LAHORE – The Lahore High Court on Thursday declared a joint investigation team (JIT) formed to probe sugar mills in the light of the Sugar Inquiry Commission null and void.
A bench issued the order while hearing a petition filed by Al-Arabia Sugar Mills of PML-N President Shahbaz Sharif's family and the Faruki Pulp Mills of Jahangir Tareen, challenging inquiries by the Federal Investigation Agency (FIA).
The high court also declared the notices issued by the Securities and Exchange Commission of Pakistan (SECP) to the sugar mills.
In short order, the bench remarked that the SECP had failed to comply with legal jurisdiction. It added that an elaboration about FIA’s jurisdiction will be given in a detailed verdict.
In the petitions, the sugar mills have nominated the Securities and Exchange Commission of Pakistan (SECP), FIA Director General Wajid Zia, the Ministry of Interior and Adviser to the Prime Minister on Accountability Mirza Shahzad Akbar as respondents.
The petitioners said that the federal cabinet ordered authorities to launch a crackdown against sugar mills. It argued that the federal cabinet has no power to declare some culprit.
It was also claimed that Mirza Shahzad Akbar later illegally ordered the SECP and the FIA to launch the against their sugar mills.
Daily Pakistan Global Web Desk
Pakistani rupee continue to witness further losses against US dollar in the open market on despite positive economic indicators and massive surge in Stock Market.
On Tuesday, the dollar was being quoted at 285.1 for selling and 288.15 for buying purposes for customers.
Euro price moves down by Rs2 to 312 for buying and 315 for selling. British Pound rate stands at 358.5 for buying, and 362 for selling after increase.
UAE Dirham AED stands at 78 whereas the Saudi Riyal also witnessed fall and new price stands at 76.25.
Currency | Symbol | Buying | Selling |
US Dollar | USD | 285.1 | 288.15 |
Euro | EUR | 312 | 315 |
UK Pound Sterling | GBP | 358.5 | 362 |
U.A.E Dirham | AED | 78 | 78.75 |
Saudi Riyal | SAR | 76.25 | 77 |
Australian Dollar | AUD | 186 | 187.5 |
Bahrain Dinar | BHD | 759 | 767 |
Canadian Dollar | CAD | 208 | 210 |
China Yuan | CNY | 39.93 | 40.33 |
Danish Krone | DKK | 41.88 | 42.28 |
Hong Kong Dollar | HKD | 36.24 | 36.59 |
Indian Rupee | INR | 3.39 | 3.5 |
Japanese Yen | JPY | 1.55 | 1.63 |
Kuwaiti Dinar | KWD | 916.38 | 925.38 |
Malaysian Ringgit | MYR | 60.38 | 60.98 |
New Zealand Dollar | NZD | 173.44 | 175.44 |
Norwegians Krone | NOK | 26.25 | 26.55 |
Omani Riyal | OMR | 741.26 | 749.26 |
Qatari Riyal | QAR | 77.63 | 78.33 |
Singapore Dollar | SGD | 210 | 212 |
Swedish Korona | SEK | 26.93 | 27.23 |
Swiss Franc | CHF | 323.37 | 325.87 |
Thai Bhat | THB | 8 | 8.04 |
KARACHI – Gold continues to move upward in local market amid surge in international rates.
On Tuesday, the single tola of 24 Karat gold was available at Rs217,600, and the price for 10-gram gold saw increase of Rs943 to reach Rs186,557.
Globally, yellow metal went up by $12 to settle at $2,015 per ounce.
Last week, per tola gold price increased by Rs800 per tola, and it hovers around two month high.
City | Gold | Silver |
Lahore | PKR 217,600 | PKR 2,600 |
Karachi | PKR 217,600 | PKR 2,600 |
Islamabad | PKR 217,600 | PKR 2,600 |
Peshawar | PKR 217,600 | PKR 2,600 |
Quetta | PKR 217,600 | PKR 2,600 |
Sialkot | PKR 217,600 | PKR 2,600 |
Attock | PKR 217,600 | PKR 2,600 |
Gujranwala | PKR 217,600 | PKR 2,600 |
Jehlum | PKR 217,600 | PKR 2,600 |
Multan | PKR 217,600 | PKR 2,600 |
Bahawalpur | PKR 217,600 | PKR 2,600 |
Gujrat | PKR 217,600 | PKR 2,600 |
Nawabshah | PKR 217,600 | PKR 2,600 |
Chakwal | PKR 217,600 | PKR 2,600 |
Hyderabad | PKR 217,600 | PKR 2,600 |
Nowshehra | PKR 217,600 | PKR 2,600 |
Sargodha | PKR 217,600 | PKR 2,600 |
Faisalabad | PKR 217,600 | PKR 2,600 |
Mirpur | PKR 217,600 | PKR 2,600 |
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