Category: Information Technology

Prime Minister Imran Khan has announced financial support for the families of differently-abled persons under the second round of Ehsaas Kafalat program.

PM Khan made the announcement on his official Twitter handle, saying that under the Ehsaas Kafaalat Policy for Special Persons, two million differently-abled individuals will receive a monthly stipend of Rs. 2,000.

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Prime Minister @ImranKhanPTI has announced that 2 million families will now benefit from the “Ehsaas Kafaalat Policy for Special Persons” under which differently-abled individuals will receive a monthly stipend of Rs. 2000.#IDPD #EhsaasKafaalat pic.twitter.com/sK5cx99yne

— Prime Minister's Office, Pakistan (@PakPMO) December 3, 2020

“This is a step toward a disability-inclusive and sustainable post-COVID-19 world,” he remarked.

The announcement came as the world observes the International Day of Persons with Disabilities on the day.

According to the government and other sources, Pakistan has up to 27 million differently-abled persons, o.27 percent of the total numbers worldwide, which is one billion.

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The International Day of Disabled Persons is directed at promoting the rights and well-being of persons with disabilities in all spheres of society and development.

In this regard, Pakistan had adopted a bill to curb discrimination against millions of differently-abled Pakistanis through the joint parliamentary session in September.

It ensures equal participation of differently-abled persons in politics, education, employment, and equality before the law. The bill also protects them from abusive, intolerant, and discriminatory behavior.

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In a major development, the fuel loading process at the 1100 MW K2 unit at the Karachi Nuclear Power Plant (KANUPP) has successfully been initiated.

With this, Pakistan has taken another step towards overcoming the long-running crippling power shortage.

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According to details, members of the Pakistan Atomic Energy Commission (PAEC) and China National Nuclear Corporation (CNNC) started the fuel loading process on Wednesday after receiving the go-ahead from the Pakistan Nuclear Regulatory Authority (PNRA).

Before becoming operational in April 2021, the K2 unit now needs to achieve ‘criticality’ and connection to the national grid.

Earlier in September, PAEC and CNNC had successfully completed the Hot Functional Tests (HFTs) at the K2 unit.

CNNC is building two 1100 MW ‘Hualong One’ reactors at KANUPP; K2 and K3. The construction of K2 and K3 reactors had started in 2015 and 2016 respectively. K3 is set to become operational in 2022.

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Hualong One is China’s indigenous pressurized water nuclear reactor design that is going to be the mainstream nuclear technology in the years to come. Also known as HPR1000, Hualong One technology is a third-generation nuclear reactor design with the highest acceptability in the current nuclear power market.

China developed the Hualong One reactor to rival US-made AP1000 and European-made Evolutionary Pressurized Reactor. Hualong One reactor is better than both of the US and European-made reactors in terms of technology and cost.

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The Additional Inspector-General (IG) of the Karachi Police Department, Ghulam Nabi Memon, has directed the city traffic police to reduce challan for motorcyclists.

A media report suggests that the Additional IG has directed traffic police officials to be lenient with motorcyclists and to reduce their challans.

The top official has announced that action will be taken against officers who take bribes from motorists. He added that owing to numerous complaints from the public, the department has put the officials on duty under strict surveillance. He also affirmed that officials who are caught taking bribes or behaving rudely will be sternly dealt with.

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Memon explained that this step has been taken to emphasize that the public service duty of the authorities should be performed in a professional manner. He also acknowledged that a reduction in the challan amounts will be a huge relief for motorcyclists.

In conclusion, he affirmed that the changes being enforced within the department are for the good of both the public and the department.

While the residents of Karachi have welcomed and praised the directives of the Additional IG, whether they are followed through by the officers on duty remains to be seen.

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An important meeting regarding the establishment of Industrial Estate and Special Industrial Zones under the Rawalpindi Ring Road Project was held at the Secretary Industries Office, Lahore.

A detailed briefing regarding the establishment of the industrial estate and special industrial zones along with the Ring Road project was given in the meeting. Special Assistant to the Chief Minister, Sardar Tanveer Ilyas, said that the Punjab government will encourage and provide all kinds of facilities for investment along the Ring Road.

He assured that the Punjab Board of Investment will extend all possible assistance for the establishment of industrial zones.

Chairman RDA, Tariq Murtaza, said that building planning will be done in consultation with the Chamber of Commerce and the private sector. The project will be taken forward with suggestions, recommendations, and consultation from Rawalpindi Chamber and Islamabad Chamber.

The Rawalpindi Chamber of Commerce suggested that the space for the relocation of the wholesale market and cottage industry should be allotted towards Rawat while industrial zones be established along the motorway.

Former President RCCI, Asad Mashhadi, also lauded the Punjab government for initiating consultation with all stakeholders. The Ring Road project will undoubtedly prove to be a game-changer for Rawalpindi, he added.

He further stated that, “The Rawalpindi Chamber will play a vital role for the early completion of this project and assured full support in this regard. This is an important project for the development of Rawalpindi.”

He said that the main objective of the project was to shift markets, solve traffic congestion and promote the cottage industry.

The Rawalpindi Chamber of Commerce was represented by former President Asad Mashhadi and former Senior Vice President Sheikh Hafeez while Special Assistant to the Chief Minister for Business and Chairman Punjab Board of Investment Sardar Tanveer Ilyas, President of Islamabad Chamber of Commerce Sardar Yasir Ilyas were present on the occasion. Elias, former ICCI presidents Khalid Javed, Shehban Khalid, RDA chairman Tariq Murtaza and other government officials were also present.

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Following the easing of the lockdowns after the first wave of COVID-19, a significant increase in the demand for fuel has been observed in Pakistan. Consequently, the petroleum sector saw an 11 percent growth in oil sales between July and November 2020 as reportedly 8.1 million tons of oil were sold during this period.

As per reports, Motor Spirit (MS) and High-Speed Diesel (HSD) are largely responsible for the rise in the demand for oil, having sold 3.4 million tons and 3.1 million tons respectively within the first five months of the current fiscal year of 2020-21 while the demand for furnace oil rose by 31 percent.

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Abdul Rafay, an analyst of the industry, has attributed the growth in the demand for oil to the revival of industrial and other business activities in Pakistan following the easing of the lockdowns during mid-2020. He said that the rising demand within the automotive market is also largely responsible for the rise in the demand for oil.

Last month, the sales of the oil marketing companies (OMC) increased by 21 percent to 1.7 million tons on a year-on-year basis. However, the demand for petroleum reportedly increased by only one percent on a month-on-month basis owing to the enforcement of the smart lockdowns following the resurgence of the coronavirus in Pakistan. Hence, monthly sales for MS and HSD came in at 693,000 tons and 802,000 tons, respectively.

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Rafay believes that this demand is likely to increase even more with the initiation of upcoming developmental projects and the growing demand from independent energy producers.

He added that with the increase in the sales of vehicles and the impending arrival of new players in the automotive market, the auto industry is also likely to contribute massively to the bump in the demand for oil.

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The United Nations Office on Drugs and Crime (UNODC) has removed cannabis and marijuana from its list of more tightly controlled drugs.

A majority of members of the United Nations Narcotics Drug Board voted in favor of removing Cannabis from Schedule IV of 1961. Twenty-seven countries voted in favor and 25 members opposed it, one country abstained.

This is welcome news for the millions of people who use cannabis for therapeutic purposes and reflects the reality of the growing market for cannabis-based medicinal products

“We welcome the long-overdue recognition that cannabis is a medicine,” Ann Fordham, executive director of the International Drug Policy Consortium, said in a statement.

However, this reform alone is far from adequate given that cannabis remains incorrectly scheduled at the international level

Until now, marijuana and cannabis have been included in the list of hard and dangerous drugs such as heroin and opium, but the World Health Organization (WHO) has recommended simplifying research on the medical use of cannabis.

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The UN commission has removed cannabis and marijuana from its list of dangerous drugs such as heroin and opium, but the supply channels are yet to be authorized for commercial use.

This move is largely symbolic, but might not have the desired effect as most advocates for the drug envisioned.

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The Board of Directors of Pakistan Software Export Board (PSEB) decided to waive the fee for registration with the Board for Information Technology and IT-enabled services companies, including call centers and IT startups, belonging to underserved areas of the country.

Federal Minister for IT and Telecommunication Syed Amin Ul Haque chaired the 45th Board of Directors meeting of Pakistan Software Export Board (PSEB).

Secretary IT Shoaib Ahmad Siddiqui and Managing Director PSEB Osman Nasir were also present in the meeting.

The meeting unanimously decided to waive the fee for registration with PSEB for IT & ITeS companies, including call centers and IT startups, belong to underserved areas of the country. The meeting also confirmed the minutes of 44th Board of Directors meeting of PSEB.

Managing Director PSEB Osman Nasir gave a detailed briefing about the performance of PSEB during the first three months of the financial year 2020-21. IT and ITeS export remittances comprising computer, and call center services, surged to $379.251 million at a growth rate of 43.55 percent during the first quarter (July-Sep) of the fiscal year 2020-2021 compared to $264.187 million during the same period of 2019-2020.

The meeting was informed that the Ministry of IT and Telecom is committed to increasing the IT exports and making special efforts in this regard. The Federal Minister for IT appreciated the performance of PSEB and gave direction for taking more steps for increasing IT exports.

Meanwhile, Federal Minister for IT chaired the Annual General Meeting of Telephone Industries of Pakistan (TIP). Matters related to the revival of the Telephone Industry of Pakistan (TIP) were discussed during the meeting.

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The Securities and Exchange Commission of Pakistan (SECP) has approved a ground-breaking initiative to enable all Pakistani resident and non-resident investors to open online accounts in the capital market.

The new regime, that is part of SECP’s digital transformation agenda, allows investors to seamlessly open his or her account with a broker from anywhere in the country without requiring to submit any documents physically or visit a broker. The new hassle-free process shall enable investors to commence trading swiftly.

However, to ensure maximum investor protection, an alternate online Customer Verification process has been introduced for the opening of online accounts. The online verification will be conducted independently by the Centralized KYC Organization. In addition, the account opening process has been made simpler by reducing the number of pages to be signed by the investors.

The new account opening system is a continuation of SECP’s reform agenda that aims at enhancing investor outreach, introducing digitization and ensure robust growth of the capital markets. A sizeable investor base is a crucial stepping stone for the development of any capital market and is, therefore, part of the major objectives of the SECP.

It is expected that the new regime will revolutionize Pakistan’s capital markets and contribute significantly towards economic growth in the country by channeling investments and savings through the market.

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After three days of posting losses against the US Dollar, the Pakistani Rupee gained 29 paisas in the interbank currency market today.

PKR closed at 160.16 on Thursday as compared to Rs. 160.46 on Wednesday.

Pakistani Rupee lost 64 paisas against USD yesterday and 39 paisas on Tuesday after posting a negligible gain of 4 paisas on the opening day of the week.

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While this is the first time this week that the PKR movement has shown recovery, this change has not come as a surprise to analysts who predicted such trends in PKR’s exchange rate to the Dollar.

“There were some importers buying dollars to meet their payment obligations, which puts pressure on the rupee,” a foreign exchange dealer earlier in the week stated.

Experts expect the rupee to likely stay range-bound in the coming days. “The trading range for the local currency for this month should be 159-161,” added a dealer.

The virus surge and its impact on exports, remittances, and demand will determine the future course of the exchange rate. The rupee may face downside pressure if the macroeconomic fundamentals deteriorate owing to the spread of the outbreak.

Other factors, such as fiscal reforms, uninterrupted flow of liquidity, may also contribute to the volatility of PKR against USD. IMF and FATF can also impact the exchange rate movement.

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However, as compared to other currencies, PKR continued its deterioration from yesterday. It fell 88 paisas against the Euro adding to a loss of Rs. 1.88 yesterday. Against GBP, today’s loss for PKR was only 0.5 paisas after losing 35 paisas on Wednesday.

The post Aftar a Poor Week, Rupee Finally Recovers Against the US Dollar appeared first on .

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