Business
Govt raises Rs974b in PIB auction | The Express Tribune
KARACHI:
The government mobilised Rs973.8 billion through the auction of Pakistan Investment Bonds (PIBs) on Wednesday, reflecting strong investor interest despite expectations of steady rates in the near term.
According to results released by the State Bank of Pakistan (SBP), bids worth Rs1.44 trillion were received against various maturities, including two-year, three-year, five-year, 10-year and 15-year fixed-rate instruments.
The government accepted a total of Rs771.9 billion in competitive bids, while total acceptance, including non-competitive bids and short selling, reached Rs792.7 billion (face value). The total realised amount, including accrued interest, stood at Rs973.84 billion.
Cut-off yields edged higher across most tenors, signalling the cautious stance of investors amid persistent fiscal challenges and inflationary pressures. The two-year PIB was sold at a cut-off yield of 11.4792%, while yields on three-year and five-year papers were 11.4900% and 11.6390%, respectively. The 10-year bond fetched 12.0005% and the 15-year instrument settled at 12.2500%.
The auction saw the highest participation in the 15-year PIB, attracting bids worth Rs539.5 billion, though only Rs340 billion was accepted.
Furthermore, the Pakistani rupee appreciated one paisa against the US dollar on Wednesday, closing at 280.86 in the inter-bank market. The currency has depreciated 0.82% since the start of the current calendar year but has appreciated 1.03% so far in the current fiscal year, according to Ismail Iqbal Securities.
Meanwhile, gold prices in Pakistan slipped even as international bullion rates climbed over 1%, with investors shifting towards safe-haven assets amid stronger-than-expected US private payrolls data.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped Rs1,000 per tola, settling at Rs419,362. Similarly, the rate for 10-gram gold fell Rs857 to Rs359,535.
On Tuesday, the precious metal had already lost Rs3,500 per tola, closing at Rs420,362.
Commenting on the trend, Adnan Agar, Director at Interactive Commodities, said there had been “no significant new development” in the gold market. “Prices were range bound between $3,900 and $4,000 per ounce. Gold hit a low of $3,929 and a high of $3,987, trading near $3,980. The market is making lower lows but remains confined within this range,” he noted.
He added that the $3,930-3,910 zone remained a key support area where prices often rebounded, only to retreat again near the $4,000 level. “Unless there’s a decisive breakout, gold is expected to continue oscillating within this band.”
Business
Ola, Uber, Rapido Strike Today: Will You Get A Cab Or Auto On February 7? What Commuters Should Know
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Drivers gather at Jantar Mantar where multiple unions flagged concerns over fare policies, alleged regulatory gaps and the use of private vehicles for commercial taxi services.
Ola, Uber, Rapido Strike Today.
Ola, Uber, Rapido Strike Today: Passengers booking taxis or autorickshaws through app-based platforms may have noticed disruptions and uncertainty on Saturday as drivers across several states held protests and strikes, demanding tighter regulation of the sector and a crackdown on bike taxi services.
Drivers gathered at Jantar Mantar, New Delhi, where multiple unions flagged concerns over fare policies, alleged regulatory gaps and the use of private vehicles for commercial taxi services. The protests brought together both app-based and conventional cab drivers, highlighting growing discontent over pricing policies, the use of private vehicles for commercial transport, and what unions describe as uneven enforcement of rules.
What Are Drivers Demanding?
Driver unions are seeking structural changes rather than temporary relief. Their key demands include the creation of a Rashtriya Chalak Ayog, a national drivers’ welfare body, an all-India ban on private bike taxis, and stricter action against the use of unlicensed private vehicles as taxis.
A major concern is surge pricing on ride-hailing platforms. Drivers allege that while fares rise sharply during peak hours, the additional amount largely goes to aggregators, leaving drivers with little benefit even as commuters assume they are earning more.
Why Bike Taxis Are At The Centre Of The Dispute
Licensed taxi and autorickshaw drivers say bike taxis, often operated using private two-wheelers, are cutting into their earnings while operating in a regulatory grey zone. According to unions, enforcement against such services varies widely across states, creating uneven competition.
Drivers have also raised safety and insurance concerns, alleging that accident victims involving illegal bike taxis often struggle to get insurance compensation due to unclear liability and lack of permits.
Panic Buttons
One of the lesser-known issues affecting drivers is the mandatory installation of panic buttons in commercial vehicles. While the Centre has approved around 140 device providers, unions claim state governments have declared a large number of these companies unauthorised.
As a result, drivers say they are being forced to remove existing devices and spend up to Rs 12,000 again on new installations, turning a safety requirement into a repeated financial burden.
Will Cabs And Autos Be Available?
Despite union claims that vehicles were kept off the roads, cabs and autorickshaws continued to be available on platforms such as Uber, Ola and Rapido in many cities, though availability and waiting times varied by location.
For commuters, this means service disruptions are likely to be uneven rather than total, depending on city-wise participation and enforcement.
Why This Issue Keeps Returning
Drivers say that without a uniform national framework covering fares, commissions, licensing and welfare, disputes will continue to surface.
Unions also point to the rapid increase in autorickshaw permits under open permit policies, saying the growing supply of vehicles has reduced per-driver income without a corresponding rise in demand.
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February 07, 2026, 14:23 IST
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Gold prices in Pakistan increased on Saturday in line with the international market. In the local market, the gold price per tola reached Rs519,462 after a gain of Rs11,700.
According to All Pakistan Gems and Jewellers Association (APGJSA), 10-gram gold was sold at Rs445,354 after an increase of Rs10,030.
The international rate of gold was up by $117 to reach $4,967 per ounce (with a premium of $20).
Meanwhile, the price of silver increased by Rs444 to reach Rs8,269 per tola.
Last Updated:
Budget 2026 has introduced a six-month disclosure plan for foreign assets with immunity from prosecution.
Taxpayers can be fined upto Rs 10 lakh if they fail to declare. (Representative Image)
Finance Minister Nirmala Sitharaman revealed in the Union Budget 2026 that taxpayers in India who failed to report income or assets kept abroad now have a six-month opportunity to come clean and avoid fines and penalties under the Black Money (Undisclosed Foreign Income and Assets) Act.
The Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST-DS) 2026 is a new option that aims to rectify previous errors by voluntary disclosure. It is specifically designed for taxpayers who might have neglected to disclose overseas assets or income on previous income tax returns (ITRs), including students, workers, young professionals, and relocated non-resident Indians (NRIs).
Who Can Use the 6-Month Window
Eligible taxpayers are permitted to register hidden foreign assets or income under FAST-DS that were either not taxed at all or were not accurately declared in the foreign assets schedule of previous returns. Examples include foreign bank accounts, overseas shares, mutual funds, employee stock options (ESOPs/RSUs), foreign real estate, and other financial interests held overseas.
The scheme is divided into two categories:
Category A: For those who have not disclosed any overseas assets or income at all, up to a value of Rs 1 crore. They cannot get immunity unless they pay taxes and penalties equal to 60 per cent of the value of their assets or income.
Category B: For people who paid taxes and declared overseas income but neglected to disclose the related asset. They can regularise the declaration by paying a one-time charge of Rs 1 lakh per asset if the asset’s worth is up to Rs 5 crore.
Taxpayers can avoid drawn-out legal proceedings and be protected from harsher penalties under the Black Money Act owing to this prompt declaration.
Penalties If You Miss the Deadline
Taxpayers will be subjected to severe penalties if they fail to disclose their assets and incomes earned from overseas during this period under the Black Money Act. The taxpayers will be fined Rs 10 lakh per asset for each year they fail to make a disclosure, and a penalty three times the tax amount will be imposed, along with a 30% tax on each income earned from overseas assets.
Furthermore, prosecution may result in jail time ranging from six months to seven years in severe circumstances.
Reopened assessments can cover up to 16 years, and tax treaty advantages such as relief under the Double Taxation Avoidance Agreement (DTAA) may no longer be accessible.
Why It Matters
According to tax professionals, this one-time window offers a unique chance to correct prior non-disclosures without worrying about legal action or severe fines. Additionally, it promotes voluntary compliance and reduces the likelihood of future disagreements between taxpayers and tax authorities.
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Delhi, India, India
February 07, 2026, 10:43 IST
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US-Argentina Agreement on Reciprocal Trade and Investment signed
Ola, Uber, Rapido Strike Today: Will You Get A Cab Or Auto On February 7? What Commuters Should Know
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