Loud Thinking

Archive for the ‘Action Plan to Revive Pak Economy’ Category

It has not been checked, but someone was telling that this Special Audit of PSL 1&2, as reported and link given below of 9 April 2019 publication by the daily “The News” conducted by the AGP’s office, has compiled serious financial discrepancies in PSL 1&2, amounting to approximately Rs.2 billion.

Similarly, the Special Audit of the PCB, conducted by the office of the AGP in 2017, is also understood to have unearthed huge and amazing financial and administrative irregularities of astronomical proportions, but this report, although, a public property, has not yet seen the light of the day, as well.

Now, the question arises that why the two key members of the BoG of the PCB [CFO & the Audit Committee specially the Head of the Audit Committee] kept mum in the all BoG meetings, over these huge financial matters/irregularities and on the false open media statements of the then Chairman PSL that the external Audit of PSL 1 & 2 has been done, whereas, it was very well known to these two persons (CFO & the Head Audit Committee) that no external Audit of PSL 1&2 was ever even allowed; and Pakistani public was being told a white lie.

In fact, PCB only decided to allow external Audit of the PSL accounts starting from PSL3 (veracity of this can’t be vouched, because it was told by a high ranking official of the PCB).

In view of the foregoing, when no one concerned in the government and the PCB is ready to share with the public, the contents of the above mentioned three Audit Reports [1. Special Audit Report of the PCB of 2017 and (2&3.) Special Audit Reports of PSL1&2 conducted in 2018) the Prime Minister of Pakistan Mr. Imran Khan, who is Patron in Chief of the PCB as well, is requested in the name of his promise of no compromise ever in the Accountability and the Transparency; to forward these cases of the three Special Audit Reports of the PCB & the PSL’s financial and administrative irregularities to the chairman NAB, for its own impartial, but fast track inquiry/investigations.

However, till such time the NAB is processing these cases of the PCB, no concerned PCB officials and the concerned BoG members, be allowed to leave the country.

https://www.thenews.com.pk/print/455466-audit-reveals-massive-irregularities-in-first-two-psl-editions

A lesson for ALL rulers in arrest of 30 years President of Sudan Omar al-Bashir (75 years of age) that protest against rising prices ultimately results in arrest of rulers of even 3 decades.

Must remember that there was a direct link between toppling of even a stable government and the rising prices, which breaks the back of the ordinary citizens.

Wise rulers never ever listens to the advices of the IMF, WB and pseudo domestic economic experts, which goes against the financial interests of the teeming millions, who are crushed by the weight of the rising prices, in every sphere of their life.

Moreover, no government can be TOPPLED (latest example of coup failure in Turkey) which goes for severe and ruthless actions (like in Saudi Arabia) in recovering bank loans and looted national wealth from the elite (just about 2%).

So, the best way to comfortably rule in the government is to build a strong, rather very strong middle class; and be the saviour of the poor, for the poor and by the poor. Elite class can make you a ruler, but it cannot save you from being toppled.

Protests began in December over rising food costs but quickly expanded to a broad challenge to Mr. al-Bashir’s hold on power.

Sudan’s military ousted President Omar al-Bashir on Thursday 11 April 2019, the defence minister announced, ending a 30-year authoritarian rule in the face of mass street protests that have swept the country.

Defense Minister Awad Mohamed Ahmed Ibn Auf said that Mr. al-Bashir 75 had been taken into custody and that the government had been dissolved and the Constitution suspended.

Link:- https://www.nytimes.com/2019/04/11/world/africa/sudan-omar-hassan-al-bashir.html?emc=edit_na_20190411&nl=breaking-news&nlid=52791145ing-news&ref=cta

Syed Nayyar Uddin Ahmad

Dear Mr. Imran Khan Sahab.

AoA.

Sir,

Kindly peruse below few proposals for the subject mentioned challenge of making Pakistan an economic super power in the shortest possible time harnessing huge and amazing manpower potential and talent of Pakistan.

Few towering Pakistani personalities which can single handedly make Pakistan richest country of the region:

Shaheed Zulfiquar Ali Bhutto, one of the greatest statesman witnessed by the last century, will always be remembered as a huge benefactor of the country for his following services to Pakistan:

~ Arraigned honourable repatriation of about 90,000 civil and military POW’s from India.

~ Gave a unanimously approved constitution to the country.

~ Laid the foundations of nuclearization of Pakistan by selecting a metallurgist as the correct person (Dr. Abdul Qadeer Khan) to head the nuclear project, who was only answerable to the Prime Minister.

~ Held the Second Islamic Summit Conference from February 22-24, 1974 in Lahore which came to be known as the Lahore Summit. It was an extra ordinary summit that was held on the proposal of OIC Secretary General Tunku Abdul Rahman.

For even half of the above stated monumental services, any other country would have officially paid homage on birthday and death anniversary, every year, to such a benefactor of the nation.

Now coming back to the topic, Pakistan is still very lucky that in this era, quite a few persons are available as detailed below, who can single handedly make Pakistan an economic super power, provided they are given free hand like ZAB gave to Dr. A Q Khan.

1. Dr. Imran Ahmed Khan
confidently says that Pakistan’s prosperity and economic turnaround is linked to the indigenous development of Rare Earth Metals (REM), Copper, Gold , Molybdenum, Lithium, Aluminium and few more.
We have oil, gas, valuable metals and minerals in abundance and as per conservative estimates, are valued up to 51 Trillion USD repeat $ 51 trillion. [Here it will not be out of context to state that the total GDP of the top 10 world economies [America, China, Japan, Germany, UK, India, France, Brazil, Italy and Canada) is $ 53 trillion.]
All that Pakistan has to do is to impose a blanket ban on export of ANY ORE in RAW form; for example copper and gold should be allowed to be taken out of Pakistan only in the finished form, for which the reprocessing/purification plants (can also be built within our country) must be installed in Pakistan.
Thereafter, replicate KRL model for indigenous development of strategic metals and commercial sales after value addition.
A very brief introduction of Dr. Imran Ahmed Khan is provided as below:

DG (Retd in 2017) Geological Survey of Pakistan (GSP).

Ph.D. Department of Geological Sciences, State University of New York at Binghamton, New York, USA

DG (Retd in 2017) Geological Survey of Pakistan (GSP).
Ph.D. Department of Geological Sciences, State University of New York at Binghamton, New York, USA

PROFESSIONAL FOREIGN TRAININGS

S. No.
Name of Course Attended
Dates
Name of Institution and Country

From
To

1.
Post Doctoral Research
Mar. 26, 1995
April 27, 1995
Department of Geology, University of Texas at Austin, Austin, Texas, U.S.A.
2.
Advanced Course in Computer Sciences
Aug. 06,1990
Dec. 20, 1990
Department of Computer Sciences, State University of New York, U.S.A.
3.
Course in Sedimentary Petrology & Petrogenesis
Aug. 01, 1986
Sept. 30, 1986
Department of Earth Sciences, University of Southern California,
Los Angeles, California, U.S.A.
4.
Paleosols
Oct. 01, 1986
Oct. 14, 1986
Department of Paleobiology, Smithsonian Institution,
Washington, D.C., U.S.A.
5.
Course in Earth Paleomagnetism
July 10, 1984
Aug. 08, 1984
Department of Geological Sciences,
Dartmouth College, Hanover,
New Hampshire, U.S.A.

FIELD WORK (ABROAD)

U.S.A

​-​Structural evolution of the San Andreas Fault System, California: 1986.

-​Geomorphological characteristics of the Appalachiansaround Binghamton area, New York: 1987.

​-​Stratigraphy of Triassic Newark Group, Hartford Basin, Eastern U.S.A.:1987.

-​Study of modern carbonates deposition along mangrove islands in Key West, Florida, 1988.

​-​Study of modern coral reefs in the Atlantic Ocean, Florida: 1988.

-​Sedimentology of the Catskill Delta in New York and Pennsylvania: 1988.
​
-​Modern depositional environments along and across the rivers in North Carolina: 1988.

-​Documentation of the chemical characteristics of iron ore deposits of Triassic Newark Group in Hartford Basin, Eastern U.S.A.: 1989.

Spain

-​Internal architecture and geometry of channel sandstone bodies, Huesca Fluvial system, Ebro Basin: 1989.

India

-​Patterns of sedimentation of the Siwalik Group around Dehra Dun Valley, Mohand – Dehra Dun Sector, Haripur Khol – Kala Amb Sector: 1991.

China

​-​Sedimentology of evaporate deposits in Qaidam Basin, China.

2. Dr. Ikramul Haq is confident that we can easily increase tax revenues of the government of Pakistan from the current amount of about $ 40 billion to $ 80 billion per year.

The government of PTI can utilise his services in a suitable position to turnaround the economy of Pakistan; because at the end of the day, rebuilding of Pakistan’s shattered and plundered economy can only be done inside out, as loans and foreign aid at the best, can just keep us afloat/save from sinking.

Dr. Ikramul Haq is the most fit and suitable Pakistani person, who is highly qualified, extremely professional man of unmatched integrity and great international reputation of full command on taxation laws and international laws, on recovery of stolen assets. He has the best abilities to approach the challenges of economic turn around based on home grown strategies in a very smart, highly professional and least disruptive

Resume of Dr. Ikramul Haq is as below:

Dr. Ikramul Haq, Advocate Supreme Court of Pakistan and Chief Partner of Huzaima & Ikram, a leading law firm, studied journalism, English literature and law for his Master’s and Doctorate. He served in the apex revenue authority of Pakistan, Federal Board of Revenue (FBR) from 1984 to 2006, after joining Civil Services of Pakistan (12th CTP). Besides, tax practice in Pakistan, he works extensively in international tax arena. His expert advice is frequentlysought by leading multinational companies working globally. His opinions in tax and other matters arequoted in Reuters and other leading international news agencies and broadcast by BBC in Urdu programme Sairbeen. He holds a Doctorate in international tax(specialization in transfer pricing). He is Adjunct Faculty of Lahore University of Management Sciences (LUMS). He is also author/editor of variouspublications of IBFD (International Bureau of Fiscal Documentation). Dr. Ikram has been practicing since 2006 and teaching laws since 1988. He has been helping Tax Reform Commission (constituted in 2014) to prepare report for tax reforms and evaluate existing tax policy.

Dr. Ikram enjoys an internationally acclaimed reputation of employing a pragmatic approach in his consultancy services. Working with public/privatesector institutions and banking companies, Dr. Ikram provides a unique perspective by combining macro level tax policy with a special focus on the nitty-gritty of national tax codes. He has also provided structuring and transactional advice to countries and companies on the full range of corporate tax activities, including mergers and acquisitions, reorganisations, and structured finance. Dr. Ikram’s proactive advice also includes international structuring of inbound activities by multinational enterprises. As a result of his experience, he was selected by IBFD to write the country chapter on Transfer Pricing, Tax and Business Laws and Advance Rulings for its publications. He is author of many books and over 2500 articles on taxes, public finance and political economy printed byvarious journals, magazines and newspapers in and outside Pakistan. He is member of International Fiscal Association (IFA).

He is author/co-author of many books that includePakistan: Enigma of Taxation, Law & Practice of Income Tax, Law & Practice of Sales Tax, Law & Practice of Federal Excise, Practical Handbook of Income Tax, Federal Tax Laws of Pakistan, Provincial Tax Laws of Pakistan, Principles of Income Tax with Glossary, Master Tax Guide, Income Tax Digest 1886-2016 (with judicial analysis), Commentary on Avoidance of Double Taxation Agreements signed by Pakistan, Pakistan: From Hash to Heroin and its sequel Pakistan: Drug-trap to Debt-trap.

3. Mr. Asif Sharif is a world renowned agriculture specialist of such a potential that it will not be an exaggeration to call him Steve Jobs of agriculture, who confidently says that given an opportunity he can help produce an exportable agricultural surplus of over $20 billion for Pakistan which in turn will also provide jobs for over 50 lacs Pakistanis.

In this regard, if we are able to hugely conserve water consumption in agricultural sector and simultaneously more than double the production with reduced cost by using the methods proposed by Mr. Asif Sharif, the vision of re-building economically strong Pakistan, which will be a giver of aid to the needy countries, can be achieved in the shortest possible time, through green revolution in agriculture sector.

According to the tested methods of Mr. Asif Sharif “Raised beds irrigation system saves 80% water. It is as good as drip irrigation. Production is increased by at least 40% and cost of production is reduced by 80% or more.”

In view of the foregoing, Mr. Asif Sharif may be considered to form an organisation directly reporting to the Prime Minister, which should be responsible for increasing agricultural productivity in the country, to create exportable surplus in the shortest possible time.

In this connection, Mr. Asif Sharif may be advised to give a detailed presentation of his brain child of Rural Sector Productivity Enhancement (RSPE) which he thinks is the solution for all ills, poverty alleviation, jobs creation and placement, production of food, feed, fiber and industrial raw materials that meet buyers quality and price expectations, wherein, all Agro based industry should be engaged to participate in profit sharing, which shall be a wholistic program.

4. Mr. Salim Ghauri
Mr. Salim Ghauri is also a world renowned IT entrepreneur recognised globally today. He is the founder & CEO of NetSol Technologies. Keeping in view that the future of all business and service industry lies in the optimum utilisation of IT related technologies the government must appoint Mr. Salim Ghauri in an appropriate position at the federal level with the challenge of increasing the IT exports of Pakistan to $ 10 billion by the end of FY 19-20.

Best Regards,

Syed Nayyar Uddin Ahmad
03219402157
Lahore.

In December 2017 gas bill, the rate per HM3 was Rs.874.95 and in December 2018 it has been increased to Rs.3213.26 per HM3.

PTI’s leadership always had the audacity to tell us that the PMLN government consisted of thieves, dacoits and nincompoops and that the PTI government is pro people, which will recover this looted money from inside and outside Pakistan; and now instead of fulfilling its promise, PTI government and its Finance Ministry has found an easy way of straightaway recovering the gas theft amount, by punishing the general public to pay for UAL (unaccounted for gas losses which is actually gas theft), instead of deputing the Rangers, to nab the mega gas thieves.

Such anti-people decisions of PTI government, will soon turn the tables on their heads.

Moreover, any gas theft cannot and never be possible without the connivance of the officials of the Gas companies, who should be arrested and tried in the military courts.

Moreover, another easy solution to stop ever increasing burden of utility bills over the general public is to promulgate a law, whereby, right from the President of Pakistan down to the lowest rank government and public officials like senators, MNA’s and MPA’s etc. everyone should be mandated to pay his utility bills from own personal account without any facility of reimbursement, as part of pay package.

21 January 2019
Police System – Recipe for Re-Vamping under CPEC five year plan

How to Improve the Decadent Police System in Pakistan?

Respected President of Pakistan
Prime Minister of Pakistan
All Senators
All Members of the National Assembly
All Members of the Provincial Assemblies of Pakistan
All Pakistanis from every walk of life.

اسلام و علیکم

Saturday, 19 January 2019 will be remembered as another black day in the history of Police brutalities in Pakistan, when near Sahiwal, 16 CTD personnel killed from a very close range in broad day light, four persons (including a 13 year old girl, her mother and father) right before the eyes of their three young kids. This abhorring incident has shaken the nation and its belief in Pakistani Police force.

As such, it is high time that all of us should collectively ensure that our police is re-vamped on most modern lines, so that incidents like killing of Mir Murtaza Bhutto, Model Town and Sahiwal massacres are never repeated again in Pakistan.

In this regard, very learned, experienced and senior police officer are unanimous on one point that the most weak link in our police service is the lack of proper training in line with modern day demands of society.

It is a general perception that Police system in Pakistan can not be brought to the level of western countries come what may.

Another view on this issue gives the example of KPK government of the PTI which believes that if Police is depoliticised and Police Stations are housed in a neat and clean building with computer facilities, the performance of Police will automatically improve and a new people friendly culture will ultimately evolve.

However, if the performance, perception and culture of the Police system is to be brought up to the level of the first world countries, then investment, needs to be made into the manpower for re-building and re-vamping of our Police system, which has fallen to a level, where the fiber of our society has been literally blown to the smithereens.

In this regard, the foremost example of a world class Police force in a developing country (where might is right and law of jungle is order of the day), immediately comes into mind, is our very own Motorway Police.

In this connection, in order to get the answers of what is the secret of success of Motorway Police and can this model be replicated in the district Police, the following write up of Dr. Wasim Kausar, former IGP, NH&MP needs careful reading:

Quote.
“Policing Culture
By Dr. Wasim Kausar, Former IGP, NH&MP
Pakistan Motorway Police has earned the respect and confidence of the public within a short span of time. Common perception about police and policing in Pakistan is hopelessly dismal. Where corruption has become almost a disease in Pakistan affecting every aspect of our political, social and economic sectors, corruption in the police stands out like a sore thumb and its conspicuousness is due to its criticality and impact on good governance of the country and the negative general public view or impression it is bound to create. The country has been contending with the issue of corruption for the last several decades, but its efforts could best be labeled as “fire fighting” attempts at curbing public sector corruption.
Not very long ago the traffic culture on the highway of Pakistan was characterized by a contemptuous disregard for traffic rules, an almost non-existent enforcement apparatus, and a very high ratio of accidents. Every year 700 people lost their precious lives and another 75000 received injuries in road accident. This meant a staggering 19 deaths and 205 injuries per day. The response of the Government of Pakistan to all this was swift and sweeping, and that was the establishment of National Highways & Motorway Police, which was specifically tasked to rectify the situation. This was easier said than done, but the gauntlet was valiantly taken up by the pioneers of the force. It was a gigantic task that needed considerable mental and material input. The same was, however, made available and the force became operational. The result has been a success, that could not only be referred to as exemplary but bewildering as reflected in the National Accountability Bureau (NAB) Report, 2002: –
“With regard to petty and middling corruption, the consensus has been that there is hardly an arm of Government which does not suffer acutely from corruption, with the exception of the Motorway Police.”
Fortunately, Pakistan’s Motorway Police has emerged as a model and an example of a corruption free police. It is commonly believed, supported by studies, that the Motorway Police is actually a graft free police force, created as a result of cultural transformation in policing. Seventy percent of the research on policing in the world encompasses police culture and its effect on police conduct. It has been established by independent research and analysis that prevalent police culture determines the prevalent police conduct with the public. Therefore, it would be naive to expect public friendly policing from a para-military policing outfit. This can only be possible if a strategy is formulated to transform the para-military culture by qualitative improvement in the training ecology and the work station ecology of the organization as reflected below:
The success story of Pakistan Motorway Police revolves around the cultural transformation in police attitude by ensuring qualitative improvement in the training ecology and provision of compatible work station ecology. Needless to say that the service oriented and public friendly police model was the ultimate goal through this cultural transformation.
The research studies into the personality profile of a police officer reveal that the common policeman suffers from a deep seated syndrome which we may name as the “stress prone personality disorder”, caused by one or more of the following factors which lead to his erratic and delinquent behavior, giving rise to ever increasing corruption, moral as well as intellectual, human rights excesses, misdemeanor and misbehavior with the general citizenry and a mindset that police cannot be subjected to any kind of accountability or scrutiny.
TRAINING STRATEGY AND ECOLOGY
T.N.A. to assess training needs
SWOT Analysis : TNA technique
Qualified Instructors
Modern Techniques of Instruction
Syndicate/Participative System
Simulation Exercises
Case Studies
Driving Skills
Respectful Training Environment
Foreign Training
TRAINING
Batches of officers were sent to U.K. (Wales) and Germany for specialized training.
Staff from U.K. Police was called to impart training in Pakistan.
Training in the use of Modern – Electronic gadgets.
Training in first aid to help the injured in accidents.
Refresher Courses.
It would be counter productive to give high profile training to an officer without provision of compatible work station ecology. Therefore, a qualitative change in the work station environment was brought about as a result of the following measures based on international standards: –
WORK STATION ECOLOGY
Manageable span of control
Neat and clean working environment
Camp living
Mess facility
Sports activities
Motivation and Morale
Chain of Command
Shift System and Monthly Rest
Compatible Work Station and Training Ecology
In-built System of Reward and Punishment
Minimum Weaponry displayed
Only Moving Violations checked. No documents seized.
Force responsible for traffic discipline, safety of commuters and initial action in crimes.
It is erroneous to think that repressive or oppressive tactics can control crime and restore order to the society. These are reactive methods of policing. Proactive policing is comprised of preventive measures and community partition to curb crime. Policeman is not only a law enforcer, but is also a peace officer who is expected to resolve conflicts between people. In this manner, the police officer becomes a friend of the people, who receives respect and participation from them. His task, thus, become, easier, creative, interesting and meaningful. Therefore, in order to attract quality police officer, the following incentives were given for their selection on merit in the Pakistan Motorway Police: –
Attractive Salary Package.
One Step Promotion.
Free Bachelor Accommodation.
Shift System (8 Hrs Duty).
Proper Mess Arrangement.
Reward for Good Work.
Free Uniform.
Indoor/Outdoor Sport Facility.
Four Days Rest in a Month.
Free Medical Treatment.
Choice Postings (Near Place of Residents).
On 27th November 1997, this new force started working. After six months, the British trainers paid a surprise visit to see the working of their trainees and were astonished to see the working of their trainees and were astonished to see the efficiency and output. They remarked “this force is working even better than British Police” which is indeed a great comment from a British Police Officer.
It would be difficult to pin down all the contributing factors for the first public friendly and service oriented police organization in Pakistan in this brief article. However, it may be mentioned that this miraculous transformation has been brought about by a cultural swing through qualitative improvement in the training ecology and work station ecology as explained earlier. It may be argued that maintaining law and order and control of crime is the joint responsibility of the society, its political, social, economic and cultural institutions. The police alone cannot handle these problems and the pooling in of the efforts of all is essential. Other state agencies must be involved. Crime and disorder are social theme, which should be projected in their true colors and the policeman’s role should be fitted in to the extent that is needed and relevant and no further. Then alone, the policeman shall be able to adequately and efficaciously acquit himself of a portion of his responsibilities, in the larger context of the criminal justice system. This is part of the dialectics of improvements, which must be allowed to operate freely.
Therefore, it is clearly manifest that policing by consent whereby the policing process takes the public along in its quest for maintenance of public order is a key towards public friendly policing. The success of Pakistan Motorway Police lies in its service oriented functions and assistance to about 1200 commuters in Pakistan each day. From organizational point of view, the most important factor is that this is an officer based organization which works in a shift of eight hours with a manageable span of control as per international standards. The frequently asked question that Pakistan Motorway Police model can be replicated in the district police would require a detailed research paper. However, it can be argued that this not something impossible. It may be pointed out that order in a society depends upon a multiplicity of interacting forces which are complex. It depends upon the distribution of resources, images of relative deprivation, inequities and injustice, coercion, oppression, and greed. It depends upon the inculcation of values of comfort, convenience, dignity, safety of others etc. These values depend upon family, education, environment and neighbourhood pressures with expectations of good behavior.
In this context, it is essential to understand the tensions in rural areas, the phenomenon of migration, and various aspects of urbanization giving rise to police responsibility in providing convenience of movement and general security making the society functional and efficient. Since human relationships are becoming more sensitive in the complex network of dependence, the policeman has to be sensitive to indications of disorder and lawlessness. Therefore, it can be argued that a cultural transformation in the district police is practically possible with a strong will of the Government as in case of Pakistan Motorway Police. However, it may be pointed out that apart from key policy decisions, this change would require a sustainable financial backup in order to ensure quality in policing as stated by Sir, Robert Peele in his address to the British Parliament on Police Reforms in 1907: –
“The quality of policing is directly proportional to the financial aspects of policing. It will be difficult to get a good police without paying for it”
Unquote.
The gist of the above article as per given link:- http://nhmp.gov.pk/?page_id=144 lies in the following sentence:
Quote. “ a cultural transformation in the district police is practically possible with a strong will of the Government as in case of Pakistan Motorway Police.” Unquote.

In a nutshell, it is suggested that the government of Punjab (and all other provinces) must take a leaf out of the success story of the Motorway Police, with the same will, determination and monetary investment, which it has shown in the bringing up of the Metro Bus Services, Orange Line Metro Train System and Safe City projects; otherwise, huge investments in the infrastructure developments will be totally nullified by the decadence in society, mainly created by the old Police system of the British colonial rulers, to serve their own vested interests.

In this regard, the new Police system may be implemented in stages and phases by weeding out old lot of rankers after giving them a decent payout in voluntary retirement scheme and inducting fully qualified and highly trained personnel, after completely separating the three segments of Reporting, Investigation and Prosecution.

Best Regards,
Syed Nayyar Uddin Ahmad
03219402157
Lahore.

Why the government has conveniently buried the issue of recovery of $200 billion Pakistani wealth stashed in Swiss Banks,without giving any weight to the relevant statements of the two Swiss b?

Is there more than what meets the eye?

Why elected and non elected members of the PTI are mum on this issue and not has the courage for questioning their leadership for not digging deeper in this vital issue?

Why the government of Mr. Imran Khan has been misled by his concerned team members that the figure of $200 billion illegal money stashed in the Swiss Banks ($97 billion only in one Swiss Bank) was not worth considering for recovery?

In this regard, Mr. Imran Khan may depute Dr. Ikram ul Haq (world renowned internationally qualified tax expert and a lawyer of Supreme Court) as his special envoy to sort out this issue from the government of Switzerland and other such world countries so that promise of Mr. Imran Khan that he will bring back looted Pakistani wealth is fulfilled at the earliest.

Quote:
“In a detailed response to a question raised by Dr Arif Alvi (MNA), the minister quoted statements by a Swiss banker and a former Swiss government minister: “One of the directors of Credit Suisse AG stated on the record that $97 billion worth of Pakistani capital was deposited only in his bank. Similarly, Micheline Calmy-Rey, a former Swiss foreign minister, is reported to have put the amount of Pakistani money hidden in Switzerland at $200 billion — a statement that was never contradicted,” he revealed.” Unquote.

Link:- https://thelondonpost.net/switzerland-to-return-pakistans-200-billion-in-swiss-banks/

Party is over?

Mr. Cyril Almeida deserve full kudos for writing today a gem of an article titled “The road to nowhere” which shall be remembered by the posterity as one of his best, specially his words “the pantomime on Day 100 was ruthlessly exposed on Day 101”.

In my opinion if PM Mr. Imran Khan does not immediately reshuffle his finance team, the party will be over sooner than later.

If ideology of any ruling party is out of sync with its financial policies, it is not only doomed, but immediately thrown out from the hearts and minds of its own supporters.

PTI won on the promise of reducing poverty (and not minimising corruption as is wrongly perceived because reduction of corruption is not an end, but a means, to minimise poverty) which has increased astronomically in the 101 days of the PT’s era, by obviously induced devaluations, to just please the IMF for implementing its wrong theory that salvation of economy lies in devaluation of currency.

Today, PTI is more unpopular and destroyed by even not yet taking the IMF loan, than the PMLn and PPP were, after actually taking the IMF loan.

The entire leadership of PTI must know that it’s party, honeymoon or pantomime is over, after it committed harakiri, on the day 101 of its rule; and the rest is just, completing its tenure.

Now for PPP, it is a golden chance to resurrect and stage a dramatic comeback on national level, by sacrificing bygone era faces of top leadership.

If India can fetch 34 billion dollars in 2013, Pakistan in 2018 can also easily get $ 20 billion, by this scheme in which even foreign banks give loans at 1% to expatriates for investing in home country, at much higher rates.

If India can do it in 2013 why can’t State Bank of Pakistan lure inflows of billions of dollars through discounted foreign-currency swaps or IMF is the only panacea for our economic woes?

In 2013, the Indian central bank lured inflows of about $34 billion through discounted foreign-currency swaps, helping lift the
rupee from a record low.

Link:- https://m.timesofindia.com/business/india-business/worried-about-rupee-government-mulls-tapping-nris/articleshow/65753431.cms

Syed Nayyar Uddin Ahmad
03219402157
Lahore.

FCNR swap deal: What it means for NRIs

Recently the Reserve Bank of India (RBI) announced several measures to stabilize the Indian
rupee against the US dollar. Among them was a swap deal on FCNR deposits where the RBI has opened a window to the banks to swap fresh FCNR dollar funds, mobilised for a minimum term of three years at a fixed rate of 3.5% per annum for the tenor of the deposit. The swap window will be open until November 30, 2013.
What does this mean and will it impact Non Resident Indians investing in FCNR (B) deposits? We find out.
What is an FCNR account?
An FCNR account is a term deposit account that can be maintained by NRIs and PIOs in foreign currency. This account can be a good option for Non Resident Indians (NRIs) looking to invest in India without worrying about currency risks.
The funds in an FCNR account must necessarily come from your overseas funds. FCNR deposits can be maintained in ‘permitted currency’ which means any a foreign currency which is freely convertible and includes US dollar, Pound Sterling (GBP), Euro, Japanese Yen, Australian dollar, Canadian dollar, Danish Krone, Swiss Frank and Swedish Krona among others.
What are the features of FCNR accounts?

You can open an FCNR account for a minimum term of 1 year and maximum term of 5 years. The interest rates vary between terms and from currency to currency. Rates may also vary between banks. For instance, the rate for a 1 year FCNR deposit in US dollar would be in the range of 3-4% while the same for a deposit in Australian dollar would be 6-7%.
This interest is tax free in India. However, you may be subject to tax in the country of your residence for such interest.
Balances in FCNR can be freely repatriated outside India. You can also use the balance in FCNR account for making local payments in India.
How do banks manage FCNR funds?
Banks raise FCNR funds in various foreign currencies. They then sell the foreign currency in exchange for Indian rupees at the prevailing exchange rate and use the Indian rupees for domestic lending. When the FCNR deposit becomes due for maturity, banks would need foreign currency to pay the depositor. Waiting until the date of maturity to purchase foreign currency would leave the bank open to exchange rate risk. In order to protect this risk, banks hedge their FCNR commitments by entering into forward contracts. To explain with an example, if an FCNR deposit was opened today for a term of 1 year, the bank would enter into a forward contract to buy the foreign currency after a year at a fixed exchange rate. Currently the forward rate is at a premium of around 7% per annum. That means, if the exchange rate today is Rs 65 per dollar, banks would enter into a forward contract to buy the dollar at Rs 69.55 per dollar. This way, the bank hedges any uncertainty arising out of exchange rate risk.
What is the FCNR swap deal?

The swap deal was introduced as a means to encourage banks to attract more US dollars into India. The RBI has promised banks a forward rate at a premium of 3.5% per annum for all fresh 3-year FCNR deposits raised between now and November 30, 2013. So instead of hedging at the rate of 7% per annum, banks are getting this swap deal at 3.5% per annum. This acts as an incentive for banks to raise fresh FCNR funds as it lowers the cost of hedging.
This swap deal is open until November 30, 2013 and only for deposits opened in US dollar for a period of over 3 years.
Will this benefit NRIs?

NRIs are likely to be swarmed with offers from banks to open FCNR deposits. For an NRI, the FCNR deposit itself can be an attractive proposition because the interest rates on US dollar deposits are in the range of 3-4% per annum as compared with rates as low as 1% in the US. Further, this interest is tax free in India and there is no currency risk.
The swap deal may not necessarily impact NRIs directly unless banks decide to share their gains and increase the interest rates on these deposits.
However, according to reports, what is happening is that foreign banks are rushing to lend funds to NRIs who can invest the money into FCNR deposits. For instance, an NRI would invest $100 of his own funds and borrow $400 from the US branch of his bank. The interest rate on the loan would be say 1%. The NRI would then open an FCNR account in the Indian branch of the bank and earn interest of 4%. At the end of year 1, he would make a total interest of 4% on his own funds of $100 and a net interest of 3% on the borrowed funds of $400. That makes a total interest of $16 or 16% of the original investment. For banks too, this is a win-win as their loan gets covered by the FCNR deposit and they get access to funds at a lower cost.

Link:- FCNR swap deal: What it means for NRIs – Times of India https://timesofindia.indiatimes.com/nri/other-news/FCNR-swap-deal-What-it-means-for-NRIs/articleshow/23309748.cms

Syed Nayyar Uddin Ahmad
03219402157
Lahore.

Subject:-Credibility of any statesman and leader is the most priceless asset, which must never be compromised under any circumstances.

Dear Mr. Imran Khan Sahab.

AoA.

Sir,

Mr. Muhammad Zubair ex. Governor Sindh tonight offered in the ARY News program titled “Power Play” that he can arrange for PTI government, deferment of IMF’s loan repayments for one year.

In this regard, your kind attention is invited towards my proposal (emailed on 10 October 2018) for seeking moratorium on payment of loan instalments from IMF titled “Mr. Prime Minister we have seven other options to avoid IMF loan” posted on 14 October 2018 at www.snayyar.com
link:-

All round confusion in government – Sure recipe for defeat

The details of the one of the seven options to avoid IMF loans are quoted as below:

Quote:

“1 (a). Pakistan was economically devastated in fighting the American/NATO imposed War on Terror (as a front line State) suffering over $ one trillion losses in the shape of losses of human lives, financial and opportunity costs and damages to its goodwill and infrastructure; one example of which is that during this period Bangladesh moved ahead in education, family planning (1% population growth) and exports (45 billion USD/ year) which consisted mainly of textiles, by getting competitive edge over our textile industry, with zero percent tax for BD produced textile items (in developed countries) like towels and bedsheets etc., while Pakistani textiles were charged 20% tax, resultantly our products became uncompetitive and exports reduced from 25 billion USD to 20 billion USD per year.
1(b). In view of the foregoing, rather than going for borrowing from IMF we should seek (with diplomatic help as well) a moratorium on repayment of loans for five years and side by side implement the following scheme, to build up our foreign exchange reserves, so that economic crisis could be overcome with some out of box thinking to tackle the economic crisis from both supply and demand sides:” Unquote.

In this regard, when your government officials sings the mantra in unison that government has no other option except to resort for loans from the IMF, it leaves an adverse impression that government has decided for not to explore any other available option (which are many) and all the anti-poor pre-conditions of loans from the IMF will be accepted, without any hesitation, considering it, as the most easy option, leaving the poor in the lurch.

As such, necessary orders may be issued to all the concerned in the Finance Ministry to submit you a detailed report, why all other available options were not explored, before deciding to accept the loans from the IMF, which torpedoed your stated policy of never seeking loans from the IMF.

Credibility of any statesman and leader is the most priceless asset, which must never be compromised, under any circumstances.

Best Regards,

Syed Nayyar Uddin Ahmad

Dear Mr. Imran Khan Sahab

AoA.

Sir,

We take this opportunity to wish you all the success in your forthcoming visit to China.

In this regard, it is suggested that in order to bring Chinese investments in agricultural sector in Pakistan, your government may decide to immediately form a subsidiary company under Zarai Taraqiati Bank of Pakistan, with main task of funding, assisting and collaborating Research and Training with Agricultural Universities and Agricultural Research Institutes of Pakistan, to take Pakistan from primitive agricultural practices to the modern agricultural levels, for bringing a revolution in the country; which according to Mr. Asif Sharif [ I call him Pakistani Steve Jobs & a priceless genius of Pakistan] who is a world renowned, highly experienced & qualified Pakistani expert in modern agricultural practices, has the authentic potential to generate (within 2-3 years) an exportable agricultural produce surplus of over $20 billions. Few examples of which (according to Mr. Asif Sharif) are given as below.

~ We can produce sugarcane free of cost by multi cropping. Wheat covers the entire cost and sugarcane is totally free.

~ Production cost of wheat is Rs.950/40 kg, adding overheads, it costs Rs.1700. International price is less than Rs.800. Only in Sindh, we have 1.7 million tons wheat piled up since many years, rotting outside. On top of that it doesn’t meet international quality standards.
We can produce certified quality wheat at less than Rs. 100/40 Kg., instead of Rs.1700/40 Kg.

~ Over 70% water savings even on rice crop. Traditionally 5,000 to 7,000 litres of water (huge usage of already scarce water) is used to produce 1 kg repeat 1 Kg of rice.

In my humble opinion, Mr. Asif Sharif may also be included in your team of experts or appointed CEO (as he possesses vast corporate experience of multinational companies with travel experience of around 100 countries) of the proposed subsidiary of the ZTBL, which also has the potential to generate about 5 million jobs in the above referred agricultural revolution.

Mr. Asif Sharif and Dr. Ikram ul Haq, who is a world renowned Pakistani expert in Taxation and Law having tangible/solid contacts in Chinese Party circles as well, and can lure their businessmen for investment in agricultural sector in Pakistan, may also be included in your official entourage for visit to China.

Best Regards,

Syed Nayyar Uddin Ahmad