------------------------------------------------------------------- DAWN WIRE SERVICE ------------------------------------------------------------------- Week Ending : 26 September 1998 Issue : 04/38 -------------------------------------------------------------------

Contents | National News | Business & Economy | Editorials & Features | Sports
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CONTENTS ===================================================================
NATIONAL NEWS + PM seeks parity with India on CTBT issue + NA adopts FCA bill bypassing Senate + Clinton agreed test was vital to Pakistan's survival, claims PM + Debts stand at Rs2.5 trillion, NA told + Gas tariff will not be raised, says Nisar + All-time high rise in KESC rates + MQM asks govt to withdraw CA-15 + Software park to be set up in Karachi + Pakistan-Afghan border temporarily sealed: Shujaat + Sindh PA reposes confidence in CM + $1.5bn bailout: IDB invites banks to share Pakistan fund --------------------------------- BUSINESS & ECONOMY + Final round in US next week: IMF gives a nod to fiscal policies + Exporters reject idea of rupee devaluation + Dollars for travellers + Pakistan Business Council to be set up + NIT makes Rs3.159bn net profit + Sales tax special audit rules introduced + Three IPPs refuse to lower tariff + Country may earn $1bn from cotton export + Experts criticize CBR for special audit of tax payers + Putting HUBCO officials' names on ECL opposed + KSE share index recovers 11.03 points on CTBT news --------------------------------------- EDITORIALS & FEATURES + Not the business of the state - 2 Ardeshir Cowasjee + Thinking the unthinkable Irfan Husain ----------- SPORTS + SAHARA CUP: Sohail leads Pakistan to 4-1 victory over India + Saleh crowned as new Latif Masters champion + Asghar gets a warm welcome on return + Jahangir to contest for WSF post

PM seeks parity with India on CTBT issue
Masood Haider

NEW YORK, Sept 23: Pakistan will adhere to the CTBT only in 
conditions free from coercion and pressure and will insist on being 
accorded equal treatment with India, in terms of status or 
incentives, Prime Minister Nawaz Sharif told the UN General 
Assembly on Wednesday.
"There is no reason why India and Pakistan cannot adhere to the 
CTBT. In a nuclearized South Asia, CTBT will have relevance if both 
the countries are party to it,� he said.
Mr Sharif, who was expected to make a "positive statement" and 
possibly announce an unequivocal commitment to sign the CTBT, 
stopped short of doing so and couched his words in diplomatic 
phrases which can be interpreted either way  Pakistan is ready to 
sign and Pakistan will not sign until its conditions are met.
He also touched on other important issues in his address, including 
Kashmir, Palestine, Afghanistan, Bosnia and North-South dialogue.
He said all nuclear-capable states, including India, must adhere to 
the CTBT before it could come into force.
Pakistan, he said, would oppose any attempt to change this 
fundamental requirement at the conference of states, parties to the 
treaty, scheduled to be held in Sept 1999. "Such a change can only 
be made by consensus. Pakistan is, therefore, prepared to adhere to 
the CTBT before this conference. However, its adherence will take 
place only in conditions free from coercion or pressure."
He said that on the nuclear issue Pakistan would insist on the 
principle of equal treatment with India, be it in terms of status 
or incentives. It must also be well understood that if India were 
to resume nuclear testing, Pakistan would review its position, and 
"in case we have adhered to the CTBT, invoke the supreme interest 
clause as provided under article 9 of the treaty."
AFGHANISTAN: Prime Minister Nawaz Sharif on Wednesday urged 
reconciliation within Afghanistan through realistic compromise and 
mutual accommodation.
"We ask for respect for the country�s sovereignty and territorial 
integrity, and observance of the principles of non- interference 
and non-use of force," he said.
He called for the release of all prisoners held by the parties to 
the Afghan conflict and supported a UN and OIC fact-finding mission 
to Afghanistan.
He said that those responsible for the outrageous killing of 
personnel seized from the Iranian Consulate in Mazar-i-Sharif must 
be apprehended and punished.
KASHMIR: He said the UN, the major powers and the international 
community had a responsibility to support and facilitate a solution 
of the Jammu and Kashmir issue.
He appealed to the UN secretary-general to take appropriate 
initiatives to implement the UN resolutions on Kashmir.
WORLD ECONOMY: Mr Sharif said the world economy was in recession. 
He said the world community must adopt a coherent approach to the 
current crisis. In the short-term, it was essential to spur 
economic growth in all parts of the world. 
The international financial institutions, he said, must relax their 
unrealistic conditionalities to prevent any further contraction of 
the economies of the developing countries. Mechanism needed to be 
devised to direct greater development finance to the underdeveloped 
countries which had the largest latent demand. Meanwhile, markets-
specially those of the industrialized must be kept open. New 
protectionism in the guise of concern for environmental or labour 
standards must be resisted, he added.

NA adopts FCA bill bypassing Senate
Faraz Hashmi

ISLAMABAD, Sept 24: The freezing of the foreign currency accounts 
following nuclear detonation was given legal cover on Thursday when 
the National Assembly passed Foreign Exchange Temporary Restriction 
Bill 1998, which provides that the right to hold, sell, withdraw, 
transfer, pay or take out foreign exchange held by any person in 
Pakistan as on May 28, 1998, without the prior permission of the 
State Bank, shall remain suspended. 
The Senate was by-passed as the bill was treated as a money bill. 
According to Article 73 of the Constitution, a bill declared money 
bill cannot be taken up by the Senate.
The bill was passed by the lower house in the absence of PPP 
members who walked out in protest against what they said the 
government�s move to by-pass the Senate.
Opposition members contended that the foreign exchange restriction 
bill could not be treated as the money bill, while the treasury 
benches maintained that it comes under the purview of money bill.
The house before passing the bill by a voice vote rejected a number 
of amendments moved by the opposition members and a resolution to 
refer the bill to Islamic Ideological Council. The house also 
turned down a motion moved by Syed Naveed Qamar, MNA, calling for 
publicizing the bill to elicit public opinion.

Parliamentary Secretary for Finance Kamil Omar, who was piloting 
the bill before putting it to the house for voice vote, read out 
different clauses of Article 73 of the Constitution. He said that 
the bill envisaged conversion of foreign currency accounts into 
dollar bonds. The bill also involved remission of taxes as 
government was giving exemption of income tax and wealth tax on 
these bonds.
He claimed that under clause A of Article 73 remission of taxes 
should be treated as money bill.
Citing clause C of Article 73, he said any issue or deposit in the 
federal consolidate fund could be treated as money bill. The 
profits and losses of State Bank were covered by the Federal 
Consolidate Fund, therefore the bill could be treated as money 
Earlier, Naveed Qamar of the PPP said that the bill could not be 
treated as money bill as it had no nexus of the taxation policy of 
the government. Moreover, the government was not giving sovereign 
The government by by-passing the Senate was doing great injustice 
to the people of smaller provinces, he said.
Qaisar Sheikh, an independent MNA, said it was a very important 
bill as it had a direct bearing on the economy of the country.
He said the bill would completely shatter the confidence of the 
people in the government.
He called upon the government to immediately address to the problem 
of dual exchange rate. He said that a businessman intending to go 
abroad could not get dollars even from the open market, which, he 
said, was adversely affecting commerce and trade.
In the open market dollars were not available even at Rs61, he 
During the last two years, rupees had been devalued by over 50 per 
cent and exports had declined by 15 per cent, he claimed.
Syed Khurshid Shah, Fahmida Mirza, Wajha Karim Dad, Bau Ghulam 
Hussain, Mir Hazar Khan Bijrani, Shakeel Baloch and Sana Baloch 
spoke against the bill.
They also termed it against Islam saying that the government had 
usurped the foreign currency accounts which had been deposited by 
the people as a trust with the nationalized banks.
Earlier, winding up discussion on the first reading of the bill, 
the parliamentary secretary for finance said that the confidence of 
the people was gradually building up. He said only 675,000 people 
which constituted 0.5 per cent of the total population had foreign 
currency accounts.
He said the foreign currency accounts had been frozen by the 
government in the wake of a very difficult situation.
Clinton agreed test was vital to Pakistan�s survival, claims PM

NEW YORK, Sept 23: President Bill Clinton told Prime Minister Nawaz 
Sharif in their meeting last Monday that Pakistan�s survival would 
have been at stake had it not carried out the nuclear tests in May, 
Mr Sharif disclosed on Tuesday night.

Speaking at a community dinner hosted by Ambassador Riaz Khokhar 
and attended by over 1,000 Pakistanis who paid 100 dollars each, 
the prime minister gave a frank account of his meetings with the US 
president, Secretary-General Kofi Annan, as well as his previous 
meetings with Indian prime ministers, including Mr Vajpayee.
As Mr Sharif spoke at the Manhattan Hilton hotel, a group of 
several dozen angry PML workers demonstrated against the PM. They 
carried placards and banners and raised slogans against Mr Sharif 
and his government. In retaliation the PML supporters danced at the 
tune of Bhangra in front of the hotel.
The remarks attributed to President Clinton surprised the audience, 
and many journalists and analysts who regularly cover Washington 
did not believe that these words would have been actually uttered 
by Mr Clinton as they would negate all the US policies of punishing 
Foreign Minister Sartaj Aziz, when asked to explain the context of 
what the US president had said, told Dawn : "The PM had explained 
the situation after the Indian nuclear tests and had referred to 
the Indian threats over Kashmir and their belligerent statements 
against Pakistan."
"Mr Clinton agreed that there was a security threat to Pakistan and 
by carrying out the tests Pakistan had tried to strengthen its 
security," Mr Aziz said.
No immediate White House or State Department reaction was available 
but analysts covering the White House believed that a confirmation 
of Mr Clinton�s words may not be available in the words in which Mr 
Sharif had quoted him.
The prime minister said he had argued with President Clinton that 
by conducting the tests Pakistan had actually averted a war and an 
Indian aggression on Pakistan. "Instead of appreciating this fact 
and rewarding Pakistan for maintaining world peace, the US had 
punished Islamabad. There was no justification for the sanctions," 
he had told the US president.
Mr Sharif also disclosed that on the issue of the F-16s, he had 
actually refused to discuss the matter with Mr Clinton. "When I 
reached the point of F-16 on my agenda list, I told Mr Clinton you 
may do whatever you want to do with the issue, I will not take it 
up with you," Nawaz Sharif said.
He said that in 1990, sanctions were imposed against Pakistan and 
F-16s were denied, but the result was that today Pakistan had a 
nuclear bomb which was a far more effective weapon of deterrence 
than F-16 aircraft.
He said he had resisted world pressure put on him not to detonate 
the bombs after the Indian blasts in the larger national interest 
of Pakistan and he would do exactly that on the question of CTBT.
"If we find that CTBT is in our interest we will sign it, otherwise 
we will do what we think is in our best security interest," Mr 
Sharif said.
About his talks with Indian PM Vajpayee, Mr Sharif said in all his 
previous meetings with Indian prime ministers, he had told them to 
discuss the core issue of Kashmir, if they sincerely wanted peace 
in the region.

On domestic issues, Mr Sharif did not ask the Pakistani community 
to send any money to Pakistan, as he had done last year when a fund 
had been created. But he assured the community that the foreign 
exchange accounts would be unfrozen when the situation stabilised.

Debts stand at Rs2.5 trillion, NA told
Bureau Report

ISLAMABAD, Sept 21: Parliamentary Secretary for Finance Sardar 
Kamil Omar on Monday informed the National Assembly that the total 
external and internal debts of the country on June, 1998 stood at 
Rs. 2.5 trillion.
The internal and external debts of the country in the last five 
years rose by Rs. 1.21 trillion, said Mr Kamil Omar while 
responding to a query during the question hour of the House.
Mr Omar also gave the figures of Pakistan�s external and internal 
debts in 1970s. He said it was only around Rs. 60 billion in late 
1970s but sharply rose because of wrong financial policies.
"We spent more and took wrong decisions," he said deploring that 
the amount borrowed from internal and external sources was not 
utilised properly by the successive governments over the last two 
decades which landed the country in the present financial crisis.
Replying to a question about the impact of devaluation on the debt, 
he said, it registered an increase of Rs. 109 billion in one year 
because of devaluation.
He conceded that today the country could not meet its expenditures 
without taking foreign loans, which had become indispensable for 
debt servicing and other expenditures.
Mr Omar hoped that the vicious cycle in which the country had been 
trapped could be broken by concerted and sincere efforts over the 
next few years.
To a suggestion that the government should impose complete ban on 
dollars, he said, Malaysia had recently closed down their economy. 
Pakistan, he added, was committed to open economy and was not 
considering any such proposal to close down its economy. "There is 
no need to take such a drastic step at least for the time being," 
he said.
He pointed out that the negotiations going on with IMF and World 
Bank had restored some confidence, stock market and currency 
markets had positively responded and things were improving 
To a question about the bank defaulters, he said, the total default 
of all commercial banks and development financial institutions was 
Rs. 145 billion. 

Gas tariff will not be raised, says Nisar

ISLAMABAD, Sept 24: Minister for petroleum and natural resources 
Chaudhry Nisar Ali Khan told the National Assembly on Thursday the 
government would carry out development works without raising the 
gas tariff.

Responding to question during the question hour, he said the 
present government has refused to increase gas tariffs despite 
pressures while the previous government had increased it three 
He said the government was under pressure to enhance gas tariffs by 
30 to 40 per cent. He said there was a caretakers period proposal 
to enhance gas tariffs by 12 and 1/2 per cent but the present 
government did not go for it. He said that because of that 
financial constraints, the development process had to be cut down.
While responding to questions about inflated bills being received 
by the gas consumers in Karachi, the minister said the government 
was taking steps for the last several months to improve the 
situation. The concerned department, he said, is trying to send 
bills according to actual readings. He asked the members to let him 
know if the bills were not based on actual readings.
Asked by a member from FATA, the gas has not been provided to any 
areas in FATA, he posed question as to who would guarantee that the 
consumers in FATA would pay their bills.
Replying to questions about the criteria for provision of gas 
connections, he said that the gas connections/ gas meter is 
provided on first come first served basis on the submission by the 
applicant. He said that gas is supplied to those premises which are 
located on the existing gas distribution network.
He said that the Sui Northern Gas Pipelines Ltd have installed from 
1-1-97 to 31-12-97 in all 104394 meters in eight regions of the 
country. But during 1998, the SGPL has installed 57199 new meters, 
he said. In reply to a question about supply of gas to Swat, the 
minister said that Swat has no access to gas. He volunteered 
information that in his own constituency there are not even one 
thousand new connections.
Replying to questions about daily local production of oil and gas, 
the minister said that there is average daily production of oil and 
gas to the tune of 61,984 barrels while average daily consumption 
as per budget estimates amounting to 399,750 barrels. He said that 
average daily production of gas is 2428 million cubic feet with 
2386 million cubic feet in winter and 1895 in summer.
Chaudhry Nisar Ali Khan said that the budgeted foreign exchange 
requirements for import of deficit POL-products and crude oil is 
approximately dollars 2,136 million for financial year 1998-99.
Responding to a question about the number of private engineering 
universities, the House was informed that there is a mushroom 
growth of educational institutions in the private sector including 
engineering colleges. The parliamentary secretary told the House 
that it was very difficult to prepare a conclusive list of private 
engineering colleges in the country which is possible only if 
sufficient time and requisite resources for country-wide survey is 
provided. He provided a list of non-accredited institutions for 
engineering education which is as under:- Al-Hajvery Institute of 
Tech. and Engineering, Lahore; American University of Engg. and 
Tech. Lahore; International Islamic Engineering College, 

Rawalpindi; Islamabad Institute of Engineering and Management 
Sciences, Islamabad; Royal Institute of Engg. and Technology, 
Lahore; University of Computer Engineering/ Computer University, 
Lahore; Textile Institute of Pakistan, Karachi.
Responding to measures being adopted to rationalise and streamline 
the institutions, the house was informed that (1) Education Policy 
1998 provides for encouraging establishment of higher education 
institutions in the private sector and UGC provides detailed 
procedure/ guidelines for the establishment of such institutions in 
the private sector. The House was given the salient features of the 
National Education Policy, 1998.
All-time high rise in KESC rates
KARACHI, Sept 22: Karachiites have been subjected to an 
unprecedented increase in the security deposit for new electricity 
connections. There has been no change for the rest of the country.
This unbelievably exorbitant increase is over and above the burden 
of fuel adjustment charges, additional surcharges, and the 
generally manipulated and inflated bills based on arbitrary 
The unannounced increase by the Karachi Electric Supply Corporation 
has been widely condemned and termed the step-motherly attitude of 
the government towards the people of Karachi.
Strong criticism was voiced when the minister of state for water 
and power, Haleem Siddiqui, on the floor of the Senate, had 
recently admitted that the security deposit for new connections in 
Karachi had been increased from Rs500 to Rs50,000.
The increase has been made effective from 1997 though this is not 
reflected in the annual report for the financial year.
Under the new formula, the security deposit has been classified on 
the size of plot whereas previously it was charged on the basis of 
load allocation, as shown in the table.
Opinion leaders say the increase is yet another burden on the 
people of Karachi. It is aimed at making it impossible for the poor 
people to get new connections, they say.
Under the rules security deposit of up to 10-week consumption is 
required but the new formula does not take that into account and 
the rate has been fixed by the KESC on the basis of the average 
consumption over three months, as reflected in the inflated average 
bills sent out to consumers.
The phenomenal increase in electricity charges in recent bills is 
the result of the "unilateral" increase in rates without taking the 
actual consumption into account.
A harried KESC consumer said the people would "challenge the KESC�s 
unilateral decision in the court because it is based on fictitious 
average figures fed into the computer for different localities to 
generate revenue."
The issue came to the foreground when PPP senator Iqbal Haider drew 
the attention of the house to the exorbitant increase in security 
deposits from Rs500 to Rs50,000 by the KESC.

The minister of state, at first, denied outright that there had 
been any increase and said it was still charged on the basis of 
eight-to-10-week consumption, as spelt out in the electricity law. 
But then he said Rs500 was charged when electricity was very cheap 
and now the KESC had selected an area and calculated its average 
billing following which the tariff was increased.
But, he maintained: "We are not increasing it. What we intend to do 
and we may do is not yet decided. It is yet under discussion as to 
whether or not we should keep security deposit of eight-to-10-week 
for every consumer as per the electricity law".
The general secretary of the KESC shareholders association, 
Chaudhry Mazhar, however, said the KESC was charging according to 
the new formula from 1997. He said an objection was raised by him 
in the annual general meeting but the KESC management did not 

The government had no explanation as to why the KESC had effected 
such an exorbitant increase when the WAPDA had not done so. The 
government�s point of view is that there cannot be any comparison 
since WAPDA operated a the basis of a system different from that of 
Karachi. "Karachi Electric Supply Corporation is an independent 
entity, it has a corporate structure. It is different from WAPDA," 
Haleem Siddiqui had told the Senate recently in support of the 
He said the government had not increased the charges for small 
consumers but had levied them on big consumers because generally 
they were major defaulters.
"We have to take into account the security of the company", he said 
adding: "We also have to take into account the outstanding and bad 
debts which we have not been able to recover."

MQM asks govt to withdraw CA-15
Bureau Report

ISLAMABAD, Sept 25: The Muttahida Qaumi Movement, (MQM), on Friday 
called upon the government to withdraw the proposed 15th Amendment 
Bill and expressed apprehension that it would promote sectarianism 
in the country.
The parliamentary group leader of the MQM, Sheikh Liaquat, 
reiterated his party�s resolve to oppose the CA-15 and the signing 
of the CTBT as the house resumed discussion on the proposed 
Mr Liaquat opposed the bill, particularly the amendment to Article 
193 of the Constitution which sought to vest special powers in the 
office of the prime minister. He said that there was no 
justification of making such amendments to the constitution.
The powers being given to the prime minister today could be misused 
by any future government, he feared. "Prime Minister Nawaz Sharif 
is an honest man, but what will happen if somebody else, who is not 
honest, becomes the prime minister tomorrow," he said.
Claiming that the 15th Amendment Bill would change the whole 
complexion of the Constitution, Mr Liaquat urged the legislators to 
protect the constitution.

Pir Aftab Shah Gilani of the PPP termed the CA-15 a crude attempt 
of the prime minister to acquire more powers. Nobody can oppose the 
supremacy of Islam and Sunnat, he said.
The government in the name of Islam and Sunnat wanted to distort 
the 1973 Constitution which has a number of provisions for the 
enforcement of Islamic laws in the country.

Software park to be set up in Karachi

KARACHI, Sept 21: A meeting of the representatives of local 
software industries and Sindh government on Monday decided to set 
up a software technology park on a 50 acre plot in North Karachi 
industrial area.
The idea for setting up this park was sponsored by Sindh 
government, which was discussed in more than three meetings with 
the representatives of the local software companies and the 
relevant bodies and was given final shape on Monday.
Designed to be developed on lines of world fame Silicon Valley in 
Southern Indian city Bangalore, the proposed software technology 
park will be given all those facilities which are enjoyed by the 
export processing zones in the country. For this purpose, Sindh 
government is submitting a proposal to Islamabad. It is likely to 
be named Indus Valley Park.
Sindh government has offered a 50 acre plot in Karachi where 
businessmen would be invited to develop facilities either built own 
and operate or built, own and transfer basis.
Officials in Sindh government indicated of inviting such bids from 
private developers within a month�s time after complying with all 
the formalities.
According to these officials, there are about 350 registered 
software companies in the country of which 60 per cent or about 200 
are in Karachi and a large number of these firms have shown their 
interest to set up facilities in the proposed park.
Officials look confident of the proposed park attracting at least 
150 companies for setting up their units because of its close 
proximity to Karachi University, other educational centres of 
higher learning in close vicinity and more than half a dozen 
industrial enclaves in and around the city.
They said the proposed park has the capacity for expansion in the 
future. Karachi, they contend still remains the hub of commercial 
and industrial activities in the country and will be a ready market 
for the facilities to be developed by the investors in the park.
A committee was formed in the meeting held on Monday. It has been 
asked to submit a report within 30 days to the government on the 
development and operation of the park. The committee will also 
quantify the requirement of electricity, water, gas, telephone 
lines and other facilities in the park.
The committee is headed by the Managing Director SITE Limited and 
includes a representative of Cresoft, Software Board, Pakistan 
Computer Society, Pakistan Software House and SITE Association of 
Trade and Industry.

Pakistan-Afghan border temporarily sealed: Shujaat

PESHAWAR, Sept 23: Interior minister Chaudhry Shujaat Hussain has 
said the border with Afghanistan has not been completely sealed, 
rather some temporary measures have been taken to keep a check.
Talking to a group of journalists here at the residence of Senator 
Haji Gul Afridi, who hosted a lunch for the visiting interior 
minister, Mr Hussain said the "extra measures adopted at the 
Pakistan-Afghanistan borders should not be regarded as sealing of 
the border. People having legal documents could cross over to 
either sides."
He said the sealing of the porous Pakistan-Afghanistan border was 
not possible, and administrative measures were only meant to 
establish a system so that vigilance at the border could be made 
more effective.
"Tribal areas have specific conditions and we don�t want to disturb 
people living in tribal areas," said the interior minister, adding 
that the "government has no intention to forcefully implement 
specific laws on the people living on either side of the border."
Mr Hussain was on a two-day visit to the provincial capital where 
he presided over a meeting on Wednesday. The meeting reviewed the 
general law and order situation in the province, results of the 
poppy elimination campaign in the Dir district and matter 
pertaining to heroin production and its addiction, with special 
reference to the province. 
Appreciating the law and order situation in the province, he said 
the chief minister Abbasi was handling it amicably.
In reply to a question about Afghan refugees� repatriation to 
Afghanistan from the NWFP, he said: "Afghan displaced persons 
settled in this side of the border are our brothers and they would 
not be forced to leave Pakistan."
To another question, he said there were four million addicts in 
Pakistan, of which 700,000 to 800,000 belonged to the NWFP.
The government was trying hard to weed out the curse of heroin 
addiction by increasing the awareness level among the people about 
its dangers, said the minister, adding that on the other hand "we 
are also trying to eliminate the poppy crop."
Intentionally, the government was not using force to get the crop�s 
cultivation eliminated, rather it was making arrangements to get 
the crop replaced by providing seeds for other crops, said Mr 
KARACHI SITUATION: Replying to a question about the changing 
political scenario of Karachi, he said maintenance of peace was the 
top most priority of the government.
The government had also asked the MQM leadership to sign an 
agreement for maintaining peace in Sindh, he said and adding that 
"we have made it clear to them that the prime minister has outright 
declared that the Karachi peace will not be compromised at any 
He said the MQM leadership had been asked to help the government in 
restoring peace to Karachi whereas it was the Sindh government�s 
concern to run the affairs of the province.
He also rejected the impression that the government was about to 
take any administrative action against religious educational 
institutions. He said the government had no such intentions.

Sindh PA reposes confidence in CM

KARACHI, Sept 23: Sindh chief minister, Liaquat Jatoi, proved his 
majority in the Sindh Assembly on Wednesday when 61 members reposed 
confidence in him as leader of the House, after which the 
opposition�s no confidence resolution was declared infructuous.
A resolution to this effect was moved in the House by the 
provincial law minister Salim Zia under Article 130(3) with rule 19 
of the rules of procedure of the Sindh Assembly by invoking rule 
211 of the said rules.
The resolution was seconded by leader of Muttahida Qaumi Movement�s 
parliamentary party, Dr Farooq Sattar.
The opposition naturally did not support. They rather protested 
over the manner in which the Speaker allowed the law minister to 
move the resolution.
The chief minister intervened to say that he had made a written 
request for seeking a fresh vote of confidence which was also the 
demand of the opposition.
The chief minister said that it was necessary to end uncertainty in 
the province which had impeded development and created unnecessary 
acrimony among the people.
"It is in nobody�s interest that stock market plunge every now and 
then and development is neglected," said Mr Jatoi asking for 
opposition�s cooperation in overcoming the problems.
Recognising the Pakistan People�s Party�s democratic right to bring 
a no confidence against him, Mr Jatoi offered an olive branch to 
the opposition and assured of his "full cooperation" in the 
implementation of various development schemes in their 
The deputy opposition leader Pir Mazhar objected to the procedure 
adopted for the purpose and claimed the Speaker was working against 
He said the opposition had been taken by surprise the way the 
treasury benches had been allowed to table the resolution because 
opposition�s no confidence motion had been placed on the day�s 
The law minister, however, maintained that the chair had allowed 
him to move the resolution by relaxing rules under Rule 211.
Speaker Nawab Mirza ruled out opposition�s objections and allowed 
law minister to move the resolution by relaxing rules under Rule 
There was, however, some confusion about the number of MPAs voting 
for the resolution. From press gallery the count stood at 55 plus 
one vote of the chief minister whereas the Speaker announced that 
61 votes had been counted.
In the number game the Treasury emerged victorious following which 
the opposition did not press its no confidence move, which was 
declared infructuous by the Speaker.

The end result had become obvious after the MQM rejoined the ruling 
coalition and the head count had only become a constitutional 
requirement to end the political uncertainty and confusion in the 
Announcing the official count Speaker, Nawab Mirza declared that 
resolution reposing confidence in the chief minister, had been 
passed by a majority of 61 in the House of 108. Therefore, the no 
confidence motion against him has become infructuous and disposed 
of accordingly, he said.
Thanking the House for reposing confidence in him Mr Liaquat Jatoi, 
who spoke in phases assured the opposition that he wanted to 
maintain dignity of the members and the assembly for strengthening 
democratic dispensation.
"I give assurance to the opposition to come forward with 
development schemes and I will provide you funds just like any 
member of the treasury bench," said the chief minister who 
emphasised the need for joint efforts for the betterment of the 
Mr Jatoi also thanked the MQM, whose support bailed him out from 
the political crisis in which the province had been plunged since 
Aug 26 following MQM�s ministers resignations and withdrawal of 
support for the ruling PML.
Mr Jatoi declared that he was indebted to the MQM for its support 
and said he would never abandon them and stand by them in the face 
of conspiracies.
$1.5bn bailout: IDB invites banks to share Pakistan fund

MANAMA, Sept 20: The Islamic Development Bank (IDB) has started 
marketing a proposed $1.5 billion bailout fund for Pakistan to help 
Islamabad meet part of its debts, bankers said on Sunday.
"The IDB has started to approach financial institutions and banks 
in Saudi Arabia over the proposed $1.5 billion fund for Pakistan," 
a senior banker told Reuters.
"They (IDB) are inviting prospected banks to take part in the 
Pakistani fund. It is a long process and will probably not be 
finished before the end of this year," the manager of a Saudi-based 
bank told Reuters by telephone.
An IDB official confirmed that IDB, which was appointed the manager 
of the package, had begun approaching banks but gave no details.
Pakistan failed to secure immediate backing from banks and 
financial institutions for the proposed $1.5 billion deal at a 
meeting in Jeddah on September 9.
Banks asked for more time to obtain approval from their authorities 
before making any commitment, after changes were made to the loan�s 
term sheet.
But Pakistan has gained financial backing from the IDB, which 
pledged to extend $200 million to help it overcome economic 
difficulties caused by US-led sanctions imposed after nuclear tests 
in May.
An official statement issued after the Sept 9 meeting said the 
government of Pakistan and the IDB would take steps to market the 
Pakistan is seeking $1.5 billion from banks and financial 
institutions to help repay part of its $30 billion debts.Reuters

Final round in US next week: IMF gives a nod to fiscal policies
Bureau Report

ISLAMABAD, Sept 25: The International Monetary Fund (IMF) ended two 
weeks of talks with Pakistan on a loan package here on Friday 
during which it agreed to expand the defunct ESAF\EFF arrangement 
from $1.5 billion to $5 billion  also to be financed by the World 
Bank and the Asian Development Bank  said PM�s Adviser on Finance 
Hafiz Pasha. 
The negotiations would resume in Washington next week where a final 
decision in this regard is expected to be taken.
Dr Pasha said the $5 billion included debt rescheduling of about $2 
billion, the details of which were being finalised with the IMF and 
other donors.
He, however, told a news conference that talks with the IMF were to 
be concluded in Washington after Oct 2. He sounded optimistic that 
Pakistan would reach an agreement with the Fund.
The PM�s adviser avoided talking about the conditionalites attached 
to the proposed agreement. When asked whether the government had 
accepted the IMF demand to increase power tariff by 15 per cent and 
enhance the GST rate to 15 per cent, he said: "I cannot comment on 
it unless the package is finalized." He agreed with a reporter that 
when a bigger loan is given more conditionalities are attached.
Meanwhile, the IMF in a press release issued here on Friday hailed 
Pakistan government�s efforts to maintain low inflation and cope 
with the balance of payments problems.
It appreciated that the government succeeded in maintaining low 
inflation and buoyant outlook for agriculture sector growth despite 
difficult economic environment and severe balance of payments 
"Given the need to improve the balance of payments and growth 
prospects, the IMF mission endorses the government�s strategy to 
further the stance of financial policies and move decisively on 
broad range of structural reform", the IMF said.
It said that given the proximity of the annual meetings of the 
board of governors of the IMF and the World Bank, it has been 
decided that discussions for the second review under the extended 
arrangement and second annual arrangement under the ESAF, including 
on modalities of financing the balance of payments gap, will be 
continued next week in Washington with the Pakistani delegations to 
these meetings.
The mission said that a significant adjustment effort has been made 
by Pakistan by reinforcing fiscal policy and maintaining monetary 
"It is really an achievement to have such words of appreciations 
from the IMF specially after May 28 when the country had to face 
lot of challenges", Dr Pasha said adding that talks with the 
mission had to be discontinued because he was going to Canada to 
attend a meeting of finance ministers of commonwealth countries.
He pointed out that the IMF mission would stay in Pakistan for some 
time and have more discussions with the officials of the ministry 
of finance and the planning commission.
Responding to a question he said that Prime Minister Nawaz Sharif 
had met World Bank President Mr Wolfenson and the First Deputy 
Manager of the IMF, Stainlay Fisher, in New York where some more 
progress had been made during talks vis-a-vis lifting of curbs on 
non-humanitarian aid to Pakistan.
Exporters reject idea of rupee devaluation
Sabihuddin Ghausi
KARACHI, Sept 22: A group of seven exporters have rejected the idea 
of devaluation of Pakistan currency and levy of sales tax at retail 
level during a meeting with one of the members of the visiting team 
of International Monetary Fund (IMF).
These seven exporters, including four from Karachi representing 
various segments of textile exports, one from Sialkot representing 
sports trade, one dealing in carpet exports and one in general 
trade held a meeting with Joel Doujas Bernate one of the members of 
the IMF team in Islamabad last week and discussed the whole range 
of issues.
"Devaluation in the past did not help Pakistan�s export trade and 
any such move at present will hurt the textile exports," Iqbal 
Ibrahim who owns a modern integrated textile unit in Karachi 
informed the IMF member. Pakistan, he said, has limited export 
capacity comprising selected commodities and does not stand to gain 
from devaluation.
Devaluation of currency at present, when cotton has started coming 
in the open market, will hurt the textile sector because of 
government policy of allowing cotton export. "This is bound to 
raise cotton price in domestic market to the international levels 
and enhance the input cost for textile mills," he said.
He said for years the Pakistan government operated a creeping 
devaluation programme. "Rupee parity with dollar was reviewed 
periodically and adjusted accordingly which helped the exporters to 
build up their business," he recalled and complained that it was 
given up on insistence of IMF and devaluation on a bigger scale in 
one go was adopted in the last few years.
Iqbal Ibrahim said that the IMF was conveyed of the disastrous 
impact of its insistence on levying sales tax at retail level. 
Unlike developed countries where retail outlets are the outgrowth 
of organized trade and are well equipped to do book keeping and 
account maintenance, the retail trade in Pakistan is a small family 
business run on consignment and is scattered. "Asking these small 
business establishments to do book keeping is too telling," he told 
the IMF member.
The exporters informed the team IMF that they consider the 
prevailing open market rates of dollar and other foreign currencies 
"Real value of currencies in open market are reflected only when 
there is full flow of trade," Wajid Jawwad one of the seven 

exporters and a readymade garment exporter who met the IMF team in 
Islamabad last week told Dawn while maintaining that at present 
"imports are suppressed and exports are just not picking up".
"Importers are now operating under such stringent conditions which 
are unheard in the last 50 years," he said while speaking of 30 per 
cent margin on opening letters of credits.
The IMF team member was also informed that many of the foreign 
banks in Pakistan are not opening letters of credits and demand 5 
to 7 per cent confirmation fee, which has raised upfront cost of 
Exporters contend that once the foreign reserves of the country are 
build up to a reasonable level and import trade is liberalized 
after removal of all restrictions and distortions, the dollar and 
all other foreign currencies will find their real value in Pakistan 
market which will benefit both the importers and exporters.
Till such time they pleaded that present exchange rate system 
should continue as they fear that any abrupt change will 
destabilize the trade.
Exporters informed the IMF team that the current trade policy 
framed by the government is well suited to their requirements but 
they were more hurt by the discriminatory attitude of the European 
countries and that of Japan.
European countries they said were imposing one restriction after 
the other on Pakistan�s exports which was discriminatory and 
against international rules. Similarly, Japan has been invoking 
anti-dumping measures against yarn import from Pakistan although 
for the last several years a minimum benchmark price is being 
worked out.
While Japan is all set to discourage Pakistan�s exports India has 
been given all the opportunity to increase its export of yarn 
there. Consequently Pakistan�s share in yarn supply to Japan has 
come down to 53 per cent from 64 per cent and that of India has 
increased to 20 per cent from 10 per cent.
Exporters urged the IMF to draw such a programme for Pakistan which 
meets the requirement of formal and organized sector of the economy 
as well as that of informal and unorganized sector. "Any IMF 
package that hurts either of the two sectors would cause turmoil," 
the exporters are reported to have warned the IMF urging it to 
leave it on the government and domestic business to take steps 
which would gradually integrate the informal economy in mainstream.

Dollars for travellers

KARACHI, Sept 24: The Forex Association of Pakistan (FAP) said on 
Thursday three money brokerages would ensure supply of dollars to 
overseas travellers.
A press release said the decision was taken at a FAP meeting held 
on Thursday which noted that overseas travellers were facing 
problems in obtaining dollars from the open market.
Money changers have stopped selling dollars to anyone except for 
the overseas travellers on the plea that it would keep the rupee 
stable in the open market. They have taken the decision on their 
FAP which informally groups some 200 licensed money changers 
advised overseas travellers to contact the following brokerages if 
they have problem in obtaining dollars:
Bostan International, Khanani & Kalia and Galaxy International.
FAP said its members would buy and sell dollars at Rs 56 and Rs 
56.12 on Friday. FAP says its members can no longer continue with 
the pre-fixed rates which have cut their margins heavily adding the 
fixation of rates would not be discontinued without the State Bank 
approval. The State Bank had asked money changers to trade dollars 
within a pre-fixed bands on Sept 10.
The rupee remained stable in the open market on Thursday with the 
dollar closing at Rs 56 and Rs 56.14 for spot buying and selling.

Pakistan Business Council to be set up
Ihtashamul Haque

ISLAMABAD, Sept 23: The government is setting up a Pakistan 
Business Council to institutionalize public and private sector 
collaboration to boost exports and undertake greater economic and 
development activities in the country.
The proposal is now with the prime minister and is expected to be 
signed and announced after he arrives from his foreign tour to 
establish this much needed Pakistan Business Council", said Deputy 
Chairman Planning Commission (PC) Ahsan Iqbal.
In an interview with Dawn, he said that the representative of the 
Federation of Pakistan Chambers of Commerce and Industry, local 
chambers, overseas chambers, multi-nationals, representatives of 
the Nationalized Commercial Banks and the Development Financial 
Institutions and heads of the State Owned Enterprises (SOEs) will 
be the members of the proposed Pakistan Business Council.
He said that the Council would meet every quarter of the year to 
monitor the state of the economy and recommend a strategy to 
substantially enhance Pakistan�s exports and remove various 
impediments still existed in this behalf.
Ahsan Iqbal pointed out that restructuring of export portfolios has 
been proposed to find out small and medium foreign markets. "We are 
marginally represented in four sectors out of 40 major segments of 
export markets", he said adding that the PC has proposed 
diversification of exports to capture various foreign markets.
Furthermore, he said, the Export Promotion Board (EPB) would also 
work for making public and private sector business partnership more 
effective and meaningful.
To a question, he said that the PC has worked out details as to how 
to have new resource mobilization. "As a first step we have 
proposed that we must have proper tax administration to ensure 
broadening the base of the tax", Ahsan Iqbal said adding that the 
government has been asked to plug the leakages in all the SOEs.
Then, the Deputy Chairman PC said, his office was shifting its 
focus from projects to policy and management evaluation. "Since 
there is no proper policy only Rs 110 billion are struck up in 
roads", he said. Now there will be a new information system to 
ensure that there is no duplicity of the government functions. "In 
fact there will be an economic management monitoring system based 
on modern information system", he added. 
Ahsan Iqbal also said that the PC has decided to give due 
recognition to those of its officers who would work with all their 
sincerity and competence. "There will be an employee and an officer 
of the month who would be given the cash awards of Rs 2500 and Rs 
5000 respectively".
The Deputy Chairman PC said that Pakistan needed a long-term 
planning of 12 to 15 years like Chile, Argentina and some other 
developing countries to greatly improve its economy.

NIT makes Rs3.159bn net profit
Dilawar Hussain

KARACHI, Sept 22: There had been a run on the National Investment 
Trust (NIT) for redemption with Rs 15 billion paid by the Trust 
over the last two years, against new units sold of only Rs 1.05 
billion, chairman Mr Razi-ur-Rehman Khan told reporters on Tuesday.
He also unveiled financial figures for the year to end-June 1998, 
which are proposed to be approved by the Board on Sept 29.
The NIT chairman, however, hastened to claim that all requests for 
redemptions had been granted except of three state-owned 
enterprises: National Bank of Pakistan, Attock Refinery Limited and 
PTT, whose redemption orders aggregating to Rs 1.5 billion had to 
be deferred due to constraints of funds.
Mr Khan stated that the retail redemption requests had now slowed 
down to around Rs 3 million per month and that fresh individual 
redemption requests were being met, on average, within one week 
time period.
The accounts showed that the number of units in issue had declined 
to 1.808 billion at end-June, 1998 from 2.075 billion at the same 
date a year ago.
NIT chairman said that the Trust had made net income of Rs 3.159 
billion for the year ending on June 30, 1998, showing 54 per cent 
improvement over net profit at Rs 2.051 billion of the previous 
He conceded that 61 per cent of the income (Rs 1.929 billion) was 
contributed through capital gains against 35 per cent (Rs 724 
million) from this source last year but stressed that through its 
proactive role in corporate governance, NIT had generated Rs 536 
million in cash and created over Rs 300 million value by selling 
shares of 11 companies at prices, significantly above their market 

He was alluding possibly, to cases such as Baba Farid Sugar Mills, 
where the Trust had managed to sell its 16 per cent stake to the 
sponsors at four times above par, last summer.
The market value of the NIT portfolio now stood at Rs 14.4 billion 
against cost at Rs 22.0 billion, Mr Khan stated, and the major 27 
per cent investment was in shares on the fuel & energy sector.

Asked why the expenses had jumped to Rs 359 million, from Rs 64 
million the earlier year, Khan explained that NIT had embarked on a 
major restructuring programme that included induction of senior 
professional management, hiring of external agents and tapping 
overseas Pakistanis.
He, however, admitted that the response from overseas investors had 
been cool.
Through downsizing, the number of employees had been reduced to 
nearly a half at 145 from 280 last year, he added.
The accounts of NIT showed that the Trust had distributed to the 
unit holders Rs 1.30 per unit for 1998 which represented 30 per 
cent increase over Re 1.00 paid in 1997.
Khan emphasized that NIT had never omitted a dividend payout since 
inception 37 years ago.
The NIT chief gave a graphic display of NAV performance during 
1997-98 that showed the NIT units had outperformed the All-Share 
Price Index by 4.4 per cent; net return being 39.3 percent and 34.9 
per cent respectively.
Sales tax special audit rules introduced

ISLAMABAD, Sept 23: The Central Board of Revenue has introduced 
Sales Tax Special Audit rules for all registered persons for 
submission of audit reports relating to payment of sales tax, from 
Oct 1, 1998.
These rules have been notified under SRO 1001 (I)/98, of Sept 23, 
1998, stating: The CBR may cause special audit of the records, tax 
invoices and monthly returns as required under sections 22, 23 and 
26 of the Sales Tax Act 1990, to be maintained, issued or furnished 
by such registered persons, class or classes of registered persons, 
by a special auditor.
The scope of the special audit will be the expression of 
professional opinion with respect to the following: whether the 
records, tax invoices and monthly returns have been maintained, 
issued or furnished correctly by the registered persons; whether 
the monthly returns correctly reflect that all taxable supplies in 
the tax period as revealed by the records and tax invoices; all the 
input tax, output tax and the net amount of sales tax payable or 
refundable, as the case may be, are in accordance with the 
provisions of the Act, and are duly substantiated by the records 
required to be maintained for the purpose.
The special auditor will submit his audit report in the form as 
specified in the terms of reference. In case of violation of these 
rules or any clause of terms of reference, the payment of fee as 
specified therein, shall be withheld forthwith without prejudice to 
any action that may be initiated under the provisions of the 
Chartered Accountants Ordinance, 1961, the Cost and Management 
Accountants Act, 1956, by-laws made thereunder, or the Sales Tax 
Act, 1990.
In case the payment has already been made in full or part thereof, 
to the special auditor, the same shall be returned within one week 
of issuance, by the CBR, of a demand notice in this regard.

The special auditor would be a chartered accountant or a cost and 
management accountant appointed under section 32 of ST Act, 1990. 
The terms of reference would be as specified in the appointment 
letter issued by the CBR to name special auditor.

Three IPPs refuse to lower tariff
Bureau Report

ISLAMABAD, Sept 24: Three Independent Power Producers (IPPs), on 
Thursday turned down the government�s demand to reduce tariffs to 5 
cent per kilowatt per hour, an official told Dawn.
Three IPPs Tapal Power, Gul Ahmed and Japan Power were called by 
a sub-committee headed by secretary water and power Shahid Hussain 
on Thursday to negotiate tariffs.
The executives of the three companies plainly expressed their 
inability to bring down tariff to 5 cent per kilowatt from 6.5 cent 
per kilowatt as desired by the government, said a source.
The case of these IPPs would now be taken up at the larger 
committee, which is headed by federal minister for water and power 
Gohar Ayub Khan, he added.
Tapal Power, Gul Ahmed and Japan Power are included in the list of 
those nine IPPs who had been cleared by the government and asked to 
bring down the tariffs.
Earlier Davis Energen and Altren Energy had been given go ahead 
signal by the committee as they had agreed to bring down the tariff 
to 5 cent per kilowatt per hour.
The source ruled out the possibility of cancellation of Letter of 
Support (LoS) of those IPPs who are not ready to reduce the tariff 
from the one agreed by the government in the original agreement.
The intent of cancellation notices had already been given to seven 
IPPs, and LoS of two companies had been cancelled. The government 
did not want to annoy more investors, he added.
The meeting of the sub-committee was preceded by a meeting of full-
The meeting reviewed the progress with regard to those IPPs who had 
been issued intent of cancellation notices by the government.
The committee which is supposed to submit a report to the prime 
minister till October 15, could not finalize its report owing to 
the absence of Senator Saif-ur-Rehman.
Country may earn $1bn from cotton export
Ihtashamul Haq

ISLAMABAD, Sept 24: A better cotton crop of around 10.8 million 
bales is expected this year exceeding the annual target of 10.5 
million bales set for 1998-99, a government official said.
The Cotton Estimate Committee headed by Shafi Niaz has given the 
latest expected crop yield. The representative from textile mills, 
growers and grinners are members of the committee. Earlier, reports 
had appeared that Pakistan might not achieve the target of 10.5 
million bales since the American Worm had attacked the crop in 
certain areas.
"With favourable weather conditions this year, Pakistan is likely 
to surpass the 10.5 million bales target set for cotton crop this 
year," the official, who is a also member of Cotton Estimate 
Committee, said.
The picking season for the cotton crop has begun and in certain 
areas of Sindh the first picking has been completed. "The attack of 
American Worm has been repulsed successfully," Mehmood Virk a 
cotton crop expert based in Multan said when contacted.
Mehmood Virk said the dry weather during the initial days of cotton 
crop had saved the farmers three rounds of sprays. "The experts 
recommend five sprays on the cotton crop but this year due to 
favourable weather conditions only two sprays were carried out. 
"During the recent American Worm attack the growers had a cushion 
and they sprayed thrice on the crop which helped overcome the 
crisis," Virk said.
Replying to a question Mehmood Virk said with the recent rains the 
cotton crop had come out of the stress of long dry weather. "If 
favourable weather reconditions persisted for another three to four 
weeks, we will have a good cotton crop," Virk said.
Cotton is Pakistan�s major foreign exchange earner and almost 70 
per cent of country�s direct and indirect exports depend on this 
important crop. The local textile industry has the capacity to 
consume a maximum of 8 million to 9 million bales per year. The 
rest is exported in raw shape and yarn.
With an additional million bales of cotton, Pakistan can earn 
around $1 billion foreign exchange through its exports. This year 
Pakistan�s cotton is expected to fetch good prices in international 
markets since the word cotton crop is likely to remain well below 
the estimates.
Experts criticize CBR for special audit of tax payers
Parvaiz Ishfaq Rana

KARACHI, Sept 21: By increasing the scope of auditors for carrying 
out special audit of tax payers, the CBR has not only increased its 
financial burden but is also getting involved into a wasteful 
exercise, tax experts observed here on Monday.
The Finance Act, 1998 introduced an amendment in Section 4(A) of 
the Income Tax Ordinance by virtue of which firms of Chartered 
Accountants can be appointed as special auditors to investigate 
cases of large tax payers (private limited company) where 
substantial under-reporting or concealment of income is suspected.
Under this section the Directorate of Intelligence and 
Investigation (Direct Taxes) CBR has recently directed all the 
Regional Commissioners of Income Tax to prepare a list of potential 
tax payers, which also include private limited companies requiring 
audit by firms of Chartered Accountant.
The regional commissioners have also been asked that the list 
should include minimum of 20 cases per Corporate Zone and five 
cases of non-corporate zone. In addition they have been given some 
guidelines for carrying out these orders.
"We fail to understand the logic behind this exercise particularly 
when these categories of tax payers are already auditing their 
accounts from firms of Chartered Accountant for tax purposes," 
these experts maintained.
In accordance with Section 32-A of Income Tax Ordinance, 1979, 
every private limited company with a capital of Rs3 million was 
required to get its accounts audited by a Chartered Accountant for 
the purpose of filing their tax returns.
However, the Finance Act, 1998 has amended Section 32-A of the 
Income Tax Ordnance, 1979 by reducing the amount of capital from 
Rs3 million to Rs0.5 million.
This means that all accounts of such private limited companies 
which have capital of Rs0.5 million or more will have to get their 
accounts audited by Chartered Accountants and without their report 
the return of income tax can be disqualified as it has become 
mandatory to get the accounts audited by a Chartered Accountant.
Giving his view on this issue President All Pakistan Tax Bar 
Association (APTBA) Rehan Hassan Naqvi said, "it is not understood 
once the accounts have been audited by one Chartered Accountant, 
how the same accounts are to be audited by another Chartered 
He further said if there are other categories of Chartered 
Accountants then these categories should be known to the general 
public in order to determine the standard of audit.
Rehan Hassan Naqvi while critizing the move further said this would 
mean that the major portion of assessment work is being transferred 
to Chartered Accountants who would be paid large amounts of fees, 
besides substantial salaries would continue to be paid to the 
assessing officers and their supervising officials of the Income 
Tax Department.

Putting HUBCO officials� names on ECL opposed
Bureau Report

ISLAMABAD, Sept 24: The ministry of interior has opposed the 
decision of the Ehtesab bureau to put the names of the businessmen 
on the exist control list(ECL), including those of HUBCO power 
Informed sources told Dawn here on Thursday that the officials of 
the ministry of interior had also opposed the freezing of HUBCO�s 
bank accounts by the Central Board of Revenue.
Both the ministry of interior and Ehtesab bureau had written 
letters through the prime minister�s secretariat and accused each 
other of harming the national interest.
However, the sources said the officials of the ministry of interior 
maintained that decision of the Ehtesab bureau to put businessmen 
on the ECL was not only maligning the PML government but was also 
hampering foreign investment in Pakistan.
"We have no solid proof of any wrongdoing on the part of HUBCO. 
Therefore, why we should put the name of any of its officials on 
the ECL," said an official of the ministry.

KSE share index recovers 11.03 points on CTBT news

KARACHI, Sept 25: Stocks on Friday shrugged off the overnight 
easiness aided largely by reports that Pakistan has indicated to 
the members of the UN to sign the CTBT after some of its demands 
including lifting of economic sanctions are met.
But what seems to have lured investors back in the rings in a big 
way is an identical pledge by India, possibly by the next year, 
which analysts said could lead to durable peace in the sub-
"It is a significant development and investors are looking at it in 
broader context and its likely future impact on the share 
business," some analyst said.
But all agreed that the pointers from the alien land by the leaders 
of literally warring parties are positive and could defuse the 
prevailing tension between the two nuclear powers, they added.
"Foreign investors, who were a bit jittery over the post-nuclear 
tests scenario, were back in the rings and covered positions at the 
lower levels," they added.
They said opening of Khokhrapar railway route by Pakistan, sealed 
in the 1971 war, is expected to lead to normalization of relations 
between the two countries, virtually at war for the last several 
"If UN parleys between Prime Ministers Nawaz Sharif and Vajpayee 
are based on ground realities, a durable peace and resumption of 
trade ties could follow within no time," said a leading member of 
the KSE.
The next week could be very crucial for the direction of the market 
as investors will set their investment priorities in the light of 
new political developments aimed at restoring peace in the 
subcontinent, he added.
And added to it will be resumption of the IMF aid, essentially tied 
to the nuclear issue and signing of the CTBT, which is expected to 
ensure a fair inflow of foreign funds, some others said.
The market should have reacted more confidently to these positive 
developments but for weekend considerations, which generally 
prompts selling owing to risks involved during the intervening 
The KSE 100-share index recovered 11.03 points or 1.03 per cent at 
1,084.79 as compared to 1,073.76 a day earlier, adding Rs 2.580 
billion to the market capitalization at Rs 308.117 billion.
Bank shares, under the lead of Bank of Punjab, Askari Bank, Faysal 
Bank, and MCB, came in for strong support at the lower levels and 
finished with smart gains.
Leading shares on the other counters extended gain in the hereto 
neglected Dewan Salman, Lever Brothers, Al-Ghazi Tractors and many 
others which also provided the much-needed strength to the broader 
Back to the top
Not the business of the state  2
Ardeshir Cowasjee

"IN these days of rank communalism, he has always remained a 
staunch and fervent nationalist. I know that attempts have been 
made in certain quarters to throw a great deal of mud at him by 
suggesting that he has fallen a victim to Muslim blandishments and 
is no longer the Jinnah of Congress days.
"It is only those who have the privilege of knowing him intimately 
who can say how passionately he loves his country. Like Motilal 
Nehru [Jawaharlal�s father] he is temperamentally incapable of 
thinking in terms of Hindus, Muslims or Parsis."
So wrote Barrister Mohammad Currimbhoy Chagla in the June 1927 
issue of the �Bombay Law Journal�.
In 1947, the first Constituent Assembly was formed and charged with 
the framing of the constitution of Pakistan. Jinnah was elected as 
its president and in his first speech to the assembly on August 11, 
1947, he clearly and unambiguously enunciated his creed upon which 
the constitution was to evolve.
He was and remains head and shoulders above all the leaders of our 
country who have since followed and have successfully made a right 
royal mess of what could have been a modern, forward looking, 
powerful democracy.
The narrow-minded obscurantist heads of state and government who 
followed him, to suit their own selfish ends distorted all the good 
that Jinnah stood for to the extent that his recorded speeches and 
printed words were edited and misquoted. Even his official 
biographer commissioned by the government, Hector Bolitho, was 
misled and given a chopped version of the vital August 11 speech. 
Bolitho�s book, �Jinnah  Creator of Pakistan�, was first published 
in 1954, reprinted in 1956, 1957, 1960, and 1964, each time with 
his speech distorted and uncorrected.
These were the most telling words he spoke:
"You may belong to any religion or caste or creed  that has 
nothing to do with the business of the State. As you know, history 
shows that in England conditions some time ago were much worse than 
those prevailing in India today. The Roman Catholics and 
Protestants persecuted each other. Even now there are some States 
in existence where there are discriminations made and bars imposed 
against a particular class. Thank God, we are not starting in those 
days. We are starting with the fundamental principle that we are 
all citizens and equal citizens of one State."
These were edited to read: "You may belong to any religion or caste 
or creed  that has nothing to do with the fundamental principle 
that we are all citizens and equal citizens of one State." Why? 
What was the intention behind this?
Jinnah spoke about the majority and minority communities, the 
scourge of sectarianism, religion, colour, caste, creed. He told 
the future constitution-makers :
"A division had to take place. On both sides, in Hindustan and 
Pakistan, there are sections of people who may not agree with it, 
who may not like it, but in my judgment there was no other solution 
and I am sure future history will record its verdict in favour of 
it. And what is more, it will be proved by actual experience as we 
go on that was the only solution of India�s constitutional problem. 
Any idea of a United India could never have worked and in my 
judgment would have led us to terrific disaster. Maybe that view is 
correct; maybe it is not; that remains to be seen. All the same, in 
this division it was impossible to avoid the question of minorities 
being in one Dominion or the other. Now that was unavoidable. There 
is no other solution. Now what shall we do? If we want to make this 
great State of Pakistan happy and prosperous we should wholly and 
solely concentrate on the well-being of the people, and especially 
of the masses and the poor. If you will work in cooperation, 
forgetting the past, burying the hatchet, you are bound to succeed. 
If you change your past and work together in a spirit that everyone 
of you, no matter to what community he belongs, no matter what 
relations he had with you in the past, no matter what is his 
colour, caste, or creed, is first, second and last a citizen of 
this State with equal rights, privileges and obligations, there 
will be no end to the progress you will make.
"I cannot emphasize it too much. We should begin to work in that 
spirit and in the course of time all these angularities of the 
majority and minority communities, the Hindu community and the 
Muslim community  because even as regards Muslims you have 
Pathans, Punjabis, Shias, Sunnis and so on, and among the Hindus 
you have Brahmins, Vashnavas, Khatiris, also Bengalees, Madrasis, 
and so on  will vanish. Indeed, if you ask me, this has been the 
biggest hindrance in the way of India to attain freedom and 
independence and but for this we would have been free peoples long 
ago. No power can hold another nation and specially a nation of 400 
million souls in subjection; nobody could have continued its hold 
on you for any length of time but for this. Therefore we must learn 
a lesson from this. You are free; you are free to go to your 
temples, you are free to go to your mosques or to any other places 
of worship in this State of Pakistan. You may belong to any 
religion or caste or creed  that has nothing to do with the 
business of the State. As you know, history shows that in England 
conditions some time ago were much worse than those prevailing in 
India today. The Roman Catholics and Protestants persecuted each 
other. Even now there are some States in existence where there are 
discriminations made and bars imposed against a particular class. 
Thank God, we are not starting in those days. We are starting with 
the fundamental principle that we are all citizens and equal 
citizens of one State.
"Now, I think we should keep that in front of us as our ideal and 
you will find that in course of time Hindus would cease to be 
Hindus and Muslims would cease to be Muslims, not in the religious 
sense, because that is the personal faith of each individual, but 
in the political sense as citizens of the State."
Later, in February 1948, he broadcast to the people of Australia 
and he told them: "But make no mistake, Pakistan is not a theocracy 
or anything like it. Islam demands from us the tolerance of other 
creeds and we welcome in closest association with us all those who, 
of whatever creed, are themselves willing and ready to play their 
part as true and loyal citizens of Pakistan."
Again, in his speech broadcast to the people of the US, also in 
February 1948, he declared: "The constitution of Pakistan has yet 
to be framed by the Pakistan Constituent Assembly. I do not know 
what the ultimate shape of this constitution is going to be, but I 
am sure that it will be of a democratic type, embodying the 
essential principles of Islam. Today they are as applicable in 
actual life as they were 1,300 years ago. Islam and its idealism 
have taught us democracy. It has taught equality of man, justice 
and fairplay to everybody. We are the inheritors of these glorious 
traditions and are fully alive to our responsibilities and 
obligations as framers of the future constitution of Pakistan. In 
any case, Pakistan is not going to be a theocratic State  to be 
ruled by priests with a divine mission. We have many non-Muslims  
Hindus, Christians and Parsis  but they are all Pakistanis. They 
will enjoy the same rights and privileges as any other citizens and 
will play their rightful part in the affairs of Pakistan."
Jinnah had the good fortune to learn from, to live with and to work 
with, liberal nationalists, men of independent thought and beliefs. 
Amongst the enlightened with whom Jinnah was associated were men 
such as Dadabhoy Naoroji, Sir Peerozshaw Mehta, Sir Cowasjee 
Jehangir, Sir Dinshaw Mulla (author of �Mahomedan Law�), Sir 
Jamsetjee Kanga, Motilal Nehru, Dinshaw Daji, Sir Dinshaw Watcha, 
Kanyalal Munshi. None of these men, nor Jinnah, would ever have 
dreamt of creating a theocratic dictatorship or even a country in 
which religion was to be the business of the State. Jinnah�s 
juniors who are living in Pakistan today, Syed Sharifuddin Pirzada 
and Yusuf Abdullah Haroon, will unhesitatingly confirm this.
Anyhow, the worms have turned. Nawaz Sharif, with the divine right 
he seems to have assumed, last week summoned back his partymen from 
various parts of the world as he wished to rush the Fifteenth 
Amendment through National Assembly on Friday. At the PML 
parliamentary party meeting called by him on Thursday evening, 
Fakhr Imam, who has the courage of his convictions, spoke up 
against the proposed amendment as did Khurshid Kasuri (at last 
trying to establish that he is Tiger Kasuri�s son), and many 
others. They spoke not as dissenters but as conscientious 
objectors. Kasuri went to the extent of handing over his 
resignation to his party chief. Sensing revolt, Nawaz Sharif 
theatrically rejected the resignation. Friday�s Assembly 
proceedings ended in a whimper.

Thinking the unthinkable
Irfan Husain

AS we survey our hostile neighbourhood, it is easy to forget that 
not too long ago, we had many good friends and a number of allies.

Iran was one, Indeed, for decades, our foreign policy was based on 
extremely close ties with Iran and China. Across the Middle East, 
too, we enjoyed excellent relations with many Arab nations. Turkey 
was another ally which stood by us through thick and thin. This, 
then, was the network of relationships on which our foreign policy 
was predicated.
It is important to remind ourselves of these linkages  
painstakingly forged by earlier governments  as we confront new 
regional and global realities. The anti-Pakistan rhetoric emanating 
from Tehran is an indicator of a changing world, and a reminder of 
the old adage "There are no permanent friends or permanent enemies; 
only permanent interests."
So what went wrong, and why are we suddenly friendless in a 
threatening world? Basically, it all boils down to having what has 
always been a single-agenda foreign policy. All our efforts, all 
our goodwill, were invested in countering the perceived threat from 
India. A country�s views on Kashmir became the touchstone by which 
we measured its relations with us.
As long as the cold war was the single biggest factor in world 
affairs, we managed to prosper. The United States did us the favour 
of counting us among the "frontline states" that constituted its 
sanitary cordon around the Soviet Union. China considered us a 
counterweight to its Indian adversary, as well as a member of the 
anti-Soviet camp. 
In conservative Arab eyes, we were not only pro-West, but we would 
also prop up their authoritarian regimes if called upon.
Instead of building upon these linkages to further a range of 
economic and political ends, we used up all this international 
support to try and neutralize Indian might. When the Afghan war 
came along in the late Eighties, General Zia-ul-Haq seized upon it 
as an opportunity to prop up his dictatorial regime and as a means 
to acquire modern weapons to counter our traditional foe�s military 
Suddenly, and without much warning, the Soviet Union imploded, and 
with it, the certainties of the cold war came to an end. The new 
era was full of traps and opportunities, but you had to be supple 
and adroit to avoid the former and cash in on the latter. We were 
With an establishment whose mindset did not adapt to the new 
realities, and a weak, shaky political leadership intent only upon 
enriching itself and hanging on to power, Pakistan was singularly 
ill-equipped to cope with the rapid changes taking place in the 
The one new factor our leaders seized upon was that the USSR�s 
Central Asian Republics had become independent, and they were 
Muslims. Ergo, they would want to fall under our tutelage, and we 
would benefit vastly by trading with them, and helping them to 
explore their resources. To achieve this goal, we had to bring the 
Afghan civil war to an end, and to do this, we needed to prop up 
the winning wide. 
This straight-line logic led to a number of combinations and 
permutations in Kabul, but none of them worked until a strange new 
group calling themselves the Taliban came along. We immediately put 
all our eggs in this frail basket, and thought we had finally 
picked a winner.
We had, but a very unpopular one. Their excesses, and our scarcely 
concealed assistance to them isolated us in the region, with the 
Iranians leading our critics with fierce denunciations of our 
support for the Taliban. The very Central Asian republics we were 
trying to befriend now see the Taliban as a threat on their 
Despite our cultural and historic links with all these nations, we 
are now reaping what we have sown in Afghanistan.
For the Americans, we were of marginal importance after the end of 
the cold war and the pullout of the Soviet forces from Afghanistan. 
The Arabs saw no benefit in close ties with us at the expense of 
their growing relations with India. Russia no longer poses much of 
a threat to China, and the latter is not in a state of armed 
confrontation with India any more. 
Both factors reduce our value to the pragmatists in Beijing where 
old ideologies are fading as capitalism thrives.
And as the strain of sustaining a defence establishment that has 
always been beyond our means begins to show in the wake of vastly 
reduced aid flows, Pakistan needs friends as never before. But as 
the result of our nuclear programme  initiated to counter India�s 
we stand more isolated than ever. The elusive chimera of parity 
with India has bankrupted us and left us friendless. A combination 
of a blinkered vision, a single-agenda foreign policy, and global 
geopolitical changes beyond our control have brought us to the end 
of the road.
So where do we go from here? When Iran, after eight years of 
bloodletting with Iraq, realized it could not win the war, 
Ayatollah Khomeini ordered a ceasefire, saying, "Halting this just 
war is like drinking poison." 
But he and the Iranian nation drank the poison and began rebuilding 
their country. It is never easy to change a course that seems 
logical and correct. In strictly legal terms, we have a pretty good 
case on Kashmir, but alas, the world does not operate on the basis 
of right and wrong, good and bad. For all the talk of the new world 
order might still translate into right. This may be a cynical view, 
but hey, welcome to the real world. 
If we are to have any hope of getting out of the impasse we are in, 
we have to adopt more realistic position on Kashmir. Fifty years of 
futile efforts, untold billions, thousands of lives and lost 
friendships should make it very clear that irrespective of our 
legal case, the Security Council resolutions and India�s earlier 
commitment to a plebiscite, New Delhi is not going to hand over 
occupied Kashmir to us, and the world will not force it to. We 
simply have to get the best deal we can, accept that the world is 
unfair, and get on with life.
It is seldom easy to accept hard realities, but we have to face the 
fact that India is a far bigger and stronger country than Pakistan, 
and the rest of the world cannot be expected to treat us at par 
with our neighbour. So we will just have to swallow this bitter 
pill and get on with it instead of delaying the inevitable and 
suffering the consequences.
And relax, there is life after normal relations: just look at 
France and Germany: after centuries of warfare and bitterness, the 
only rivalry left is during their World Cup matches.

SAHARA CUP: Sohail leads Pakistan to 4-1 victory over India

TORONTO (Canada), Sept 21: Anything India could do, Pakistan could 
do better in the third edition of the annual Sahara Cup cricket 
Already down 3-1 and seeking a consolation victory in the redundant 
fifth and final match at the Toronto Cricket, Skating and Curling 
Club on Sunday, India piled up their highest total of the 
tournament, 256 for nine wickets off 50 overs, and were still 
beaten by five wickets with 10 balls to spare.
Their captain, Mohammed Azharuddin, hit a fluent 101, his seventh 
hundred in One-day Internationals, and shared a third wicket 
partnership of 121 with Sachin Tendulkar, specially flown in from 
Mumbai to bolster flagging Indian fortunes, who made 77.
Pakistan responded with a similarly dominant left-handed second 
wicket partnership of 119 between opener Saeed Anwar, who made 83, 
and captain Aamir Sohail, who hit the winning runs to be unbeaten 
97 at the end to earn the Man-of-the-Match award from former 
International Cricket Council chairman Sir Clyde Walcott.
That stand was the foundation of the victory that completed 
Pakistan�s 4-1 victory in the tournament.
Azharuddin, in top form from the start, stroked 10 fours and a six 
off Saqlain Mushtaq that raised his hundred. But he fell next ball 
off a return catch to the wily off-spinner who was Pakistan�s best 
bowler with four wickets for 67 off 10 overs.
Tendulkar, unavailable earlier because he was in the Indian team at 
the simultaneous Commonwealth Games in Kuala Lumpur, Malaysia, 
arrived in Toronto on Saturday and took his time to settle in. He 
scored 77 off 109 balls with nine fours before he was caught in the 
deep off Sohail�s left-arm spin.
India�s total was boosted by fierce late hitting by Javagal 
Srinath, Ajit Agarkar and the left-handed Sunil Joshi that yielded 
51 runs off the final five overs that included two sixes and six 
Adding 29 for the ninth wicket off 11 balls, Agarkar belted a last-
over six and four in his unbeaten 14 while Joshi needed only seven 
balls for his 19.
Pakistan had an early setback when Shahid Afridi followed his 
commanding 109 of Saturday�s match by falling for 10. But Anwar and 
Sohail then took charge on the best batting pitch of the 
India were boosted when left-arm spinner Sunil Joshi dismissed 
Anwar and Inzamamul Haq to leg before wicket decisions with 
successive balls.
But Sohail added 46 with Salim Malik, 25, and, aided by slack 
Indian fielding and missed catches, saw his team through to its 
fourth successive win.
Pakistan�s Inzamamul Haq was named Man-of-the-Series by Walcott.
Pakistan took the inaugural Sahara Cup in 1996, 3-2, and India won 
4-1 last year.AP

Saleh crowned as new Latif Masters champion
Ian Fyfe

KARACHI, Sept 19: Third seed Saleh Mohammad was crowned the new 
champion, when he dethroned top seed Mohammad Yousuf 8-5, in the 
final of the 12th Red & White Latif Masters Snooker Championship, 
played before a jampacked hall at the Karachi Club on Saturday 
Yousuf six-time winner of this tournament and undefeated for the 
last three years, did not surrender meekly as the scoreline may 
The world and reigning Asian champion although emerging the loser, 
chalked up a splendid break of 107 and followed that up with 
another marvellous performance of 94 and on course for the second 
century break in the match, was horrified to see the last black 
ball wobble near the jaw of the left-hand top pocket.

Jameel A. Sakrani, President of the Karachi Club was the chief 
guest and accompanied by Asghar Ali Valika, Manzar Rizvi, Event 
Manager of the sponsors and the tireless PBSA�s Joint Secretary 
Arif Tahirbhoy presented the prizes to the winner and runner-up.
Saleh received the glittering trophy and a purse for Rs.50,000, 
along with another Rs.5000, for registering the highest break of 
109 during the tournament.
Yousuf received the runners-up purse for Rs.30,000, but went home 
richer by another Rs.50,000, which was presented to him by the PBSA 
for winning the Asian title.
Following was the result in the final.
Saleh Mohammad (NWFP) beat Mohammad Yousuf (Sindh) 8-5: 69/21, 
41/82, 0/129, 51/40, 1/99, 65/52, 120/14, 20/78, 72/53, 86/8, 
75/139, 1/134, 43/31.

Asghar gets a warm welcome on return
Walter Fernandez

KARACHI, Sept 23: Pugilist Asghar Ali Shah, who won the only medal 
for the country in the XVI Commonwealth Games, which concluded at 
Kuala Lumpur (Malaysia) on Monday returned home alongwith 21-
members of the Pakistan contingent on Wednesday evening.
Three other boxers and three officials also returned with Asghar 
Ali Shah. They are: Pugilists Shahid Jan, Abdul Rashid and Shoukat 
Ali, Pakistan�s Cuban-Coach Raphael Remeirez and Boxing Manager 
Cdr. Mushtaq of Pakistan Navy.
Light weight (60 kilogram category) Asghar Ali Khan, has won the 
first-ever Commonwealth Games silver medal for Pakistan.
It may be recalled, that twice before Pakistani boxers have won 
medals in the Commonwealth Games competition but both happened top 
be bronze and incidentally in the very same 60 kilogram class.
Firstly, it was Col. Samad Mir, who won the bronze medal in the 
1972 Games held at Edinburgh (England) and then, Arshad Hussain in 
the 1994 Commonwealth Games staged at Victoria (Canada).
It may be mentioned, that Col. Samad Mir, had served as 
Referee/Judge in the boxing event in this year�s Kuala Lumpur Games 
and came back on the same flight with the Pakistan contingent.
The Pakistan�s 61-strong Commonwealth Games contingent has been 
returning home in batches during the past few days.
By every reckoning, the Pakistan Amateur Boxing Federation (PABF) 
deserves rich tributes as one of their boxers picked up the silver 
medal and thereby saved the country�s squad the dubious distinction 
of coming home empty handed.
The Commonwealth Games, in which 70 nations and territories 
participated, stands second only in stature to the Olympic Games.
The lone Pakistani boxer to have won an Olympic bronze medal was 
Hussain Shah in the 1988 Games at Seoul.
Abrar Hussain Shah, is the sole Pakistani to have won Asian Games 
gold medal, which he snapped up in the 1990 held in Beijing while 
Abdul Khaliq, Zaigham Maseel and Usmanullah won the the silver 
medal and Arshad Hussain, the bronze in the 1994 Games held in 
Hiroshima (Japan).
Jahangir to contest for WSF post 

KARACHI, Sept 24: Pakistan�s squash legend and Vice- President of 
the Pakistan Squash Federation, Jahangir Khan, has launched his 
candidature for the post of Vice-President of World Squash 
Jahangir Khan, who dominated the world squash scene for about two 
decades, addressing a news conference at the PIA Jahangir Khan 
Squash Complex here on Thursday, said that six officials from 
across the world are contesting for three Vice-President�s 
positions in the WSF. The last date of nomination is Sept 25.
Jahangir Khan, General Manager PIA Sports, is looking after various 
sports in the airlines sports department as administrator after his 
retirement from the sport in 1993.
Six time World Champion said he had already established contacts 
with Squash bodies of various countries for his support through 
various means. He said he will be starting strong lobbying and 
campaign to win the elections.
He said representative from over 30 countries will be casting votes 
to elect three vice-presidents. Jahangir commenting on his 
prospects said he is working on it and is hopeful of success.-APP

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