He has also taken notice of the information that owners of some petrol pumps are not selling petrol on the new prices, and has directed the Petroleum Ministry to ensure the sale of petroleum products on the new prices. He has also directed that stern action should be taken against the violators.-SANA

However, this time her accusations have helped Pakistanis unite and take a firm stand against aggression of neighbours. He said that Pakistan should demand to bring the arrested assailant Ajmal Amir Kasab in front of international experts and media so that his nationality should be ascertained and the unholy designs of New Delhi be unmasked.

The chief of RAW and Secretary Foreign Affairs should be summoned over economic and water terrorism, situation in Karachi, Balochistan and Fata. They should be quizzed about setting up the terror dens working in the name of consulates in Afghanistan with sole aim to destabilise Pakistan, he demanded.

“There is no need to send even a menial worker or domestic servant of ISI or any other institution to India,” he said adding that a peace deal should be made with the belligerent tribes so that troops engaged there could be easily moved to eastern borders. “War for survival is more important for us than the so-called war against terror.”

He said presently Pakistan is facing some internal and external problems but it has not become Nepal or Afghanistan. A wrong calculation of our strength by Indians could prove to be their last mistake. “A county that fails to face some armed youth cannot face collective might of military and people of Pakistan,” said Dr. Murtaza Mughal.

He said that friendship with India has always proved an illusion. Pakistan has gained nothing but lost a lot in effort to please neighbours. Time has come to stop being apologetic on every issue as it hurts the morale of the nation.

He demanded that pacts with India should be reviewed and recent assurances should be taken back. He said that shaky tone and shivering legs of Indian leaders has always failed to pressurise or strike fear in the heart of Pakistanis. In her own interest, India should forget about becoming a regional power. -PAk Economy Watch

Chief Minister of Balochistan Nawab Aslam Raeesani, Federal Secretary Industries Shahab Khawaja, Additional Chief Secretary Balochistan, Chairman Export Processing Zone and senior officers of Gwadar Port also attended the meeting. Mian Manzoor Ahmed Watto said that Gwadar Port would be the biggest port of the country where heavy ships will also be entertained.

He said this port will also be used for the import and export activities of Middle East, China and UAE while it will also be used for Tran’s shipment of goods for various countries. He further said that according to Gwadar Master Plan, the area of the port is 90,000 acres.

He said President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani and federal government are preparing various development plans for the betterment of people of Balochistan. Watto said in future, the Gwadar Port would be one of the best ports of the world in future.-SANA

KPT today became 11th team to go out of contention, leaving the event wide open for three horses as was the case in previous four editions: KRL, WAPDA and Army. KPT completed their quota of 26 matches with 45 points having 13 wins, six draws and goal counts 39-32. KESC, who will take on relegation-fear Pakistan Steel on 2 December at same venue in their 26th and last match, collected 30 points from 25 outings.

The Portmen were the first to settle down and landed the opener in the third minute when winger Zahid Ahmed struck his seventh goal of the event, capitalizing on defence-splitting pass of skipper Naseer Ahmed to steer the ball past keeper Muhammad Omar. It could have been another goal for KPT but Shahid Saleem miscued the hit off Abdul Rehman’s pass in the 8th minute. Seven minutes later, Zahid failed to utilize Naseer’s pass.

KESC forced three chances in the 20th, 28th and 35th minute. First Lal Muhammad Lalo, skipper of Pakistan in ECO tournament 1993 at Tehran, saw his drive fail to beat keeper Sajid Hussain after finework by Javed Hamza. Then came Hamza’s drive that went wide off target while Abdul Ghafoor failed to get advantage when Lalo curled the ball in from left.

KESC’s repeated onslaught earned them the leveler in the 43rd minute when Sohail Ishaq became 123rd goal-getter of the event. He raced onto Hamza’s through pass, side-footed two defenders before sweeping the ball past keeper. It was 1-1 at interval. The second half remained confined to midfield and both keepers faced no problem during 45-minute play-SANA

Addressing the ceremony Mir Israr Ullah Zehri said that Pakistan Post was one of the oldest institutions in the country which had its network almost across the country, that’s why in collaboration with the modern telecommunication system we were aiming to facilitate countrymen at their doorstep and the launching of mobile money order service was the first step in that direction.

He hoped that the launching of this service would bring financial benefits to both the stakeholders, under this new service a pin code would be allotted to the users of Mobilink and through it they would made transactions.

DG Pakistan Post Muhammad Ahmad Mian said that in first phase we have inked the treaty with the Mobilink and in next phase the staffers would be provided with initial training however the service would be operational from January 1st of upcoming year. To get benefit from this modern service the customers would have to submit Rs31 with application farm, copy of CNIC and data farm of mobile number, he added.

Putting light to the country’s current situation Federal Minister said that we need to keep strong surveillance on the anti Pakistan elements, who, he said were busy in spreading differences among the provinces, which is wrong. Some elements are taking a wrong impression of enlightened moderation also some non governmental organizations character was also suspicious and all these elements aiming to project negative impact of Pakistan internationally.-SANA

Currently Pakistan was working on enhancing tax-to-GDP ratio in order o meet domestic economic policy requirements. Pakistan has finalized its homegrown economic stabilization programme that has been endorsed by IMF and appreciated by Friends of Pakistan. Pakistan was working hard to gear up its domestic economic policies in a manner that (firstly) imbalances in domestic economy are addressed and (secondly) it is placed on a fast-tracked development pace, Mr. Shaukat Tarin added.

GOP was putting in place an indigenous revenue generation plan that brings all sectors of economy into tax net to increase the revenue earnings, simultaneously paying attention to education, health, and infrastructure development. Stabilization of macro-economic indicators was GOP’s another priority area. We are also bringing 7 million households into social safety net by providing them income support, health and education cover. Human resource development and skill development is another priority area. An integrated energy generation plan to meet energy requirements of commercial, domestic and industrial sectors was being put in place, Adviser added.

The discussion also focused on revamping of Planning Commission in Pakistan with an Overarching Policy Board that dynamically speeds up the implementation of all economic, development and social sector planning. Ambassador of France appreciated GOP’s political vision in fast-tracking its development agenda in sync with all stakeholders, adding that MOF may plan to meet its foreign development partners based in Islamabad in order to brief them on GOP’s ongoing economic development agenda, adding that MOF may make a presentation to zealous Pakistani investors based in Canada who were willing to be potential investors in Pakistan as he learnt it during his stay in Canada.

Adviser to PM on Finance agreed to go ahead with the proposal in weeks to come after necessary homework. Mr. Shaukat Tarin also briefed French Ambassador on rightsizing of state institutions in corporate sector in order to make them profitable units – a step that would help beef up domestic economy. Efforts were underway to shore up Pakistan’s forex reserve levels besides bringing the fiscal deficit down. Moreover, Pakistan has introduced a set of domestic policy framework to build its macro-economic indicators, Adviser explained.

Project financing was the major area wherein Pakistan and Friends of Pakistan are working together. The idea was to put in place a sustainable system of project-based development that was bilaterally beneficial to foreign investors and domestic partners, and ensure a system of development that was not lopsided. People of Pakistan, on 18th February, 2008, have mandated liberal political leadership into power that clearly reflects that people of Pakistan want to see their country, amongst comity of nations, as a liberal, progressive and fastly-developing Islamic state that pursues policies consistent with globally-accepted political norms. This was a key to Pakistan’s progress, Mr. Shaukat Tarin concluded.-SANA

He said that there was no haste in the privatization of public sector entities and all stakeholders would be taken on board prior to taking the transactions to the market. The privatization process would be taken ahead while keeping in view the market conditions, he added.

Referring to the privatization of HPFL Syed Naveed Qamar hoped that the transparent and open process of HPFL privatization would further restore the investors confidence and the new management of HPFL would bring in fresh investment to expand the operation and to increase the production of fertilizers, which would help in saving the Foreign Exchange reserves being spent for import of UREA/ DAP to meet the demand.

The Minister further stated that standard SPA was being followed by the Privatization Commission since 1991 and the employees were free to voluntarily exercise the GHS/VSS offer as being practiced earlier. Golden Handshake Scheme (GHS) and Voluntary Separation Scheme (VSS) have been offered to the permanent workers and executives of HPFL.

Mr. Ahmed Shaikh CEO AZGARD-9, on behalf of Pak American Fertilizers Limited, lauded the privatization process and said that the Privatization Commission conducted the transaction in a highly professional manner. There was a vast scope to chalk out plan for further expansion in its operation and to increase the production. We would retain the workforce on merit, he added.

Earlier, Mr. Ahmed Jawad Secretary Privatization Commission, Mr. Muhammad Khalid Malik Chairman National Fertilizers Commission (NFC) and Mr. Ahmed Shaikh of PAFL signed the Share Purchase Agreement (SPA) on behalf of their respective organizations after receiving the final payment of remaining 75 % Rs. 965. 018 million of bid price and 50 % share of GHS/VSS of Rs.45.040/- million and the formal handing over of HPFL took place in the presence of the Minister and the media representatives.

The Privatization Commission had already received 25 % sale price (i.e. Rs. 335.006 million) for the sale of Hazara Phosphate & Fertilizers Limited (HPFL) within the stipulated time from the successful bidder Pak American Fertilizers Limited (PAFL) as per terms of the Letter of Acceptance (LoA).

Consequent to the approval by the Cabinet Committee on Privatization (CCOP) on September 29, 2008 of the highest bid of Rs.70/= per share (Total: Rs.1,340,024,490/= for 100 % shares) and declaration of Pak American Fertilizers Limited (PAFL) as the successful bidder, Letter of Acceptance (LoA) was issued on September 30, 2008.

The Privatization Commission received the highest offer of Rs.1. 34 billion (Rs.1, 340,024,490/-) from Pak American Fertilizers Limited at the rate of Rs.70 per share for 100 % shares during an open bidding held on September 25, 2008 for the sale of minimum of 90% shares of Hazara Phosphate Fertilizers (Private) Limited (HPFL) together with management control on ‘as is where is’ basis through an open bidding process among the pre-qualified parties.-SANA

Inspections in some companies revealed instances where raw material worth millions was misappropriated under the disguise of impairment and series of suspicious transactions potentially leading to a concerted scheme aimed at striping off the company from its assets in a phased manner; premises of a listed company was leased without shareholders approval and rent was taken away by one of the directors; manufacturing facility was leased out and the rent was received by the associated concern; and funds raised through the issue of rights shares were funneled out of the listed company by extending advances and loans to the directors, etc.

While in another case, fake shares of a listed company are in circulation and proceedings are underway to get hold of those involved in this criminal activity. Inspections of books of accounts also revealed that some of the Companies were not maintaining basic statutory record, which includes fixed asset register, shareholders register, minute’s books of directors/shareholders meeting and books of accounts of the company.

In order to improve compliance, punitive action has been taken against such companies, under the relevant provisions of the Companies Ordinance, 1984. As a result of inspections, further proceedings under Section 263 of the Companies Ordinance, 1984 have been initiated against certain companies. However, some companies have resisted the inspection orders of SECP and have filed appeals.

SECP is continuously monitoring compliance of rules and regulations on part of the corporate sector in Pakistan. As a result of on going activity various enforcement actions were taken during the year which included directing the company to undo the defaults and to carry out certain actions whereby shareholders interest is protected by presenting true picture of the state of affairs of the companies.

During the period from January 1, 2008 to October 31, 2008, 107 orders have been passed by the Enforcement Department of the SECP under various provisions of the Companies Ordinance, 1984 while a number of other proceedings are under way pending finalization.

Earlier, the SECP had conducted an investigation in the case of a listed company where the directors had sold off the company’s investment in shares of another listed company to an associated off-shore company and as a result of the subsequent sell-off of the other listed company pocketed huge gains.

The SECP restrained those involved in this criminal activity from receiving the proceeds of the price differential from the fraudulent deal, and directed that the payment be held in trust with SECP.

The directors of the company went into appeal against the order of the SECP before the Sindh High Court; however, the Court dismissed the appeal while stating that the detection of scam by SECP in the case was commendable and that the appeal had no merits.-SANA

In an interview he said the IMF loan will improve Pakistan’s balance of payments and will steer the country out of its current fiscal crisis. He said the IMF loan would also help generate more job opportunities and increase economic growth in Pakistan. The Chairman expressed the hope that the approval of IMF package for Pakistan would also strengthen the confidence of other financial institutions like World Bank.-SANA

The bill also allowed the government to appoint the Commissioner of a Division and Collector of a district. And the government may assign such functions and confer such powers upon the Commissioners as it deems appropriate, while the collector shall exercise the powers and discharge the duties of the collector under this Act.

Under the bill, the government may appoint an Additional Commissioner of a division, who shall, subject to the general control of the Commissioner, exercise all or any of the powers and discharge all or any of the duties conferred or imposed on the Commissioner.

Similarly, the government may appoint an Additional Collector of a district, who shall, subject to the general control of the Collector, exercise all or any of the powers and discharge all or any of the duties conferred or imposed on the collector.-SANA

The PC board was informed that the signing ceremony for the Share Purchase Agreement (SPA) of Hazara Phosphate Fertilizers (Pvt) Limited (HPFL) is being scheduled on November 28, 2008 at Privatization Commission secretariat after receiving the remaining payment and it will be handed over to the successful buyer.

The meeting also reviewed the status and progress of various ongoing and upcoming transactions. However, the meeting was presided over by Syed Naveed Qamar. Meanwhile, the PC Board members, senior representatives of the respective ministries/ departments and PC officials attended the meeting.-SANA

The raid was conducted by officials of the Directorate General Intelligence and Investigation of the FBR following a tip-off about an attempt to smuggle a massive quantity of drugs from Peshawar to Punjab by truck No RIH-1396. The officials set up a picket close to Ring Road Peshawar and tried to intercept the truck when it approached them.

However, the driver of the truck sped away. The officials chased the truck and found it abandoned on the GT Road with the driver having escaped. The officials searched the truck and recovered 350 kgs of foreign origin charas and 22 kgs of foreign origin opium.-SANA

Akram Zaki said this while speaking at a meeting. He said that government should immediately ban foreign investment in existing ventures and allow it in the new projects, if necessary. Foreign investors view Pakistan as hard area and steps in with one aim; to generate maximum profits in minimum time and go back. They have no interest in infrastructure development. We should know deceit behind their sweet words.

He said that privatization spree has endangered national security and sovereignty. Golden handshakes have contributed to unemployment, crimes and poverty. Privatized entities have stopped providing services to rural areas. Entire focus has been shifted on urban centers which is hurting the fabric of society.

The former Secretary General regretted that out government has never tried to know the consequences of privatization. PPP initiated nationalization and now the very same party is bursting all its cylinders to sell everything we have.

At this occasion Dr. Murtaza Mughal, President, Pakistan Economy Watch said record shows that privatization has never improved working of any unit in Pakistan. It has only changed faces and contributed towards miseries.

Foreign experts are a serious threat to national security and economy, he opined. “A country will never send good experts to other country,” he said adding that we only receive trash in the name of experts who eat up major chunk of loans while man on the street is over burdened for no crime on his part. “Many countries including China and India progressed by avoiding such experts and Pakistan can have some control over these elements if it cannot resist their appointments, said Dr. Mughal. The past and future of foreign experts belongs to other countries, how can we pin hopes on them.-SANA

Separately the Fed also unveiled a $200bn plan to help unfreeze the consumer credit market. As the credit crisis has deepened, banks and other financial institutions have been reluctant to lend, deepening the economic slowdown. Under this new rescue plan - which is in addition to the already-announced $700bn bank bail-out - the Fed is to buy up to $100bn in debt from the troubled mortgage giants Fannie Mae and Freddie Mac.

The central bank said it would also buy another $500bn in mortgage-backed securities - pools of mortgages that are bundled together and sold to investors. The $600bn effort on mortgages came as the Fed also unveiled a separate programme to help unfreeze the consumer debt market.

The central bank said it would lend up to $200bn to the holders of securities backed by various types of consumer loans, such as credit cards and student loans. The Fed said that the $600 billion effort to support the mortgage market was being taken to reduce the cost of home mortgages and increase their availability.

It said the purchases of the mortgages and mortgage-backed securities would take place over a number of months. The severe financial crisis that is rocking global markets at the moment began more than a year ago with rising defaults on sub prime mortgages, loans provided to borrowers with weak credit histories.

Recently, Treasury secretary Henry Paulson had indicated that the government was working on this new programme, which will be supported by $20bn of credit protection provided by the existing $700bn bank bail-out fund.

The news of this latest massive financial rescue plan was generally welcomed. “They are getting to the heart of the problem, it’s clean, it’s quick, and it’s direct. It’s a good way to bring down mortgage rates, because at the end of the day they have to stabilise the housing market,” said Todd Abraham of Federated Investors, Pittsburgh.

Robert Macintosh, chief economist with Eaton Vance, Boston, said: “If they can pull it off it’ll make some people happy, but I don’t know how effective it’ll actually be.” Scott Brown, chief economist at Raymond James Associates, Florida, said: “Here is the Fed taking a bunch of debt out of the market, which doesn’t hurt. I think it should it should help unblock the credit markets.”-SANA

The two sides reviewed joint energy projects and agreed to expand the existing collaboration and to identify more areas for cooperation in the energy sector. President Zardari said that Pakistan will provide skilled man power and expertise to UAE in this connection. UAE Minister assured that his country will help Pakistan in exploration of oil and gas and initiate joint ventures in this field.

He said his country is setting up an oil refinery at Khalifa Point in Balochistan with an investment of five billion dollars. Meanwhile, Vice President of Abu Dhabi National Energy Company Abdullah Khunji also called on the President and expressed keen interest to invest in Pakistan’s energy sector particularly for setting up of a coal-based power plant.

He also had an in-depth discussion on the prospects and opportunities of investment in Pakistan, with focus on the energy sector. President Zardari welcomed the interest for investment in Pakistan’s energy sector. He hoped that it will help boost the existing cooperation and joint ventures between the two counties in this vital field.

He assured that all possible assistance would be provided to the company in its endeavors to invest in Pakistan. Abdullah Khunji later told media that Pakistan is the best market for investment and his company will soon enter the Pakistani market.

Chairman Emirates Investment Group Tariq Al Qasimi also had a meeting with President Zardari. They discussed the global as well as the regional economic situation, with focus on the opportunities of investment in Pakistan’s financial sector. The President said the government will encourage the foreign investment in various sectors.

Tariq Al Qasimi later told Radio Pakistan correspondent Javed Akhtar that their company already has its presence in Pakistan with investment in various projects and was exploring new avenues of investment in agriculture and banking sectors.

Later, talking to Pakistani media persons, the UAE Minister for Petroleum said various areas of joint ventures in petroleum sector were identified during his meeting with the President. He said also discussed the prospects of investment in oil and gas exploration projects in Pakistan
Terming the visit of the Mr. Asif Ali Zardari as productive and fruitful, the UAE Minister hoped that it will further strengthen the existing close and friendly ties between the two countries.-SANA

The trend which is prevalent in Kashmir from decades past has not stopped despite the alleged harassment of Kashmiris in other states of India in the past few months. The favourite destinations for the winter migrants from Kashmir are Delhi, Punjab, Haryana and Himachal Pardesh, besides some southern states.

“I am migrating to Delhi in winters and will open my outlets in Haryana and Delhi during the five winter months. Here I get good market and keep open my shop for long hours, more than one keeps in Srinagar during winters. So I shut my shop in Srinagar from November to March for business outside,” said Abdul Rashid, a businessman dealing with Kashmiri handicrafts and has a shop in Srinagar’s Court Lane market. In rural areas, the farmers and fruit growers after finishing their agrarian work by the beginning of winter migrate seasonally from Kashmir to the Indian states.

Interesting fact is that most of the rural people from south Kashmir who leave in the winters, do not know much about their own state. Some of them have not even visited Srinagar. But when it comes to knowing about the other states like Delhi and Punjab, they appear to be fully aware about each and every street of these cities.

“I have never been to Srinagar or any town other than my own, but I know every street of Delhi and many other states,” said Mohammad Ishtiyaq Ganai of Mohanpora Shopian, who visits Delhi and other parts of India, every winter for selling apples in the markets outside valley.

Like Ganai, there are hundreds of people in rural Kashmir, who have not even visited the nearest areas of their villages and know much about their mother state, but they know every corner of most Indian states. For Abdul Khaliq, 76, of Ashmuji Kulgam, Srinagar is not a place for him where he can visit at ease, as he has not been to Srinagar throughout his life. But tell him about Punjab and Delhi he can count the names of all famous streets, sectors and markets on his fingers and knows much about Delhi than even about Kashmir.

The valley’s fruit growers after harvesting their crop in autumn take the fruit to the markets outside the state for selling it there during winters. And these people spend the winter period there to carry out their business chores besides escaping from the harsh winter of the valley.

In addition, a large chunk of manual laborers and many unemployed youth from the valley spend the winters in the surrounding northern states to work as street vendors by selling handicraft items of Kashmir like shawls and other things. Some manual labourers of Kashmir also go to work in rice mills of Punjab and Haryana.

As usual in Kashmir, winters offer little chance of work for the manual labours because there is hardly any construction work and agriculture work going on in the winters in valley. Ghulam Hassan Dar, a lecturer of history says that the process of migrating to other parts of India during winters is synonymous with the severe winters that Kashmir was facing in past.

“People mostly the manual laborers and shawl vendors were migrating to other states during snowy season to work and earn there, so that they could bring spices and clothes from there so that their families would use these things in summers,” he said.

This year many Kashmiris have not preferred to shift their location to other parts of India’ because of the incidents in Delhi and other parts of India where Kashmiri youth were assaulted and harassed by the police after land transfer row and series of bomb blasts across India. “My parents didn’t allow me to migrate to Delhi this year,” said Nazir Ahmad, a shawl vendor who has been migrating to Delhi during winters from last seven years.-SANA

He there was need for bringing together policy planners from the energy, environment, health and transportation sectors from all SAARC Member States to deliberate and discuss recent developments in their respective countries and analyze how these developments would impact the sectoral policies.

He said that SAARC countries need sufficient energy, good health, pollution free environment and better transport system, and to address all these issues, appropriate integration and correlation was required at policy making level.

Deputy Chairman said that Pakistan was already working on how to reduce dependence on imported fuel and to increase reliance on domestic resources like water and coal reserves.

He said that last year US$ 11bn were spent on import of oil which was equal to 65 percent of the total export of Pakistan. This was one of the major reasons Pakistan had to go to IMF for financial assistance, he added. He was of the view that Pakistan, by harnessing its water and coal resources, could not only meet its domestic energy requirements, but also export the surplus energy to the Indian States adjacent to Thar area of Pakistan.

Deputy Chairman gave a brief overview of Bhasha Dam that would produce 4500 MW of electricity and other 28 small dams being planned to be constructed with the help of private investment. In Pakistan, he stated, 40 percent of total power generation was being carried out by private sector.

He stated that one of the major roles of the Planning Commission was to encourage private sector investment and it had already constituted a Task Force on Private Sector Development. Mr. Farooqi said that Pakistan was encouraging private sector to invest in alternative energy resources and informed that Pakistan’s first wind power plant would start working in the next three weeks.

Mr. Farooqi underlined the need to assess all the sectoral national policies like energy, environment, health and transport and to come up with an integrated energy policy aimed at minimizing all negative effects resulted from dis-aggregated sectoral policies including energy policy.

In his welcome address, Mr. Hilal A. Raza, Director SAARC Energy Center, Islamabad, informed that this Conference was one of the six program activities of the SAARC Energy Center for this year aimed at learning from experiences of SAARC member states in cross-sectoral implications of energy use that had grown at a high rate during the last decade as result of economic upturn of South Asia.

He said that it was estimated that energy consumption in South Asia would double in ten years and such a growth merited prudent assessment of its implications on other sectors of the economy.

Dr. Toufiq Raza, President Global Environment and Energy in the 21st Century urged the planners to examine the linkages and develop coordinated policies for energy, transportation, and many aspects of human health. He said it was important to ensure that policies in one of these sectors do not adversely affect those designed to achieve improvements in the other sectors.

Four technical sessions will be conducted during the Conference and at the end, a special group would formulate a set of recommendations with regard to policy making in a holistic manner. This effort is expected to result in integrated policy planning, including improved energy efficiency, and supporting other policy initiatives in the SAARC region. The conference was attended by the representatives of the SAARC countries and relevant government ministries/ divisions.-SANA

The time for compliance with various regulatory requirements has been extended enabling the industry to reposition adequately to meet the demands of changing circumstances. The shareholders of NBFCs and mutual funds have been empowered to effectively participate in the continuation and growth of respective industries. These regulations aim at industry facilitation, risk management and safeguarding the interest of the shareholders.

The NBFC regulations issued in 2007 stands repealed and replaced by these regulations, the requirement for listing at stock exchange for entities engaged in deposit taking has been extended up to June 30th, 2009, the time schedule to comply with the minimum equity requirement has been extended by one year , the time period for aligning portfolios by Asset Management Companies has been extended until June 30th, 2009, annual fees on mutual funds have been reduced depending on the category of a fund, procedure for cancellation of registration and revocation of the Open End Scheme or Closed End Scheme by the AMC has been improved, to address the issue of deep discount on closed-end mutual funds, certificate holders have been empowered to decide conversion into open end or revocation of the funds and the application of provisioning criteria on non-performing assets has been extended for a period of two years.

Per-party and per-sector exposure limits have been specified for different types of schemes and CIS has been barred from investing in securities of its Asset Management Company. Board of Directors of NBFCs will be required to approve opening of account with banks and brokers.-SANA

The Muzaffarabad based traders said they were not consulted during the constitution of a delegation of AJK traders that visited Kashmir last month. They had announced to constitute a delegation of their own for the trans-LoC visit at the earliest possible time.

“The trade between the divided parts of Kashmir at this stage has nothing to do with industrialists but distributors and whole-sellers and they should be given the opportunity earlier than others to visit each other for smooth and durable operation of the historic process,” said Pirzada, after the meeting. He claimed that had the distributors and whole-sellers been involved from the beginning, the trade would have witnessed brisk progress.

Notwithstanding the lapses, Pirzada believed, India and Pakistan can still do a lot to make this process a success in true sense of word. He said that both sides should facilitate the traders to visit the opposite side as and when they required.

They should also have facility to travel in their own vehicles, properly registered with the concerned authorities on both sides, he added. Pirzada said there was wide scope of Kashmiri goods in the AJK markets, if the genuine stakeholders were allowed to carry forward the trade. He asked the business community members in Jammu and Kashmir to directly interact with his body at its email ajkcocimzd@gmail.com to move forward in this regard