Biometric proof must for buying $500 or above: SBP

The State Bank of Pakistan (SBP) has imposed another restriction on buying of dollars from open market as it made biometric verification compulsory for all those who would buy $500 or above from open market. On the other hand, the dollar set a new record as the price rose to Rs171 on Wednesday.

“The exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to $500 and above and outward remittances,” said the SBP on Wednesday.

Earlier, anyone could purchase dollars from exchange companies by providing a copy of national identity card. “This requirement will be applicable with effect from October 22, 2021,” the SBP added.

The major step has been taken apparently to stop outflow of dollars from the country to Afghanistan, which significantly increased dollar demands in the open market and destabilised the exchange rate.

The SBP has already taken several measures to get control over steep depreciation of local currency against the high demand of US dollar. The exchange companies have earlier highlighted through the media that outflow of dollars to Afghanistan is very high while the Fitch Rating company also recently cited this issue as one of the reasons for destabilisation of exchange rate.

According to the measures taken by the State Bank, each person travelling to Afghanistan will be allowed to carry maximum $1,000 per visit, with the annual limit of $6,000.

“In order to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of cash foreign currency, the State Bank has introduced some regulatory measures,” said a circular issued by the SBP.

Exchange companies will sell the cash foreign currency and make outward remittances, equivalent to $10,000 and above, against receipt of funds through cheque or banking channels only.

“These regulatory measures will help to improve documentation of sale of foreign currency by exchange companies and place a check on undesirable outflow of foreign currency,” said the SBP.

“The condition of biometric on purchase of $500 and above will help to reduce buying from open market which is the target of the State Bank as well as the government,” said Malik Bostan, heading the Exchange Companies Association of Pakistan.

He said the proposal of biometric was in discussion with exchange companies. He said the condition of $1,000 per person takeaway to Afghanistan was needed to stop unnecessary outflow of foreign currency from Pakistan causing destabilization of exchange rate.

Since July as the political situation unfolded in Afghanistan, dollar demand in open market here increased and rates went up. Earlier, the exchange companies were depositing 90 per cent of their surplus to banks. “Now we deposit about 50 per cent to banks while 50 per cent is sold out,” he said.

The State Bank last month revised Prudential Regulations for Consumer Financing and said the targeted step would help in moderating demand growth in the economy, leading to slower import growth and thus supporting the balance-of-payments.

The changes in the prudential regulations effectively prohibit financing for imported vehicles, and tighten regulatory requirements for financing of domestically manufactured or assembled vehicles of more than 1000cc engine capacity and other consumer finance facilities like personal loans and credit cards, according to the SBP.

On Sept 30, the State Bank imposed 100 per cent cash margin requirements (CMR) on imports of 114 more items, taking the total number of items subject to CMR to 525, to curb the imports that had grossly destabilized the exchange rate and widened the current account deficit.

The monthly increase in the current account deficit created serious threat for the external account of the government. The deficit widened by $1.5bn in August as it was $838m in July FY22.

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Schools to resume normal classes from October 11 across Pakistan: Asad Umar

The National Command and Operations Centre (NCOC) on Thursday announced that all educational institutions would start "normal classes" from October 11 (Monday).

The decision was made during an NCOC meeting held earlier today, where the forum agreed to reopen educational institutions based on the reduced level of disease spread and the launch of the school vaccination programme, Federal Minister for Planning, Development, and Special Initiatives Asad Umar said in a tweet.

Educational institutions were earlier operating on 50% capacity across the country after they had reopened following intermittent closures due to the prevalence of COVID-19.

The NCOC, in a statement, said that the country reported 1,453 cases in the last 24 hours, taking up the positivity ratio to 2.82%, while 46 people lost their lives to the virus.

The country has posted as many as 1.25 million coronavirus cases, 28,032 deaths, and 1.18 million recoveries from the pandemic, the forum said.

Pakistan has administered a total of more than 87 million vaccines, with 31 million second doses and 62 million first doses, according to the data shared by the NCOC.

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Russia to invite Taliban to international talks in Moscow scheduled for Oct 20

Russia will invite the Taliban to international talks on Afghanistan scheduled for October 20 in Moscow, the Kremlin's envoy to Afghanistan, Zamir Kabulov, said on Thursday.

In response to a question from Russian journalists on whether representatives of the group would be invited to negotiations involving China, India, Iran and Pakistan, Kabulov said: “Yes”.

The talks will follow a G20 summit on Afghanistan on October 12 that will seek to help the country avoid a humanitarian catastrophe in the wake of the Taliban takeover.

Kabulov was also asked whether Russia would deliver aid to Afghanistan, where the humanitarian crisis is growing worse, a top UN official warned on Wednesday.

 Russia would do so, but the details were still being decided, Kabulov said. “This is being worked out,” he told journalists, saying “cargo” was being collected.

Moscow has moved to engage with the Taliban but stopped short of recognition of the group, which is banned as a terrorist organisation in Russia.

On Monday, Kabulov said Moscow would not “exclude” revising the UN sanctions regime against the Taliban. “But at this stage we believe it is not expedient to rush,” he said.

The Kremlin has in recent years reached out to the Taliban and hosted its representatives in Moscow several times, most recently in July.

Unlike Western countries that rushed to evacuate diplomats after the Taliban swept to power in August, Russia has kept its embassy in Kabul open.

Russian President Vladimir Putin has criticised the foreign involvement in domestic Afghan affairs and said Moscow had “learnt lessons” from the Soviet Union's invasion of the country.

In the 1980s, Moscow fought a disastrous decade-long war in Afghanistan that killed up to two million Afghans, forced seven million more from their homes and led to the deaths of more than 14,000 Soviet troops.

Putin has also warned about members of extremist groups exploiting political turmoil in Afghanistan to cross into neighbouring countries as refugees.

In the wake of the Taliban takeover, Russia held military drills with ex-Soviet Tajikistan — where it operates a military base — and in Uzbekistan.

Both countries share a border with Afghanistan.

Moscow also said it received orders for new arms and weapons from the Central Asian nations.

While the Taliban has said it does not pose a threat to Central Asian countries, the ex-Soviet republics in the region have previously been targeted by attacks attributed to allies of Afghan militants.

The Taliban were initially in power in Afghanistan from 1996 until they were toppled by the 2001 US-led invasion following the September 11, 2001 attacks that were plotted by Al-Qaeda leader Osama bin Laden from Afghan soil.

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ECB chief Ian Watmore resigns after pressure over cancellation of Pakistan tour

England and Wales Cricket Board Chairman Ian Watmore has resigned after increasing pressure since the cancellation of England's tour to Pakistan, The Times reported.

Watmore served as the chairman of the England and Wales Cricket Board for only 10 months, despite having been appointed for a five-year term.

The 63-year-old is leaving after consultations with the board of directors this week and his resignation will go into effect immediately, the British publication said.

According to ECB, Watmore, following the announcement, remarked: "It is with regret that I step down as Chair of the ECB, but I do so in mindfulness of my own wellbeing and that of the game which I love. I was appointed to the post in a pre-pandemic era, but COVID has meant the role and its demands on time are dramatically different to all our original expectations, which has taken a personal toll on me. Given this, the Board and I feel the ECB will be better served by a new Chair to take it forward post pandemic. Leaving now, at the end of the season, gives the Board time to find a new Chair to support cricket through the challenges of the 2022 season and beyond.

“On a personal level, I also retired last month after five years at the Civil Service Commission and recently became a grandfather. I would now like to retire completely from work and enjoy our great game as a spectator."

England's men and women teams were due to play two Twenty20s in Rawalpindi on October 13 and 14. The women's team were also due to play three ODIs in Pakistan on October 17, 19, and 21.

Following England's cancellation, which came on the heels of New Zealand pulling out of Pakistan at the eleventh hour of their own tour over what they said were "security" concerns, Watmore apologised to Pakistanis hurt by the move.

In Watmore's first public comments after England's decision invited anger from the Pakistan Cricket Board and cricket fans around the globe, he said: "I'm very sorry to anyone who feels hurt or let down by our decision, particularly in Pakistan."

"The decision the board made was an extremely difficult one and the board made it with the primary consideration being the welfare and mental health of our players and staff," he added.

While announcing the decision to cancel the tour to Pakistan, ECB said "we understand that this decision will be a significant disappointment to the PCB", who have worked tirelessly to host the return of international cricket in their country.

The ECB said the "mental and physical well-being" of its players and support staff remains their highest priority, and this was even more critical given the times "we are currently living in".

The ECB said it had a "longstanding commitment" to tour Pakistan as part of the Men's Future Tours Programme in 2022, as it had agreed to play two additional T20 World Cup warm-up games in October, adding a short women's tour with double headers alongside the men's games.

"The ECB Board convened this weekend to discuss these extra England Women's and Men's games in Pakistan and we can confirm that the Board has reluctantly decided to withdraw both teams from the October trip," the board said in a statement.

"We know there are increasing concerns about travelling to the region and believe that going ahead will add further pressure to a playing group who have already coped with a long period of operating in restricted COVID environments," the statement added.

The ECB said there was an "added complexity" for its men's T20 squad, as it believes that touring under "these conditions" would not be ideal preparation for the ICC Men's T20 World Cup, where performing well remains a top priority for 2021.

The ECB acknowledged PCB's support over the last two summers, which it termed had been "a huge demonstration of friendship".

"We are sincerely sorry for the impact this will have on cricket in Pakistan and emphasise an ongoing commitment to our main touring plans there for 2022," it added.

Regarding the impact of New Zealand's pullout on Pakistan's economy, Minister for Information Fawad Chaudhry said: "PTV alone has suffered losses worth Rs220 million and we are now seeking our lawyers' guidance on how to drag [New Zealand] to court."

When the English team cancelled its tour of Pakistan, the UK government immediately distanced itself from the decision and declared it an independent decision of the ECB.

British High Commissioner in Pakistan Christian Turner said that his government was not opposed to the visit. The UK authorities were also not pleased with the ECB over the move and reportedly expressed disappointment with the board.

The ministers were of the view that the cancellation has soured ties with Pakistan.

Earlier today, Pakistan Cricket (PCB) Board Chairman Ramiz Raja said that New Zealand Cricket has contacted the Pakistan Cricket Board regarding the rescheduling of the home series against Pakistan and "good news will be announced within a week".

 

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US deputy secretary of state and her delegation scheduled to arrive in Islamabad for a two-day visit

US Deputy Secretary of state Wendy Sherman and her seven-member delegation is scheduled to arrive in Pakistan today on a two-day visit to the country. The senior daplomat will hold important discussions with the civil and military leadership.

The US diplomat and her delegation will arrive at the Islamabad International Airport by a chartered flight.
the delegation has been exempted from the COVID-19 rapid antigen test and body scanning on arrival.

the Ministry of Foreign Affairs has directed the aviation division, chief security officer of the Airports Security Force (ASF) and the airport manager to ensure arrangements for the arrival of the US delegation.

Upon arrival, the US delegation will be given access to the VIP state lounge, China Gate, at Islamabad airport. The facility will be provided to the members of the delegation upon departure as well.

Directives have also been issued for the availability of golf carts from the landing gate to the state lounge, parking of special aircraft at a closer location and provision of Aircraft Bridge for ease of access.

Sherman travelled to India from October 6-7 where she held talks with the country's top leadership as well.

This will be one of the first high-level officials under US President Joe Biden to visit Pakistan, after CIA Director Will Burns.

In India, Burns had addressed the US-India Business council’s annual “ideas summit,” the State Department had said.

Biden, who like his predecessors had called for strong relations with India, has yet to speak to Khan, although Secretary of State Antony Blinken met his Pakistani counterpart on the sidelines of the UN meetings and thanked Islamabad for help in evacuating Americans from Afghanistan.

Ahead of her visit to Pakistan, Deputy Secretary of State Wendy Sherman on October 1 had demanded of Pakistan to take action against all extremist groups.

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Party decided to protest against NAB ordinance, PML-N leader Rana Sanaullah said

The PML-N has decided to give the government a tough time over the National Accountability Bureau (NAB) ordinance that can allow the chairman to enjoy another four-year term. However, the party still stands divided over how it will challenge the government.

PML-N leader Rana Sanaullah said the party has decided to protest against the NAB ordinance but it is divided on how to challenge it.

President Arif Alvi on Wednesday promulgated the National Accountability (Amendment) Ordinance, 2021, under which NAB Chairman retired Justice Javed Iqbal will continue to serve the post until a new chairman is appointed.

The new NAB chairman will be appointed for a period of four years and his term may be extended, as per the amended ordinance.

The former Punjab law minister said the party will also try to ensure the Opposition remains on the same page over the ordinance. "We will try that the Opposition stands united for this protest," he added.

He rejected speculation that the party had raised objections internally over PML-N Vice President Maryam Nawaz's recent statements.

The government had earlier decided to give an extension to NAB Chairman retired Justice Javed Iqbal and a draft ordinance has been prepared by its legal minds.

Sources had said Prime Minister Imran Khan approved the presidential ordinance.

A meeting was chaired to discuss the ordinance, which was drafted in consultation with federal ministers.

Law Minister Dr Farogh Nasim, Adviser to the PM on Parliamentary Affairs Dr Babar Awan and Adviser on Interior and Accountability Mirza Shahzad Akbar suggested a few changes in the law.

According to sources privy to the matter, more than one amendment had been proposed.

On Thursday, Prime Minister Imran Khan had refused to consult the leader of the Opposition over the appointment of the NAB chairman post.

Earlier, the federal Cabinet had approved the NAB ordinance about the extension in the tenure of NAB Chairperson Justice (retired) Javed Iqbal.

Sources said that Prime Minister Imran Khan has taken a stand and is saying that he would not consult the leader of the Opposition over the anti-corruption watchdog's appointment.

According to sources, the premier had made it clear to Federal Minister for Information and Broadcasting Fawad Chaudhry and Law Minister Farogh Naseem that he will not consult the leader of the Opposition or members of the Opposition.

Addressing a press conference following a cabinet meeting, Federal Minister for Information and Broadcasting Fawad Chaudhry had said an ordinance was being brought on Wednesday to do away with a legal lacuna concerning consultation on the new NAB chairman’s appointment, in case the leader of the House or Opposition faces NAB cases.

The NAB law says that “there shall be a Chairman NAB to be appointed by the president in consultation with the [Leader of the House and the Leader of the Opposition in the National Assembly] for a [non-extendable] period of [four] years on such terms and conditions as may be determined by the president and shall not be removed except on the grounds of removal of judge of the Supreme Court of Pakistan.”

This means that unlike what ministers say in public, the leader of the Opposition will be consulted in the appointment of a new chairman or for a second-term appointment of the incumbent NAB chief. In case the prime minister and the leader of the Opposition do not agree on any name, the case will be referred to a parliamentary committee that will have equal representation of members from the treasury and Opposition benches.

The ordinance will also clear the vagueness surrounding the forum that will have the power to remove the NAB chairman. It has been decided that the Supreme Judicial Council will be the forum that will consider any case or reference about the misconduct of the NAB chairman.

 

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Party decided to protest against NAB ordinance, PML-N leader Rana Sanaullah said

The PML-N has decided to give the government a tough time over the National Accountability Bureau (NAB) ordinance that can allow the chairman to enjoy another four-year term. However, the party still stands divided over how it will challenge the government.

PML-N leader Rana Sanaullah said the party has decided to protest against the NAB ordinance but it is divided on how to challenge it.

President Arif Alvi on Wednesday promulgated the National Accountability (Amendment) Ordinance, 2021, under which NAB Chairman retired Justice Javed Iqbal will continue to serve the post until a new chairman is appointed.

The new NAB chairman will be appointed for a period of four years and his term may be extended, as per the amended ordinance.

The former Punjab law minister said the party will also try to ensure the Opposition remains on the same page over the ordinance. "We will try that the Opposition stands united for this protest," he added.

He rejected speculation that the party had raised objections internally over PML-N Vice President Maryam Nawaz's recent statements.

The government had earlier decided to give an extension to NAB Chairman retired Justice Javed Iqbal and a draft ordinance has been prepared by its legal minds.

Sources had said Prime Minister Imran Khan approved the presidential ordinance.

A meeting was chaired to discuss the ordinance, which was drafted in consultation with federal ministers.

Law Minister Dr Farogh Nasim, Adviser to the PM on Parliamentary Affairs Dr Babar Awan and Adviser on Interior and Accountability Mirza Shahzad Akbar suggested a few changes in the law.

According to sources privy to the matter, more than one amendment had been proposed.

On Thursday, Prime Minister Imran Khan had refused to consult the leader of the Opposition over the appointment of the NAB chairman post.

Earlier, the federal Cabinet had approved the NAB ordinance about the extension in the tenure of NAB Chairperson Justice (retired) Javed Iqbal.

Sources said that Prime Minister Imran Khan has taken a stand and is saying that he would not consult the leader of the Opposition over the anti-corruption watchdog's appointment.

According to sources, the premier had made it clear to Federal Minister for Information and Broadcasting Fawad Chaudhry and Law Minister Farogh Naseem that he will not consult the leader of the Opposition or members of the Opposition.

Addressing a press conference following a cabinet meeting, Federal Minister for Information and Broadcasting Fawad Chaudhry had said an ordinance was being brought on Wednesday to do away with a legal lacuna concerning consultation on the new NAB chairman’s appointment, in case the leader of the House or Opposition faces NAB cases.

The NAB law says that “there shall be a Chairman NAB to be appointed by the president in consultation with the [Leader of the House and the Leader of the Opposition in the National Assembly] for a [non-extendable] period of [four] years on such terms and conditions as may be determined by the president and shall not be removed except on the grounds of removal of judge of the Supreme Court of Pakistan.”

This means that unlike what ministers say in public, the leader of the Opposition will be consulted in the appointment of a new chairman or for a second-term appointment of the incumbent NAB chief. In case the prime minister and the leader of the Opposition do not agree on any name, the case will be referred to a parliamentary committee that will have equal representation of members from the treasury and Opposition benches.

The ordinance will also clear the vagueness surrounding the forum that will have the power to remove the NAB chairman. It has been decided that the Supreme Judicial Council will be the forum that will consider any case or reference about the misconduct of the NAB chairman.

 

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