Only amounts up to Rs 5 lakh in banks are legally protected, State Bank / In the local bullion market, gold prices still fell sharply today / Gold trading remains suspended in major bullion markets across the country / Pakistan's tax revenues are said to be insufficient to meet financial needs / Crude oil prices continue to decline in the global market

Only amounts up to Rs 5 lakh in banks are legally protected, State Bank

The percentage of account holders with deposits up to Rs 5 lakh is 94 percent, officials said

The Deputy Governor State Bank says that only amounts up to five lakh rupees are legally protected in banks.

In the meeting of the Senate Standing Committee on Finance under the chairmanship of Saleem Mandviwala, the participants were told during the briefing that if a bank goes bankrupt, sinks or fails, the additional deposit of 5 lakhs is not protected. The amount in the account is not more than 5 lakh rupees.

Deputy Governor State Bank said that the rate of account holders with deposits up to Rs 5 lakh is 94 per cent, only 6 per cent account holders have a bank balance of more than Rs 5 lakh. Account holders up to Rs 5 lakh can be paid through the Deposits Protection Corporation.

He said that the Deposits Protection Corporation is a subsidiary of the State Bank of Pakistan, which collects subscription fees from the banks every year.

 

In the local bullion market, gold prices still fell sharply today

The price of gold per tola rose to Rs 1 lakh 97 thousand, Jewellers

Gold prices continued to decline in the local bullion market today.

According to the media report, after a decrease of Rs. Thousand came to the level of 894 rupees.

It should be remembered that on August 31, the price of gold per tola had reached the highest level of Rs 2 lakh 39 thousand 800. After which the price of gold per tola has decreased by a total of 50 thousand rupees.

It is worth noting that in the absence of official gold rates, consumers at jewelers’ shops are in a state of confusion. Gold prices are released on a daily basis by the All-Pakistan Gems and Jewelers Association, however law enforcers The association has not been releasing daily gold prices since Wednesday last week, following a crackdown on alleged betting and smuggling by institutions.

On the other hand, traders say that the wedding season is on, but gold purchases by families are also slowing due to reduced purchasing power of consumers and increasing incidents of jewelery theft.

 

Gold trading remains suspended in major bullion markets across the country

Uncertainty arose among traders and buyers

Gold trading in key bullion markets across the country remains suspended since September 13, 2023, causing uncertainty among traders and buyers.

According to traders, the suspension of gold trading is at the behest of law enforcement agencies, which are trying to curb other corruption in the bullion trade, including price-fixing speculation, smuggling and hoarding by various mafias and profiteers.

The price of gold per tola reached an all-time high of 240,000 per tola in early September. On the other hand, gold is being smuggled to neighboring countries, which has increased its prices to alarming levels.

Haji Haroon Chand, president of All Pakistan Sarafa Gems and Jewelers Association, says that gold trade is expected to resume once the revised trade rules are clarified by the authorities.

 

Pakistan's tax revenues are said to be insufficient to meet financial needs

The demand of the World Bank to increase tax collection from important sectors of Pakistan

The World Bank declared Pakistan's tax revenue insufficient to meet its financial needs.

The report states that the tax-to-GDP ratio of developing countries should be at least 15 percent, while Pakistan's rate is only 11.6 percent. The World Bank has demanded to increase tax collection from major and important sectors of Pakistan.

The report further states that tax revenue in Pakistan remains low despite several reform efforts, the World Bank has also recommended increasing tax collection from major sectors, ending exemptions on income tax, sales tax and customs duties.

The World Bank has recommended an increase in property tax rates according to market value, including emphasis on linking land ownership records with National Identity Cards and National Tax Number. The World Bank has recommended imposing a standard GST of 18 percent on various items along with the proposal to end exemptions on income tax, sales tax and customs duties.

The report also suggested bringing people with an annual income of less than Rs 6 lakh into the tax net, additional tax on agriculture, property, real estate, retail, cigarettes sector, increasing tax on luxury goods and import goods. It is proposed to reduce the tax exemption.

According to the World Bank, Pakistan is losing a large amount of revenue due to tax exemptions, the corporate income tax system in Pakistan is very complicated, many companies in Pakistan have preferential tax schemes, the provinces in Pakistan have limited their capacity. receiving less tax than The report states that Pakistan's financial stability depends on revenue reforms.

 

Crude oil prices continue to decline in the global market

Crude oil prices fell by more than $4 per barrel

Crude oil prices continue to fall in the global market, crude oil prices fell by more than $4 per barrel on Wednesday.

According to the report, US crude oil West Texas Intermediate fell 4% to 85.59 dollars per barrel, while British crude oil Brent crude oil fell 3.8% to 87.40 dollars per barrel.

It should be noted that the price of Brent crude oil has fallen by more than 7 dollars per barrel in 15 days.

According to foreign media, OPEC Plus, an organization of oil producing countries, has decided to maintain oil production, while Saudi Arabia and Russia have voluntarily reduced their oil production quota by three to 1 million barrels by the end of the year. What has been announced?

The Saudi Ministry of Energy says that the decision to continue the voluntary reduction in the production quota has been made to stabilize the global oil market.

A statement issued after the OPEC meeting said the committee would continue to closely monitor market conditions, with the panel acknowledging the Saudi and Russian cuts.

It should be noted that the next meeting to review oil prices will be held on November 26.