* Two sides will discuss possibility of resumption of suspended $11.3 billion Stand-By-Arrangement programme
ISLAMABAD: After a long interval, Pakistan and International Monetary Fund (IMF) authorities are expected to chalk out a future engagement road map at the sidelines of a World Bank and IMF annual meeting scheduled to be held from September 23 to September 25 at Washington, official sources said on Tuesday.
According to sources, the Pak-IMF sideline meetings will discuss the resumption of bilateral talks, the possibility of resumption of suspended $11.3 billion Stand-By-Arrangement and the possibility of a new IMF loan programme for the repayment of an IMF loan starting from February 2012.
The sources further said that there was an urgent need for the resumption of Pak-IMF talks as the country was facing numerous challenges that could only be met with the help of IMF, World Bank and the Asian Development Bank.
Preparations for the sideline meetings with IMF at Washington are already underway and data relating to the last fiscal year has already been shared with IMF authorities. Data regarding the fresh challenges posed by the worsening law and order situation in Karachi and the havoc caused by rains in many parts of the country, especially Sindh, is also being compiled.
Sources said that FBR has collected Rs 105 billion against the collection target of Rs 95 billion for the month of July 2011. However, for meeting the Rs 1.952 trillion annual tax collection target, FBR is required to collect at least Rs 160 billion per month in revenue during the ongoing fiscal year 2011-12.
The sources further said that discussion was already underway over the possibility of a revision in the tax collection target of Rs 1.952 trillion for 2011-12. Although the Ministry of Finance and FBR are currently adamant about the existing target of Rs 1.952 trillion, a final decision will be taken within a week.
A possibility of a downward revision in tax collection target from Rs 1.952 trillion to Rs 1.860 trillion with a cut of Rs 92 billion has already been discussed in Revenue Advisory Council.
In case the Ministry of Finance decides to revise the tax collection target, expenditures of the federal government would need to be revised in accordance with the revision in tax collection target.
In case the Ministry of Finance decides to maintain the existing revenue collection target at Rs 1.952 trillion for the ongoing fiscal year 2011-12, FBR would be required to take additional administrative measures, as the country cannot afford to introduce fresh revenue measures at this point.
Sources said that the delay in disbursement of compensation to the flood-affected population was due to the data verification by provinces with NADRA and that the government had already arranged the required amount, which would be disbursed upon completion of the data verification process.
Twin blasts in Quetta, 15 dead
QUETTA: At least 15 people were reported dead and several injured on Wednesday morning when two powerful bomb blasts hit the DIG Frontier corps residence in Quetta, DawnNews reported.“First a car bomb exploded outside the residence of DIG Frontier Corps, then a suicide bomber entered inside the house and blew himself up,” senior police official Hamid Shakil said, referring to the corps’ deputy inspector general.
“The DIG is safe. Thirteen people have been killed and 28 were wounded,” he added
SC orders appointment of ATC judges within 2 days
CJP says conspiracies are being hatched against country
* Directs AG Sindh to make legislation against extortion of money
* Sees political motives behind Karachi unrest
By Asghar Azad
KARACHI: Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry on Tuesday ordered the Sindh government to appoint the Anti-Terrorism Courts (ATCs) judges within two days.
A larger bench of the Supreme Court, comprising CJP Iftikhar Muhammad Chaudhry, Justice Anwar Zaheer Jamali, Justice Sarmad Jalal Osmany, Justice Amir Hani Muslim and Justice Ghulam Rabbani, was hearing the suo motu case regarding the target killings and violence in Karachi.
The CJP said that conspiracies were being hatched against the country, questioning what should be saved, the country or the government.
Justice Jamali raised a question why the judges had still not been appointed despite the recommendation made by the Sindh High Court chief justice.
Sindh Advocate General (AG) Abdul Fatah Malik said that the judges would be appointed in three days upon which the CJP ordered him to complete the task within two days.
The CJP also ordered the Sindh government to appoint judges in ATCs throughout Sindh within two days and submit a report to the court.
“The Karachi issue is being given ethnic colour which is wrong. It is a political issue which should be resolved through effective legislation,” he said.
He said that 306 innocent citizens had been killed in violence and those figures were given by the government. He also directed the AG to make legislation through the provincial assembly against extortion.
Justice Chaudhry said that the names of culprits were disclosed but action was not taken against them. “What is the reason behind it,” he questioned.
The CJP ordered the Sindh government to provide financial assistance of Rs 2 million, including houses, to the families of the policemen assassinated in Chakra Goth incident, besides paying salaries to them till their retirement period.
The AG produced some videos relating to the Karachi violence and target killings, but said that the videos contained objectionable scenes and could not be played in the open court.
“If you (CJP) want, the videos may be played in the chamber as I do not want to hide anything from the court,” the AG said.
* Directs AG Sindh to make legislation against extortion of money
* Sees political motives behind Karachi unrest
By Asghar Azad
KARACHI: Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry on Tuesday ordered the Sindh government to appoint the Anti-Terrorism Courts (ATCs) judges within two days.
A larger bench of the Supreme Court, comprising CJP Iftikhar Muhammad Chaudhry, Justice Anwar Zaheer Jamali, Justice Sarmad Jalal Osmany, Justice Amir Hani Muslim and Justice Ghulam Rabbani, was hearing the suo motu case regarding the target killings and violence in Karachi.
The CJP said that conspiracies were being hatched against the country, questioning what should be saved, the country or the government.
Justice Jamali raised a question why the judges had still not been appointed despite the recommendation made by the Sindh High Court chief justice.
Sindh Advocate General (AG) Abdul Fatah Malik said that the judges would be appointed in three days upon which the CJP ordered him to complete the task within two days.
The CJP also ordered the Sindh government to appoint judges in ATCs throughout Sindh within two days and submit a report to the court.
“The Karachi issue is being given ethnic colour which is wrong. It is a political issue which should be resolved through effective legislation,” he said.
He said that 306 innocent citizens had been killed in violence and those figures were given by the government. He also directed the AG to make legislation through the provincial assembly against extortion.
Justice Chaudhry said that the names of culprits were disclosed but action was not taken against them. “What is the reason behind it,” he questioned.
The CJP ordered the Sindh government to provide financial assistance of Rs 2 million, including houses, to the families of the policemen assassinated in Chakra Goth incident, besides paying salaries to them till their retirement period.
The AG produced some videos relating to the Karachi violence and target killings, but said that the videos contained objectionable scenes and could not be played in the open court.
“If you (CJP) want, the videos may be played in the chamber as I do not want to hide anything from the court,” the AG said.
SECP makes regulatory framework conducive for mutual funds growth
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the NBFC and Notified Entities Regulations, 2008.
The SECP held detailed consultative sessions, especially with the Mutual Funds Association of Pakistan (MUFAP) and trustees of the mutual funds as key stakeholders.
As part of its continuous efforts for development of the capital markets, and mutual funds in particular, the amendments are aimed at strengthening the existing regulatory framework as well as extend operational flexibility to fund managers. It is an important step forward for a more conducive regulatory framework to fuel growth of the mutual funds industry. The significant amendments encompass: Replacement of seed capital requirements with minimum fund size of Rs 100 million to offer flexibility in launching new mutual funds; Enhancement of unit-holders rights in case of any material change impacting fund’s category and investment objective or other key aspects such as management fee or back-end load, etc. Suspension of redemption of units restricted to a maximum of 15 working days coupled with empowerment of unit holders to decide future of the fund including change of fund manager.
Introduction of a detailed procedure for winding up of an open-end fund. Registration of trustees of open-end mutual funds by the SECP and enhancement of their role to better safeguard unit holder interests. Registration of distributors of mutual funds with the MUFAP and existing distributors offered flexible time period (until Feb 2012) to comply. Exemption granted to index fund, fund of funds and capital protected fund from group company investment limits. staff report
The SECP held detailed consultative sessions, especially with the Mutual Funds Association of Pakistan (MUFAP) and trustees of the mutual funds as key stakeholders.
As part of its continuous efforts for development of the capital markets, and mutual funds in particular, the amendments are aimed at strengthening the existing regulatory framework as well as extend operational flexibility to fund managers. It is an important step forward for a more conducive regulatory framework to fuel growth of the mutual funds industry. The significant amendments encompass: Replacement of seed capital requirements with minimum fund size of Rs 100 million to offer flexibility in launching new mutual funds; Enhancement of unit-holders rights in case of any material change impacting fund’s category and investment objective or other key aspects such as management fee or back-end load, etc. Suspension of redemption of units restricted to a maximum of 15 working days coupled with empowerment of unit holders to decide future of the fund including change of fund manager.
Introduction of a detailed procedure for winding up of an open-end fund. Registration of trustees of open-end mutual funds by the SECP and enhancement of their role to better safeguard unit holder interests. Registration of distributors of mutual funds with the MUFAP and existing distributors offered flexible time period (until Feb 2012) to comply. Exemption granted to index fund, fund of funds and capital protected fund from group company investment limits. staff report
Brief News:
Ø 37 more suspects arrested in Karachi
Ø Turkey suspends all ties with Israel,raises naval patrols
Ø Student guns down university vice principal
Ø MQM pioneered extortion in Karachi-Asma Jahangir
Ø Doctor who helped CIA barred from leaving Pakistan
US pulls back from lead role in conflicts: reportMohammed Saleem Mansoori
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