Tag Archives: Banking

Pakistan is near to declare bankruptcy

Rs100 crore a day

By Dr Farrukh Saleem

Pakistan’s Public Sector Enterprises (PSEs) are falling like nine pins. The Pakistan Railways, the Pakistan International Airlines, the Pakistan Steel Mills, the Pakistan Electric Power Company (Pepco), the Pakistan Agricultural Storage and Services Corporation (Passco) and the Utility Stores Corporation (USC) collectively end up loosing Rs360 billion a year – Rs100 crore a day every day of the year. That’s a hundred crore the government does not have – so it begs, borrows, steals and prints.

Currently, Nadeem Khan Yousufzai, MD PIA, is managing to lose Rs7 crore a day every day of the year. Haji Ghulam Ahmad Bilour, Federal Minister of Railways, is managing to lose Rs5 crore a day every day of the year. PIA’s half yearly report titled “Flying towards a prosperous future” reports that liabilities went up from Rs62 billion in 2005 to Rs200 billion in 2009. PIA’s annual report titled “We stand for national values” reports that net losses at the PIA have gone up from Rs4.4 billion in 2005 to Rs35 billion in 2008. At the Pakistan Railways, the overdraft now floats around a hefty Rs48 billion.

In mid-2009, the Pepco’s circular debt had reached a colossal Rs300 billion and that’s when the Government of Pakistan gave birth to another illegitimate dragon – Power Holding Company. The new dragon took over all of the Pepco’s sins by borrowing heavily from the banking sector but within two years of that take-over the Pepco committed 300 billion additional sins. And now the banks have not much left to lend.

The power sector debt – Rs485 billion and rising fast – just by itself has the potential of landing Pakistan’s entire banking sector into the gutter. Loosing Rs100 crore a day every day of the year will land the government into a ditch deeper than the government has ever been in.

We desperately need a Public Sector Turnaround Strategy (PSTS) without which our very survival as an effective nation-state is at stake. Our survival is at stake and yet our decision-makers are all about political rallies. I was once told that politics is the second oldest profession but the way our politicians are practicing politics it bears a close resemblance to the first. ….

Read more » The News

Pakistan Mlitary help line

Welcome to the Pakistan Army Help Line..

For Real Estate, press 1;

For Banking Services, press 2;

For Construction, press 3;

For Logistics, press 4;

For Agricultural Services, press 5;

For Retail services, press 6;

For Shadi Halls, press 7;

For Insurance services, press 8;

for Consumer goods, press 9;

for Security please call ‘Brinks‘.

And for whereabouts of Terrorists call American CIA

For those in denial please call your approved psychological services specializing in conspiracy theories

Courtesy: Pakistani e-lists/ e-groups, May 27, 2011

Mujib’s 6 points

1. The constitution should provide for a Federation of Pakistan in its true sense on the 1940 Lahore Resolution and the parliamentary form of government with supremacy of a legislature directly elected on the basis of universal adult franchise.

2. The federal government should deal with only two subjects: defence and foreign affairs, and all other residuary subjects shall be vested in the federating states.

3. Two separate, but freely convertible currencies for two wings should be introduced; or if this is not feasible, there should be one currency for the whole country, but effective constitutional provisions should be introduced to stop the flight of capital from East to West Pakistan. Furthermore, a separate banking reserve should be established and separate fiscal and monetary policy be adopted for East Pakistan.

4. The power of taxation and revenue collection shall be vested in the federating units and the federal centre will have no such power. The federation will be entitled to a share in the state taxes to meet its expenditures.

5. There should be two separate accounts for the foreign exchange earnings of the two wings; the foreign exchange requirements of the federal government should be met by the two wings equally or in a ratio to be fixed; indigenous products should move free of duty between the two wings, and the constitution should empower the units to establish trade links with foreign countries.

6. East Pakistan should have a separate militia or paramilitary forces.

Source – Sindhi e-lists/ e-groups, April 21, 2011.

Bharat Mahan : The Most Corrupt nation on this planet, say Jay Hind

$1.5 Trillion of India’s stolen money: Swiss Banking Association
Transparency International and the Freedom Foundation ignore the blatant and egregious theft of money from official coffers of the Government of India. The Most Corrupt nation on this planet Bharat (aka India).

Swiss Banking Association report, details bank deposits in the territory of Switzerland by nationals of following countries:

Top five: India—- $1,456 billion (Public loot since 1947), Russia —$ 470 billion, UK ——-$390 billion, Ukraine – $100 billion, China —–$ 96 billion

According to Global Financial Integrity Indian politicians, IAS, IRS, IPS and people from entertainment and sports industry have deposited $ 325 billion in last five years in Swiss accounts (say Jay Hind).

This may be the picture of deposits in Swiss banks only. What about other international destinations? There are presumably more than 70 Tax havens in the world. Indian wealth could be more in Switzerland and various British /US islands. At least forty countries market themselves aggressively as tax havens.

After Bharat mahan the second best Russia has 4 times lesser deposit in Swiss accounts. US is not even there in the counting in top five !! India has more money in swiss banks than all the other countries combined.

Interestingly Swiss government agreed to disclose the names of the account holders only if the respective governments formally asked for it but Indian govt. is not asking for the details. Annually more than 100,000 Indians travel to Switzerland, of whom 35,000 travel very frequently.

A few corrupt Indians have 1.5 trillion dollars of black money on other hand daily 3000-4000 children die from malnutrition in India and 1000 pregnant women die every day in India (say Jay Hind). More than 70% of population is anemic (In simple maths after 50 years there will be no Indian in India.) India got the gold medal in black money but they are competing with Angola and Congo in GHI (global hunger Index).

Chennai, The Switzerland government has not received any request from the Indian government for sharing the names of tax evaders who have stashed away their illicit money in Swiss banks, the Swiss Ambassador to India Philippe Weiti said Wednesday. …

Read more : Wichaar

More details : BBC urdu

No representation of Sindh in financial institutions

by: Dr Ali Akbar Dhakan

The representation to people of Sindh as it has been observed that in the appointment of heads of all institutions, financial corporations, banks and departments etc no Sindhi has been given the post of the head of the Department, bank and financial institution. In this way Sindhis deserving, highly qualified and experienced have been neglected and not given their constitutional rights and representation in any bank or financial institution.

Even recently, for the post of banking ombudsman, a retired Deputy Governor State Bank of Pakistan has been appointed who got two extensions in State Bank of Pakistan.The deserving people of Sindh are depressed and frustrated so much that from the policies of the PPP Government, they are thinking for diversion of their sympathies, hopes and blessings. Not only the appointment as the heads of banks but even no bank or corporation needs representation of Sindhis as its Board of Director or member of its committees. All intellectuals and parties of Sindh are demanding inquiries and checking of these facts to the effect that why not Sindhis are neglected and given their representations in all financial institutions.The President of Pakistan is therefore requested to issue his orders for providing constitutional representation to Sindhi people in all banks and in institutions.

Apirl 15, 2009