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SHC issues notice to govt over PIA's privatization

07:39 PM | 18 Mar, 2024
SHC issues notice to govt over PIA's privatization

KARACHI - The Sindh High Court has issued notices to the federal government, Civil Aviation Authority, Pakistan International Airlines, and the privatization commission regarding the impending privatization of the national flag carrier.

During the hearing of a case on Monday, Chief Justice Aqeel Ahmed Abbasi sought an explanation from the government regarding the likely privatization of the carrier; a petitioner had challenged the privatization law before the court.  

The Chief Justice inquired as to why the petitioner was against privatization to which he was informed that the law has been amended regarding PIA in contravention of the Companies Act.

“According to the 2016 legislation, the PIA has been a Public Limited Company,” Zafar Taimoori advocate was quoted as saying by ARY News.

The lawyer argued that the federal government introduced an amendment in the law under which it got the authority to privatize the airline.; however, he contended that the amendment violates the Companies Act.

“What is the concern of the Union and who would own the company when it is privatized,” the chief justice inquired.

The petitioner's counsel argued that the law promulgated by the federal government was illegal as the amendment could not be made in the law.

Pleading that the case was a public interest case, the lawyer requested the court to put the government on notice and summon its reply. Consequently, the high court sought a reply from all parties on April 03 and adjourned the hearing.

It bears mentioning that the government is in the final stage of privatizing the carrier which has been inflicting huge financial loss to the public kitty.

The caretaker regime had made progress on the matter and a financial advisor was also hired who had submitted a report to the government. As far as the timeline is concerned, the government hopes that the airline will be privatized by May this year.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 22 May 2024

 Pakistani currency rates against US Dollar and other currencies on May 22, 2024 (Wednesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.15 for buying and 280.05 for selling.

Euro moved down to 297 for buying and 300 for selling while British Pound rate is 349 for buying, and 352.5 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 22 May 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.15 277.15
Euro EUR 297 300
UK Pound Sterling GBP 349 352.5
U.A.E Dirham AED 75.2 75.95
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.34 748.34
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.91
Danish Krone DKK 40.52 40.92
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 903.3 912.3
Malaysian Ringgit MYR 59.34 59.94
New Zealand Dollar NZD 170.11 172.11
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.13 731.13
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.98 26.28
Swiss Franc CHF 305.97 308.47
Thai Bhat THB 7.67 7.82

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