NOT-BY-PROFIT

Standard Chartered Bank Pakistan Ltd has delivered a record profit before tax of PKR 50 1 billion, registering an increase of 102 percent year on year Performance was driven by strong income growth as well as continued cost and risk

PAF contingent lands back after successful par ticipation in exercise spears of vic tor y, 2023

The contingent of Pakistan Air Force landed back at an operational air base of PAF after successful participation in Exercise Spears of Victory, 2023 held at Air War Centre

Dhahran (King Abdulaziz

Air Base), Kingdom of Saudi Arabia The adroit PAF Pilots upheld their mastery and legacy of professionalism amongst the aircrew of the eight participating air forces

During the exercise JF-17 fighter of Pakistan Air Force was pitched against multiple state of the art fighters of the world, where the PAF s fighter jet proved its combat potential and agility Pakistan Air Force fighters also practiced multiple tankings in one go from Dhahran to Peshawar through PAF s own tanker IL-78 aircraft after the culmination of the exercise The non-stop flight of jets through inflight refuellings is yet another milestone marking a momentous stride towards unconquerable aerial defence of motherland The indigenous and imperative achievement reflects the sound foothold of operational training of PAF personnel in line with the latest developments in aerial warfare P R

Monitoring Committee reviews arrangements for census at Planning

Ministr y

Minister PD&SI appreciated PBS on successful launch of first Milestone i e Self-EnumerationPortal “An Innovation” and directed all stakeholders for following the timelines of Census and assure credible, reliable and transparent Census Sixth Meeting of Census Monitoring Committee was held, under the chair of Minister of Planning, Development and Special Initiatives, Prof Ahsan Iqbal on 21st February, 2023 at 12 30 pm in M/o PD & SI Professor Ahsan Iqbal

Federal Minister PD&SI chaired the sixth meeting of Census Monitoring Committee (constituted in pursuance of decision taken in 49th meeting of Council of Common Interest (CCI) held on 13th January, 2022 to oversee/ monitor Census activities to ensure an expeditious, transparent and credible census operation) on 21st February 2023 at Planning Commission S ta f f R e P o R t

BoP announces financial results for year ended Dec 31, 2022

Lahore: A meeting of the Board of Directors of The Bank of Punjab (BOP) was held on February 17, 2023 During the meeting, annual audited Financial Statements of the Bank for the year ended December 31, 2022 were approved by the Board The Board, while reviewing financial performance of the Bank, appreciated the efforts of Management for showing remarkable financial results despite very challenging economic conditions and political uncertainty along with once-in-a-lifetime natural disaster, i e the super floods of 2022 inflicted losses of USD 30 billion to our fragile economy and to the livelihoods of more than 30 million citizens

The Board noted with pleasure that despite all the headwind due to global and macroeconomic conditions, Bank has improved in all areas of operations and overall performance has remained well aligned with Bank s strategic business plan This is being acknowledged by the Market as during the period under review, BOP has been awarded with 11 prestigious domestic and international awards and accreditations during one year which is unprecedented and exceptional in the industry, including; the Corporate P R

DR Abdul Wahid, author of Dawn, highlights the role of real estate in Pakistan's economy and its impact on the country s financial landscape The real estate sector in Pakistan is plagued with numerous issues including overpricing, artificial growth, and various manipulations speculation and lack of transparency and regulation in the industry have resulted in significant asset-price bubbles leading to a volatile market Moreover, the lack of reliable data has made it challenging for investors to make informed decisions similar to the casino sector, the real estate market has created a pricing bubble, which has widened the gap between intrinsic value and market value This has resulted in an affordability crisis as the cost of housing has outpaced the wealth growth of the middle class information cascades media conditioning under state patronage, and speculative investments are driving the market expatriates use information casc a d i n g t o m a k e r e a l e s t a t e i n v e s tm e n t d e c i s i o n s , w h i c h r e f e r s t o decisions made by people based on t h e a c t i o n s a n d d e c i s i o n s o f t h o s e a r o u n d t h e m T h e a c t i o n s o f o t h e r s act as guidance for those seeking to avoid the uncertainty of personal decisions Additionally, various housi n g s o c i e t i e s h a v e a g r e e m e n t s w i t h r e n o w n e d e d u c a t i o n a l i n s t i t u t i o n s , h o s p i t a l s , a n d s c h o o l s , f u r t h e r i ncreasing real estate prices institutional naming is a powerful marketing tool that contributes to t h e p r i c i n g p r e m i u m , a s i t c a n i nc r e a s e t h e p e r c e i v e d v a l u e o f a n y p r o p e r t y M o r e o v e r t h e u s e o f t h e n a m e o f g o v e r n m e n t i n s t i t u t i o n s without their respective permission i s a s e e m i n g l y l e g a l p a r a d o x t h a t creates a sense of security and prestige, leading to artificial growth and a price boom in the market

The housing market in Pakistan has seen a financial boom in recent years However this growth is artificial and not driven by organic economic growth instead, it is fueled by factors like speculative investments

Reviving the inheritance tax

islamabad N e w S d e S k Afshan subohi, a Dawn author, argues that burdening ordinary citizens with additional levies is inhumane when the government fails to provide basic amenities and security she calls for a revisit of the regressive tax framework in Pakistan and suggests tapping into the piles of unearned wealth accumulated by the elite class

Recently, an amendment in the Finance Act 2022 ruled to tax capital gains on the sale and purchase of property, including gifted and inherited estate, which experts believe has revived inheritance tax

However, some are against the move, considering it an additional burden on people and companies already in the tax net, and believe the government should broaden the tax net instead

Pakistan had an inheritance tax called estate Duty Act 1950 for 29 years until it was abolished by General Zia ul Haq Afshan subohi highlights that M Abdul Aleem, secretary General of the overseas Chamber of Commerce and industry, recognized the utility o f i n h e r i t a n c e t a x i n d e v e l o p e d countries but believes that Pakistan, with over 40 taxes, including provincial and local ones, is not yet ready

S elf enumeration por tal set up at PBS for first- ever digital census

Federal Minister of information Technologyand Telecommunications, syed Amin ul Haqueinaugurated the seLF eNUMeRATioN PoRTAL of 7th Population and Housing Census 2023 as PBs isgoing to conduct Pakistan’s first ever Digital Population and Housing Census

The ceremony was attended by stakeholders provincial functionaries, demographers and senior officers of PBs Upcoming 7th Population and Housing Census is a paradigm shift towards digitization self-enumeration is one of the innovation and convenience that this Digital Census has brought in statistical system of Pakistan Through self enumeration portal, it is easy to enter household information After completing this milestone, Pakistan will become the first country insouth Asia to offer the facility of self-enumeration” Chief Census Commissioner Dr Naeem uz Zafar appraised the participants of the ceremony He further informed that Geo tagging, Tablet based data collection, real time mon- itoring, Complaint management system and computer assisted telephonic interviews for quality assurance will link the whole process with credibility, reliability and transparency

He appreciated the efforts of PBs and collaborating partners for working day and night for achieving this milestone Mr Muhammad sarwar Gondal Member ResourceManagement /support services informed the participants about the background and efforts that were made to achieve the goal of Digital Census in Pakistan

KaRachi P R

Pakistan Navy, Pakistan Maritime security Agency (PMsA) and Anti-Narcotics Force (ANF) seized narcotics worth Rs 3Bn in a joint intelligence based counter narcotics operation in North Arabian sea The arrested smugglers and confiscated cache has been handed over to ANF for further legal proceedings

The successful joint anti-narcotics operation by Pakistan Navy, PMsA and ANF reaffirm resolve to deny illegal activities in maritime zones of Pakistan and to synergize efforts of Maritime Law enforcement Agencies in ensuring security of our waters

PR

Chief executive iesCo dr Muhammad amjad khan iesCo management and field formations have always tried to address the issues of esteemed customers on priority basis while at the same time ensuring the provision of best services to them in the same spirit and with a sense of professional responsibility, iesCo information cascades, and media conditioning under state patronage The market is at a strong risk of crashing in case of dried foreign investments or if the government decides to introduce strict and controlled policies

As a result, the gap between investors and the real estate market endusers is widening, creating a severe housing affordability crisis in Pakistan This has ultimately turned out to be a bogeyman for middle-class endusers and an economic bogeyman for the state it is crucial to address the issues plaguing the real estate market to ensure sustainable economic growth and development in the country

To read the full article visit www dawn com for it

However, saroop ijaz, a prominent lawyer associated with the Human Right Watch, rooted for inheritance tax and dismissed grounds for its opposition, stating that it was part of a larger attempt to take an aboutturn in the nation’s march towards progressive taxation

To read the full article visit www dawn com

coMsATs University islamabad response on controversial english composition quiz

A matter dated January 5, 2023, regarding an objectionable quiz was highlighted on social media recently The COMSATS University Islamabad (CUI) has always taken academic integrity very seriously In the instant case, a visiting faculty hired temporarily for a semester, used inappropriate and unethical content in a quiz Being not in line with the values and norms of any educational institution, resultantly, the CUI acted as per rules and regulations, by sacking the visiting faculty and blacklisting him for any future employment at CUI As per details, a visiting faculty was hired on temporary basis to teach two courses for Fall 2022 semester at COMSATS University Islamabad (CUI), Islamabad Campus The matter, regarding the unethical contents of the quiz of the subject, English Comprehension and Composition, was reported by the Head, Department of Humanities, CUI Islamabad Campus on January 05, 2023 A meeting was convened on the same day under the convenorship of the Rector CUI where it was observed that the contents of the quiz were highly objectionable and unethical Keeping in view the severity of the matter, the services of visiting faculty were immediately terminated, and he was blacklisted for any future employment at CUI It is important to note that as per practice each course is evaluated during a semester through a minimum of four quizzes, four assignments, a mid-term exam, and a final examination As per practice, final and mid-term exams are submitted in sealed envelopes by a faculty member to the Head of Department

However, quizzes announced or unannounced, are conducted by a faculty member during the scheduled classes without any external moderation, similar to any other university In this specific instance, the quiz (not exam) was given solely by the visiting faculty member as per practice

Nevertheless, keeping in view the rules, regulations, ethical and cultural values of the University, a severe action was taken right away P R