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COVER STORY

The Supreme Court of Pakistan has declared all interest related laws as repugnant to the injunctions of Islam in its verdict on Dec.23,1999.
As a result of the verdict all interest based financial instruments offering fixed interest rate within the specified time frame would become illegal after June 30, 2001 in Pakistan.
A commission will be set up that will be responsible for developing and preparing the groundwork for such methods of financial dealings as will be in conformity with the principles of Islam.
Consequently, all the contracts, arrangements and laws would remain so till such time that the modified arrangements were worked out in the light of the recommendations of the commission for transformation, to be set up in the State Bank of Pakistan.

SECTORAL ANALYSIS

An effort is made, with the help of KASB, to analyze the impact of economic revival plan. After the restructuring of external debts and focus on the key issues, the plan seems to be capable of turning around the economy.

TEXTILE QUOTA  POLICY

The policy is aimed at boosting textile exports by addressing the issue of eroding competitiveness of exporters due to trading of quota. At the same time there is a need for higher allocation of quota to exporters achieving higher value addition.

CUSTOM'S VALUATION

The government has issued a new notification spelling out new rules to regulate the valuation of imported goods for levy of custom's duties and other taxes. The new rules, Custom's Valuation (Determination of Value of Imported Goods) Rules, 1999 will come into force with effect from January 1, 2000 and will apply to goods imported, or for which bill of entry is filed, on or after January 1, 2000.


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