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Pakistan Tehreek-e-Insaf (PTI) government deserves credit for creating a scheme for overseas Paksitanis through which it has accumulated over $500 million of much needed foreign exchange and facilitated the diaspora.

Tahir Malik Profile Tahir Malik

Roshan Pakistan Accounts are without a doubt one of the best steps taken by the incumbent government.

At a ceremony to mark the occasion, Prime Minister Imran Khan said that over 88,000 accounts had been opened from 97 countries within five months. He said that overseas Pakistanis were a big asset for the country. As for the $500 million, he said that unless the rupee becomes stronger, the econmy won’t prosper.

The greenback is, after all, like oxygen for the country. The government claims it has returned loans worth Rs. 6,000 billion. On the other hand, loans increased by Rs.1, 000 billion.

The bitter truth of the matter is that for now, Pakistan’s economy is heavily reliant on dollars. Accumulating foreign reserve through overseas Pakistanis is one way of elevating the lives of the people within the country. The treasury needs Roshan Pakistan Accounts. It is one of those rare economic phenomenon, within which lies just victory, with no foreseeable adverse effects.

What exactly is the scheme? Pakistanis who live or work abroad or have declared assets abroad can open online accounts in nine of the biggest banks in Pakistan. Through these accounts they can deposit money or invest in treasury bonds, stock exchange or Naya Pakistan certificates. All that is required are photos, ID cards, passport copies and proof of living or working abroad.

Previously, it was a tedious and difficult process to open a bank account in Pakistan if one lived outside the country. One of the baffling requirements was to be present inside Pakistan. But now, within 48 hours, every overseas Pakistani can have an account, wherever he may be working or living.

Through the Naya Pakistan certificate, nonresident Pakistanis can get a profit of 7% if they invest in the greenback for 5 years. For tenures of 6 months, the rate of return is 6%. If they choose to invest in Pakistani Rupee, they can avail profit of 11% for a 5 year tenure and 10% for a 6 month tenure. Such generous returns on safe investment are. Right now, exceedingly rare.

The investment of $500 million within five months is proof aplenty that overseas Pakistanis are willing to trust the government and the brilliant scheme that is Roshan Pakistan Accounts.

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Business

Company rubbishes market report as false, fabricated

KTC vehemently denies all accusations made in the report and asserts its steadfast commitment to compliance with all regulatory requirements

Published by Hussnain Bhutta

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Islamabad: Khyber Tobacco Company (KTC) on Saturday  issued a statement to take an exception to a report titled "Pakistan Cigarette Market Assessment 2024" by Ipsos Pakistan.

It said that KTC is a leading cigarette manufacturing company in Pakistan, and “is compelled to address the public regarding the baseless and defamatory allegations levelled against it” by Ipsos.

“The said report contains unsubstantiated claims and defamatory remarks regarding KTC's business practices. These false allegations...have caused significant harm to KTC's reputation and business interests,” it said.

KTC vehemently denies all accusations made in the report and asserts its steadfast commitment to compliance with all regulatory requirements, it says. 

“We assert with pride that we are among the preeminent national cigarette manufacturing entities, employing a workforce exceeding 400 individuals within the country, and serving as Pakistan’s foremost tobacco exporter during the fiscal year 2022-23. These factors significantly bolster our contributions to the national exchequer, in direct contradiction to the assertions made by Ipsos,” says KTC.

“Besides, KTC was among the initial proponents of executing the track and trace agreement with the Federal Board of Revenue (FBR), as evidenced by public records. The company has cooperated fully with regulatory authorities, including the FBR, and maintains a robust system of internal controls to ensure compliance with all applicable laws and regulations,” it says.

“KTC's manufacturing units are subject to stringent oversight by FBR officials, with monitors stationed on the production floor,” it said.

“The defamatory nature of the report has not only harmed KTC's reputation but has also triggered a detrimental media campaign against local cigarette manufacturers. KTC's name, synonymous with quality and compliance, has been unfairly tarnished by these baseless allegations,” it says.

It says that “formal legal notices concerning defamation have been appropriately served to Ipsos Pakistan and its parent entity located in Paris, France.”

The KTC statement goes on to claim that “It has been brought to our attention that Ipsos Pakistan conducts its business operations within Pakistan through a single-member company (SMC) named ASB Associates, lacking a registered presence within Pakistan.”

“The evident non-compliance of Ipsos with established legal protocols within Pakistan is substantiated and verifiable,” it says.

“We remain steadfast in our commitment to upholding the highest standards of integrity and compliance across all facets of our operations, and we extend our gratitude for the continued support and trust of our esteemed clientele and stakeholders,” it says.

 

 

 

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Sports

T20 Word Cup 2024: Kohli talks about India-Pakistan showdown

The much-anticipated match between Pakistan and India is set for June 9 at Nassau County International Cricket Stadium in New York

Published by Hussnain Bhutta

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Mumbai: Virat Kohli, India's prominent batsman and former captain, has shared his thoughts on the forthcoming clash against arch-rival Pakistan in the T20 World Cup 2024.

The much-anticipated match between Pakistan and India is set for June 9 at Nassau County International Cricket Stadium in New York.

During an interview with Jio Cinema, Kohli commented on the heightened excitement surrounding the game, both on and off the field. "The passion around and outside the game is much more than the events on the field," Kohli remarked. He emphasized the importance of focusing on the present, saying, "So forget about June 9; I can only do what I have to do an hour later."

Kohli expressed his enduring enthusiasm for the sport, noting, "I can say that I am as hungry as ever." He added that if this hunger ever fades, he wouldn't participate in tournaments. "If I don't have this mindset, I can't play. There is an energy in such tournaments, a good atmosphere within the team; it is a beautiful journey in which we really enjoyed the World Cup," said the 35-year-old player.

Virat Kohli has been a leading figure in Indian cricket over the past decade. Since his international debut in a one-day match against Sri Lanka in Dambulla in 2008, Kohli has played 113 Tests, 292 ODIs, and 117 T20Is.

The right-handed batsman has accumulated 26,733 international runs across formats, including 80 centuries. He is second only to Sachin Tendulkar, who holds the record for the most international centuries (100).

Kohli is also showcasing exceptional form in the ongoing IPL, being the highest run-scorer with 661 runs at an average of 66.10 in 13 innings. India's World Cup campaign will kick off on June 5 against Ireland at Nassau County International Cricket Stadium, New York.

This will be followed by the high-stakes match against Pakistan on June 9, with subsequent matches against the USA and Canada on June 12 and 15, respectively.

 

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Regional

13 killed, nine injured after truck plunges into gouge

Witnesses rushed to the spot and alerted police and rescue 1122

Published by Noor Fatima

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Khushab: In an unfortunate incident, 13 people were killed, and nin e other sustained the injuries after a mini-truck fell into ravine near Panjpir in Khushab district on Saturday, witnessed and police said.

Preliminary findings suggested that the driver was speeding when he lost control over the wheels.

Witnesses rushed to the spot and alerted police and rescue 1122.

Police managed to retrieved bodies and injured from the bus wreckage and shifted them to the Tehsil Head Quarter (THQ) Hospital.

The dead bodies will be handed over to the heirs after legal proceedings.

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