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FBR chief assures traders of relief on POS system, vows action against harassment | The Express Tribune
Traders complain they are facing excessive interference, penalties and shop sealings
Chairman of the Federal Board of Revenue (FBR) Rashid Mahmood Langrial. PHOTO: FILE
Federal Board of Revenue Chairman Rashid Langrial has assured traders that those unable to afford the Point of Sale (POS) system will be given relief and that no trader will be harassed.
A delegation of traders led by Central Organisation of Traders Pakistan President Kashif Chaudhry met the FBR chairman. Inland Revenue member Zubair Bilal and other officials were also present at the meeting.
During the meeting, Chaudhry apprised the FBR chairman of the challenges faced by traders, including alleged harassment by tax officials and the difficulties small businesses are encountering due to the enforcement of the POS system.
He said that despite traders’ concerns, the implementation of the POS system began at local and international brands and chain stores. While such businesses generally have computerised systems, backup power, trained staff and administrative capacity to adopt the system, smaller businesses operating within these chains continue to face practical difficulties.
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Chaudhry added that the enforcement of the POS system has significantly increased operational costs for smaller traders. He said that traders were facing excessive interference, penalties and shop sealings in the pretext of documentation, creating an atmosphere of fear and uncertainty.
The traders’ leader said the FBR has now extended its operations beyond brands and chain stores to ordinary markets and shops, adopting what he described as an aggressive approach. He said large convoys of vehicles and raids on markets give the impression as an operation is conducted against enemy forces and terrorists, calling the practice humiliating and mentally distressing for traders.
According to Chaudhry, notices are being issued based on personal discretion, with some traders allegedly let off after informal settlements, while others faced harassment, fines and shop closures for refusing to comply.
Responding to the concerns, Chairman Langrial assured the delegation that traders’ issues would be resolved. He said no trader would be harassed and strict action would be taken against anyone found blackmailing traders.
He also stated that FBR staff would be suspended if complaints of bribery or corruption were proven, adding that shopkeepers who cannot afford the POS system would not be forced to install it. The chairman emphasised that future steps would be taken through consultation with trader organisations and by building mutual trust.
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SEBI proposes stricter base price and band rules for gold, silver ETFs, including cooling-off periods after sharp global price swings to curb volatility.
Amid Global Commodity Volatility, SEBI Plans New Price Band Rules for Gold, Silver ETFs
The market regulator has sought to curb extreme volatility in gold and silver Exchange Traded Funds (ETFs) by proposing changes to the base price and price band framework. Currently, there are no separate price bands for ETFs aligned with their underlying assets, making them vulnerable to sharp price movements.
The proposal comes after sharp volatility in gold and silver ETFs triggered by fluctuations in global commodity prices. On some days, these ETFs fell by over 15%, while on others, they recorded sharp gains.
Stock exchanges currently apply a fixed price band of plus or minus 20% on the base price of ETFs, except for Overnight ETFs investing only in TREPs, which have a price band of plus or minus 5%.
Moreover, the base price for applying price bands to ETFs is taken as the T-2 day closing Net Asset Value (NAV) by exchanges, instead of the T-1 day closing NAV or price, as is the case with indices and individual stocks. This creates a challenge, as the closing NAV of ETFs typically differs between T-1 and T-2 days. Corporate actions such as bonuses and dividends are adjusted manually, increasing the risk of errors.
What Are the Key Proposals?
SEBI has proposed that the base price be determined using either the closing price of the ETF on T-1 day (weighted average price of the last 30 minutes), the closing NAV of T-1 day, or the average indicative NAV (iNAV) of the last 30 minutes of T-1 day.
Further, the regulator has proposed an initial price band of plus or minus 10% for equity and debt ETFs, which can be flexed up to plus or minus 20%. A cooling-off period of 15 minutes will apply, and up to two flexes will be allowed in a day.
For gold and silver ETFs, the regulator has proposed an initial price band of plus or minus 6%, which can be flexed up to plus or minus 20%. This will also include a 15-minute cooling-off period.
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February 14, 2026, 16:08 IST
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Oil and Gas Regulatory Authority (OGRA) forwarded a summary to the federal government suggesting an increase of Rs4.39 per liter in petrol price for the next fortnight.
After approval from the federal government, one liter of petrol will be sold at Rs257.56 instead of Rs253.17 per liter.
The price of high-speed diesel (HSD) will be increased by Rs5.40 per liter.
After approval, the price of one liter of high-speed diesel will increase by Rs268.38 to Rs273.78.
The proposal to increase the price of kerosene by Rs4 per liter is also on the cards.
The OGRA also recommended increasing the price of one liter of light diesel by Rs6.55.
The new prices of petroleum products will be effective from February 16, 2026.
Due to tension between the USA and Iran, petroleum prices are likely to increase further.
The group, based in Solihull and Wolverhampton, says its vet bills are costing them more.
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