NA approves law against
The National Assembly on Thursday passed the Anti-Dumping and
Countervailing Duties Bill, 1998 to discourage dumping of goods in Pakistan and bring the
legislation in conformity with the World Trade Organisation (WTO) agreement.
The bill was moved by Parliamentary Secretary for Finance Sardar Kamil
Umar for consideration.
The bill was put to voice vote and also to the division twice on the
insistence of the opposition. The division results showed 61 to nil votes the first time
and 51 to nil votes the second time. The bill was discussed clause-by-clause and was
finally passed by the house.
Before its adoption during the third reading, three opposition and
independent MNAs, namely Kunwar Khalid Yunus, Qaisar Sheikh and Dr Fehmida Mirza, made
In his address, independent MNA Qaisar Sheikh said that it was for the
first time that such a bill had been moved in our Parliament. He said that the bill was
sourly needed. He regretted that the commission had no wide powers while the powers of the
bureaucracy had been enhanced.
He said that the bill had not formulated a mechanism whereby we could
know how the goods from outside the country were being dumped into Pakistan.
Kunwar Khalid Yunus said that the anti-dumping laws were made the world
over keeping in view the interests of respective countries' industrial concerns and also
to promote the climate for investment. He called for the need for making our own laws
liberal with a view to attracting foreign investment.
Dr Fehmida Mirza, in her criticism of the Anti-Dumping Bill, said that
the main need of the hour was to set up independent institutions. She lauded the framing
of the bill but she regretted that under the bill, the commission had been limited under
the finance minister and his powers had been increased. She stressed the need for making
the commission more independent.
RDFC's handing over to NWFP in final stage
The handing over of Regional Finance Development Corporation (RDFC) to
NWFP is in the final stages as Islamabad and provincial government have worked out
relevant details besides developing consensus over the price issue, well placed official
"The two sides have finally developed consensus over the price
factor which has been delaying materialising the provincial government's move of taking
over the RDFC," said the provincial government sources holding important office.
Kamal Afsar named PACO chairman
Kamal Afsar, a BS 21 officer of the Secretariat Group, has been posted
as Chairman, Pakistan Automobile Corporation ( PACO ), Karachi, in his own pay and scale,
a notification said.
Afsar was earlier posted as managing director of the Karachi Electric
Hurdles in exports of value-added products
Contrary to claims of removing stumbling blocks from exports of value
added products the government has embarked upon retrogressive measures of promoting export
of primary goods providing export finance facility for cotton yarn below 30 counts and
deferring 25 paisa excise levy on yarn sales intended to complete the chain of duty
drawback for exporters.
These views were expressed by Mukhtar Ahmad Sheikh chairman All
Pakistan Cloth Exporters Association (APCEA) while talking to newsmen.
He said that time and again the policy makers announced that the only
way to boost the national exports was value addition and export of finished and processed
goods. He said it was an established fact that one kg of cotton export brought about
foreign exchange equivalent to one dollar, while one kg of processed cotton in shape of
fashion fabrics earned six dollars in foreign exchange.
KSE issues show cause notice to Saadi, Pakland
The Karachi Stock Exchange has given a seven-day notice to Saadi Cement
Limited and Pakland Cement Limited to transfer shares to the bona-fide holders or face
suspension of trading at the exchange.
In a show cause notice served on these companies, the KSE said that
"in view of the fact companies refusing to transfer shares to the bona-fide holders
who have acquired these shares for valuable considerations the notices have been given
interalia on the following grounds.
LSE automates carry-over market
To ensure transparency in the market and facilitate investors to carry
over their unsettled trades of one clearing to the next clearing and settlement period,
the Lahore Stock Exchange (LSE) has automated the Carry-Over Market from July 16.
An LSE Press announcement said on Tuesday the carry-over trades mean
two inter-related transactions taking place simultaneously whereby a member carries
forward the existing outstanding buy or see position concerning any trade by the member
with respect to the listed securities from existing clearing period to the next clearing
period by paying a premium to the seller, getting a discount from the buyer or vice versa.
In order to legalise the trading in the newly created market, necessary
amendments im the automated trading regulation for LOTS have been notified in the Gazette
of Pakistan, says the announcement.
New IBM chief
The IBM announced on Tuesday appointment of Humayun Bashir new Country
General Manager for Pakistan in place of Nisar Memon who retired at the end June after
Bankers seek SBP clarification
The Financial Market Association of Pakistan which represents
treasurers of both local and foreign banks has sought clarification from the State Bank on
several restrictions imposed on inter-bank market on June 22.
Sources close to the Association said the Association had sent a letter
to SBP in the last week of June seeking clarifications on certain issues related to
functioning of interbank market but there was no reply from the SBP as yet.
They said the SBP silence was creating problems for the banks in
running their day-to-day treasury operations. No senior SBP official was available to say
anything on it.