IHC chief justice grills Privatisation Commission

Web Desk 07:05 PM | 7 Feb, 2023
IHC chief justice grills Privatisation Commission
Source: File Photo

ISLAMABAD – The Chief Justice of Islamabad High Court has grilled the Privatisation Commission in its case against Schon Group asking the government entity was it was not interested in taking the money.

The remarks were made by the chief justice during the hearing in case “Privatization Commission Vs Schon Group”. Lawyer for the Schon Group informed the court that Schon Group had offered to pay close to PKR 1 billion to Privatization Commission and repeated the offer in front of Justice Amir Farooq but the Privatisation Commission told the court that a committee has been formed to negotiate with the Schon Group.

The Chief Justice remarked that Pakistan desperately needs money but Privatization Commission was refusing to take money. The Chief Justice wondered why the government entity was refusing to take money and delaying matters due to bureaucracy at a time that the government needs money badly.  

The judgement debtor is willing to pay but you are not accepting even in these economic conditions, said the chief judge. 

The judge asked: “Why should I not call the secretary privatization commission?”

The Chief Justice remarked that the only reason why privatizations in Pakistan have suffered is on account of the bureaucratic approach by the privatization commission.

The Chief Justice noted that business means quick and timely decisions. He said in this case Schon Group was upfront offering 235 million and securing the remaining amount of close to PKR 700 million but the Privatisation Commission was forming committees over committees rather than taking firm decisions.

The case relates to Pak China Fertilizers Limited purchase by Schon Group wherein Privatization Commission had always mentioned that the principal due from Schon was NIL from 2004-2019 and the mark-up due was PKR 235 million, including in all audited statements and Government of Pakistan external audits and filings.

The matter was subjudice since 2005 and the amount was declared through correspondences of PKR 235 million. Against norms of any government department and in contradiction to all audited statements of GOP in the past 15 years, the Privatization Commission board made a new claim and revised the figures though the matter was subjudice. Now the execution proceedings are to execute the decree and the next date of hearing is set for March 2023.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 23, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 23, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.1 286.15
Euro EUR 302.5 305.5
UK Pound Sterling GBP 343.5 347
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 75.4 76.2
Australian Dollar AUD 187 189.4
Bahrain Dinar BHD 749.55 757.55
Canadian Dollar CAD 205 207.2
China Yuan CNY 40.91 41.31
Danish Krone DKK 40.77 41.17
Hong Kong Dollar HKD 35.92 36.27
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 2.06 2.11
Kuwaiti Dinar KWD 919.22 928.22
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 176.66 178.66
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 731.97 739.97
Qatari Riyal ‎QAR 77.43 78.13
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 305.12 307.62
Thai Bhat THB 8.19 8.34

Today's gold rates in Pakistan – 23 March 2023

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 203,800 on Thursday. The price of 10 grams of 24k gold was recorded at Rs174,730.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 203,800 PKR 2,350
Karachi PKR 203,800 PKR 2,350
Islamabad PKR 203,800 PKR 2,350
Peshawar PKR 203,800 PKR 2,350
Quetta PKR 203,800 PKR 2,350
Sialkot PKR 203,800 PKR 2,350
Attock PKR 203,800 PKR 2,350
Gujranwala PKR 203,800 PKR 2,350
Jehlum PKR 203,800 PKR 2,350
Multan PKR 203,800 PKR 2,350
Bahawalpur PKR 203,800 PKR 2,350
Gujrat PKR 203,800 PKR 2,350
Nawabshah PKR 203,800 PKR 2,350
Chakwal PKR 203,800 PKR 2,350
Hyderabad PKR 203,800 PKR 2,350
Nowshehra PKR 203,800 PKR 2,350
Sargodha PKR 203,800 PKR 2,350
Faisalabad PKR 203,800 PKR 2,350
Mirpur PKR 203,800 PKR 2,350


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