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IFC, Engro to reduce plastic waste
December 06 (MLN): To step up the fight against climate change in Pakistan, International...
Coca-Cola to inaugurate $50m project in February, 2022
December 06, 2021 (MLN): Coca-Cola Icecek Pakistan (CCIP) on Monday said the $50 million...
Government debt soars to Rs40.28tr in October 2021
December 6, 2021 (MLN): The total debt of the central government during the month...
Decision to suspend gas supply to CNG stations in...
December 6, 2021: The All Pakistan CNG Association (APCNGA) has rejected the decision of the Cabinet to suspend supply of gas to the CNG stations in Punjab and Khyber Pakhtunkhwa for an indefinite period, a press release issued on Monday said.
It was illegal for SNGPL to cut off the gas supply to CNG stations in Punjab and Khyber Pakhtunkhwa, it added.
The decision has been taken on a 17-year-old load management policy devised in 2005 which has now no legal standing, said Group Leader of APCNGA Ghiyas Abdullah Paracha.
In his statement, he said that the ineffective policy was introduced in 2005 for two years and taking decisions on the basis of this policy is illegal while the Cabinet has been misguided in this regard.
He said that CNG stations in Punjab are using RLNG therefore these filling stations do not fall in the ambit of any such policy.
Ghiyas Paracha said that the decision to disconnect CNG stations in Khyber Pakhtunkhwa is also illegal and contempt of court as the Peshawar High Court has issued a stay order in this regard.
He said that if the locally produced natural gas is scarce then load management should target consumers of national gas and not the sectors using imported gas, paying the highest taxes and highest price for the gas.
He said that the CNG sector is not being allowed to import gas for their own consumption while the government is not ready to give it local gas which has left this sector in deep trouble and its survival is at stake.
He said that once the CNG industry of Pakistan was among the leading industries and other countries used to seek help from Pakistan to introduce CNG in their countries but now it is at the brink due to a host of reasons including some elements that are bent upon destroying it.
He said that those who are damaging this sector should be held accountable and strict action should be taken against them as the livelihood of millions of people is tied to this sector.
Suspending gas supply to CNG stations will increase oil import bill by billions and intensify the problem of air pollution and smog, he warned.
The Minister of Petroleum should state who will be responsible for the damage caused by the closure of a small gas-consuming sector.
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NSS witnesses Rs79bn outflows during 4MFY22
December 6, 2021 (MLN): Net savings mobilized under National Savings Schemes (NSS) remained negative as investors pulled out Rs79 billion on a net basis during Jul-Oct FY22, against an inflow of Rs24.84bn in the same period last year, Centra bank data showed on Monday.
To recall, during FY21, the NSS witnessed a huge outflow of Rs317.25billion, compared to the inflows of Rs370.9billion recorded in FY20, which was the second-highest annual mobilization achieved in the 17-year period.
The major reason behind the continuous outflow of investments under NSS was the restriction imposed on financial institutions to invest in NSS. Moreover, registration requirements for prize bonds of higher denominations and strict implementation of anti-money laundering laws and know-your-customer (KYC) conditions have also had a negative impact on fund mobilization.
According to SBP’s data, the outflow of investments from NSS in October alone amounted to Rs6.84billion against the influx of Rs12.24billion in the same month the previous year and the withdrawal of Rs21billion in Sep 2021.
During 4MFY22, most of the outflows were recorded in prize bonds (Rs64.36billion against an inflow of Rs25.54billion in 4MFY21) followed by special saving certificates (Rs17.57billion) and defense saving certificates (Rs2.57billion). While the regular income certificates were the only major source of inflows as they fetched Rs6.5billion investments during the period mentioned above.
In the month of October, major outflows were witnessed from prize bonds and defense savings certificates with a drawdown amounting to Rs5.78bn and Rs456million, respectively. While special saving certificates and regular income certificates attracted Rs386 million and Rs1.07bn during the month.
Following the increase in policy rate, the government is likely to increase profit rates on the NSS in the range of 1-1.75%, as per the rate revision summary submitted by the Ministry of Finance which is yet to be approved by the government.
At present, the profit rate on behbood savings certificates and pensioners benefit account is 11.04% while, the defense saving certificate, regular income certificate, and special certificates are offering 9.37%, 8.76%, and 8.20%, respectively.
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