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Pakistan: Imports of automobiles, tea, and cell phones rise dramatically

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In recent months, there has been a significant increase in the import of a variety of goods into Pakistan; among the commodities with large increases recorded are vehicles, tea, and mobile phones.

Recent data indicate that over the previous 11 months, the import of cellphones increased by an astounding 214%, amounting to approximately $1.062 billion. This import cost is a staggering Rs458 billion in Pakistani currency.

Similarly, there was a sharp increase in auto imports of 269%, amounting to about $235 million, or Rs66.47 billion in local currency.

Additionally, the amount spent on tea imports into Pakistan increased by 17% to $603.7 million. This demonstrates the steady demand for this commodity, since it is equivalent to more than Rs171 billion in Pakistani rupees.

A significant increase in machinery imports was also seen, rising by 40% to $7.6 billion, highlighting expenditures on infrastructure and industrial equipment. Imports of crude oil rose by 12% and surpassed $5 billion in the meantime, demonstrating continued demand in spite of volatility in the world market.

In the meantime, the government’s plan to levy an 18% sales tax on mobile phones costing up to $200 (approximately Rs56,000) was soundly rejected by the Senate Standing Committee on Finance and Revenue.

Senator Anusha Rehman expressed her vehement objection to the proposed tax, arguing that smartphones are necessities rather than extravagance. The speaker emphasised that a tax of this kind would disproportionately impact phones with lower prices, rendering them unaffordable for a large number of customers.

However, in the currency market, the US dollar has strengthened further versus the rupee, demonstrating continuous changes in the value of currencies.

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Pakistan and Saudi Arabia have reached an agreement to implement a prisoner exchange arrangement.

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This occurred at a meeting between Interior Minister Mohsin Naqvi and Saudi Deputy Interior Minister Nasser bin Abdul Aziz Al Dawood in Islamabad today.

The two parties also deliberated on the legal procedure for the imminent repatriation of four hundred and nineteen Pakistani inmates in Saudi Arabia.

Mohsin Naqvi stated that Saudi Arabia is our brotherly nation, pledging complete collaboration to enhance bilateral relations.

The Interior Minister announced the implementation of a zero-tolerance policy on beggars traveling to Saudi Arabia. An intensive crackdown has been initiated nationwide against the beggar mafia.

Mohsin Naqvi stated that Saudi nationals do not require a visa to enter Pakistan and may visit at their convenience.

The Saudi Deputy Interior Minister stated that the Kingdom seeks to enhance its relations with Pakistan.

In a meeting with Saudi Deputy Interior Minister Nasser bin Abdul Aziz Al Dawood on Tuesday, PM Sharif conveyed his satisfaction with the advancement of agreements for the Saudi investment of 2.8 billion dollars in Pakistan.

Shehbaz Sharif expressed appreciation to the Saudi leadership and administration for their unwavering support of Pakistan, reflecting on the enduring amicable relations between the two nations.

The Prime Minister emphasized the significance of partnership in defense and security, stating that the visit of the Deputy Interior Minister and his entourage would enhance relations in these vital sectors.

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The Supreme Court rejects SIC’s request to be recognized as a parliamentary party.

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The Supreme Court’s 7-member constitutional bench, led by Justice Aminuddin Khan, has rejected a petition challenging the legitimacy of the Sunni Ittehad Council (SIC) as a parliamentary party.

The petition submitted by Maulvi Iqbal Haider was rejected following the court’s endorsement of the objections presented by the Registrar’s Office.

During the hearing, Justice Jamal Khan Mandokhel emphasized that individual candidates possess the freedom to decide whether to affiliate with a political party, adding that the court should refrain from intervening in things that could be considered unconstitutional.

“What is your rationale for requesting actions that are unconstitutional?” Justice Mandokhel inquired, emphasizing that the matter of party affiliation should be left to the candidates’ discretion.

Maulvi Iqbal Haider, representing the Sunni Ittehad Council, asserted that the issue warranted additional examination.

Justice Aminuddin Khan admonished Haider, asserting, “Maulvi Iqbal sir, you are

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The Pakistan Stock Exchange hits a record high as it approaches 97,000 points.

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The benchmark Hundred Index of the Pakistan Stock Exchange (PSX) has surpassed 96,000 points, creating a new all-time high, marking a historic milestone. The index saw an incredible 855-point spike, closing at 96,711 points, the highest level ever seen in the history of the market.

The index increased by 765 points earlier in the day to reach 96,622 points, and then by an additional 488 points to trade at 96,344 points. Good economic conditions and high investor confidence are reflected in the steady rising trend.

Analysts credit the market’s outstanding success to rising foreign investment, better investor sentiment, and economic advancements. The PSX is now among the best-performing markets in the area because to its consistent growth.

With more increases anticipated in the days ahead, the PSX’s bullish momentum demonstrates the financial sector’s resiliency.

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