Category: Affairs

Minister of State for IT and Telecommunication Shaza Fatima said that the government is aiming to take IT exports to $25 billion.

‘Technology has a very important role in every field as no section can progress without technology’, said the minister while addressing HBL P@SHA CXO Meetup here on Monday.

Shaza Fatima noted that information technology has a pivotal role in the economic uplift of the country. She said that the government is committed to the promotion of the IT sector.

She said that Pakistan has a young, tech-savvy population, a dynamic startup ecosystem, and a growing appetite for digital solutions. By harnessing the power of digital transformation, we can unlock immense potential for a robust digital economy and create new jobs, foster innovation, and attract foreign investment. She emphasized the need for joint efforts to increase IT exports.

She said that the Ministry of IT has set the target of taking IT exports to $25 billion.

Under the vision of the Prime Minister of Pakistan, the priv
ate sector is being fully facilitated, she added.

She said that issues in IT industry will be resolved. She said that the digitalization process has started in the country and the government is committed for digitalization in the country. She added that collaborative efforts are needed to build a digital future that is inclusive, sustainable, and secure.

Shaza Fatima said that under the Prime Minister’s National Digitalization Plan, the economy, governance, and society are being digitalized.

She remarked that we can create a more transparent and efficient government by leveraging e-government solutions.

Additional Secretary (Incharge), MoITT Capt (Retd) Muhammad Mahmood, and Chairman P@SHA Mohammad Zohaib Khan also addressed the ceremony.

Source: Pro Pakistani

The government has decreased the rates of profit on national savings certificates and schemes by up to 24 bps.

The profit rates have been decreased on Bahbood Savings Certificates (BSC), Defence Savings Certificates (DSC), Pensioner Benefit Account (PBA), Regular Income Certificates (RIC), Shuhada Family Welfare Account (SFWA), and Special Savings Certificates (SSC).

Meanwhile, the rates of profit on Sarwa Islamic Savings Account (SISA) and Savings Account (SA) are unchanged.

The rate of return on RIC has decreased by 12 bps to 14.64 percent, while the rate of return on SSC has been slashed by 10 bps to 15.7 percent.

The profit rate on BSC, PBA, and SFWA is down at 15.36 percent each, while the rate of return on STSC has been revised upwards by 24 bps to 19.24 percent.

The rate of return on Defense Saving Certificates (DSC) was cut down by one bps to 14.39 percent.

Scheme Latest Rate Previous Rate Change (bps)

BSC 15.36% 15.60% -24

DSC 14.39% 14.40% -1

SISA 20.50% 20.50% 0

SITA 1-Year 19.10% 18.54%
+56

PBA 15.36% 15.60% -24

RIC 14.64% 14.76% -12

SAR 20.50% 20.50% 0

SFWA 15.36% 15.60% -24

SSC 15.70% 15.80% -10

STSC 19.24% 19.00% +24

There has been no change in the rates of return on the Saving Account Rate (SAR) and Sarwa Islamic Savings Account (SISA) which currently stand at 20.5 percent each.

Meanwhile, the rate of return on Sarwa Islamic Term Account (SITA) has been increased by 56 bps to 19.1 percent.

Source: Pro Pakistani

The Sindh Government is planning to establish new industrial zones across the province, mainly in Karachi, under a new industrialization policy to attract local and foreign investors and businessmen to boost up economic activities across the province.

Jam Ikramullah Dharejo, Minister for Industries and Commerce stated this while talking to business community at the Federal B Area Association of Trade and Industries (FBATI) on Tuesday. He said industrial zones are being considered at various locations, including Port Qasim, to enhance industrial activities and employment opportunities in the province and commercial capital.

The provincial government is also planning to allocate funds in the Annual Development Plan (ADP) to develop the required infrastructure across the seven industrial zones in Karachi aimed at facilitating the existing industrialists in the province. He said the provincial government under his ministry is working to introduce one-window operations for industrialists to resolve their issues
immediately.

On the other hand, provincial departments-Sindh Environmental Protection Agency, Stamp Duty and EOBI-are being directed to facilitate industrialists rather than interrupt their business activities. Jan further stated that the provincial government is in dialogue with the federal government to ensure the supplies of natural gas and electricity to the province’s residents and industries in accordance with the constitution’s rights.

The provincial minister further said the government will introduce a public-private partnership to promote the concept of setting up combined effluent plants in industrial zones, as required by exporting countries. President FBATI Syed Raza Hussain said the provincial government should continue to collaborate with industrialists through monthly meetings of the industry liaison committee to address industry challenges meaningfully.

He pointed out that industrial land is very limited in Karachi, hence new industrial units are not being established despite its demand in
various sectors. He further suggested that the government should devise an affordable financing scheme for industrialists who own land in industrial zones but lack the capital to expand their operations.

On occasion, CEO FITE Babar Khan said Chinese investors are interested in setting up industrial units in Karachi but are reluctant to invest due to the city’s lack of facilities, dilapidated infrastructure, and security issues. He pointed out that several companies in Sindh that are mulling to relocate their operations to Punjab due to the availability of affordable lands, abundance of water, and required infrastructure.

There should be an industrial belt from the outskirts of Karachi to major cities of the Sindh to cater to industrial activities across the province with availability of infrastructure and utilities for investors.

Source: Pro Pakistani

Cnergyico PK Limited, Pakistan’s largest vertically integrated oil refining company, Tuesday announced that it is temporarily shutting down its refinery.

In a notice to Pakistan Stock Exchange (PSX), the company said that the decision has been taken due to unavoidable ullage issues pertaining the alarmingly high petroleum products stocks (mainly HSD and PMG).

The company highlighted that it has written a letter to the Ministry of Energy (Petroleum Division) to support in timely disposal of its petroleum stocks, enabling it to restart production.

Source: Pro Pakistani

Islamabad High Court has temporarily stopped the federal government from initiating the nationwide blocking process of SIMs of over 500,000 non-filers.

A notice has been issued to the federal government in this regard, with the next hearing on the matter scheduled for May 27, 2024.

IHC Chief Justice Aamir Fariiq issued an injunction in response to a writ petition filed by a prominent telecom operator. The petition challenged Clause 114-B of the Income Tax Ordinance and the Federal Board of Revenue’s (FBR) Income Tax General Orders against non-filers.

The petitioner argued that the tax regulator’s new-found authority violated the fundamental right to freedom of business under Article 18 of the Constitution. He said the government does not have the power to block people’s phones under this constitutional provision and called it coercive.

The petitioner warned that if implemented, this law would allow the government to deprive citizens of services in other business areas as well.

This comes just days after
most telecom operators succumbed to government pressure and agreed to initiate the manual blocking process of SIMs in small batches till full automation of the system.

Telecom operators last week started sending messages to non-filers regarding the blocking of SIMs for intimation purposes.

Source: Pro Pakistani

The Oil and Gas Regulatory Authority (OGRA) has instructed oil marketing companies (OMCs) to pick up more high-speed diesel (HSD) from local refineries to ensure a smooth fuel supply in the upcoming peak harvest season.

HSD uplift had failed to budge despite the notable reduction in smuggled Iranian diesel. In a letter to the OMCs, OGRA highlighted that the harvesting season has led to a substantial surge in diesel sales across Pakistan. The regulator urged coordination from all stakeholders to ensure uninterrupted fuel supply to consumers, reported a national daily.

OGRA directed OMCs to procure more HSD in order to avoid storage issues at refineries and maintain supply during the harvesting season.

Notably, OMCs were against the procurement of large quantities of HSD with rates poised to fall in the upcoming review of fuel prices.

However, recent anti-smuggling measures have improved HSD stocks of OMCs. Currently, OMCs are cautious about uplifting large quantities of HSD, anticipating significant price
cuts to avoid inventory losses.

Oil sector estimates indicate that HSD demand from the formal sector has doubled recently. The first ten days of May saw daily HSD sales jump to around 29,000 tons, nearly double the average of 15,000 tons per day in recent months.

Source: Pro Pakistani

Pakistanis own properties with a combined value of an estimated $11 billion (Rs. 30 trillion) in Dubai according to a bombshell report ‘Dubai Unlocked’, based on leaked property data.

Dubai Unlocked is an international investigation into the owners of real estate in Dubai. The property records come from multiple data leaks, mostly from the Dubai Land Department, as well as publicly owned utility companies. Taken together, the data provides a detailed overview of hundreds of thousands of properties in Dubai and information about their ownership or usage, largely from 2020 and 2022.

The data was obtained by the Center for Advanced Defense Studies (C4ADS), a non-profit organization based in Washington, D.C., that researches international crime and conflict. It was then shared with Norwegian financial outlet E24 and the Organized Crime and Corruption Reporting Project (OCCRP), which coordinated an investigative project with dozens of media outlets from around the world.

According to the data leak, 17,000 Paki
stanis, including prominent politicians, businessmen, and retired generals, own 23,000 residential properties in Dubai.

Among the Pakistanis listed in the leaks are President Asif Ali Zardari’s three children, Hussain Nawaz Sharif, Interior Minister Mohsin Naqvi’s wife, Sharjeel Memon and his family members, Senator Faisal Vawda, four MNAs and a number of MPAs from the Sindh and Balochistan assemblies, according to The News, which along with Dawn from Pakistan participated in the project.

According to the report, Indians are top of the list of foreigners who own properties in Dubai with around 29,700 owners and 35,000 properties. Pakistanis are second on the list followed by United Kingdom nationals and Saudi nationals.

It is pertinent to mention here that a mere mention in the leaked data is not evidence in itself of financial crime or tax fraud. Dawn reported that a number of those approached for a comment on their properties said they were declared to the tax authorities.

Source: Pro Pakistani

Prime Minister Shahbaz Sharif chaired a high-level meeting on the China-Pakistan Economic Corridor (CPEC) and other projects under Chinese investment.

PM Shehbaz instructed all ministries to coordinate in order to expedite the speedy implementation of CPEC Phase 2. He stressed that any delays or interruptions in CPEC-2 by ministries and government institutions would not be tolerated.

The Prime Minister emphasized the importance of making Gwadar Port fully operational and directed that a portion of domestic imports, particularly government imports, be routed through Gwadar Port.

Prime Minister Sharif also underscored the need for foolproof security for Chinese residents in Pakistan, highlighting the long-standing friendship between China and Pakistan. He expressed the importance of further promoting trade and economic relations with China, noting that the China-Pakistan economic partnership is at its highest level in history.

Relevant officers and institutions were urged to ensure that both countries achi
eve positive outcomes from this partnership.

The meeting included detailed updates on the progress of CPEC-2. Attendees included Federal Ministers Ahsan Iqbal, Muhammad Aurangzeb, Jam Kamal Khan, Ahad Cheema, Rana Tanveer Hussain, Qaiser Ahmed Sheikh, Sardar Owais Khan Laghari, Dr. Musadik Malik, and others. High officials and the chief secretaries of the four provinces participated via video link.

Source: Pro Pakistani