Importers have suspended import of fresh fruits from Afghanistan as a protest against an increase in regulatory duty by the Federal Board of Revenue from Rs20,000 to Rs95,000 per tonne. Hundreds of trucks loaded with fresh and dried fruits have been stranded at Customs House in the border town of Chaman, as the importers have refused to pay increased taxes and suspended import from Afghanistan.
Finance Minister Miftah Ismail said on Wednesday the application of fuel cost adjustment (FCA) on electricity bills had been deferred, not waived, on the orders of the prime minister, but promised that electricity rates and inflation would start declining after a month. He was speaking at a joint news conference with Defence Minister Khawaja Muhammad Asif, who said the finance minister would be
Amid the declining rupee value, the Ministry of Finance and the Federal Board of Revenue (FBR) expressed their ignorance about the declaration of foreign currency by international passengers on arrival in Pakistan on the orders of the Civil Aviation Authority (CAA) that further brought local currency under stress. At a meeting on Wednesday, the Senate Standing Committee on Finance was told that
With the devastating monsoon rain hitting cotton areas, the Pakistan Textile Exporters Association has approached the federal government to allow the import of cotton from India via Wagah to meet the rising export orders. Exporters say early estimates show that 25 per cent of the standing cotton crop had been damaged and there was a possibility of a raw material shortage in the country. Sepa
The Pakistan Stock Exchange (PSX) closed in the red on Monday after some experts revised downwards the growth estimate for fiscal year 2023 and the government issued an estimate of the damages caused by floods. The KSE-100 index closed at 41,859.30 points, down 449.81 points, or 1.06 per cent. The index saw an intraday low of 41,859.10 points shortly before trading was suspended for the day.