Pakistan’s National Bank collected Rs 411 million illegal fees from passport applicants

The National Bank of Pakistan (NBP) collected Rs411 million in form fees from passport applicants between 2007 and 2013 without the  approval of the finance ministry and the central bank, according to the Auditor General of Pakistan’s report for 2013-14.

The bank continues to charge applicants even though the AGP’s office has termed the . . . → Read More: Pakistan’s National Bank collected Rs 411 million illegal fees from passport applicants

Billions of dollars being smuggled out of Pakistan: governor SBP

Governor, State Bank of Pakistan (SBP), Yaseen Anwar has said that billions of dollars are being illegally transferred from country though airports.

Talking to media on Sunday, Yaseen Anwar said reason behind devaluation of rupee in the country is illegal smuggling of dollars from the country. Smugglers of dollars are fleeing from the country through both land and airport.

. . . → Read More: Billions of dollars being smuggled out of Pakistan: governor SBP

PML-N prints Rs 842 Billion in its 145 days of rule

By Erum Zaidi

KARACHI: The State Bank of Pakistan (SBP) printed record Rs842 billion during the 145 days of the current fiscal year, provisional monetary aggregates released by the central bank reveals on Tuesday.

Economists say the central bank continues to print money with consequent inflation to finance the rising government spending. The government seems . . . → Read More: PML-N prints Rs 842 Billion in its 145 days of rule

Returning officers feel ECP has not empowered them

The Election Commission of Pakistan (ECP) has not empowered the Returning Officers across the country for sharing basic information and guidelines to accomplish the scrutiny process for contesting candidates in an effective manner, it is learnt.

. . . → Read More: Returning officers feel ECP has not empowered them

PML-N’s plans for the economy

Last week, I was passed over yet another (fourth so far) ‘Political Party Economic Manifesto’; this time of Pakistan Muslim League (Nawaz), or the PML-N, titled “National Agenda for Change, Manifesto, 2013”, for review and comments. Since it was given to me by someone I tremendously respect and cannot refuse, I promised to read it . . . → Read More: PML-N’s plans for the economy

How can Pakistan make the most out of inflowing remittances?

Given the fact that Pakistan has now become the fifth largest recipient of remittances in the developing world, our policymakers need to pay more attention to issues of concern to overseas Pakistanis and try to channel their incoming funds to help bolster the national economy. According to the State Bank of Pakistan (SBP), remittances of $11 . . . → Read More: How can Pakistan make the most out of inflowing remittances?

Rising petroleum prices and the plight of the poor

“What improves the circumstances of the greater part can never be regarded as an inconveniency to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.”

These words were written back more than two centuries ago by Adam Smith in The Wealth . . . → Read More: Rising petroleum prices and the plight of the poor

Dear govt, wake up and smell the inflation!

Just last week, tomatoes were being sold for Rs60 per kg, but this week they were priced at Rs80 for the same amount. When I asked why the sudden price rise of Rs20 in just one week, I got a short reply:

“Baji, saardiyan shuru hogayi hai,” (Sister, winter has commenced.)

Now, what do tomato prices . . . → Read More: Dear govt, wake up and smell the inflation!