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WEB SITE OR PROFITS? - aALLAH SAVE PAKISTAN

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    WEB SITE OR PROFITS? - aALLAH SAVE PAKISTAN



    Friday 01st September in PTV 09.00 pm news one Aftab A. Khan whose designation I could not read on the mini screen proudly told this unfortunate nation that creation of National Savings web-site will fetch increased investment from overseas Pakistanis in National Savings schemes.

    Profits of NS are continuously decreasing for the last 2 years and thrice in 1999-2000. For example on regular income from Rs. 1500 profit has come to Rs. 1040/- a month, on savings account from 12% to 7% and so on.

    During Benazir's second tenure the then federal minister railways started changing colour of express trains on the pretext change of colour will encourage ticket-less passengers to purchase tickets. Ticket-less passengers did purchase tickets or not is not known but one thing is on record paint factory of minister's brother got enough paint supply orders. A minister 5/6 years back declared new printed drafts will be introduced which will increase remittances from abroad. The stupid man did not know printed drafts were already being used by Pakistani banks abroad since 25 years.


    Creation of a web-site, or turning national savings from a government department to a semi private corporation, or changing the colour or design of defence saving certificates will fetch increased inflow of investment or it is the "rate of profit" which affects and allures investment? This only a common man can understand but not a government advisor who in the words of Pir Sahib Pagara "government advisers themselves needs services of professional advisers".

    It was Thursday 20th or 21st March 1997 when I had a small meeting with a Zonal Chief of a Pakistani Bank abroad. Over the cup of tea he told me while in the past he was always under pressure from Pakistan to transfer more funds, now situation has so changed that only half an hour ago he had to seek personal help of dy. governor of state bank for transferring the funds as his bank was insisting no funds were needed {These were very early days of Nawaz Government and I can take oath on these words]. I felt proud. Only some two hours later I was reading saudi news paper the very first headline quoting Sartaj Aziz the finance Mnister saying "we have only a few weeks foreign exchange in treasury". A week or so bak (August 2000) there was a news item quoting state bank that there was no shortage of foreign exchange reserves. Only 2/3 days later same newspaper was quoting state bank has purchased dollars from open market.

    Web sites and increased inflow of remittances!! ALLAH MAY SAVE US THE PAKISTANIS from WIZARDS.


    S.a.j
    [email protected]

    2 September 2000
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