POLICY

 

Aug 12 - 18, 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

POLICE ORDER 2002 OKAYED

The cabinet on Wednesday approved the Police Order, 2002, which provides for separation of investigation from watch and ward to ensure transparency in the investigation process. According to an official announcement,  the new law will be promulgated on Aug 14, 2002, replacing the Police Act of 1861. The Police Order will ensure the administration of speedy justice, it said.

 

The Police Order was approved with the proviso that the provinces can make such amendments to it, after the approval of the federal government, as required by their respective circumstances.

Presiding over the meeting, President Gen Pervez Musharraf expressed satisfaction over the "historic decision" and said that the promulgation of the Police Order would transform the police from a "repressive entity to an accountable and responsive setup" which would be enjoying the confidence and trust of people and the government.

National Reconstruction Bureau chairman Tanvir Naqvi apprised the cabinet of the salient features of the Police Order. He said a consultation process was initiated about a year ago in which the ministry of interior, secretaries of the government, media and people offered their comments and views which had been included in the Police Order.

The NRB chief appreciated the provincial governments' contribution to the finalization of the Police Order, and said their suggestions had proved useful.

The role of the Nazims has been defined in the new law in relation to the police. 'District Safety Commission' will be the focal point to redress people's complaints about the excesses of the police at the district level. Appreciating the recent success of the police in the arrest of terrorists, the president referred to the killing of some terrorists suspected of attacking a school in Murree in which six people had been shot dead on Tuesday.

MUSHARRAF'S US VISIT

Pakistan will seek greater access to the US market for its textile products during the visit of President Pervez Musharraf to Washington in September this year.

"I was dissatisfied with what was offered to Pakistan by the United States. It was too little and we would be taking up the issue again during the President's September visit," said Commerce Minister Abdul Razak Dawood on Tuesday at a news conference. The president is expected to visit Washington on September 11.

US-PAKISTAN COUNCIL TO PROMOTE INVESTMENT

To promote US direct investment in Pakistan, US-Pakistan Business Council has been established, which would become an affiliate organization of the US Chamber of Commerce.

This was stated by Dr Herbert J. Davis, Managing Director, South Asia Affairs and Executive Director, US-Pakistan Business Council, in a meeting with Finance Minister Shaukat Aziz on Thursday.

SBP ASKS BANKS TO GO ONLINE

The State Bank has asked all the banks that they should join or come to an agreement with two existing ATM switch networks of MCB and ABN Amro if they are not currently connected to either of the two. The central bank has set December 31 as the deadline for this purpose.

MFMY INDUSTRIES SEEKS DELISTING

M.F.M.Y Industries a publicly traded company on the textile spinning sector proposes to pay Rs11.50 for each share held by the minority shareholders and seek stock market de-listing.

Two major shareholders in the company Aziz Usman and Zafar Usman who between them hold about 97 per cent of the outstanding stock, had made the first buy-back proposal as far back as in December last. But the repurchase price then quoted was Rs7 per share. It quite looks like the stock exchange has managed to broker it up by 62 per cent to Rs11.50.

46 EXPORT FAIRS HELD IN 2001-02

The Export Promotion Bureau (EPB) in 2001-2002 organized and participated in 46 foreign exhibitions for exports promotion of various products to traditional and non-traditional markets, official figures said.

The bureau had incurred around Rs232.508 million for holding and organizing these exhibitions where 641 exhibitors displayed their products. It was encouraging to see that 116 new comers and 17 lady entrepreneurs also participated in the exhibitions.

The EPB held 12 general, 11 textile and five food exhibitions in foreign countries. Besides, four, each of stationery, carpet, footwear and auto parts were organized or participated.

BOI APPOINTS 27 COUNSELLORS

In order to attract foreign investors and to market Pakistan's investment opportunities abroad with the help of successful overseas Pakistanis (OPs) , the Board of Investment (BoI) has appointed 27 Honorary Investment Counsellors (HICs) in 20 countries.

The visiting HICs, Safi Qureshi and Zafar Tahir, are very successful businessmen based in the US, while Tariq Bhatti is running an IT company in Italy, which has a reach in six European countries.

Safi Qureshi is an IT tycoon in the US. The Chairman BoI informed them that the President has identified four priority sectors i.e. Oil & Gas, IT, Agriculture & SMEs. There is an ample scope for OPs in SMEs, he added.

WB TERMS AUDIT REPORTS COMMENDABLE

The World Bank has appreciated the quality of audit reports, prepared by th audit department, with an aim to improve the management and performance of the ministries, divisions and corporations of the government of Pakistan.

The WB said in its letter, received by the finance ministry, that progress towards strengthening the audit function was noteworthy and the audit reports completed by the audit department would be utilized as a model for other countries.