Category: National

Pakistan, China sign four CPEC agreements to boost bilateral cooperation

ISLAMABAD: Pakistan and China on Sunday signed four agreements under China Pakistan Economic Corridor (CPEC) in order to further enhance bilateral cooperation.

The signing ceremony was held here during the three-day visit of Chinese Vice President Wang Qishan, who arrived earlier in the day along with a high level delegation.

Prime Minister Imran Khan and the Chinese Vice President witnessed the signing ceremony, which also attended by Minister for Foreign Affairs Shah Mahmood Qureshi, Planning Minister Khusro Bakhtiar, Finance Advisor Abdul Hafeez Sheikh and members of the Chinese delegation.

A Framework Agreement on Agricultural Cooperation was signed by Chinese Vice Minister Zhang Taolin and Secretary Ministry of National Food Security Dr Muhammad Hashim Popalzai.

A memorandum was signed on the “Requirements of FMD free zone where vaccination is practiced between General Administration of the Customs of China and Animal Quarantine Department of the Ministry of National Food Security and Research of Pakistan.”

Chinese Ambassador in Pakistan Yao Jing and Dr Hashim Popalzai signed the document.

The two countries also signed China Pakistan Economic Cooperation Agreement signed by Chinese Vice Minister Deng Boqing and Secretary Economic Affairs Division Noor Ahmed.

Chinese Vice Minister Deng Boqing and Secretary EAD also signed a Letter of Exchange for Disaster Relief Goods between the two countries.

The two friendly countries also inked agreement between CMEC and Government of Balochistan and Lasbela University in Modern Agriculture Comprehensive Development in Lasbela.

The document was signed by Vice President of CMEC from China and Vice Chancellor Lasbela University Professor Dr Dost Muhammad Baloch and PS to Governor Balochsitan.

May 26, 2019
Compulsory acquisition of immovable properties for Naya Pakistan Housing Scheme; Ordinance promulgated

ISLAMABAD: The government will procure immovable properties for Naya Pakistan Housing Scheme through any means permissible under law including compulsory acquisition.

In this regard President of Pakistan on Thursday promulgated Naya Pakistan Housing and Development Authority Ordinance, 2019 to provide for housing and real estate development, and other activities related to land and construction.

As per the ordinance, the Naya Pakistan Housing and Development Authority will be established for the purposes of planning, development, construction and management of real estate projects.

The authority shall identify immovable properties and projects suitable for the development of housing schemes.

“It will recommend to the Federal Government to provide or procure immovable property or a project through any means permissible under law including compulsory acquisition, purchase, lease or licence through private agreement; donation by any private party or any state land or project by any government or other public authority, on such terms as may be mutually agreed between the Federal Government or the relevant transferor.”

It will facilitate the low income segment for availing housing under this ordinance or any other specific programme or otherwise through the provision of loans or other facilities.

Prime Minister of Pakistan shall be the patron of the authority and shall review its performance and give general policy directions.

The patron shall constitute the policy board comprising not less than five and not more than 11 members, including chairman for a term of five years.

The authority may raise funds through any means considered appropriate in the circumstances including through real estate investment trusts, bonds, sukuk and other forms of finances obtained on the basis of participation term certificate (PTC), musharika certificates, term finance certificate or any other financial or debt instruments or securities.

It may raise funds and obtain finance or loans from donor agencies, government bodies, and financial institutions, including on the security of its fund.

The federal government on the recommendation of the Authority shall constitute a Federal Land Bank and for which it may arrange or procure immovable property for the purposes of a scheme through any means permissible under law, including provision of State land by any government or public department, authority, agency or any corporation.

The authority shall prepare feasibility studies for the development of schemes and determine the mode of development accordingly.

May 24, 2019
SBP issues list of e-branches for obtaining fresh currency notes for Eid-ul-Fitr

KARACHI: State Bank of Pakistan (SBP) on Friday issued list of 1,718 e-branches for sending SMS and obtaining fresh currency notes for Eid-ul-Fitr.

The SBP said that fresh currency notes will be available from designated commercial bank branches called “e-branches” and the sixteen field offices of SBP BSC.

The booking of the service shall commence from May 19, 2019, while issuance of fresh currency through mobile SMS service will start from May 20 and continue till May 31, 2019.

The service will be provided through 1702 e-branches & 16 SBP BSC offices in 142 cities across Pakistan to ensure maximum geographical coverage.

The charges for the service are Rs. 1.50/- plus tax, per SMS.

The branch IDs of designated e-branches are available at SBP website http://www.sbp.org.pk, PBA website http://www.pakistanbanks.org, commercial banks websites and will also be displayed prominently outside designated e-branches.

It may be noted that the branch ID for e-branch is different from the existing branch/SWIFT code of banks.

Under this facility, a person may send an SMS message comprising his/her 13 digits CNIC/Smart card number along with the desired e-branch ID [e.g. 32453-3454432-1(space)KHI001] to short code 8877.

The list of the banks can be accessed to the link: List of e-branches.

In return, the person will receive an SMS containing redemption code, e-branch address and the code validity period.

Redemption code received by the customer will be valid for two (02) working days as per the mentioned dates in the SMS.

The customer may then approach the concerned e-branch along with his/her original CNIC/Smart card, a photocopy of the CNIC/Smart card and transaction code received from 8877 to obtain fresh currency notes. An individual can obtain three (03) packets of Rs.10/- and one (01) packet each of Rs 50/- & Rs. 100/-.

It is also notified that each CNIC/Smart card number or mobile phone number can only be used once.

No transaction code will be issued to the sender in case he/she sends the same CNIC/Smart card number from different mobile numbers or sends different CNIC/Smart card numbers from same mobile number during the service.

Further, the system shall provide the fresh currency notes on first come first serve basis and new bookings shall be closed once the system reaches its capacity.

May 17, 2019
SBP launches SMS service for issuance fresh currency notes for Eid-ul-Fitr

KARACHI: State Bank of Pakistan (SBP) has launched SMS service for issuance of fresh currency notes to the general public for the celebration of Eid-ul-Fitr.

The SBP on Friday said that the fresh currency notes will be available from designated commercial bank branches called “e-branches” and the sixteen field offices of SBP BSC.

The booking of the service shall commence from 19th May, 2019, while issuance of fresh currency through mobile SMS service will start from 20th May and continue till May 31, 2019.

The service will be provided through 1702 e-branches & 16 SBP BSC offices in 142 cities across Pakistan to ensure maximum geographical coverage. The charges for the service are Rs. 1.50/- plus tax, per SMS.

The branch IDs of designated e-branches are available at SBP website http://www.sbp.org.pk, PBA website http://www.pakistanbanks.org, commercial banks websites and will also be displayed prominently outside designated e-branches. It may be noted that the branch ID for e-branch is different from the existing branch/SWIFT code of banks.

Under this facility, a person may send an SMS message comprising his/her 13 digits CNIC/Smart card number along with the desired e-branch ID [e.g. 32453-3454432-1(space)KHI001] to short code 8877.

In return, the person will receive an SMS containing redemption code, e-branch address and the code validity period. Redemption code received by the customer will be valid for two (02) working days as per the mentioned dates in the SMS.

The customer may then approach the concerned e-branch along with his/her original CNIC/Smart card, a photocopy of the CNIC/Smart card and transaction code received from 8877 to obtain fresh currency notes. An individual can obtain three (03) packets of Rs.10/- and one (01) packet each of Rs. 50/- & Rs. 100/-.

It is also notified that each CNIC/Smart card number or mobile phone number can only be used once.

No transaction code will be issued to the sender in case he/she sends the same CNIC/Smart card number from different mobile numbers or sends different CNIC/Smart card numbers from same mobile number during the service.

Further, the system shall provide the fresh currency notes on first come first serve basis and new bookings shall be closed once the system reaches its capacity. For any queries/complaints, the general public may contact the SBP BSC helpdesk at UAN (021) 111-008-877. The helpdesk facility will only be available during office hours.

May 17, 2019
Offshore drilling for hydrocarbons near Karachi coast completes; samples sent for lab test

KARACHI: The offshore drilling near Karachi coast has been completed. The operators have found hydrocarbons and sent for laboratory test. The operators are hopeful of huge deposits of hydrocarbons, sources said on Wednesday.

Offshore drilling, through a joint venture of four oil giants, near Karachi coast on Indus G-Block (Kekra-1) has been completed after four months.

The process spudded the Kekra-1 well to the depth of 5,450 meters.

A joint venture of ExxonMobil, ENI, Oil and Gas Development Company, and Pakistan Petroleum Limited are conducting the drill stem test (DST) to determine the real size of the oil and gas reserves in the Kekra-1 well, located around 280 km away from Karachi.

The sources said that the samples had been sent for laboratory tests. On the positive results the country would have one of the huge deposits in the world.

Pakistan’s import bill could be decreased by billions of dollars annually, if the total reservoir quantity is huge.

The group of multinational companies had begun offshore drilling on 11th January 2019. The drilling was expected to be completed in March 2019 as per initial estimation. ENI ensured the completion of offshore drilling despite critical situations faced during the drilling process.

May 15, 2019
Federal cabinet approves money whitening scheme

ISLAMABAD: The federal cabinet on Tuesday approved a scheme to whiten money through declaration of concealed / hidden assets.

Prime Minister Imran Khan chaired the meeting of the federal cabinet. The cabinet approved the asset Declaration Scheme, 2019 besides discussing a 17 point agenda.

Attorney General for Pakistan made a detailed presentation to Cabinet about the progress made in cases pending in the International Courts/Arbitration forums and suggested future course of action.

The Cabinet was informed that from 2008 to 2018, the government of Pakistan has paid an amount of $100 million in lawyers’ fee in various cases while another $10 million is to be paid this year in lawyers’ fee.

It was decided that legal advisors will be appointed in the main ministries including Ministry of Power, Petroleum, Communications, etc.

Besides, measures would be taken to strengthen the office of the Attorney General to enhance its capacity to vet contracts/agreement.

The cabinet discussed at length the prices of essential items The Secretary Planning inform the Cabinet about the measures being taking to eliminate middle man and providing relief to consumers.

The Cabinet approved renewal of Regular Public Transport, Charter and Aerial Work Licenses of M/s PIACL.

The Cabinet approved constitution of Board of Directors of PTDC. The Cabinet ratified Trade Agreement between the Governments of the Islamic Republic of Pakistan and the People’s Democratic of Algeria.

The cabinet approved Memorandum of Understanding between National School of Public Policy (NSPP) and National Management Institute (NMI), Cairo.

The Cabinet approved Property Tax Exemption in respect of Benevolent Fund Building, Zero Point Islamabad.

The Cabinet approved appointment of Director on Board Directors of Deposit Protection Corporation.

Zafar Mirza, Special Assistant to the Prime Minister on National Health Services briefed the Cabinet about progress made in reduction of Maximum Retail Prices of various drugs resulting in saving of Rs. 09 billion to consumers.

The Cabinet approved salary package for Members of the Information Commission. The Cabinet approved secondment of Major General Omer Ahmed Bokhari, as DG Pakistan Ranger (Sindh).

The Cabinet approved appointment of Ms. Tasneem Sultana, District and Session Judge as Judge, Special Court (Control of Narcotics Substances-I), Karachi. Appointment of Judge, Special Court (Control of Narcotics Substances-), Quetta was also approved.

The cabinet granted exemption of duties/taxes on equipment donated by China. The equipment will be used for anti-narcotics efforts.

The cabinet approved recruitment Rules of the post of Chairman of Pakistan Academy of Letters, Islamabad. The Cabinet approved policy on provision of Consular Assistance to detained and imprisoned Pakistanis abroad.

May 14, 2019
Around 98pc offshore drilling near Karachi coast completes; nation to get good news in two weeks: Ali Zaidi

KARACHI: The joint venture of foreign and local companies has completed around 98 percent drilling near Karachi coast for the possible discovery of huge reservoirs of oil and gas, Federal Minister for Maritime Affairs Syed Ali Haider Zaidi said on Saturday.

The joint venture including ExxonMobil, ENI, PPL and OGDC is undertaking offshore drilling near Karachi coast. “The joint venture will drill around 5,500 meters and so far it has reached 5,392 meters,” the minister added.

“The nation will receive good news regarding discovery in next two weeks,” he added.

The minister was talking to media at an event to add another oil tanker to the fleet of Pakistan National Shipping Corporation (PNSC).

He said that Pakistan annually paid around $4.5 billion as freight charges. “The addition of oil tanker to PNSC fleet will save huge foreign exchange reserves for the country,” he added.

Talking about the hike in prices of petroleum products, he said that when the PTI government took charge the international oil price was at $51 per barrel and it had reached now $70 per barrel.

Commenting on the ongoing negotiations for IMF loan program, he said that the present government was not willingly entering to IMF program. “We are taking loan to repay the old loans that were taken by PPP and PLM-N governments,” he added.

He said that reducing tariff for gas and electricity was not solution as such reduction would compel the present government to take more loans as done by the previous governments.

May 11, 2019
Utility Stores Corporation implements Ramazan Package ahead of fasting month: RM Javed Khan

KARACHI: Utility Stores Corporation (USC) has implemented subsidized rates under Ramazan Package announced by the government to provide relief the masses during the holy month, a top official said on Sunday.

“The reduced rates have been implemented across the country from May 03, 2019 around three or four days ahead of Ramazan,” said Muhammad Javed Khan, USC, Regional Manager (RM), Karachi.

“All the USC outlets are now selling hundreds of items at the subsidized rates,” he added.

Khan said that a significant reduction had been announced in those items that were mostly used during the fasting month such as sugar, wheat flour, rice, pulses, edible oil and ghee etc.

“These commodities have reduced prices up to 20 percent when compared with the open market,” the regional manager added.

The federal government has provided Rs2 billion to subsidized the rates of essential items to be sold through the Utility Stores.

The Economic Coordination Committee of the Cabinet (ECC) in its meeting on March 12 approved subsidy amounting Rs2 billion to provide relief the masses during Ramazan ul Mubarak.

Javed Khan pointed out some of items having significant reduction in prices, which included: sugar Rs 64 per kilogram, wheat flour Rs340/10-kg, whet gram Rs100/kg, Dal Chana Rs105/kg, Dal Masoor Rs90/kg, vegetable ghee Rs129/kg, edible oil Rs153/liter, Rooh Afza Rs183/800ml, cold drink (all brands) Rs77/1.5 liters, Tapal tea 793/kg, dates Rs60/500 grams, Rice Super Rs114/kg.

The regional manager said that in order to ensure availability and avoid bulk sale the zonal chief had constituted vigilance teams for monitoring.

He said that on the directives of Prime Minister Imran Khan the regional chiefs across the country were also visiting the outlets to ensure the availability and for price checks as well.

Prime Minister Imran Khan has recently directives all the government functionaries to ensure securities and availability of essential items at reduced rates during the holy month of Ramazan ul Mubarak.

May 5, 2019
Immediate reduction up to 75 percent in drug prices announced

ISLAMABAD: The federal government has announced immediate reduction in prices of drugs up to 75 percent, which were increased since December 2018.
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May 3, 2019
Nisab of Zakat fixed at Rs44,415 for deduction from bank accounts

KARACHI – The government of Pakistan has officially announced the Nisab of Zakat for the Zakat Year 1439-40 AH, setting the threshold at Rs44,415, according to a statement released by the State Bank of Pakistan (SBP) on Friday.
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May 3, 2019