KARACHI: Builders and developers have announced to stop construction work on all their projects from Friday, November 26, 2021 against the declaration of null and void to approved projects.
“Despite the approvals of the buildings and projects from all the government agencies they stand null and void,” he said.
He urged the government to tell the builders and developers, who are the final authority from the get approval.
Shekhani said that ABAD is against the illegal encroachments and illegal constructions. “Illegal projects if constructed it is a duty of government agencies to check and give NoC,” he added.
ABAD is following approvals strictly. But despite approvals and getting permission the moves to shatter the confidence of the people, he added.
“We are backstabbing the overseas Pakistani and local investors who have invested millions of rupees,” he said. Confidence of Overseas and local investors would be perturbed, he added.
From Friday work at projects in Karachi, Hyderabad and other cities will be halted, he announced.
Slowly the work in other parts of the countries will also be stopped, Shekhani added.
The incentive program namely Sohni Dharti Remittance Program (SDRP) offered jointly by the State Bank of Pakistan (SBP), Ministry of Finance and financial institutions.
SDRP is an innovative program designed to incentivize Pakistani workers abroad to send remittances to Pakistan through banks and exchange companies and earn reward points.
These reward points could then be used to avail of different benefits offered by partner organizations. SDRP can be accessed conveniently from anywhere in the world through a mobile application.
In his address as the Chief Guest, the Prime Minister thanked the overseas Pakistanis for posing confidence in the bright future of their homeland by sending record high remittances of over $29 billion in the last fiscal year 2020/2021 and continuing the trend in FY22.
The Prime Minister noted that his Government has always encouraged and appreciated the efforts of Overseas Pakistanis through various initiatives and programs.
He especially mentioned the incentives like making remittances transfer free of cost, providing free airtime for remittances received through mobile wallets and covering the marketing cost of remittance service providers.
The Prime Minister congratulated the State Bank of Pakistan (SBP), Ministry of Finance (MoF), financial institutions, participating public sector entities (PSEs) and all other stakeholders as without their efforts the launch of this remittance incentive program would not have been possible.
He termed the launch of SDRP as a tribute to the Pakistani workers abroad who have been contributing in the development of the country by sending their hard-earned money back to Pakistan.
He also appreciated the concept of giving incentives through a digital application for sending remittances via official channels.
Governor SBP, Dr. Reza Baqir in his welcome address expressed heartfelt gratitude to the Prime Minister for his continuous interest and guidance in developing ways to facilitate the Overseas Pakistanis and workers abroad.
Dr. Baqir elaborated that SohniDharti Remittance Program is another outcome of the PM’s vision. Referring to earlier initiatives, he said that Roshan Digital Account and the Naya PakistanCertificates have been huge successes and the PM’s support has played an instrumental role in it.
Adding further, he said that another initiative like the Mera Pakistan MeraGhar scheme providing low-cost housing finance for first-time homeowners is another example where the PM’s vision and support have led to a significant takeoff of housing finance in the country, which had otherwise been negligible.
Dr. Reza Baqirsaid that he was delighted and privileged to announce the launch of SDRP, which is an excellent combined effort of the Government of Pakistan, SBP, financial institutions and other organizations.
Divulging the details, he disclosed that all home remittances sent from anywhere in the world through legal channels are eligible for inclusion in the SDRP. Besides, funds received in Roshan Digital Accounts which are consumed locally through conversion, and thus become non-repatriable, also qualify for inclusion in the program.
The Governor termed the launch of SDRP another step towards digitalization and financial inclusion that would play a significant role in the digital onboarding of Overseas Pakistanis and their beneficiaries in Pakistan. The mobile application of SDRPis available at both Google android and Apple IOS platforms. He took the opportunity to appreciate the participating banks, PSEsand other stakeholders in this regard as it was due to their hard work that this initiative finally saw the light of the day.
Adviser to the Prime Minister on Finance and Revenue Mr. Shaukat Tareen congratulated SBP, PSEs and other relevant stakeholders for implementing the SDRP as a technology-based solution. He observed that the establishment of Pakistan Remittance Initiative in 2009 was a decision that has worked quite effectively to integrate country’s financial institutions with the ones abroad to help the Pakistani diaspora in sending remittance to their families in Pakistan in a very efficient and cost-effective manner.
Under the SDRP, if an individual sends remittance to the limit of USD10,000 or equivalent in one fiscal year, then he/she will be awarded one percent as a reward and allotted a green card category. Similarly, for remittances sent by an individual between USD10,000 and USD30,000 or equivalent, the remitter would be given 1.25 percent as reward and classified into gold card category. Lastly, for remittances of more than USD30,000 or equivalent, he/she will be awarded 1.5 percent as reward and allotted a platinum card category.
The reward points can be redeemed by remitters and their beneficiaries for availing free of cost services from eight (08) participating PSEs at the moment. The services offered include international tickets by Pakistan International Airlines (PIA) and the provision to pay for extra luggage on international flights of PIA.
Along with this, Federal Board of Revenue (FBR) has allowed Overseas Pakistanis to pay duty on import of mobile phone and vehicles. The National Database & Registration Authority (NADRA) will provide services related to the renewal of CNIC/NICOP and along with this, they can renew their passports without any hassle. Overseas Pakistanis can avail life insurance premium payment through state life insurance services and a facility to pay schools’ fee of Overseas Pakistanis Foundation schools.
Moreover, overseas Pakistanis will be able to make purchases through a network of utility stores across the country. Federal Investigation Agency (FIA) will provide preferential services to overseas Pakistanis under the umbrella of this program by installing separate counters and provide priority clearance whereas Civil Aviation Authority (CAA) will ensure the placement of standees and banners for the promotion of this initiative.
ISLAMABAD: Leading Oil Marketing Companies (OMCs) have announced to open their outlets across the country on November 25, 2021, in order to ensure facilitating consumers.
A shutdown strike has been called by the Petroleum Dealers Association on November 25, 2021.
Gas & Oil Pakistan Company Limited (GO), with the largest retail outlet network of 1,000 outlets in the private sector and the largest network of company-owned, company operated (COCO) outlets in Pakistan assured the customers that all its outlets would remain open and continue to function normally.
“GO remains firm in its commitment to fulfilling the fueling needs of the nation come what may,” the company said in a tweet.
Shell Pakistan also announced to open its outlet to serve the nation. “Shell Pakistan announces that they will not participate in the strike on November 25, 2021,” according to the company. All the company-operated retail stations will be opened to serve the customers, it added.
Hascol, another OMC, assured that all its owned and company-operated (COCO) stations, including all service stations on the M2 Lahore-Islamabad Motorway will remain open and ready to serve them as per routine.
Pakistan State Oil (PSO) also showed its commitment that all COCO stations will remain open nationwide and continue to function normally. “PSO is committed to serving the nation during such challenging time,” it said.
ISLAMABAD: Pakistan has granted approval for transportation of 50,000 metric tons of wheat and medicine from India to Afghanistan, citing the goodwill and exceptional humanitarian gesture.
The transportation of wheat and life-saving medicine was allowed from India via the Wagah Border, a statement said on Wednesday.
“As a goodwill gesture towards the brotherly Afghan people, the government of Pakistan has decided to allow the transportation of 50,000 Metric Tonnes of wheat and life-saving medicines from India to Afghanistan via Wagah Border on an exceptional basis for humanitarian purposes,” the Foreign Office said.
The FO said the decision of the government of Pakistan was formally conveyed to the Charge d’ Affaires of India, here at the Ministry of Foreign Affairs today.
ISLAMABAD: A protocol was signed on Tuesday between Pakistani and Chinese authorities for inspection and quarantine requirements for onion export from Pakistan to China.
Governor State Bank of Pakistan, Dr. Reza Baqir, chaired a meeting today with Director General FIA Sanaullah Abbasi to strengthen and coordinate efforts of SBP, banks and Federal Investigation Agency (FIA) to fight money laundering, cyber-attacks and online frauds. The meeting was also attended by the Presidents of Banks and senior officers of FIA and SBP.
Governor SBP emphasized the need for close cooperation amongst banks, SBP, and FIA so those white-collar crimes are expeditiously investigated and fraudsters are apprehended and prosecuted.
SBP has taken several measures in the recent past to strengthen its work on Anti-money Laundering (AML) as well as taken regulatory and supervisory measures to improve banks’ controls to prevent digital and social engineering frauds.
In addition to better controls at the level of Financial Institutions and enhanced customers awareness, effective investigation and prosecution of criminals is needed to substantially reduce incidences of money laundering, digital frauds and cyber-attacks.
FIA team offered support in strengthening cyber security at banks and suggested banks carry out an Information Security (IS) audit of their systems. Welcoming the suggestion SBP informed that as per existing regulations banks are required to regularly carry out their information system audit and penetration testing, however, it would be reemphasized to the industry through PBA.
The meeting identified key follow-up areas and associated timelines for strengthening cooperation between SBP, FIA, and banks in these areas.
ISLAMABAD: Prime Minister Imran Khan on Saturday directed the authorities to ensure all facilities on a priority basis to Chinese industrialists, who are ready to start operation in the country.
In a meeting with Chinese businessmen, the prime minister said the country will support Chinese businesses in Pakistan on a priority basis and are grateful to them for their keen interest in accelerating their investment in Special Economic Zones (SEZs).
The Chinese business delegation led by Chen Yan from Challenge Fashion (Pvt) Ltd.
During the meeting, the prime minister was told that Chinese businessmen are almost ready to start operations in the glass, ceramics and information technology sectors.
The prime minister said that Pakistan and China were connected not only in the past or present but would remain united through their future generations too.
“We appreciate the valuable relationship of the peoples of the two countries,” he added.
It is worth mentioning that OPPO, one of the leading tech manufacturers in the world, is going to establish a local mobile manufacturing unit and a research and development centre in Pakistan.
It would not only save a lot of foreign exchange reserves on the import of smartphones annually but would also create employment opportunities for our tech graduates.
The meeting was also attended by Energy Minister Muhammad Hammad Azhar, Advisor on Commerce Abdul Razzak Dawood, SAPM on Political Communication Dr Shahbaz Gill, SAPM on CPEC Affairs Khalid Mansoor and Chinese Ambassador Nong Rong along with senior officers concerned.
In his remarks, Chinese Ambassador in Pakistan Nong Rong said that he was very happy as since the prime minister’s previous meeting with the Chinese businessmen on September 13, a lot of issues had been resolved and great progress had been achieved.
He said that the Chinese entrepreneurs were encouraged and hoping great progress after this meeting.
“We will send more positive information to China to encourage more Chinese businessmen to make decision to invest in Pakistan,” he commented.
A Chinese entrepreneur representing OPPO, said that the company had already been present in Pakistan for more than seven years and had made around $150 million investment in the country.
He said like other companies, for OPPO too, it was a very good environment in Pakistan to continue to invest there and the interaction with the prime minister helped the swift resolution of the issues.
He thanked the prime minister for helping the Chinese businessmen by extending facilitation to them.
“If anybody comes to me and ask should they invest in Pakistan, I will say yes,” he remarked.
Subsequent to the imposition of the ban on July 20, 2021, the PTA remained in communications with the TikTok management.
As a result of continuous engagement, senior management of the platform assured PTA of its commitment to take necessary measures to control unlawful content in accordance with local laws and societal norms.
The company also assured that the users who are continuously involved in uploading unlawful content will be blocked from using the platform.
Keeping in view the assurances, the authority has decided to lift the ban on TikTok forthwith.
The PTA will continue to monitor the platform in order to ensure that unlawful content contrary to Pakistan’s law and societal values is not disseminated.
KARACHI: The inflation based on Sensitive Price Indicator (SPI) has increased by 18.34 per cent for the week ended November 18, 2021 over the same week a year ago, according to data issued by the Pakistan Bureau of Statistics (PBS) issued on Friday.
The year on year trend depicts increase of 18.34 per cent, LPG (76.12 per cent), Electricity for Q1 (75.32 per cent), Vegetable Ghee 1 Kg (56.94 per cent), Cooking Oil 5 litre (56.28), Mustard Oil (55.42 per cent), Vegetable Ghee 2.5 Kg (52.94 per cent), Petrol (44.35 per cent), Diesel (40.21 per cent), Washing Soap (37.70 per cent) and Chilies Powdered (34.18 per cent).
Major decrease in prices observed in Onions (38.61 per cent), Pulse Moong (28.80 per cent), Potatoes (26.55 per cent), Tomatoes (6.34 per cent) and Sugar (3.51 per cent).
The SPI for the current week ended on November 18, 2021 recorded an increase of 1.07 per cent. Increase in the prices of Chicken (8.26 per cent), Cooking Oil 5 litre (4.72 per cent), Bananas (4.18 per cent), Washing Soap (3.94 per cent), Vegetable Ghee 2.5 kg (3.15 per cent), Vegetable Ghee 1 kg (2.38 per cent), Rice Irri (1.76 per cent), Pulse Moong (1.62 per cent), Eggs (1.52 per cent), Fire Wood (1.24 per cent) and Tea Prepared (1.21 per cent), was observed with joint impact of (0.78 per cent) into the overall SPI for combined group of (1.07 per cent).
On the other hand, decrease observed in the prices of Tomatoes (5.77 per cent), Sugar (4.25 per cent), Onions (2.14 per cent), Gur (1.48 per cent), Potatoes (1.36 per cent), Pulse Masoor (0.43 per cent), Garlic (0.13 per cent), Wheat Flour & LPG (0.08 per cent) each and Pulse Gram (0.02 per cent).
During the week, out of 51 items, prices of 27 (52.94 per cent) items increased 10 (19.61 per cent) items decreased and 14 (27.45 per cent) items remained stable.
KARACHI: TPL Properties (TPLP) and Bahria Foundation have signed a Memorandum of Understanding (MoU) for the construction of tourist beach resorts.
TPL Properties said it signed the MoU with Bahria Foundation, according to a communication received to Pakistan Stock Exchange (PSX) on Friday.
The company said that it had signed a MoU with Bahria Foundation, a trust established and existing under the Endowment Act, 1890 and engaged in industrial, commercial and development activities in Pakistan.
As per the MoU, Bahria Foundation shall collaborate with TPLP to utilize the expertise of TPLP to design, develop, construct and market real estate, including potential tourist beach resorts.
