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Author: Mrs. Anjum Shahnawaz

  • Pakistan, Iran barter trade to start in a month

    Pakistan, Iran barter trade to start in a month

    ISLAMABAD: Pakistan and Iran have reached an agreement and barter trade between the two countries will start in a month, a top official said on Thursday.

    This was stated by the Commerce Secretary before the Standing Committee on Commerce of the Senate.

    To the question of Senator Fida Mohammad, the Commerce Secretary apprised the Standing Committee on Commerce, which met here at Parliament House on Thursday under the Chairmanship of Senator Zeeshan Khanzada, that being on the grey list had not any negative concussion on Pakistan’s exports.

    Due to the lack of banking channels with Iran, there exist some issues in trading with Tehran. The barter trade issue with Iran has been resolved, he informed.

    An agreement has been reached with Iran regarding barter trade, he added further. He said that barter trade with Iran would start in a month.

    Commerce Adviser, Razzaq Dawood briefed the Committee on GSP Plus status( Generalised Scheme of Preferences). He noted that Pakistan’s exports to Europe have reached 9 billion dollars.

    The Commerce Adviser informed the committee that the European Union (EU) was assuaged with Pakistan’s implementation of the GSP Plus terms.

    Pakistan had kowtowed with most of the 27 conventions. He underlined that Pakistan had already addressed issues like eradication of Child Labour, Freedom of Speech, Rights of journalists, Rights of Women, and others as per assigned indicators.

    He asserted that the EU asked for expanding the range of exports to European markets but exports to the EU have not inflated as they should have because of weaknesses of our exporters.

    While responding to a question asked by the Chairman Committee, Abdul Razzaq Dawood remarked that under GSP Plus, 66 per cent of Pakistan’s tariff lines were on zero duties. EU exports increased by 47 per cent, he said, adding that trade with the EU is in Pakistan’s interest.

    For maximum participation of all members and inclusive discussion, the detailed deliberation on GSP plus status and briefing by the Pakistan Cotton Standards Institute (PCSI) were recessed for the next meeting.

    The Commerce Adviser also lauded the role of the Senate Standing Committee on Commerce in passing the (Geographical Indications) GI Act.

    Apart from Senator Fida Mohammad, Senator Saleem Mandviwala, the commerce Adviser Abdul Razzaq Dawood, Secretary Commerce, Additional Secretary Commerce, and officials from Pakistan Cotton Standards Institute attended the meeting.

    Pakistan, Iran discuss promoting agriculture cooperation
  • PM Imran launches automation of power of attorney

    PM Imran launches automation of power of attorney

    ISLAMABAD: Prime Minister Imran Khan on Thursday launched the automation of power of attorney for overseas Pakistanis at a ceremony held at Prime Minister House.

    The Prime Minister said that it was a historic day for overseas Pakistanis as the digitalization of Power of Attorney will facilitate around 75,000 overseas Pakistanis annually.

    While stressing the need for digitalization, he said that technology helps in the simplification of procedures and the government was taking all possible measures for digitalization of various sectors.

    The issuance of the Succession Certificate by NADRA was also a step in this direction. The Prime Minister added that Overseas Pakistanis were an asset to the country.

    They were the largest source of foreign remittances and their services must be recognized. The Prime Minister stressed that Overseas Pakistanis needed to be facilitated by all possible means.

    Foreign Minister Shah Mahmood Qureshi, Foreign Secretary Sohail Mahmood, and Chairman NADRA Muhammad Tariq Malik were also present.

    The Foreign Minister, in his remarks on the occasion, congratulated the teams of the Ministry of Foreign Affairs as well as NADRA for making the project a success.

    He highlighted that this project involved extensive legislative and technological work and was completed in a very short span of time.

    Qureshi reiterated that the government attached utmost importance to the welfare of overseas Pakistanis under the guidance of the prime minister.

    He stated that the welfare of the Pakistani community was one of the major functions of our Missions abroad along with economic diplomacy.

    During the ceremony, an agreement was signed between the Ministry of Foreign Affairs and NADRA, under which NADRA will provide 24/7 uninterrupted online services for attestation of Power of Attorney.

    Automation of attestation of Power of Attorney has been a longstanding demand of the Overseas Pakistanis and will facilitate those who have to travel long distances from different cities and far-off places to the Missions.

    This automated system will reduce costs and minimize hassle by providing attestation services at the doorsteps.

    The automation of Power of Attorney has been initially launched as a pilot project in ten Pakistan Missions/Sub-Missions in the United States and the United Kingdom and will be replicated shortly at all Pakistan Missions Abroad.

  • Stocks fall 348 points on policy rate rise expectations

    Stocks fall 348 points on policy rate rise expectations

    KARACHI: The stocks fell by 348 points on Wednesday amid expectations of a rise in the key policy rate and high inflation. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 46,194 points from the previous day’s closing of 46,542 points.

    Analysts at Arif Habib Limited said that bearish momentum was witnessed today as aggressive tightening of 100 basis points expected in the upcoming Monetary Policy Statement (MPS) announcement.

    With mounting inflationary expectations and rising secondary market yields, across-the-board sell-off was observed just after the opening bell of the market mainly led by the cement, steel, and technology stocks.

    Accumulation was witnessed in the banking stocks as investors opted for a cautious approach. In the last trading hour, value hunting was seen by the institutional buyers.

    Sectors contributing to the performance include Cements (-135.74 points), Technology & Comm. (-84.04 points), E&Ps (-34.05 points) and OMCs (-31.42 points).

    Volumes decreased from 243.19 million shares to 238.49 million shares (-1.9 per cent DoD). Traded value also decreased by -2.9 per cent to reach US$ 58.3 million as against US$ 60.0 million.

    Stocks that contributed significantly to the volumes include SERF, TRG, GGL, TPLP and MERITR2.

    Stock market climbs up 807 points on IPPs payment
  • PM Imran to launch online sugar monitoring on Nov 23

    PM Imran to launch online sugar monitoring on Nov 23

    ISLAMABAD: Prime Minister Imran Khan will inaugurate the electronic monitoring of production and supply of sugar on November 23, 2023, a spokesman of the Federal Board of Revenue (FBR) said on Tuesday.

    “PM will inaugurate the Track & Trace System (TTS) of FBR for sugar industry on November 23, 2021,” the spokesman said through a Tweet.

    TTS will ensure electronic monitoring of manufacturing and sales of products of important sectors i.e tobacco, fertilizers, sugar and cement.

    The FBR on November 11, 2021 taken a major step for electronic monitoring of sugar production and supply by banning the movement of sugar bags from mills.

    The FBR banned the removal of sugar bags from mills without affixation of tax stamps / Unique Identification Marking (UIMs). The condition is applicable from November 11, 2021. The monitoring has been launched for sugar crushing season 2021/2022.

    In this regard, the FBR issued Sales Tax General Order (STGO) No. 05 of 2021-2022.

    The FBR said that sugar bags must have tax stamps, which are to be procured from FBR’s Licensee M/s. AJCL/MITAS/Authentix Consortium.

    Previously, the FBR through a notification on February 26, 2019, issued rules for the implementation of the track and trace system. Further, in March 11, 2021 the revenue board issued a Sales Tax General Order (STGO) to notify that the monitoring system

    According to the rules, all manufacturers of sugar products are warranted under the law to make necessary arrangements for importation of application and other equipment required for successful installation and implementation of track and trace systems at their production facilities.

    The electronic monitoring would help the FBR to record the actual quantity of sugar production and utilization of raw material by the sugar millers.

    By implementing the track and trace system, the FBR would get data of online monitoring from the sugar mills when they commence purchasing sugarcane from growers and start production of sugar products and subsequent selling to their dealers.

    The FBR has planned online monitoring of production lines of five sectors, including tobacco products, beverages, sugar, fertilizer and cement.

    FBR bans sugar bags movement without tax stamps
  • Documentary on ‘Buddhist heritage of Pakistan’ launched

    Documentary on ‘Buddhist heritage of Pakistan’ launched

    ‘Gandhara’ is a documentary jointly produced by the High Commission of the Islamic Republic of Pakistan in Sri Lanka and Siddhivinayak Cine Arts (Private) Limited with the support of and in coordination with the Ministry of Buddhasasana, Religious and Cultural Affairs.

    It takes the viewers on a visual journey along the Gandhara Buddhist heritage sites of Pakistan.

    The documentary will be launched on Tuesday at Temple Trees by His Excellency, Prime Mahinda Rajapaksa, in the presence of Venerable Buddhist monks, Cabinet and State Ministers, MPs, ambassadors of Buddhist countries, as well as business, tourism and media fraternity of Sri Lanka.

    One of the Tooth Relics of the Lord Buddha, discovered from the Gandhara region is preserved at Taxila Museum in Pakistan.

    It is the region where the Gandhara Buddhist civilization reached its pinnacle of glory from 1st century AD to the 7th century AD.

    The first anthropomorphic statue of Lord Buddha was created in the region now called Pakistan. Also known for one of the the world’s oldest Buddhist University, Thakshashila, Taxila in Pakistan is home to some of the most sacred Buddhist artifacts found during archeological excavations around the 12th century.

    A sapling from the sacred Bodhi Tree in Anuradhapura, gifted by the government of Sri Lanka to the government of Pakistan, also grows in the gardens of Taxila Museum.

    In order to present this heritage to the Buddhist world in general and Sri Lanka in particular, the idea of “Gandhara: The Buddhist Heritage of Pakistan” was conceived.

    Launched with the blessings of the Prime Minister and Minister of Buddha Sasana, Religious and Cultural Affairs, His Excellency, Mahinda Rajapaksa and the Prime Minister of Pakistan, His Excellency Imran Khan, this documentary will open up new avenues in religious tourism as well as strengthening cultural and people to people ties between the brotherly countries of Sri Lanka and Pakistan.

    With special permission from the Government of Pakistan, both local and foreign technicians including Director, Mateen Saherai & Production Controller Sajjad Mohommad (Gateway To Production, England) from England have contributed to this film.

    The film is based on a screenplay that explores the historical ruins and artifacts captured in a realistic way while also exploring background historical information.

    Ven. Agrahera Kassapa Thero is the Senior Adviser to the entire project. The concept and script has been prepared by the Project Consultant Director, Vidyajothi Prof. Nimal Silva. The film is co-produced by Siddhivinayak Cine Arts (Private) Limited, known for producing, marketing, distribution and exhibition of international films.

    The sound and movie editing is done by local artists. Ms. Kaushalya Wickramasinghe, the Chairperson of Siddhivinayak Cine Arts (Private) Limited mentioned that the film is expected to be screened in local cinemas as well as on local TV channels and abroad in collaboration with international organizations.

    Acting High Commissioner of Pakistan, Tanvir Ahmed said that “Gandhara” was conceptualized with the aim of bringing the peoples of Sri Lanka and Pakistan together through their shared history and heritage.

    Venerable Dr Kirindey Assaji Thero, Chief Incumbent of the Gangaramaya Temple while fondly recalling his visit to the Holy Buddhist Trail in Pakistan organized by the High Commission of Pakistan, gave his blessings for the success of the documentary and closer relations between the two countries.

    ‘Gandhara’ is a documentary jointly produced by the High Commission of the Islamic Republic of Pakistan in Sri Lanka and Siddhivinayak Cine Arts (Private) Limited with the support of and in coordination with the Ministry of Buddhasasana, Religious and Cultural Affairs.

    It takes the viewers on a visual journey along the Gandhara Buddhist heritage sites of Pakistan.

    The documentary will be launched on Tuesday at Temple Trees by His Excellency, Prime Mahinda Rajapaksa, in the presence of Venerable Buddhist monks, Cabinet and State Ministers, MPs, ambassadors of Buddhist countries, as well as business, tourism and media fraternity of Sri Lanka.

    One of the Tooth Relics of the Lord Buddha, discovered from the Gandhara region is preserved at Taxila Museum in Pakistan.

    It is the region where the Gandhara Buddhist civilization reached its pinnacle of glory from 1st century AD to the 7th century AD.

    The first anthropomorphic statue of Lord Buddha was created in the region now called Pakistan. Also known for one of the the world’s oldest Buddhist University, Thakshashila, Taxila in Pakistan is home to some of the most sacred Buddhist artifacts found during archeological excavations around the 12th century.

    A sapling from the sacred Bodhi Tree in Anuradhapura, gifted by the government of Sri Lanka to the government of Pakistan, also grows in the gardens of Taxila Museum.

    In order to present this heritage to the Buddhist world in general and Sri Lanka in particular, the idea of “Gandhara: The Buddhist Heritage of Pakistan” was conceived.

    Launched with the blessings of the Prime Minister and Minister of Buddha Sasana, Religious and Cultural Affairs, His Excellency, Mahinda Rajapaksa and the Prime Minister of Pakistan, His Excellency Imran Khan, this documentary will open up new avenues in religious tourism as well as strengthening cultural and people to people ties between the brotherly countries of Sri Lanka and Pakistan.

    With special permission from the Government of Pakistan, both local and foreign technicians including Director, Mateen Saherai & Production Controller Sajjad Mohommad (Gateway To Production, England) from England have contributed to this film.

    The film is based on a screenplay that explores the historical ruins and artifacts captured in a realistic way while also exploring background historical information.

    Ven. Agrahera Kassapa Thero is the Senior Adviser to the entire project. The concept and script has been prepared by the Project Consultant Director, Vidyajothi Prof. Nimal Silva. The film is co-produced by Siddhivinayak Cine Arts (Private) Limited, known for producing, marketing, distribution and exhibition of international films.

    The sound and movie editing is done by local artists. Ms. Kaushalya Wickramasinghe, the Chairperson of Siddhivinayak Cine Arts (Private) Limited mentioned that the film is expected to be screened in local cinemas as well as on local TV channels and abroad in collaboration with international organizations.

    Acting High Commissioner of Pakistan, Tanvir Ahmed said that “Gandhara” was conceptualized with the aim of bringing the peoples of Sri Lanka and Pakistan together through their shared history and heritage.

    Venerable Dr Kirindey Assaji Thero, Chief Incumbent of the Gangaramaya Temple while fondly recalling his visit to the Holy Buddhist Trail in Pakistan organized by the High Commission of Pakistan, gave his blessings for the success of the documentary and closer relations between the two countries.

  • Wave-Singer receives Rs1.44 bn order from Coca Cola

    Wave-Singer receives Rs1.44 bn order from Coca Cola

    KARACHI: Wave Singer Pakistan Limited has received a corporate order worth around Rs1.44 billion from Coca-Cola, according to information shared with Pakistan Stock Exchange (PSX) on Tuesday.

    The company said that for the second consecutive year since its approval as a manufacturer for the supply of Coca-Cola branded Freezers, Waves Singer Pakistan has secured the largest corporate order from Coca-Cola.

    For fiscal year 2022, WSPL has received order for supply of 25,000 units of chest coolers and visi coolers worth around Rs1.44 billion.

    Last year, the company obtained orders for 22,850 units of chest coolers and visi coolers worth Rs944 million from Coca- Cola after approval of the factory consequent to detailed audits.

    Waves Singer Pakistan Limited has become a merged company with the acquisition of Cool Industries (Pvt) Limited by Singer Pakistan during 2017. After the approval of the Scheme of Merger by Sindh High Court, the combined company has acquired the name of Waves Singer Pakistan Limited.

    Singer’s history dates back to 1850, when Isaac Merritt Singer manufactured the first ever sewing machine in Boston, USA. I. M Singer & Company was duly incorporated during the same year.

    The name of the company was changed to Singer Manufacturing Company during 1853 when the factory of the Company was also relocated to New York, USA. Singer established its presence in the Indian sub-continent during 1877.

    Over the years, and after the independence of Pakistan, Singer continued its business of sewing machines in the country, but also started dealing in domestic consumer appliances, besides manufacturing and assembling light engineering products. In 1985, the Company became a public listed company.

    Singer Pakistan’s retail network has 140 shops in Pakistan alone, and covers every small town and metropolitan city of the country. Under the Singer brand, the Company produces a variety of consumer appliances-including refrigerators, air conditioners, LED TVs, washing machines, microwave ovens, in addition to its more traditional offerings of sewing machines, water heaters and gas ovens etc.

    Beverage Cans IPO oversubscribed three times; raises Rs4.6 billion
  • Petroleum prices kept unchanged for next fortnight

    Petroleum prices kept unchanged for next fortnight

    ISLAMABAD: The government on Monday decided to keep prices of petroleum products unchanged at the level of November 05, 2021, for the next fortnight.

    The prices will remain unchanged from November 16, 2021, till the end of the month: Petrol Rs145.82 per liter; High-Speed Diesel (HSD) Rs142.62 per liter; Kerosene Oil Rs116.53 per liter; and Light Diesel Oil Rs114.07 per liter.

    A statement issued by the Finance Division said that despite rising petroleum products prices globally, the Prime Minister of Pakistan has kindly rejected the proposal for enhancement in the prices and desired that the prices of petroleum products from November 16, 2021, shall remain the same as notified on November 04, 2021, for providing maximum relief to the general public.

    The decision has been taken in the public interest. The government will bear the burden by making adjustments in the sales tax rates, etc.

    Muzzammil Aslam, spokesman to the finance minister in a Tweet said: “History has been made today. In today’s petrol prices the Sales Tax is effective zero per cent.”

    Petrol tax rate cut by 73% to lower global oil price impact
  • WCO holds training for Pakistan Customs officers

    WCO holds training for Pakistan Customs officers

    World Customs Organization (WCO) in collaboration with International Narcotics and Law Enforcement Section (INL), held a training program from November 8 to November 12, 2021, for officers of the Pakistan Customs Service.

    Directorate General of Training and Research (Pakistan Customs), Karachi has facilitated the conduct of the COPES-CECAC ‘Train the Trainer’ project.

    The Custom Enforcement Curriculum for Assistant Collectors is in line with Customs Operational Practices on Enforcement and Seizures (COPES) and is aimed at developing effective, professional, and transparent law enforcement institutions in Pakistan and increasing the capacity of Pakistan Customs in the realm of enforcement in the light of international best practices.

    The inaugural ceremony of the program was held at DGTR Karachi and was unveiled by Director General DGTR, Ms. Surraiya Ahmed Butt.

    She thanked WCO and INL for their support in this training and termed Train the Trainer program as an important milestone in the enhancement of the capabilities of the Pakistan Customs Service.

    DG DGTR hoped that the training of 12 officers from Pakistan will create a pool of instructors which would help in the capacity building of Pakistan Customs.

    Gilles Thomas from WCO gave a detailed introduction about the COPES program highlighting the gaps that exist in the Customs Officers’ professional standards and how the CECAC project would be an effort to bridge that gap by developing an enforcement curriculum.

    Later, Mark Kennedy from INL appreciated the working relationship with Pakistan Customs in the realm of training and expressed his desire to further strengthen this cooperation.

    Pakistan Customs seizes arms from Afghan vehicle
  • PTA issues procedure to block telemarketing messages

    PTA issues procedure to block telemarketing messages

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Monday issued the procedure to bloc telemarketing communication and unwanted/spam messages.

    The PTA said that unwanted calls/messages can be disruptive, but there are measures to minimize them.

    For blocking telemarketing communication, a person needs to register his number on the “Do Not Contact Register (DNCR)”. In order to register the person need to send a message by typing ‘reg’ and SMS to 3627.

    To allow telemarketing communication again, type ‘unreg’ and SMS to 3627.

    The PTA said that concerned service provider may be contacted in case of issue or for details about tariff/subscription charges.

    To block spamming/unsolicited communication, the PTA issued procedure under which a person should type spammer’s cell number, give a space, paste the received message and SMS to 9000.

    SMS charges of PKR 0.10 (inclusive of taxes) apply for each SMS to prevent abuse of facility.

    For blocking obnoxious/unknown calls and SMSs, the PTA suggested to dial *420# (for Jazz, Telenor & Ufone subscribers) or 420 (for ZONG subscribers). Concerned service provider may be contacted to get detail about tariff/subscription.

    The regulator further said that in case an issue is not resolved, the complaint may be lodged to PTA through an online complaint management system:

    http://complaint.pta.gov.pk/registercomplaint.aspx

  • Miftah Ismail highlights key reasons behind rupee fall

    Miftah Ismail highlights key reasons behind rupee fall

    Miftah Ismail, Former Federal Minister for Finance, has pointed out key reasons behind the massive depreciation in Pak Rupee (PKR) against the dollar.

    (more…)