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Punjab starts an initiative to inspect the quality of fuel at petrol pumps.

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6 months ago

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An important step to guarantee the quality of fuel sold throughout the state is the Punjab provincial government’s introduction of a massive operation aimed at gas stations.

This program seeks to verify that the fuel satisfies the necessary criteria by doing routine monthly inspections at all fueling stations.

In keeping with the government’s commitment to protecting consumers and the environment, the operation has been launched under the Punjab Environmental Protection Act. As per the directive, the Environmental Protection Agency (EPA) personnel and oil marketing organizations will work together to examine fuel at different gas stations throughout the region.

Using its cutting-edge fuel quality laboratories, the EPA will make sure that the fuel being sold complies with the requirements specified by the Oil and Gas Regulatory Authority (OGRA). Fuel samples taken from gas stations will be chemically analyzed in these labs to look for anomalies or inferior goods.

The operation is essential to preserving the integrity of petroleum sold in Punjab, the authorities have stressed, guaranteeing that consumers would obtain high-quality products that adhere to regulations.

Aside from helping to prevent negative consequences on cars and the environment, the inspections will also aid in reducing the sale of contaminated or subpar fuel.

A decrease in the cost of petroleum products was announced by the federal government on September 1st, with immediate effect. Amidst the escalating expense of living, the new price system offers some respite with small reductions across multiple fuel types.

Petroleum now costs Rs259.10 a litre, a reduction of Rs1.86 per litre. The price of high-speed diesel has also been reduced, currently selling for Rs 262.75 a litre, a savings of Rs 3.42.

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Negotiations with IMF for $7 billion loan programme start

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– Policy talks for the next phase of the $7 billion loan package for Islamabad were formally launched on Tuesday between Pakistan and the visiting delegation of the International Monetary Fund, a major lender.

Nathan Porter is in charge of the IMF delegation, while Finance Minister Muhammad Aurangzeb leads Pakistan’s economic team. Rashid Langrial, the chairman of the Federal Board of Revenue (FBR), is also taking part in the discussions.

The IMF delegation will be briefed by Finance Minister Aurangzeb on Pakistan’s present economic circumstances. The IMF delegation will make suggestions for the budget for the upcoming fiscal year. Pakistan will submit a report on the first half of the current fiscal year as well as a report on the execution of the IMF-imposed restrictions under the $7 billion loan program.

The IMF mission will be briefed by the Pakistani team on real estate and agricultural income taxes.

The IMF delegation will offer suggestions about the release of a $1.1 billion tranche to Pakistan following the negotiations.

The IMF mission negotiations will last until March 15.

The IMF mission was previously briefed on tax and energy policies at the Pakistan Business Council office.

During an introductory session, representatives from the Ministry of Finance and the Ministry of Planning gave the visiting International Monetary Fund (IMF) delegation an update on the economic review for the release of the next installment of $1 billion from the $7 billion bailout package.

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The Planning Ministry provides the IMF with a report on the Green Pakistan Initiative.

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During an introductory session, representatives from the Ministry of Finance and the Ministry of Planning gave the visiting International Monetary Fund (IMF) delegation an update on the economic review for the release of the next installment of $1 billion from the $7 billion bailout package.

The Green Initiative Report was presented to the international lender by the Planning Commission, Ministry of Finance, and Ministry of Planning, according to sources.

A report on climate change projects as part of the Green Initiative was also presented by the Ministry of Planning.

As part of the IMF’s initial demands, the Ministry of Finance instructed the Planning Commission to compile the report in response to the IMF’s request.

According to Planning Commission sources, the meeting also covered the current fiscal year’s Public Sector Development Programme (PSDP) budget cuts and expenditures.

Additionally, during the introduction session, representatives from the Ministry of Planning and the Ministry of Finance gave a briefing.

The economic team would start formal negotiations with the IMF delegation tomorrow, according to sources at the Ministry of Finance.

According to the timetable, the Ministry of Finance and other ministries will meet with the IMF tomorrow.

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As negotiations for the next $1 billion start, the IMF seeks a crackdown on tax evasion in Pakistan’s real estate.

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The International Monetary Fund (IMF) has urged action against people who falsify property values and has asked for tougher steps to stop tax cheating in Pakistan’s real estate industry.

The government promised the IMF that it would activate the Real Estate Regulatory Authority as part of the proposed reforms.

Sources claim that people and brokers who inflate property valuations will face severe consequences, such as fines and jail time.

Agents who do not register may be fined up to Rs500,000, according to sources.

The Real Estate Regulatory Authority has the authority to inflict a maximum sentence of three years in prison. Agents that give misleading information risk having their licences revoked by the authority.

Agents who give false information risk fines ranging from Rs200,000 to Rs500,000.

Fines for property transfer misstatements might range from Rs 500,000 to Rs 1 million.

The new rules are intended to stop financial fraud and increase openness in the real estate industry.

Negotiations for the next $1 billion installment of Pakistan’s $7 billion loan programme with the International Monetary Fund (IMF) started underway Monday.

According to the finance ministry, since Pakistan has previously complied with the most of the IMF’s stringent requirements, formal discussions between the IMF mission and the Pakistani government team were scheduled to last for two weeks.

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