakistan (SBP), in a circular issued today, said that the government is considering to review/revise features of the subject scheme in light of recent developments in the macroeconomic scenario.

"Accordingly, banks/DFIs/MFBs are advised to put further disbursements under MPMG on hold from July 01, 2022, till August 31, 2022,” the circular added.

However, in those cases where partial disbursements have already been made till June 30, 2022, banks/DFIs/MFBs may release the remaining disbursement under MPMG, it noted.

In another circular, SBP notified, "Banks participating as executing agencies under PMKJ-YES are advised to put on hold fresh disbursement to July 15, 2022."

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FX reserves increase by $1.98bn in a week: SBP

FX reserves increase by $1.98bn in a week: SBP

June 30, 2022: (MLN): Breaking a long losing streak, the total liquid foreign exchange reserves held by the country increased by $1.98 billion or 13.97% WoW to stand at $16.2bn during the week ended on June 24, 2022, compared to $14.2bn in the previous week, weekly data released by the State Bank of Pakistan (SBP) on Thursday showed.

The data further revealed that during the week SBP received proceeds of CDB loan amounting to RMB 15 billion ($2.3bn). After accounting for external debt repayment, SBP’s reserves increased by $2.07bn or 25% WoW to $10.3bn.

On the other hand, the reserves of commercial banks inched down by $86.1mn or 1.44% WoW to $5.88bn.

Meanwhile, it is important to note that, the current level of foreign currency reserves is enough to cover 1.49 months of imports.

On the forex front, the Pakistani rupee (PKR) managed to gain its ground by 2.4 rupees in four consecutive sessions to settle the week’s trade at PKR 204.85 per USD mainly on the back of positive news flow regarding the IMF tranche and the inflows received from China.

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Gold price declines by Rs350 to Rs141

Gold price declines by Rs350 to Rs141,500 per tola

Jun 30, 2022: The price of 24 karat per tola gold witnessed a decrease of Rs.350 per tola and was sold at Rs.141,500 on Thursday against its sale at Rs.141,850 the previous day in the local market.

The price of 10 gram 24 karat fold also decreased by Rs.300 and was sold at Rs.121,313 against its sale at Rs.121,613 whereas the prices of ten gram 22 karat gold also increased to Rs.111,204 against its sale at Rs.111,480, All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten gram silver remained stagnant at Rs1550 and Rs 1,328.87 respectively.

The price of gold in international market decreased by $22 and was sold at $1804 against its sale at $1826, the association reported.

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