Tag Archives: monetary

State Bank has no Board Director from Sindh

By: Dr Ali Akbar Dhakan, Karachi, Sindh

There is an old maxim that the cry of an oppressed or Victim never goes heedless but its bring Allah`s calamity and catastrophe for the oppressors. Since the creation of the world, the history tells that the society wherein the principle of might is right has been adopted, neither the fate of that society has flourished nor solidarity has achieved sound footings. I have expressed here my worries and woes experienced in the service career of State Bank of Pakistan which is the central Bank or the authority to regulate and control the monetary related affairs of the country.

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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.

PAKISTAN IN CRISIS

Ahmed Rashid, Author and Journalist

With the recent assassination of Salman Taseer, governor of the province of Punjab, one of the strongest voices for democracy and secularism in the Pakistan People’s Party has been silenced. The government is in crisis, and the economy has been in freefall since the International Monetary Fund halted its loans to the country last year. Ahmed Rashid warns that the situation in Pakistan is potentially worse than in neighboring Afghanistan. This unrest comes at a crucial time when the United States is seeking increased cooperation with Islamabad on the war in Afghanistan and combating terrorism. What is the future of Pakistan’s partnership with the United States, and what will be Pakistan’s role in defining regional order before NATO pulls out of Afghanistan in 2014? …

Read more : The Chicago Council

WikiLeaks: storm in a teacup – Dr Manzur Ejaz

A weak and unpopular presidency suits the military better. Why would the military create a situation in which Mian Nawaz Sharif — with greater popularity — would take the reins in his hands and start implementing the Kerry-Lugar Bill’s conditions on the military? …

Read more : Wichaar