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Last update: Sat, 03 Dec 2016 12am

Politics & Policy

Pakistan - Politics & Policy

NA passes Foreign Exchange Regulation (Amend) Bill 2014, Foreigners (Amend) Bill 2016 ISLAMABAD: The National Assembly Wednesday passed the Foreign Exchange Regulation (Amendment) Bill, 2014 and the [Foreigners (Amendment) Bill, 2016.According to the statement of objects and reasons of Foreign Exchange (Amend) Bill, 2014, the State Bank of Pakistan (SBP) is the regulator of the foreign exchange regime in Pakistan and is responsible for the administration of the Foreign Exchange Regulation Act 1947 (the Act).Since the promulgation of the Act, the volume of foreign currency transactions to and from Pakistan has considerably increase it needs to have effective enforcement powers to regulate the foreign exchange business of banks and exchange companies.However, under the existing provision of the Act, SBP has no direct power to impose monetary penalties on violation of provisions of the Act and has to follow a lengthy procedure of adjudication.It can only suspend or cancel of a bank or an exchange company on violation of any provision of the ...

Pakistan - Politics & Policy

President arrives in Turkey to attend OIC summit ISTANBUL: President Mamnoon Hussain arrived here Wednesday to represent Pakistan at the 13th Islamic Summit Conference of OIC, being hosted by Turkey from April 10 to 15.The President was received by Turkey's Minister for Economy Mustafa Alitash here at the Ataturk International Airport.President Mamnoon, besides addressing the Conference during his three-day visit to Turkey, will also hold bilateral meetings with some leaders of the OIC member states.The leaders of the Islamic world are expected to ...

Pakistan - Politics & Policy

Banks, DFIs play vital role in strengthening economy: Sana LAHORE: Provincial Law Minister Rana Sanaullah has said banks and development financial institutions (DFIs) are playing vital role in the economy of the country.He said this while commenting on what Sheikh Allauddin said in the Punjab Assembly on Tuesday.He said that besides earning profit banks were providing jobs to a large number of people. He assured that in cabinet committee for law and order, Sheikh Allauddin and other representatives would be invited while Home Secretary ...

Pakistan - Politics & Policy

SC adjourns Sindh Mayor, Dy. Mayor case till Thursday ISLAMABAD: The Supreme Court on Tuesday adjourned hearing of the case regarding elections of Mayor, Deputy Mayor and Chairman in the province of Sindh.The three-member bench of the apex court headed by Chief Justice Anwar Zaheer Jamali heard the case filed by Muttahida Quomi Movement (MQM).During the course of proceedings, Dr. Babar Awan counsel for Pakistan People Party (PPP) appeared before the bench and stated election with show of hands was necessary for fair elections. ...

Pakistan - Politics & Policy

Promotion of smart agriculture needed: Bosan LAHORE: Federal Minister for National Food Security and Research Sikandar Hayat Bosan has said that the government is going to start different projects worth more than Rs 54,932 million for the progress and development of different areas of agriculture.He stated this while presiding over a meeting held in connection with the progress and development of agriculture of the country on Tuesday.He said that after the 18th Amendment the agriculture had become a provincial subject and ...

Pakistan - Politics & Policy

Shehbaz for promotion of livestock sector to strengthen economy LAHORE: Chief Minister Punjab Muhammad Shehbaz Sharif on Tuesday said national economy could be strengthened by development of livestock sector. He said that practical measures were required to attain the goal. He was addressing the inaugural ceremony of 5th International Halal conference and a exhibition here at a local hotel on Tuesday. The CM said the volume of livestock trade in the world was one thousand billion dollar but Pakistan's share in this trade was ...

Pakistan - Politics & Policy

Malakand lawmakers demand withdrawal of Customs Act, 1969 ISLAMABAD: Lawmakers belonging to Malakand Division Tuesday demanded the government to withdraw the Customs Act, 1969 immediately, terming it against the annexation agreement.They also threatened that all 10 MNAs hailing from Malakand Division will tender resignations if their demand was not met.Raising a Calling Attention notice regarding applicability of the Customs Act, 1969 to Malakand Division and District Kohistan, Sahibzada Tariqullah apprised that under annexation agreement no custom act could be extended to the division ...