The top judge announced the good news during the hearing of the suo moto case related to waiving of Rs54 billion loans by 222 defaulters during the government of former president General (retd) Pervez Musharraf.
He said that the consensus was developed during the key meeting held in the past days, adding that the amount recovered from the defaulters will be used for the construction of the dams.
The chief justice said that some companies expressed willingness to pay the 75 percent of the written-off loan amount, adding that the case of those who do not want to return the amount will be sent to the banking courts.
The defendants in the case will have to deposit the amount of waving off loans to the apex court until the banking courts decide the cases, the top court ordered.
During the hearing, Farooq H Naik, a renowned lawyer, praising the chief justice said: "You will be remembered in the history for all the right reasons".
No any dams or water reservoirs were constructed in Pakistan in the last 40 years; however, the new dams will make the country able to mitigate the growing water shortage.
On June 27, Supreme Court had ordered 222 defaulters to submit 75 percent amount in the loan write-off case.
The chief justice had also made it clear that all the people who got their loans written off illegally on a political basis or otherwise would have to return their loans to the national exchequer.
On the same day, the top judge had held a consultative meeting to evaluate the severity of water shortage and recommend remedial measures where he remarked that the apex court would provide institutional support in this regard.
He had said that no disputed dam would be constructed sans addressing the reservations of all provinces. He had urged experts to share proposals to initiate the construction of dams and reservoirs to encounter the issue of water crises in the country..
The meeting was attended by former Chairman WAPDA Shamas-ul-Mulk, representatives of Ministry of Energy, Ministry of Climate Change, National Disaster Management Authority (NDMA), Ministry of Water Resources, Federal Flood Commission, National Energy Efficiency and Conservation Authority (NEECA), Ministry of Planning and Development and Reform, Pakistan Meterological Corporation Islamabad and Islamabad Capital Territory (ICT), representatives of Pakistan Commissioner for Indus Waters, Office of the Chief Engineering Advisor and former secretary Sindh Irrigation Department Khalid Haider Memon, former Member Engineering CDA Shahid Suhail and Researcher engineer Mumtaz Ahmed.
KARACHI – The Pakistani rupee experienced a significant surge in its value in the open market against the dollar.
This surge came after a recent directive from the State Bank of Pakistan (SBP), allowing banks to purchase dollars at the interbank market rate for international card payments. The objective of this move was to narrow the exchange rate gap between the official and informal markets.
According to the Exchange Companies Association of Pakistan, the currency market witnessed the dollar being traded at Rs298, compared to its previous day’s closing rate of 311.
The SBP’s decision was influenced by the International Monetary Fund’s demand for Pakistan to stabilize its currency market before resuming a $6.5 billion bailout program.
In a circular, the central bank stated, “In response to the feedback received from various stakeholders, Authorized Dealers are now permitted to buy USD from the Interbank market to settle card-based cross border transactions with international payment schemes (IPS).”
Market analysts had predicted a decline in the value of the rupee following the implementation of these new guidelines.
Zafar Paracha, the General Secretary of the ECAP, expressed that the SBP’s decision was timely and appropriate. He anticipated that it would lead to a decrease of 20 to 25 rupees in the open market currency rate. Paracha also noted that aligning the rates in the official and informal markets would bolster remittance inflows.
Pracha further emphasized that significant disparities in rates between the official and informal markets encourage transactions outside of the official banking system.
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 229,000 on Thursday. The price of 10 grams of 24k gold was recorded at Rs197,620.
Likewise, 10 grams of 22k gold were being traded for Rs181,150 while a single tola of 22-karat gold was being sold at Rs 211,290.
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.
|Lahore||PKR 229,000||PKR 2125|
|Karachi||PKR 229,000||PKR 2125|
|Islamabad||PKR 229,000||PKR 2125|
|Peshawar||PKR 229,000||PKR 2125|
|Quetta||PKR 229,000||PKR 2125|
|Sialkot||PKR 229,000||PKR 2125|
|Attock||PKR 229,000||PKR 2125|
|Gujranwala||PKR 229,000||PKR 2125|
|Jehlum||PKR 229,000||PKR 2125|
|Multan||PKR 229,000||PKR 2125|
|Bahawalpur||PKR 229,000||PKR 2125|
|Gujrat||PKR 229,000||PKR 2125|
|Nawabshah||PKR 229,000||PKR 2125|
|Chakwal||PKR 229,000||PKR 2125|
|Hyderabad||PKR 229,000||PKR 2125|
|Nowshehra||PKR 229,000||PKR 2125|
|Sargodha||PKR 229,000||PKR 2125|
|Faisalabad||PKR 229,000||PKR 2125|
|Mirpur||PKR 229,000||PKR 2125|
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