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Agriculture and Allied: Pakistan


Commerce Minister Engineer Khurram Dastgir on Friday quizzed sugar mill owners over increase in sugar prices after the approval of a 150 percent increase in Regulatory Duty (RD) on import of sugar. According to an official statement, Commerce Minister chaired a meeting to ensure stabilisation of price of sugar convened on the directions of EEC of the Cabinet which was attended by the representatives of Ministry of Commerce, Ministry of Industries and Pakistan Sugar Mills Association (PSMA). The meeting directed PSMA to enhance the supply of sugar in the open market in order to maintain the price of sugar at a reasonable level.

Lahore High Court on Friday dismissed a petition filed by a sugar mill against vacation 100 acres land illegally possessed by the sugar mills. The LHC's Bahawalpur bench trashed the petition, filed by Hamza Sugar Mills Private Limited, and allowed the Board of Revenue to re-possess the land and punish the encroacher.
All Pakistan Flour Mills Association (APFMA) Khyber Pakhtunkhwa has rejected the imposition of six percent withholding tax (WHT) on withdrawal of Rs 50,000 from commercial banks, and termed it as form of extortion from government side. APFMA provincial chairman Naeem Butt stated this while presiding over a meeting of the association here on Friday.
On Thursday, at Pakistan Mercantile Exchange (PMEX), value traded was PKR 5,229 million. The number of lots traded was 9.73 million and PMEX Commodity Index closed at 2,710. Major business was contributed by crude oil amounting to PKR 3,932 million. This was followed by gold (PKR 1,251 million) and silver (PKR 45.50 million).
Manufacturers of 52 major commodities/items including sugar, tea, cigarettes, beverages, chemicals, cement, paints/varnishes, all kinds of motor vehicles, juices, yarn, petroleum products, iron & steel products, pesticides, fertilisers and power transformers would declare production data to the Federal Board of Revenue (FBR) for determining their sales tax on basis of actual production/sales.
On Wednesday, at Pakistan Mercantile Exchange (PMEX), value traded was PKR 5,430 million as compared to PKR 3,911 million reported on Tuesday, an increase of 39 percent. The number of lots traded was 13.99 million. PMEX Commodity Index closed at 2,697.
India's government Thursday approved spending nearly US $8 billion over five years to develop infrastructure for rural irrigation to boost crop productivity in a country where farmers rely largely on annual rains. Prime Minister Narendra Modi's cabinet gave its nod to allocate 500 billion rupees ($7.9 billion) for the project that aims to help India's 120 million-odd farmers, many of whom lack access to irrigation and struggle with deficient monsoon rains.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln