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350 marble factories shutting down in protest Page 02

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Thursday, 15 March, 2012

OICCI recommends broadening tax base KArAchI

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STAFF REPORT

He Overseas Investors and Chamber of Commerce and Industry (OICCI) has once again stressed the need to document and tax all sectors of the economy to broaden the tax base and eradicate tax evasion. In order to ensure documentation of all segments of the economy OICCI has recommended that all legal entities including individuals, association of persons, corporate and NGOs/NPOs should file annual tax returns, as well as wealth statements, irrespective of their source of income, if the total income for the year is in excess of the Government approved threshold which currently is Rs350,000. In case the earned income falls under the exempt category then exemption may be claimed separately. Furthermore all such individuals and legal entities should get themselves registered and obtain their NTN (National Tax Number) and tax authorities should ensure that all NTN holders file tax returns. Some of the measures suggested by OICCI to increase the documentation and reduce tax evasion/avoidance include: -Subject to legal provisions, FBR should obtain details of all customers of financial institutions whose investments exceed a certain threshold during the year. -Art exhibition halls, hospitals, hotels holding large receptions for catwalks & sale of branded/designer dresses, airlines, travel agencies, etc should be asked to provide names and addresses of their customers beyond a minimum threshold to the FBR. -FBR to regularly interact with leading tax and administrative experts to determine additional measures required for enlarging the number of tax payers and

taxable entities. “OICCI’s Budget Proposals are balanced and aim at broadening the tax base, providing incentive to the honest tax payers and above all enhancing the documentation of the economy. The proposals also recommend certain structural and procedural changes to improve the overall taxation framework in the country” said by Mr Humayun Bashir, President OICCI. Humayun Bashir added that to build confidence the result of FBR’s efforts on the 700,000 affluent people who were identified in 2011 as potential tax evaders/assessees should also be shared with public. He also suggested that people declaring income above Rs10 million annually or paying taxes in excess of Rs2 million annually be given special privileges and recognition cards and special counters at immigration etc. Highlights of the OICCI Taxation Proposals for 2012-13 are identified in the following four sections: I. Rationalising and Broadening tax Base Concrete measures on the part of the government are needed to enhance revenue collected via tax receipts. OICCI recommends doing so by increasing the number of taxpayers as opposed to taxing the already taxed. II. Improving Tax Collection and Investment environment A country’s tax system and its hassle free implementation are key determinants of its investment environment. In Pakistan, the organised sector is subject to high levels of compliance whereas the unorganised sector appears to have an implied amnesty. To overcome these gaps, several mechanisms, structural and procedural recommendations have been outlined in this segment. These proposals will not only assist in reducing the burden on the already taxed segment, it will aid in improving the

Business community of twin cities shows concern over FBR harassment ISLAMABAD STAFF REPORT

Representations of various business sectors including Islamabad Stationers Association (ISA) and Pakistan Computer Association (PCA) have shown resentment over the tactics used by the Federal Bureau of Revenue’s (FBR) on undue harassment of business community of the twin cities. At an emergency meeting of the two business associations, speakers expressed grave concern over the issuance of notices to the business community, both from the Directorate of Intelligence and Investigation, FBR Lahore as well as Karachi on the pretext of alleged tax fraud. They said the harassment should stop immediately and proper procedure of law should be followed. They added that any case related to Rawalpindi and Islamabad areas should be referred to concerned RTO offices. The representatives of business community said that all related procedures of Federal Bureau of Revenue’s regarding issuance of invoices and charged inputs are being followed by the business community and the same have been accepted by the concerned departments. However, they said in case of any discrepancy or omission, proper procedures need to be adopted to intimate about such cases. They said that any harassment by Federal Bureau of Revenue’s to business community would be unacceptable. Therefore, the high officials of Federal Bureau of Revenue’s should look in to matter and protect business community from such negative tactics being employed against them.

tax culture in the short run and increase the tax base in the long run. Income Tax i. Uniform tax rate of 30% should be introduced for all businesses irrespective of their legal status in order to encourage corporatization and expansion of companies. ii. Abolishment of discriminatory practices like Final Tax Regime (FTR), as well as Minimum Tax Regime, which should not be applicable for companies who should be taxed only under the Normal Tax Regime(MTR). As a transitory phase the FTR or MTR should be made more reasonable and applicable in a standard manner across industries, to help increase collections while providing greater equitability among tax payers. iii. Clarity and re-phrasing needed in section 65 D & e, for encouraging reinvestment of capital and retained earnings in new manufacturing facility. SaleS Tax i. Improving the timelines of returns processing both for collection and refunds. ii. The disparity in Rule 12(5) should be removed, to bring in line with the provision of newly inserted Sub-section 3 of section 21 of Sales Tax Act 1990, to ensure that the buyers are not restricted from their legitimate claim, if requirements of section 73 are duly fulfilled. iii. The requirement for withholding Sales Tax at one percent of the value of taxable supplies with respect to goods purchased from registered persons, other than registered in LTU, should be withdrawn. cuSTom DuTy i. The value determined under the Customs Act, 1969 should be used as the basis for valuing imported goods by the Commissioner of Income tax. ii. The proof that goods exported from Pakistan have reached Afghanistan should

SBP chides banks for issuing demonetised banknotes be verified on the basis of documentation by Pakistan Custom Authorities instead of Afghan Authorities. FeDeral excISe DuTy i. FeD on Royalty payments for technology transfers and product know-how should be withdrawn. Further, the adjustment of the duty paid on franchise fee should be allowed as in VAT mode. ii. Adjustment of input FeD should be on the basis of purchase invoices or the Goods Declaration forms in case of imported goods as allowed under section 7 of the Sales Tax Act, 1990. ProceDural/ STrucTural SuggeSTIonS i. Allow net settlement of various direct and indirect taxes subject to company audit. ii. Develop linkages between the databases of Customs, excise, Income and Sales Tax so that the tax payer can adjust/ offset his tax liabilities against refund of these levies and vice versa. iii. To effectively reinstate the concept of taxing global income, the restriction of set off of foreign losses against only subsequent foreign income needs to be removed. iv. A separate ‘Research and Analysis Unit’ should be setup, within the FBR. v. Large Tax Unit initiative was introduced in 2002 for facilitating large tax payers. However, over the years , under pressure to generate more revenue from the same source, it appears, that the objective of LTU facilitation has been lost There is an urgent need to re-store the LTU facilitation concept in real terms. III. Facilitation of Foreign Direct Investment In order to contribute to the growth of the economy and provide jobs for the youth of the country the government must attract foreign direct investment (FDI), particularly in the manufacturing sector which is most able to create jobs.

KArAchI STAFF REPORT

The State Bank of Pakistan (SBP) has once again advised all commercial banks and microfinance banks (MFBs) to desist from issuing the demonetised banknotes of Rs5 and Rs500 (old design and bigger size) to their customers and general public. They have also been asked by SBP to educate their customers and general public for surrendering these demonetized banknotes to their branches and field offices of SBP Banking Services Corporation. This directive has been issued by SBP through issuing a circular on Wednesday after it came to its notice that some commercial banks were issuing these banknotes despite their demonetisation and the regulator’s clear instructions to surrender the demonetised banknotes to the nearest/linked field offices of SBP Banking Services Corporation (SBP BSC). The central bank also reminded the general public that the above-mentioned banknotes have been demonetised and cannot be used as a legal tender. “General public is requested to exchange the banknotes of Rs500 and Rs5 from banks and SBP BSC field offices by the stipulated dates ie the last working day of September, 2012 and the last working day of December, 2012 respectively,” it said.


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Thursday, 15 March, 2012

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LCCI sees productive potential in cottage industry

UBL to transfer bonus shares to employees under Rs250m Trust KArAchI STAFF REPORT

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STAFF REPORT

He Lahore Chamber of Commerce and Industry Wednesday pledged to expedite its efforts for the early establishment of Cottage City on the pattern of Industrial estates in the country. The pledge was made by the LCCI President Irfan Qaiser Sheikh while speaking at the oath-taking ceremony of newly elected office-bearers of Sewing Machine Association. Chairman of the Association Ghulam Sarwar Hajvari also spoke on the occasion. The LCCI president said a little attention towards cottage industry could help the government get rid of many economic problems including unemployment and poverty that have now started taking their toll. The LCCI president said the cottage industry is widely acknowledged solution to fast increasing poverty and urbanization but unfortunately the

governments in the past had failed to give a clear cut plan for strengthening this important area of business. The LCCI president said that cottage industries have also gained immense importance world over. There is great demand for hand-woven carpets, embroidered work, brassware, rugs and traditional bangles. These are also considered important export items and are in good demand in international market. He said that a program for developing and promoting cottage industries both in rural and urban areas is more feasible as compared to large scale industries that need huge resources. When people are employed gainfully in villages, the migration of people from rural to urban areas will reduce. The acute problems of housing, sanitation, education, transport and health will be reduced in urban areas, the LCCI President added. The LCCI president said the Lahore Chamber of Commerce and Industry would continue to facilitate the cottage

industry people in the larger interests of the country. Speaking on the occasion, Chairman Sewing Machine Association Ghulam Sarwar Malik urged the government to allocate a piece of land measuring 100 acres for Cottage City in the province so that the people attached with the cottage industry could be able to work for the economic well-being of the country. He said the industry having a workforce of 25 people and having a turnover of Rs15 million per annum should be declared as cottage industry. He also urged the government to evolve a joint methodology in collaboration with the Lahore Chamber of Commerce and Industry for increasing the exports of cottage industry products. He said there was no second opinion about it that the Cottage industry has been a building block of economic development. It is, he added, the first form of manufacturing and pave the way for the industrial revolution. On the one hand cottage industry provides income to the state while on the other hand, it creates

employment opportunities but unfortunately the step-motherly treatment of the successive governments towards the cottage industry has played havoc with it. He said cottage industry is the major victim of the electricity shortage and the recent recession because they don’t have the resources to generate their own power or stock their production in recessionary periods. They tend to eat whatever capital they have during the recession therefore they deserve more facilitation from the government as compared to the regular sector. earlier, the LCCI president Irfan Qaiser Sheikh took oath from the newly elected Chairman of Sewing Machine Association Ghulam Sarwar Malik, President Haji Ch. Javaid Iqbal, Vice President Sh. Saeed Qaiser, General Secretary Mohammad Imran Mirza, Joint Secretary Amjad Ilyas, Press Secretary Shahzad Aslam and Treasurer Imran Alvi.

Rs2 billion allocated to supply management of livestock and poultry

UK serious about increasing commercial ties with Pakistan

United Bank Limited (UBL) has decided to settle a Rs250 million employees Trust to reward, motivate and retain high performing executives and officers of the bank, profit learnt Wednesday. According to industry sources, the bank on Tuesday, March 13, signed a Trust Deed in respect of the UBL employee Motivation and Retention Trust, 2011 for setting up the employees Benefit Scheme 2011. The Trust is envisaged to acquire the bank’s share from the open market and keep them in the Trust to be distributed to the selected officials. With the UBL having no involvement in its functioning, the Trust would be managed by the Board of Trustees that would work independently to run the body. Under the scheme, which secured nod of the bank’s Board of Directors in its February 21st meeting, the selected officers would be benefited through being entitled to bonus shares of the UBL.

Punjab govt to facilitate industrialists LAhOrE STAFF REPORT

LAhOrE

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STAFF REPORT

STAFF REPORT

Francis Campbell, the Deputy British High Commissioner and Director for UK Trade and Investment (UKTA) said UK is serious to increase bilateral ties with Pakistan and clearly issued stance to investors to invest in Pakistan. “UKL stance is very clear to its inventors about trade and investment in Pakistan and suggested them to invest in Pakistan’, he said responding to a question about the US threat to Iran and positive development on Iran-Pakistan gas Pipelines project. He said european Union (eU) had imposed sanctions on Iran and it was clear to every one but there was no issue to invest in Pakistan. He said Pakistan has 185 million people vibrant and resilient market. “UK is keen to invest in Pakistan so thus I am here to talk with Business Forum Punjab (BFP) representatives”, he added. Francis said that UK supported Pakistan’s demand of market access in eU Brussels, and will also support in future too. He said in 2011 both Pakistani and UK prime ministers wooed to increase the bilateral trade to increase 2.5 billion pound sterling till 2015 and last year it was increased by 16 per cent. He hoped that if the present pace will continue then it would achieve the target. He said that one of the biggest retail store has been opening its store next month in Karachi and UK investors keen to come to Lahore as well. He said negative perception about Pakistan was hurting investment. He said with the change in perception more foreign investment will pour in to Pakistan. He said that joint working of UK and Pakistan will attract investment in Pakistan. He congratulated the GFP team for establishing a forum of businesses. “I will assure that as UK government representative I will do my best to create business to business linkages, when businesses talks role of government reduce’, he said.

Provincial Minister for Agriculture and Livestock, Malik Ahmad Ali has said the development of agriculture, livestock and poultry sector is the top priority of the government and a sum of two billion rupees have been allocated for improvement of supply chain management of these products, under which products of global gap and international feature standard are being produced. He expressed these views while addressing a 2-day international livestock and poultry congress at Aiwan-eIqbal here today. Secretary Livestock Hamid Yaqoob Sheikh and a large number of scientists from all the four provinces and Gilgit Baltistan were present on the occasion. The minister said due to revolutionary measures of chief minister Punjab, a bumper crop of rice, cotton, wheat, sugarcane and maize has been achieved. He said Punjab is playing an important role in the economy of the country due to which the country is not facing shortage of milk and meat. He said that 55 per cent of GDP is being achieved from livestock and poultry.

Under directive of CM Punjab Muhammad Shahbaz Sharif, the Punjab Board of Investment and Trade would provide one window facility to industrialists, enabling them to invest in various fields and help improve the economic activities in the province. This was stated by Dr Miftah Ismail, Vice Chairman Punjab Board of Investment and Trade, while presiding over a meeting at Faisalabad Chamber of Commerce and Industry (FCCI) today. Director General PBIT Habib Gilani, President FCCI Muzammil Sultan, Chairman FeDMIC Kh. Asim Khurshid, Deputy Director Jilal Ahsan, eDO Agri. Ishtiaq Hassan, DO Livestock Dr. Abdul Rehman, AC Sadar Shafiullah Khan and Vice President FCCI Rehan Wasim Bhrara and members of the chamber also attended.

350 marble factories shutting down in protest g

Thousands of employees fear losing jobs g Country to miss exports target KArAchI GHULAM ABBAS

Over 350 marble factories in the city are going to be closed from Saturday in protest against the increasing number of extortions in the industrial area. Hundreds of industrial units of marble in a meeting on Wednesday have decided to shut factories as the last resort to avoid life threats given by the extortionists in case of not paying the demanded amount. Talking to Profit, Sanaullah Khan Chairman, All Pakistan Marble Mining, Processing and export Industry said that the decision has been taken unanimously by the owners of over 350 marble factories located at Qasba Colony area of the city as they had no option left. As the government has failed to give protection to the marble exporters who are already facing losses in view of the hours’ long power breakdowns and criminal activities, the businessmen would prefer to save lives while keeping their factories closed. Factory owners in the city’s volatile neighborhood have started receiving ex-

tortion slips and threats of dire consequences in case of non-payment. “extortionists are now freely distributing the slips demanding Rs50,000 to Rs1,000,000 from a factory owner” he added. According to him the industrial units in the area which remained closed for months due to violence last year, will now again remain closed until the issue was addressed by concerned authorities, including rangers and police. The claimed imposition section-144 in the city has proved useless as far as the security situation is concerned in the area. To a question he said “We are waiting to clear the already planned shipments of exportable marble at ports”. The concerned thousands of employees have already been told that the units would remain closed from Saturday. The closure of factories would not only make huge losses to the exporters but also cause huge decline in export of the valued goods thus reducing the over all exports of the country. As the law enforcement agencies have failed to stop the criminal activities in the markets, the security control of

the city, he suggested, should be given to the army while taking serious and unbiased action against the criminals. He appealed to Army Chief to tack the city in military control. He demanded of the government to ensure arrest of the culprits and award them an exemplary punishment. He said: “If the government does not arrest criminal and stop the extortion, kidnapping for ransom and other criminal tactics in the city, the businessmen have the right to close their business for indefinite period. It is worth mentioning here that after an improvement for months in the criminal activities in the country the street crime and extortion cases have again increased by manifolds in the city especially in markets, commercial and industrial areas. Besides the unfavorable situation in the city has badly affected the export of marble which has declined by 65 percent during the last six months. The country has exported marble worth $ 13 million against the target of $ 50 million during July to December 2011. The current export figure has also shown

the decline of 65 percent as compared to $ 20 million the country fetched dur-

ing the corresponding period of financial year 2010-2011


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Thursday, 15 March, 2012

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KSE gains 77points, trades higher volumes KArAchI

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STAFF REPORTER

RADING volumes at Karachi Stock exchange on Wednesday remained higher due to what analysts said was renewed foreign interest despite uncertainty in global stocks and commodities. The benchmark KSe 100share index gained 77.02 points to close at 13,360.67 points as compared to 13,283.65 points of the previous session. Trading took place in 405 companies where gainers held a strong lead over the losers by 218 to 100 while 87 shares holding onto the last level. Higher local fertiliser prices, easing circular debt concerns in power sector after increase in tariff and US offer for help to overcome energy crises in the country played a catalyst role in bullish sentiments at KSe, viewed Ahsan

Mehanti, a director at Arif Habib Investments. The bourse witnessed a rising turnover and traded 347.208 million shares after opening at 313.592 million shares. The trading value surged to Rs 5.830 billion from the previous Rs5.263 billion. Market capitalisation modestly grew to Rs3.467 trillion from Rs3.454 trillion a day earlier. According to Mehanti, the investors’ hopes for reformed CGT regime implementation from April 1, higher global commodities and stocks played a catalyst role in bullish sentiments post major earning announcements at KSe. Accumulation continued in stocks lead by second and third tier scrips on strong valuations, said the analyst. KSe All share-index added 56.90 points or 0.61 per cent to conclude the day at 9,347.98 points, KSe 30-share index increased by 17.09 points or 0.14 per cent to stop the day at

11,927.10 points while the KMI 30-index gained 74.64 points or 0.33 per cent to finish the day at 23,009.41. “The index needs a good turnover to march further on the recovery road while any close below 13,230 will attract selling pressure,” said Abdul Azeem of InvestCap. The active list was again topped by Jahangir Siddiqui and Company with volume of 21.289 million shares as it closed at Rs7.13 after opening at Rs6.80, followed by NIB Bank Ltd, Bank Al-Falah, TRG Pakistan, P.T.C.L.A and Azgard Nine with volumes of 19.659 million, 18.659 million, 17.111 million, 15.258 million and 11.289 million shares respectively. Plus sign dominated the list under the lead of Nestle Pak SPOT and Island Textile, up by Rs70.11 and Rs10.19, while the top losers were led by the east West Ins.XB and Bata (Pak) Ltd, down by Rs12.37 and Rs11.04 respectively.

Pakistan eyeing Aussie, Kiwi export markets ISLAMABAD STAFF REPORT

To diversify its export market, Pakistan is keenly focusing on promoting bilateral trade with the two developed countries of New Zealand and Australia and a Pakistani delegation will be holding separate joint trade committee meetings with the two countries on March 15 and 20 respectively. An official delegation, led by Secretary Commerce Zafar Mahmood has left for New Zealand to

attend the inaugural session of Pak-New Zealand Joint Trade Committee (JTC) in Wellington. The JTC was established under a bilateral trade agreement signed in 1990. However, it could not hold its first meeting up till now. In the first meeting both sides will hold discussions to work out arrangements to enhance bilateral trade and identify areas for cooperation, especially in agriculture and dairy sectors. Both sides will also deliberate on ways to establish institutional linkages between the two countries

to achieve these objectives. New Zealand has a strong economy and with a per capita income of $27, 217 per annum, that can be a potential market for Pakistani exports. The commerce secreatary will also lead a delegation for Pak-Australia Joint Trade Committee (JTC) meeting in Australia on March 20. The third meeting is going to take stock of the progress made on the decisions taken in the previous meetings. Both sides will also discuss the need for greater market access in the Australian

market for Pakistani products. The marketing strategy for export of Pakistani mangoes to Australia will also be discussed. In the previous two meetings, both sides had deliberated on various issues of mutual interest including agriculture cooperation, avoidance of double taxation agreement, investment cooperation, capacity building, and developing institutional linkages between both countries. One of the major achievements of JTC meeting was the import risk analysis of Pakistani mangoes by Australia.

Major Gainers Company

Open

High

Low

Close

Change

Nestle Pak SPOT Island Textile UniLever Pak LtdSPOT Atlas Honda Ltd. Shell Pakistan

4032.68 214.00 5742.50 139.79 195.55

4159.00 224.70 5790.00 146.77 202.00

4025.02 224.00 5725.00 140.00 195.00

4102.79 224.19 5750.00 145.11 200.40

70.11 495 10.19 141 7.50 237 5.32 7,487 4.85 51,959

Turnover

Major Losers Bata (Pak) Ltd. National Foods Fazal Cloth Mills National Refinery IGI Insurance Ltd.

648.33 110.59 82.56 256.06 59.25

650.00 113.00 79.00 260.25 60.00

637.00 105.07 79.00 253.00 56.50

637.29 105.12 79.00 253.36 56.97

7.55 3.05 16.72 7.90 4.56

6.85 2.60 15.94 6.98 3.85

7.13 2.73 16.46 7.62 3.99

-11.04 401 -5.47 12,695 -3.56 5,000 -2.70 59,617 -2.28 29,410

Volume Leaders JS Bank Ltd NIB Bank Limited Bank Al-Falah Bankislami Pakistan TRG Pakistan Ltd.

6.80 2.91 16.03 7.05 4.36

0.33 21,289,147 -0.18 19,659,820 0.43 18,576,420 0.57 17,782,614 -0.37 17,111,725

Interbank Rates US Dollar UK Pound Japanese Yen Euro

90.7563 142.5690 1.0883 118.5731 Buy

US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar

90.80 117.66 141.46 1.0738 90.86 11.52 24.60 24.08 93.99

Sell 91.30 118.67 142.65 1.0825 92.11 11.68 24.78 24.27 96.23

CORPORATE CORNER Shell Tameer Awards 2012: Showcasing entrepreneurial potential of Pakistani youth KaracHI: March 14, 2012: To encourage a culture of entrepreneurship among Pakistani youth, Shell Tameer is organising its 5th award ceremony on March 16, 2012 at Shell House in Karachi. Awards are given to the best business start-up; the most progress made in growing and developing a business in its initial years; and how focused a business is on social enterprise, i.e. benefitting communities. The British High Commissioner Mr. Adam Thompson will attend the Award Ceremony as Chief Guest. Of the 1,000 applications received by Shell Tameer, 85 per cent were from urban centres, while 15 per cent were from rural regions. Sixty percent of applicants were male and 40 per cent were female. Sixty seven percent of businesses were product-based whereas 33 per cent were service-oriented. Based on carefully designed criteria, 150 short-listed applications were sent to a panel of experts who chose 10 finalists. These five young men and five young women, representing all of Pakistan’s provinces, are being recognised for their entrepreneurial successes by Shell Tameer.

LG’s new marketing concept employs user-generated content to attract global participation laHore: LG electronics (LG) concluded the KOMPReSSOR FOL-LOW MeTM Video Contest with the announcement of its winners. The online global contest celebrated LG’s new KOMPReSSOR FOLLOW MeTM, the world’s first vacu-um cleaner that automatically follows the user while vacuuming. The contest served as an innovative and ground-breaking method of bringing LG closer to its customers, while simultaneously raising interest in and awareness of their new vacuum cleaner. “The KOMPReSSOR FOLLOW MeTM Video Contest helped us better understand our customers, including their response to the new vacuum cleaner,” said Moon-bum Shin, executive Vice President and CeO of LG electronics Home Appliance Company. “We intend to use our enhanced understanding of our customers to further improve our prod-ucts and to ultimately upgrade our customers’ lifestyle. We would like to thank all par-ticipants for the interest and en-

thusiasm they have shown in the contest, and for taking the time and effort to communicate their brilliant ideas to us.”

LAHORE: Mr. Faiz Ahmad Mirza Senior Manager-Agri CAD, Faysal Bank, Lahore on occasion of his farewell given by his colleagues of Faysal Bank Ltd at Gymkhana Lahore on his retirement. PRESS RELEASE

US Counsel General visits Sialkot Chamber SIalKoT: Ms. Nina M.Fite, Counsel General of the US Consulate General Lahore accompanied by Mr. Brian McCleary, Commercial Counsellor and Mr. Bob Hawkins, economic Officer visited the Sialkot Chamber today to discuss matters of mutual interests with the members. Mr. Naeem Anwar Qureshi, President, of the Sialkot Chamber in his Welcome Speech said that Pakistan and USA enjoy most cordial relations. USA is the most important trade and investment partner of Pakistan. He said that business community of Pakistan attaches great importance to relations with United States. He mention that in 2011 bilateral trade between the two countries was US$ 4 billion asserting that there is dire need of concerted efforts from both sides to improve trade. He said that Pakistan has been most trust worthy ally of USA in the war against terror to play its part for ensuring peace in the world. However, the devoted contribution of Pakistan has not been responded by USA in terms of increase economic cooperation.

Easypaisa, Adamjee Life to launch Pakistan’s first free life insurance KaracHI: For the first time in Pakistan, easypaisa is set to launch a free life insurance plan to its subscribers. The innovative service will be launched in

collaboration with Adamjee Life Assurance Co Ltd., which is considered one of the most prompt and efficient settlers of claims, with state-of-the-art policy issuance and claim settlement systems. To formalise the partnership, a contract signing ceremony was held at a local hotel here today. It was attended by senior officials of Tameer Bank and Adamjee Life Assurance. Roar Bjaerum, VP Financial Services Telenor Pakistan, in a message on the occasion said: “Research has shown that if people are able to save or hold an insurance then they are better equipped to handle certain events in their lives which require immediate funds. Our insurance product is one way of achieving easypaisa’s vision of financial inclusion for everyone. The insurance cover will help provide some financial security to the family of the insured in case of any unforeseen event, thus reducing the risk of them falling on hard times.”

PSO condemns protests of third party workers KaracHI: PSO in its role as a public sector organisation has always complied with all relevant laws and directives issued by the Government of Pakistan including those of the Sub-Committee of the Cabinet for the Regularization of Contract/Daily Wage employees to ensure public sector compliance in this matter. In compliance to the decisions of this Cabinet Sub Committee, PSO has already regularized its contract employees who have completed satisfactory service of one-year in PSO, while in light of Sacked employees Reinstatement Act/ Ordinance PSO has already reinstated all such employees and has paid them three years compensatio. During a process reengineering and streamlining exercise carried out in 2001, service providers had been hired for the provision of day-to-day services for the company. All temporary workers had left to join the ranks of these independent job contractors in return for access to enhanced benefits such as annual increments/ leaves/ group life insurance/ gratuity and other services. Under the terms of the agreements signed with these companies, all employees provided by the outsourcing agencies are designated as being employees of the contractor and not PSO itself. The contractor may depute them in any of the companies he has a contract/

agreement with.

OPF distributes Rs240 Million among families of deceased OPs, ISlamaBaD: Minister for State for Overseas Pakistanis Dr. Nadeem ehsan on Monday said that Overseas Pakistanis Foundation (OPF) has distributed Rs.240 Million among families of Overseas Pakistanis who have died or retarted during their work.He said that Rs.40 Million would be distributed among families of OP’s during this fascicle year. Addressing cheque distribution ceremony held here at OPF Head Office to distribute 63 cheques worth of one lac of each among families of Overseas Pakistanis, Dr. Nadeem ehsan said that Ministry of Overseas Pakistanis and OPF has been playing vital role in welfare and help of Overseas Pakistanis and their families. Lauding role played by Overseas Pakistanis in strengthening economy of the country the State Minister said that OP’s played role of back bone in country’s economy. They are the ambassadors of Pakistan. He said that thousands of Overseas Pakistanis have been benefited from financial aid scheme introduce by OPF which would continued in future.

Chief Justice PHC lauds MSSMST services PeSHaWar: The development of healthy sports activities from own resources will keep the youth not only to become a good player but also good citizens and Malik Saad Memorial Sports Trust (MSSMST) services in this connection are really commendable. This was stated by Honourable Chief Justice Peshawar High Court Mr. Justice Dost Muhammad Khan, while talking to a delegation of MSSMST. The delegation was led by Mr.Aamjad Aziz Malik and MSSMST Board of Trustees(BOT) Members Syed Ali Nawaz Gilani, Mr. Mazhar-ul-Haq, Mr. Tajamul Hayat Malik, Mr. Tasleem Hussain Advocate Dr. Zakir Shah were also present on the occasion. The Chief Justice paid rich tribute to Shaheed Malik Saad and lauded his and other Shaheed Police officers and Jawans services to the nation. He mentioned that the services rendered by them will be written in golden words the history of Pakistan.


profitepaper pakistantoday 15th march, 2012