June 24 - 30, 2002
VOLUNTARY INTEREST ISLAMIC, OBSERVES SC
The Supreme Court on Thursday observed that Holy
Prophet Muhammad (peace be upon him) approved the payment of voluntary
increase on borrowed money.
Justice Munir A. Sheikh, senior member of the apex
court's Shariat Appellate Bench, said it had been pointed out that the
Prophet (PBUH), at the time of returning money, had voluntarily
directed Hazrat Bilal to pay more on the principal amount.
The judge stated that it had been defined as "Husne
Ada" and that the saying of the Prophet (PBUH) had the status of
law for the Muslims. He said the counsel, defending the earlier
judgment, which had declared all kinds of increase on the principal
amount as Riba, should not attempt to minimize the act of the Prophet
The court indicated that hearing of the case might
conclude on Friday, as Advocate Ismail Qureshi, member of the
Jamaat-i-Islami, defending the judgment of the Shariat Appellate
Bench, had been asked to complete his argument within half-an-hour on
Advocate Ismail Qureshi started the defence of the
Riba judgment by arguing that the government had filed the petition
after the time required under the Supreme Court rules had passed and
thus the petition should be dismissed immediately.
The counsel was informed by the court that the
review petition had been filed by UBL (United Bank) and that the
government had supported it as a respondent.
Mr Qureshi stated that the Shariat Appellate Bench
had invited prominent jurists and bankers of international repute
before delivering the judgment, which should not be reviewed on the
filing of affidavits by two bureaucrats — the finance secretary and
the deputy governor of the State Bank of Pakistan.
He said that the government lawyers relied heavily
on the writing of Sir Syed Ahmad Khan in support of their contentions.
He said he would establish that the Ulema of the time had not
recognized Sir Syed Ahmad as a religious scholar and that his
interpretation of the Holy Quran and Sunnah was defective.
ORDINANCE TO PROTECT LOCAL INDUSTRIES
The government on Wednesday promulgated a safeguard
measures ordinance that would protect indirectly the local industries.
Commerce Minister Abdul Razak Dawood said on
Wednesday that the ordinance had been approved by the cabinet and
would come into force immediately. Mr Dawood said the ordinance would
provide protection to the local industry by restricting the quotas of
those products which were causing damage to the industry.
GOOD PROSPECTS FOR PAKISTANI COS IN CHINA
Pakistani insurance companies have been asked to
contact China Insurance Regulatory Commission (CIRC) if they intend to
set up their business in the Chinese market.
The companies may send their relevant documents to
the commission, as a first step for undertaking the business in the
growing Chinese market.
After reviewing the documents, the companies to be
declared eligible will be sent application forms to formally apply,
seeking approval to set up their branches, joint ventures, or wholly
owned companies, a senior official of the CIRC told APP on Wednesday.
PROVINCES TO GET 2PC OF GST
The federal government has decided to transfer 2.5
per cent of the 15 per cent General Sales Tax (GST) amount to
provinces to enable them run their respective local government
Official sources told that the decision came at a
meeting presided over by President Gen Pervez Musharraf, on Thursday.
With the decision, the federal government would
transfer an additional amount to the tune of Rs32 billion to provinces
during the year 2002-03, they said.
INAM UL HAQ MADE NEW FOREIGN MINISTER
President Gen Pervez Musharraf has appointed
Secretary of Foreign Affairs, Mr Inam ul Haq, as the Minister of State
for Foreign Affairs. "But the notification is still to be
made," said Minister for Information Nisar Memon during a
briefing on Wednesday after the cabinet meeting.
EOIS FOR LCFL INVITED
The Privatization Commission on Tuesday invited the
interested parties to submit their expressions of interest (EoIs) for
the acquisition of a minimum 75 per cent share of Lyallpur Chemical
and Fertilizers Limited (LCFL), a company established by Pakistan
Industrial Development Corporation (PIDC) in 1954.
According to a handout issued, LCFL was an unlisted
public limited company registered under the Companies Ordinance 1984.
The company has two units — one each in Faisalabad and Jaranwala.
The principle object of the company is to produce
sulphuric acid, super phosphate and zinc sulphate.
378 TAXPAYERS LISTED IN LTU
The federal government has notified a list of 378
taxpayers in the jurisdiction of the Large Taxpayers Unit (LTU),
Karachi, to be effective from July 1, 2002.
The CBR issued a notification for the purpose of
central excise duty (CED) if livable on the taxpayers would fall in
the Jurisdiction of LTU.
PROVINCES TO RECEIVE RS193BN
The government has earmarked Rs193.512 billion for
the provinces from the federal receipts in the budget 2002-03 on the
basis of the National Finance Commission award of 1996 against the
current year's estimated allocation of Rs189.97 billion.
Of the allocated amount, Punjab will get 57.88 per
cent, 23.28 per cent will go to Sindh, 13.54 per cent to the NWFP and
Balochistan will receive 5.30pc.
An amount of Rs2.6 billion has been earmarked for
the education sector in the budget 2002-03 against Rs2.5 billion
allocated in the current fiscal year.
The government has allocated Rs342.697 million for
the mine development projects in the Public Sector Development
Programme (PSDP) 2002-3.