Headlines

NEPRA approves upto Rs 4.45 per unit hike in energy tariff for KE shoppers

Published

2 months ago

September 28, 2023

ISLAMABAD: Karachiites ought to get able to bear a jolt within the type of important enhance in energy tariff as Nationwide Electrical Energy Regulatory Authority (NEPRA) on Wednesday accepted enhance within the value of electrical energy for the ability shoppers of Okay-Electrical by upto Rs 4.45 per unit.

NEPRA, on the request of the federal authorities, has accepted the rise for the primary quarter adjustment of the monetary 12 months 2022-23 and forwarded its choice to the federal authorities for notification. After a notification from the federal authorities, the rise in electrical energy value for Karachiites can be relevant.

In line with NEPRA choice, NEPRA has accepted to extend the worth of electrical energy from Rs 1.49 to Rs 4.45 per unit and the extra collections from Okay-Electrical shoppers can be made in October and November 2023.

As per particulars, NEPRA has elevated the ability tariff by Rs 1.48 per unit for these shoppers of the Okay-Electrical (KE) who devour 300 models in a month whereas Rs 3.21/unit for these shoppers who devour 301 to 700 models and above. Equally, Rs 4.45/unit hike within the electrical energy tariff for these shoppers of KE who use above 5 kilowatt of electrical energy load. Moreover, Rs 4.45/unit hike has additionally been made for Electrical Automobile Charging Stations (EVCS).

In line with NEPRA’s choice, the Ministry of Power (MoE), Energy Division (PD) vide letter dated 22.08.2023, filed movement with respect to advice of consumer-end tariff for Okay-Electrical and Coverage Pointers for uniform quarterly changes beneath Part 7 & 31 of the NEPRA Act, 1997 learn with Rule 17 of NEPRA Tariff (Requirements and Process) Guidelines, 1998.

The MoE submitted that NEPRA decided the Multi 12 months Tariff vide choice dated July 05, 2018, for KE, duly notified by the Federal Authorities on Might 22, 2019. Subsequently, varied quarterly tariff changes for KE had been decided by the Authority. The quarterly adjustment was notified by Federal Authorities vide SRO 1037(1)/2020 as amended now and again, to take care of uniform tariff within the nation.

The MoE additionally submitted that the Authority has decided Periodic Adjustment in Tariff for the 2nd Quarter of FY 2022-23 for XWDISCOs i.e. Rs.0.4689/kWh and really useful uniform fee for shoppers of DISCOs with restoration interval of three months from April, Might and June 2023. The identical has been notified for DISCOs vide SRO dated 13.04.2023.

The MoE additional acknowledged that in accordance with the Nationwide Electrical energy Coverage, 2021 the Authorities could keep a uniform consumer-end tariff for Okay-Electrical and state-owned distribution corporations (even after privatization) by means of incorporation of direct / oblique subsidies. Accordingly, KE relevant uniform variable cost can also be required to be modified in order to recuperate the income necessities of KE decided by the Authority, in line with the uniform nationwide tariff of DISGOs. The identical has been accepted by the Federal Authorities and it was determined that the identical be submitted to the Authority for consideration

when it comes to the provisions of the NEPRA Act.

In gentle of the above, immediate Movement is being filed with respect to Client Finish Tariff Suggestions of KE, beneath Part 7, 31(4) and 31(7) of the NEPRA Act learn with Rule 17 of the NEPRA Guidelines in order to rethink and problem for KE, modified uniform variable cost,

to take care of uniform tariff throughout the nation and to recuperate the income necessities of KE decided by the Authority preserving in view the proposed focused subsidy and cross subsidies. The Authority is, accordingly, requested to problem separate SoT with potential software of relevant uniform charges after incorporating tariff rationalization i.e. Rs.0.4689/kWh for all classes of shoppers of Okay-Electrical, besides life line shoppers. The adjustment shall be relevant on the consumption of April, Might & June 2023, to be recovered from shoppers in Sep., Oct. & Nov. 2023, respectively.

Concerning request of the Federal Authorities to problem a separate SoT for software of 1st quarterly adjustment of FY 2022-23, the Authority has determined to problem a separate SoT, which can be relevant for the months of October & November 2023, on the consumption of February 2023 and March 2023 respectively on shoppers of Okay-Electrical.

The quantity so allowed shall be accounted for by Okay-Electrical in its subsidy claims. The Federal Authorities can also be requested to regulate this quantity whereas processing the subsidy claims of Okay-Electrical, stated NEPRA choice.

“The moment choice is intimated to the Federal Authorities for notification when it comes to Part 3 1(7) of the NEPRA Act”, reads MEPRA choice.

Headlines

FBR freezes PIA’s financial institution accounts over Rs55bn unpaid federal excise responsibility

Published

4 hours ago

November 30, 2023

Pakistaneo.com

The Federal Board of Income (FBR) has taken motion to freeze all financial institution accounts of Pakistan Worldwide Airways (PIA) attributable to non-payment of federal excise responsibility, including to the airline’s ongoing monetary challenges.

FBR officers report that PIA’s excellent liabilities for federal excise responsibility have reached Rs55 billion as much as September 2023. Regardless of repeated notices, the airline has failed to handle these obligations. Moreover, the tax liabilities for October 2023 stay unresolved as tax returns for that month are but to be filed.

The Massive Taxpayers Unit (LTU) in Karachi, a subsidiary of FBR, executed the freezing of PIA’s accounts with the purpose of recovering the excellent tax liabilities. Already, an quantity of Rs1.5 billion has been recovered and deposited into the nationwide treasury. Banks have been instructed to promptly switch any funds obtained in PIA’s accounts to the FBR’s treasury accounts.

Latest reviews point out that PIA has not filed returns since February, and a tribunal’s order requires the airline to promptly pay Rs2.77 billion. The freezing of accounts occurred two days earlier than the top of the month, deviating from the same old follow of such actions happening on the month’s final day.

It’s pertinent to say right here that final month, PIA confronted operational disruptions, together with flight cancellations and delays, attributable to unpaid dues to the state’s oil advertising firm, Pakistan State Oil (PSO). Studies from Bloomberg spotlight that PIA’s liabilities stand at Rs743 billion (roughly $2.5 billion), surpassing its complete property by 5 instances.

PIA sought extra borrowing of over Rs7 billion from banks amid considerations about potential flight operation suspensions amidst a extreme monetary disaster. The airline has approached the Aviation Division for quick loans, together with a government-guaranteed possibility for securing Rs7.5 billion.

Headlines

Pakistan’s cotton exports see a big rise this season, transport 125,000 bales

Published

5 hours ago

November 30, 2023

Pakistaneo.com

Pakistan has efficiently exported a minimal of 125,000 cotton bales, with prospects indicating additional enchancment in export volumes.

Notably, all export offers have been secured by a singular cotton ginner from Sindh, Dr. Jasso Mal, with locations together with China, Vietnam, and Indonesia.

It’s anticipated {that a} comparable amount of cotton bales shall be exported within the remaining length of the season. The present season marks a possible document, contemplating that cotton exports haven’t surpassed six digits since 2017-18 when the determine reached 207,424 bales. In distinction, the nation exported solely 4,900 bales in 2022-23, 16,000 bales in 2021-22, and 70,200 bales in 2020-21.

Ginners attribute this upswing in exports to the superior high quality of lint and favorable worldwide markets, drawing international consumers to Pakistani cotton.

Based on Cotton Ginners Discussion board Chairman Ihsanul Haq, the absence of typical rains in most cotton-growing areas has positively influenced crop high quality. Moreover, a big issue has been the document devaluation of the rupee, making native cotton extra aggressive on the worldwide stage.

Haq acknowledges that the potential document in cotton exports may need been greater if not for a decline in lint yield in Punjab on account of a extreme whitefly assault. Environmental air pollution has additionally negatively impacted the business.

Headlines

Senate committee sad with SBP’s probe into Rs70bn photo voltaic panel rip-off

Published

6 hours ago

November 30, 2023

Pakistaneo.com

The Senate Standing Committee on Finance expressed its dissatisfaction with the State Financial institution of Pakistan (SBP) over its dealing with of the investigation into the trade-based cash laundering of over Rs70 billion by way of the import of photo voltaic panels.

The committee, chaired by Senator Saleem Mandviwalla, met on Wednesday to debate the problem for the third time, however discovered the newest report by the SBP to be insufficient and missing in new data or progress.

The committee members questioned why the SBP was not sharing the total particulars of the case, when the Federal Board of Income (FBR) had already established the proof of cash laundering by way of the duty-free imports of photo voltaic panels.

A consultant of the SBP advised the committee that the banks concerned within the case had been recognized and penalised, however didn’t disclose their names.

The committee members, together with PMLN’s Musadik Malik and Saadia Abbasi and PTI’s Mohsin Aziz, demanded that the SBP present the entire data and the names of the banks to the Senate panel.

Senators additionally identified that the cash laundering was a critical offence, particularly at a time when the nation was going through international change constraints and needed to limit important imports.

Mandviwalla mentioned he had been suggesting that the case ought to be referred to the Federal Investigation Company (FIA) for a radical probe, because the SBP was not giving a transparent image to the committee.

PMLN’s Malik mentioned the FBR and Customs authorities had revealed that 63 importers had laundered cash by way of over-invoicing of photo voltaic panels, however this was primarily based on an audit of solely 200 out of 450 importers. He mentioned the whole sum of money laundering could possibly be as excessive as $2.5 billion if all of the importers had been audited.

Customs officers reiterated their earlier stance that they’d began the investigation in October 2022 and located 63 importers concerned in over-invoicing of photo voltaic panels, which had been imported from China however funds had been routed to the UAE or Singapore. They mentioned the photo voltaic panels weren’t bodily examined by the customs as they had been duty-free objects and solely good declarations (GDs) had been introduced to the customs desks.

The FBR had reported that photo voltaic panels had emerged as a high-risk merchandise for over-invoicing and trade-based cash laundering as a consequence of their duty-free import standing and the absence of gross sales tax on native provide.

They mentioned the photo voltaic panels, which had been imported at Rs72.83 billion, had been bought within the home market at nearly half the value, i.e. Rs45.61 billion.

Customs officers mentioned they’d registered instances in opposition to the most important suspects, together with Rab Nawaz and his spouse of Shiny Star Firm, who had been now on bail. Senator Mohsin Aziz mentioned the Shiny Star had laundered round Rs40 billion by way of two banks.