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The floodgates are open: Toyota, Hyundai, and Honda all cut back costs 



Following KIA’s lead three weeks in the past, and MG’s per week later, Toyota, Hyundai, and Honda have all slashed their costs dramatically. Like dominoes, all three have introduced their worth cuts inside a span of two days — with Hyundai and Honda being simply hours aside. 

Essentially the most noteworthy discount throughout all fashions is the Fortuner G, which has seen its worth plummet by a staggering Rs 13 lakh. Toyota additionally holds the excellence for the biggest common discount throughout its vary — with a mean reduce of Rs 5 lakh, whereas Honda and Hyundai lag behind at roughly Rs 2 lakh per car.


Toyota’s Value Adjustments 
New Value Outdated Value Distinction  Change 
Yaris 1.3  MT Rs  44 lakh Rs 45 lakh Rs 1 lakh 2%
Yaris 1.3 CVT Rs 47 lakh  Rs 48 lakh  Rs  1 lakh 2%
Yaris ATIV MT Rs 47 lakh  Rs 48 lakh Rs 1 lakh 2%
Yaris ATIV CVT Rs 49 lakh  Rs 50 lakh  Rs  1 lakh 2%
Yaris AERO 1.3 Rs 51 lakh Rs 52 lakh Rs  1 lakh 2%
Yaris ATIV X MT Rs 53 lakh Rs 54 lakh Rs  1.2 lakh 2%
Yaris ATIV X CVT Rs 56 lakh Rs 58 lakh  Rs 1.2 lakh 2%
Yaris AERO 1.5 Rs 58 lakh Rs 60 lakh  Rs  1.2 lakh 2%
Corolla 1.6 MT Rs 60 lakh  Rs 62 lakh  Rs 2 lakh 3%
Corolla 1.6 CVT Rs 66 lakh Rs 68 lakh Rs  2.1 lakh 3%
Corolla 1.6 SE Rs 72 lakh  Rs 74 lakh Rs  2.4 lakh 3%
Corolla 1.8 CVT Rs 69 lakh Rs 71 lakh Rs 2.3 lakh 3%
Corolla 1.8 CVT SR Rs 75 lakh  Rs 78 lakh  Rs  2.5 lakh 3%
Corolla 1.8 CVT SR Black Rs 75 lakh Rs 78 lakh  Rs 2.5 lakh 3%
Revo G MT Rs 1. 2 crore Rs 1.24 crore Rs 4.5 lakh 4%
Revo G AT Rs 1.25 crore  Rs 1.30 crore Rs  4.7 lakh 4%
Revo V Rs 1.38 crore Rs 1.44 crore Rs  5.4 lakh 4%
Revo Rocco Rs 1.44 crore Rs 1.52 crore Rs 7.6 lakh 5%
Revo GRS Rs 1.54 crore Rs 1.61 crore Rs  7.9 lakh 5%
Fortuner G  Rs 1.45 crore Rs 1.58 crore Rs 13.1 lakh 8%
Fortuner V Rs 1.70 crore Rs 1.81 crore Rs  11 lakh 6%
Fortuner Sigma 4 Rs 1.80 crore Rs  1.91 crore Rs 10.8 lakh 6%
Fortuner Legender Rs 1.90 crore Rs 2.01 crore Rs 11.3 lakh 6%
Fortuner GRS Rs 1.99 crore Rs 2.11 crore Rs 11.9 lakh 6%


Honda’s Value Adjustments 
New Value Outdated Value Distinction  Change 
Metropolis 1.2 M/T Rs 47 lakh Rs 48 lakh Rs 1 lakh 2%
Metropolis 1.2 CVT Rs 48 lakh Rs 49 lakh Rs 1 lakh 2%
Metropolis 1.5 CVT Rs 54 lakh Rs 55 lakh Rs 1.1 lakh 2%
Metropolis 1.5 Aspire M/T Rs 56 lakh Rs 58 lakh Rs 1.1 lakh 2%
Metropolis 1.5 Aspire A/T Rs 58 lakh  Rs 60 lakh Rs 1.3 lakh 2%
BRV Rs 63 lakh Rs 65 lakh Rs 2.3 lakh 4%
HRV VTI Rs 76 lakh Rs 79 lakh Rs 2.5 lakh 3%
HRV VTI-S Rs 79 lakh Rs 82 lakh Rs 3 lakh 4%
Civic Rs 83 lakh Rs 86 lakh Rs 2.7 lakh 3%
Civic Oriel Rs 87 lakh Rs 89 lakh Rs 2.9 lakh 3%
Civic Rs Rs 99 lakh Rs 1.02 crore Rs 3 lakh 3%


Hyundai’s Value Adjustments 
New Value Outdated Value Distinction  Change 
Elantra 1.6 Rs 64 lakh Rs 66 lakh Rs 2 lakh 3%
Elantra 2.0 Rs 69 lakh Rs  71 lakh Rs 2  lakh 3%
Tucson GLS Rs 72 lakh Rs 74 lakh Rs 2 lakh 3%
Tucson GLS Sport Rs 80 lakh Rs 82 lakh Rs 2 lakh 2%
Tucson Final Rs 87 lakh Rs 89 lakh Rs 2 lakh 2%
Sonata 2.0 Rs 1 crore Rs 1.03 crore  Rs 3.5 lakh 3%
Sonata 2.5 Rs 1.09 crore Rs 1.13 crore Rs 3.5 lakh 3%
Porter Excessive Deck Rs 37 lakh Rs 38 lakh Rs 1 lakh 3%
Porter Flat Deck Rs 37 lakh Rs 38 lakh Rs  1 lakh 3%
Porter Deck Much less Rs 37 lakh Rs 38 lakh Rs 1 lakh 3%
Porter Excessive Deck with AC Rs 38 lakh Rs 39 lakh Rs 1 lakh 3%
Porter Flat Deck with AC Rs 38 lakh Rs 39 lakh Rs 1 lakh 3%
Porter Deck Much less with AC Rs 38 lakh Rs 39 lakh Rs 1 lakh 3%


What catalysed these drastic worth slashes? The fast catalyst is the stabilisation of the Pakistani Rupee at a charge of $1:Rs 280 after enduring months of volatility. The official interbank charge for the Pakistani Rupee didn’t mirror the tumult that automotive firms grappled with on importing elements — they skilled important fluctuations within the open market and liquidity shortages by means of official channels for numerous elements of the summer time.

Nevertheless, one other contributing issue is automotive producers aligning their costs with the values of autos within the secondary market. Syed Asif Ahmed, Normal Supervisor of Gross sales and Advertising and marketing at MG Motors, expounded on the importance of each elements to Revenue final week when MG determined to revise its costs.

Learn extra: Sizzling on KIA’s heels, MG is decreasing costs too. Right here’s what’s occurring

In essence, Ahmed had forecasted to Revenue that extra worth reductions had been on the horizon as a result of Rupee’s newfound stability and due to the markdown costs autos had been commanding within the secondary market. For what it’s price, Ahmed’s prediction proved correct. Automobiles, even model new ones, had been buying and selling at substantial reductions within the secondary market — starting from Rs 80,000 to Rs 20 lakh.

The timing of those downward revisions can also be noteworthy. One motive why autos had been promoting for markdown costs within the secondary market is because of a major contraction in car demand over the previous yr. Our three protagonists have all seen higher days, with their present gross sales figures paling compared to these they achieved in 2021 and 2022.

Will these worth reductions breathe new life into gross sales? In keeping with Muhammad Sabir Shaikh, Chairman of the Affiliation of Pakistan Motorbike Assemblers, “Gross sales are prone to stay subdued as a result of costs stay prohibitively excessive and resulting from constraints imposed by the State Financial institution on automotive leasing”.

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



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.

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



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.

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



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.

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