Epaper – November 13 KHI 2020

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Friday, 13 November, 2020 I 26 Rabi-ul-Awwal, 1442 I Rs 15.00 I Vol XI No 134 I 12 Pages I Karachi Edition

PM urges overseas Pakistanis to invest in nPCs for better returns

ISLAMABAD

P

staff report

Rime minister imran khan has urged overseas Pakistanis to invest in their home country and earn better returns. addressing the launching ceremony of Naya Pakistan Certificates (NPC) on thursday, the prime minister asked the State bank of Pakistan (SbP) to devise a new product to attract overseas Pakistanis to invest in the country. “it is when you’re away from your country, you care about it the most. this is

true for Pakistani expatriates who are the biggest investors for the country,” the premier stated. he said that overseas Pakistanis have proven their mettle in every field and they own wealth equal to the total GdP of Pakistan. “We can convince overseas Pakistanis to invest their dollars in Pakistan by providing them with an enabling environment.” talking about the government’s efforts to revamp the economy, imran khan said that all economic indicators are showing a positive trend. he said the current account deficit has become surplus for the

first time in the last 17 years; exports have witnessed an increase of 24pc; while remittances have been on the rise for the last five months. “Record cement sales indicate that the construction industry is flourishing,” the Pm noted. “the economy is now heading in the right direction and Pakistan has come out of the difficult period.” on inflation plaguing the country, the Pm said untimely rainfalls caused great damage to wheat crops, while food security issues also surfaced due to the Covid-19 outbreak. he added that the “mafia” in sugar industry played an instrumental role to cause the crisis and asserted the government will henceforth ensure to tighten the noose around them. imran khan linked rupee devaluation to hike in commodity prices, saying “when the dollar appreciates against the local rupee, it renders commodities and groceries expensive; however, the rupee has been performing well now and it is towards stability”. it may be noted that Naya Pakistan Certificates (NPCs), which are being introduced to facilitate overseas Pakistanis in the opening of a Foreign Currency Value account (FCVa), are for those who have declared assets abroad with the Federal board of Revenue (FbR). earlier, Senator Faisal Javed had said that NPC holders will get up to 7pc return in US dollars and 11pc in Pakistani currency, whereas islamic Certificates (Shariah-compliant) are also being offered by the central bank. “the certificates will be made available for a period of three months to five years while early encashment is allowed,” said Faisal Javed. “No tax filing is required for Non-Resident Pakistanis (NRP) and only 10pc withholding tax will be charged on profits.”

LHC suspends JIT, FIA notices to sugar mills of Sharif family, Tareen LAHORE staff report

the Lahore high Court (LhC) on thursday declared null and void the notices sent to sugar mills owned by the Sharif family and Pakistan tehreek-e-insaf (Pti) leader Jahangir khan tareen by the joint investigation team and Federal investigation agency (Fia). in its inquiry report made public last month, the Competition Commission of Pakistan (CCP) had noted that the Pakistan Sugar mills association (PSma) has maintained cartels among its members not only to protect inefficient mills but also to keep the commodity’s prices high. in their petitions, the complainants had maintained the agencies did not have the authority to conduct such inquiries. their respective counsels told the court the federal government constituted an inquiry commission to probe the sugar crisis on march 16. the commission, they said, levelled “baseless” allegations of “corporate fraud” on the mills. according to the petitioners, the cabinet’s directive to take action against the mills was unlawful. in their appeals, the petitioners had requested the court to declare the Jit’s notice seeking records from the Sharif family’s alarabia Sugar mills as null and void.

Pakistan

Bilawal, Maryam foreseeing defeat in GB polls: Faraz

CONFIRMED CASES:

g

Coronavirus in

349,992

Sheikh RaSheed teRmS PmL-N VP's StatemeNt ‘iRReSPoNSibLe’ ISLAMABAD

DAY'S DEATH TOLL:

34

RECOVERED:

NEW CASES:

1,808 DEATHS:

320,849 7,055 SINDH:

PUNJAB:

152,072

108,221

KP:

BALOCHISTAN:

AJK/GB:

ISLAMABAD:

41,258

16,226

5,041/4,409 22,765

Federal minister for information and broadcasting Senator Shibli Faraz has said that the meeting of Pakistan People’s Party (PPP) Chairman bilawal bhutto-Zardari and Pakistan muslim LeagueNawaz (PmL-N) leader maryam Nawaz is indicating their defeat in Gilgit-baltistan (Gb) elections. in a tweet on thursday, the information minister said that these parties are planning how to make hue and cry by using a rigging mantra in the elections after their defeat. he said that only those elections are fair for these parties in which they secure victories. he added that such meetings cannot brighten the bleak future of the Pakistan democratic movement (Pdm). meanwhile, Railways minister Sheikh Rasheed on thursday termed PmL-N Vice President maryam’s statement ‘irresponsible’. talking to a private tV channel, Rasheed said that people gave mandate to Pak-

more inside

Mob vandalises mosque in India’s Bihar after BJP win STORY ON BACK PAGE

staff report

LAST UPDATED AT 7:30 AM ON NOVEMBER 12, 2020

the two-member LhC bench, comprising Justice Shahid karim and Justice Sajid mehmood Sethi, accepted the mills’ petition while announcing the reserved verdict on thursday. the court also quashed the notices sent to the sugar mills by the Securities exchange Commission of Pakistan (SeCP). the bench further observed the SeCP failed to play its role in accordance with the law. it further maintained that the Fia had the right to conduct an inquiry but the laws under which the inquiry can be conducted have to be ascertained. the court observed that it will elaborate on the Fia’s powers in the detailed order that it will issue. the complainants had also prayed to the court to also declare unlawfully, and consequently null and void, the federal government’s directives to the commission to conduct an inquiry against the al-arabia Sugar mills and tareen’s Faruqi Pulp mills. the court was also asked to have the show cause notices issued to the mills retracted and bar the commission from harassing them. the LhC had earlier reserved the ruling in the case after listening to all the arguments, and on thursday, temporarily accepted the petitioners’ appeals while announcing the verdict.

PhC Chief Justice Waqar Seth dies of coronavirus STORY ON PAGE 03

Maryam says talks with establishment conditional to PTI's ouster STORY ON PAGE 03 istan tehreek-e-insaf (Pti) in general elections 2018. the government is not going anywhere, he added. terming maryam’s statement as a sign of her immaturity, he said that when PmL-N has decided not to meet anyone,

why is she [maryam] now talking about contacts and meetings. Rasheed said that PmL-N wants to come into power by overthrowing the incumbent government. he said that PmLN’s narrative will not serve and the people in Gb will vote for Pti.

Lahore sees peak pollution as coronavirus surges STORY ON PAGE 02


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