ISLAMABAD – The lower house of Pakistani parliament on Thursday passed the State Bank of Pakistan (Amendment) Bill 2021 and supplementary finance bill amid ruckus being created by the opposition.
Termed by the Opposition as a "mini-budget", the Bill was passed with a majority vote giving effect to new tax measures in an ambitious bid to achieve a tax target of Rs5.8 trillion as per the requirement of the International Monetary Fund (IMF).
The approval of both Bills, which were presented in the National Assembly on Dec 30, was necessary to revive the International Monetary Fund’s (IMF) $6 billion bailout package for Pakistan.
NA Speaker Asad Qaiser chaired the session while Prime Minister Imran Khan, Planning and Development Minister Asad Umar and Foreign Minister Shah Mahmood Qureshi were also present.
Finance Minister Shaukat Tarin tabled the bill during today's session for approval. Shortly after, PPP's Shazia Marri moved a motion seeking the finance bill be circulated for public opinion under Rule 124 of Procedure and Conduct of Business in the National Assembly so that it could be showed how "anti-people" it was.
However, Finance Minister Shaukat Tarin rejected the motion.
As the session is underway, voting also took place on several amendments recommended by the opposition to the finance bill that were subsequently rejected by the lawmakers.
Meanwhile, the opposition is also holding a protest outside the Parliament, led by opposition leader and PML-N President Shehbaz Sharif.
Addressing party supporters, Shehbaz said the opposition has rejected the “mini-budget” as it would increase burden on people in shape of new taxes.
On the other hand, Information Minister Fawad Chaudhry said the approval of the finance supplementary bill will bring betterment to the country's economy.
Pakistani rupee witnessed upward trajectort against US dollar and other currencies amid positive economic cues.
On Wednesday, the US dollar moved down and was being quoted at 283.7 for buying and 286.75 for selling.
Euro remained stable at 309 for buying and 312 for selling. British Pound rate increased to 361 for buying, and 364 for selling.
UAE Dirham AED dropped to 77.6 whereas the Saudi Riyal rate stands at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||361||364|
|Hong Kong Dollar||HKD||36.49||36.84|
|New Zealand Dollar||NZD||175.89||177.89|
KARACHI – Gold prices in the local market continue to decline in line with the international market.
On Wednesday, the price of a single tola of 24-karat gold stands at Rs219,400 and 10 grams of 24k gold costs Rs188,100.
Each tola for 24 karat is Rs216,700, 22 Karat is Rs198,640, and 21 karat rate per tola is Rs189,613 and 18k gold rate is Rs162,525.00 for single tola.
In the global market, the precious metal moved down, and hovers around $2023 per ounce after drop of around $10.
|Lahore||PKR 219,400||PKR 2,625|
|Karachi||PKR 219,400||PKR 2,625|
|Islamabad||PKR 219,400||PKR 2,625|
|Peshawar||PKR 219,400||PKR 2,625|
|Quetta||PKR 219,400||PKR 2,625|
|Sialkot||PKR 219,400||PKR 2,625|
|Attock||PKR 219,400||PKR 2,625|
|Gujranwala||PKR 219,400||PKR 2,625|
|Jehlum||PKR 219,400||PKR 2,625|
|Multan||PKR 219,400||PKR 2,625|
|Bahawalpur||PKR 219,400||PKR 2,625|
|Gujrat||PKR 219,400||PKR 2,625|
|Nawabshah||PKR 219,400||PKR 2,625|
|Chakwal||PKR 219,400||PKR 2,625|
|Hyderabad||PKR 219,400||PKR 2,625|
|Nowshehra||PKR 219,400||PKR 2,625|
|Sargodha||PKR 219,400||PKR 2,625|
|Faisalabad||PKR 219,400||PKR 2,625|
|Mirpur||PKR 219,400||PKR 2,625|