The holders of these bonds have been asked to exchange or convert those bills before the cutoff date.
The State Bank of Pakistan (SBP) data showed that bearer bonds worth Rs28 billion were still in the possession of the investors by the end of October 2021.
However, the bondholders surrendered these bills worth Rs437.59 billion during the last one year. The stock of these bearer bonds is Rs465.59 billion by October 2020.
In June 2019, the government decided to discontinue high denomination bearer bonds in a phased manner. The government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.
The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of SBP Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.
The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.
The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP Banking Services Corporation as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.
Following the announcement to discontinue the bearer bonds the investments in premium prize bonds recorded a phenomenal surge.
The investment in premium prize bonds increased to Rs54.5 billion by the end of October 2021 as compared with Rs20.54 billion in the same month of the last year, showing an increase of 169 per cent.
KARACHI: Prime Minister Imran Khan on Friday launched Green Line Bus Rapid Transport System (BRTS) project, which will facilitate around 135,000 commuters of Karachi city.
The BRTS is a landmark project worth Rs.35.5 billion as it will provide facility to Karachi’s Western and Central Districts commuters.
The Green Line BRTS system, which included 21 stations along with ticketing rooms, escalators and stairs, also had the facility of backup generators to ensure uninterrupted supply of electricity.
Ministry of Planning, Development and Special Initiatives got this federal government project through Sindh Infrastructure Development Company (SIDCL).
Prime Minister Imran Khan while addressing the inaugural ceremony said that as any modern city cannot be successfully run without a modern transport system, the Green Line project will help fulfill modern day transportation requirements of the residents of Karachi.
Describing Karachi as an “engine of growth” for the country, he said, the prosperity of Karachi was considered as the prosperity of Pakistan.
The Prime Minister said that with every country having a city including London in UK, Paris in France and New York in the United States contributed in country’s development and prosperity, the success Karachi will also help Pakistan achieve progress and prosperity.
He described the federal government’s Green Line project as first step towards the modernization of Karachi in terms of transport, adding, governments in the past did not focus on modern transportation system for the mega city.
Prime Minister Imran Khan said that since he was seeing Karachi for the last 50 years, he had also seen this mega city transforming from “a city of lights” to “ruins” due to lack of management support system.
He said that despite sanctions on Iran, its capital Tehran had become a modern and prosperous city with all civic facilities due to modern management system like any capital of the developed countries including London, Paris and New York.
The Prime Minister said that Tehran, which did receive any funds from the public sector development program like in Pakistan, its collects and generates around US $ 500 million [per annum] in local revenue as against Karachi which might be collecting something around US $ 30 million.
ISLAMABAD: The International Consortium of Investigative Journalists (ICIJ) has shared information related to the Pandora Papers with the Prime Minister’s Inspection Commission (PMIC), a statement said on Wednesday.
It said that the investigation into Pandora Papers is now at a fairly advanced stage.
In the first phase, PMIC collated information regarding the individuals and entities named in the Pandora Papers followed by a process of verification of details through the concerned governmental agencies and regulatory bodies.
“During this process, contact was also established with the ICIJ, and the concerned journalists. They shared the information which was available with them,” it added.
It is relevant to mention that, as opposed to the initial media reports that more than 700 individuals of Pakistan origin were linked with Pandora Papers; the number revealed to PMIC so far is considerably less. PMIC is now focusing on these persons and undertaking necessary assessment as per its Terms of Reference.
Relevant information regarding the individuals, their financial interests and transactions is being thoroughly examined. In order to ensure impartiality and completeness of exercise in all respects, it has been decided not to place information regarding any individual in public domain before concluding the investigation.
It has further been decided to allow sufficient opportunity to the individuals concerned to clarify their position. All persons, including present and past holders of public office who have been named in the Pandora Papers, are being formally contacted for their version and contention.
The proceedings are being conducted in a manner so as to avoid speculation, media hype and possibility of harassment especially in the case of private persons and businessmen.
PMIC is satisfied that the task is being completed in an objective manner and a comprehensive report substantiated through data and documents would be completed soon.
It is reiterated that no adverse inference will be drawn against any individual or entity without first formally placing on record their version or clarification.
The final report will include a way forward and preferred actions for different categories and sets of persons besides recommendations for system improvement through enhanced transparency and accountability.
PMIC acknowledges the cooperation and assistance extended by all concerned which helped in streamlining the information gathering, compilation, verification and the evaluation.
ISLAMABAD: Pakistan on Wednesday established a fund namely ‘Afghanistan Relief Fund’ to provide humanitarian assistance to Afghanistan.
According to a notification issued by the Finance Division, all proceeds on account of ‘Afghanistan Relief Fund’ and payment into the aforesaid fund will be received at all branches of State Bank of Pakistan, all treasuries and branches of National Bank of Pakistan and all other scheduled banks.
The finance division said that the fund may receive donations from both domestic, international donors and contributions from aboard which will be received at all the branches of above referred banks where such branches are existing. “In other foreign countries contributions will be received at Pakistan missions and remitted to the State Bank of Pakistan, which would prescribe necessary procedure for their accounting.”
All proceeds received in the name of the fund will be credited to the public account of the federal government under following head of account:
Major object: G12: Special deposit fund
Minor Object: G121: relief fund
Detailed Object (New): G12163: Afghanistan Relief Fund
The finance division said that accounts of the fund would be maintained by Accountant General of Pakistan Revenue, Islamabad and Fund will be administered by the ministry of economic affairs in consultation with the finance division.
The Federal Board of Revenue (FBR) has issued a notification, SRO 1579(I)/2021, announcing revisions in the sales tax rates on various petroleum products, excluding petrol.
ISLAMABAD: A deal has been signed on Sunday by Pakistan and Saudi Arabia for certification and employment of Pakistani skilled workforce through Takamol and NAVTTC.
The agreement was signed by Minister for Federal Education and Professional Training, Shafqat Mahmood from the Pakistan side, and Dr. Ahmad Jabbar Al Yamni, from Saudia Arabia Takamol side.
The Agreement signing ceremony took place at the Ministry of Human Resources and Social Development, Saudi Arabia and it was witnessed by senior officials of both countries.
This important cooperation between both countries has a far-reaching impact for enhancing the employment opportunities for the skilled Pakistani workforce by joint certification and testing by Takamol Saudi Arabi and NAVTTC National Vocational and Technical Training Commission Pakistan.
This will also safeguard the existing Pakistani workforce in Saudi Arabia. In order to facilitate the Pakistani expatriate workforce, NAVTTC under the leadership of Shafqat Mahmood, Minister for Federal Education and Professional Training, Chairman NAVTTC Syed Javed Hassan and Executive Director NAVTTC Sajid Baloch worked hard to achieve this hallmark far-reaching Agreement between NAVTTC and Takamol.
It is expected that millions of Pakistani skilled workers will get gainful employment opportunities with higher earning as a result of the efforts of the Government of Pakistan.
Under this partnership, NAVTTC, National Vocational and Technical Training Commission Pakistan and Takamol, a subsidiary of the Government of Saudi Arabia are establishing the testing regime under the Skills Verification Program, by exchanging the NOS (National Occupational Standards) and facilitating skill verification of candidates through competency-based assessment (Theory & Practical) at exam Centers in Pakistan for candidates desirous of working in the Kingdom of Saudi Arabia.
This will enable the Pakistani skill workforce to have authentic and internationally recognized joint certification by both Takamol Saudi Arabia and NAVTTC Pakistan, through the Recognition of Prior Learning (RPL) assessment.
The Ministry of Human Resource and Social Development of the Kingdom of Saudi Arabia (KSA) has introduced Skill Verification Program (SVP) implemented from July 2021 in order to regulate its labor market. After the implementation of SVP in KSA, skill verification has become necessary for the Pakistani skilled workers, who intend to have employment in Saudi Arabia.
It is important to note that the largest number of Pakistani expatriate workforce is based in Saudi Arabia, who contribute substantially to Pakistan’s economy through foreign remittances.
Most of the present Pakistani workforce in KSA fall in the category of un-skilled or semi-skilled labor, which means reduced remunerations and it also impacts remittances negatively.
Moreover, in the changing scenario of labour laws and dynamics of the labor market overseas, a large number of Pakistani skill workforce require skills certification as presently they face non-recognition of their qualifications, skills and certification.
This cooperation will help a large number of these workers, also leading to national productivity and development.
ISLAMABAD: Prime Minister Imran Khan on Wednesday emphasized that timelines specified for completion of China-Pakistan Economic Corridor (CPEC) should be adhered to.
Prime Minister Imran Khan chaired a high level meeting to review progress on CPEC projects.
The Prime Minister emphasized that timelines specified for completion of CPEC projects should be adhered to. He said that Government of Pakistan is fully committed to provisions of CPEC agreements.
The Prime Minister stated that China has been a time-tested friend of Pakistan and that the Government accords high priority to implementation and operationalization of CPEC projects.
The Prime Minister highlighted that continuity of policies is essential for long-term projects in order to achieve maximum benefits for the country.
Earlier, SAPM on CPEC Affairs Khalid Mansoor briefed the meeting about updated status of CPEC projects.
The meeting was attended by Federal Ministers Muhammad Hammad Azhar, Ali Haider Zaidi, Asad Umar, Advisor Finance Shaukat Fayaz Tarin, Advisor Commerce Abdul Razaq Dawood and senior officers.
On the summaries initiated by National Assembly Secretariat and on the advice of the Prime Minister, the President of Pakistan has accorded his assent to the following Bills, in terms of Article 75 of the Constitution of the Islamic Republic of Pakistan, 1973:-
(i) The Privatization Commission (Amendment) Bill, 2021
(ii) The Port Qasim Authority (Amendment) Bill, 2021
(iii) The Islamabad Capital Territory Prohibition of Corporal Punishment Bill, 2021
(iv) The International Court of Justice (Review and Re-Consideration) Bill, 2021
(v) The SBP Banking Services Corporation (Amendment) Bill, 2021
(vi) The Corporate Restructuring Companies (Amendment) Bill, 2021
(vii) COVID-19 (Prevention of Hoarding) Bill, 2021
(viii) The Anti-Rape (Investigation and Trial) Bill, 2021
(ix) The Islamabad Capital Territory Charities Registration, Regulation and Facilitation Bill, 2021
(x) The Islamabad Rent Restriction (Amendment) Bill, 2021
(xi) The Prevention of Corruption (Amendment) Bill, 2021
(xii) The Federal Public Service Commission (Validation of Rules), Bill, 2021
(xiii) The Loans for Agricultural, Commercial and Industrial Purposes Amendment) Bill, 2021
(xiv) The National Vocational and Technical Training Commission (Amendment) Bill, 2021
(xv) The Islamabad Capital Territory Food Safety Bill, 2021
(xvi) The Emigration (Amendment) Bill, 2021
(xvii) The Pakistan Academy of Letters (Amendment) Bill, 2021
(xviii) The Gwadar Port Authority (Amendment) Bill, 2021
(xix) The Companies (Amendment) Bill, 2021
(xx) The Maritime Security Agency (Amendment) Bill, 2021
(xxi) The Pakistan National Shipping Corporation (Amendment) Bill, 2021
(xxii) The Financial Institutions (Secured Transactions) (Amendment) Bill, 2021
(xxiii) The University of Islamabad Bill, 2021
(xxiv) The Al-Karam International Institute Bill, 2021
(xxv) The National College of Arts Institute Bill, 2021
(xxvi) The Hyderabad Institute for Technology and Management Sciences Bill, 2021
(xxvii) Regulation of Generation, Transmission and Distribution of Electric Power (Amendment) Bill, 2021
(xxviii) The Provincial Motor Vehicles (Amendment) Bill, 2021
(xxix) The Unani, Ayurvedic and Homeopathic Practitioners (Amendment) Bill, 2021
(xxx) The Muslim Family Laws (Amendment) Bill, 2021
(xxxi) The Muslim Family Laws (Second Amendment) Bill, 2021
The above Bills have been passed by the Majlis-e-Shoora (Parliament) under clause (3) of Article 70 of the Constitution in joint sitting held on November 17, 2021.
