Government is offering special incentives to Singapore Hongkong businessmen on investing in Pakistan. A investment conference or seminar has somewhere in Pakistan been recently perhaps held. I am a common man. I worked aborad for 18 years but yet I am purely a Pakistani and a true Pakistani. Whenever I go to Pakistan my motherland, I feel myself in the arms of my mother and I do not feel myself “imported”. Hence in my tiny Desi mind it does not come as to why Government keeps on “appealing over appealing” foreigners to bring their money into Pakistan by offering “extra” incenives despite knowing that these foreigners are to keep continue draining Pakistan by “exporting” their profits and one day after having exported 1000 times more than the original principals brought they will take their so-called principal too out. And no body would be ale to stop them. My desi mind is puzzled why then no governemnt gives half of those extra incentives to Overseas Pakistanis pving way to bring their outside held money back which is in most cases to remain in Pakistan after once having arrived.
Each successive government claimed welfare of Overseas Pakistanis (OPs) but practically did nothing except raising slogans. The best remarks given about this tendency was by the Chairman NA Accounts Committee two years back who stated Miistry of Manpower & Overseas Pakistanis and Overseas Pakistanis Foundation had no interest with OPs. Different schemes at different times are announced which are mostly to encourage more “duty free imports” benefit of which goes to a “few” or to commercial khapias. Reading recent audit report about alleged irregualrities and huge fraud in OPF gives shame. It is not the first such report of its kind. In the past similar reports appeared but as usual no investigation was done nor would it be done this time. A gold and silver card scheme two years back was introduced with much fanfare but practically an average OP worker has the practical benefit only of a free passport in 5 years ie about Rs. 600/- a year incentive. Rest of the benefits of the scheme are good worth in files only. I had been addressing His Excellency the President of Pakistan proposing introduction of 4-5% more interest on national savings cchemes for OPs in line as it was during General Ayub’s rule as bonus voucher but during all these more than 2 years I never ever got even an response.
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I have now no hope of betterment. But as we the ordinary locally-municipality-schools-educated true Muslims have an Order that we should always keep our high hopes from ALLAH THE GREAT hence this fresh. Overseas Pakistanis (OPs) are coming back particularly from middle east. From my own department within this year approximately 1500 have gone. More are in pipleline.
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I have recently addressed appropriate level if the government may consider an Overseas Pakistani aged 50 or 55 years above coming permanently on retirement or on expiry of his service contract having the right to invest in the National Savings Behbood Certificates. This is open presently for anyone above 60 years. A government which claims lot of welfare intents for OPs if is really sincere can give a little margin of 5-10 years to OPs in the larger inerest of country as well as to returnee OPs which is not a real burden on exchequer. At the age of 50 plus when an Overseas Pakistani comes back on expiry of his contract there is hardly any chance of his going baroad again on any new contract in that age. To avoid misuse government may consider a condition that coming OP would bring a foreign bank draft consisting of his retirment dues for opening of account subject also to varification by Pakistan Embassy there.
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Last month report must be an eye opener that remittacnes from USA and UAE have decreased. Independent bankers say people are coming out of 9/11 fear which resulted huge remittances to all over the world not merely to Pakistan as is wrongly claimed. International community has acknowledged Hundi as a means of transaction. A clossal savings of Pakistanis are lying in foreign banks where the best safety is no change in terms and conditions.
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I wonder if Overseas Pakistanis realising they are soon to go back to Pakistan permanently knowing the conditions in Middle east would individually in their own old age interest themselves write and request the appropriate circles in Pakistan to introduce any scheme on the above sketched outline line in the new Budget.
Re: Overseas Pakistanis - Their Old Age
[QUOTE]
*Originally posted by javed-m: *
Government is offering special incentives to Singapore Hongkong businessmen on investing in Pakistan. A investment conference or seminar has somewhere in Pakistan been recently perhaps held. I am a common man. I worked aborad for 18 years but yet I am purely a Pakistani and a true Pakistani. Whenever I go to Pakistan my motherland, I feel myself in the arms of my mother and I do not feel myself “imported”. Hence in my tiny Desi mind it does not come as to why Government keeps on “appealing over appealing” foreigners to bring their money into Pakistan by offering “extra” incenives despite knowing that these foreigners are to keep continue draining Pakistan by “exporting” their profits and one day after having exported 1000 times more than the original principals brought they will take their so-called principal too out. And no body would be ale to stop them. My desi mind is puzzled why then no governemnt gives half of those extra incentives to Overseas Pakistanis pving way to bring their outside held money back which is in most cases to remain in Pakistan after once having arrived.
Each successive government claimed welfare of Overseas Pakistanis (OPs) but practically did nothing except raising slogans. The best remarks given about this tendency was by the Chairman NA Accounts Committee two years back who stated Miistry of Manpower & Overseas Pakistanis and Overseas Pakistanis Foundation had no interest with OPs. Different schemes at different times are announced which are mostly to encourage more “duty free imports” benefit of which goes to a “few” or to commercial khapias. Reading recent audit report about alleged irregualrities and huge fraud in OPF gives shame. It is not the first such report of its kind. In the past similar reports appeared but as usual no investigation was done nor would it be done this time. A gold and silver card scheme two years back was introduced with much fanfare but practically an average OP worker has the practical benefit only of a free passport in 5 years ie about Rs. 600/- a year incentive. Rest of the benefits of the scheme are good worth in files only. I had been addressing His Excellency the President of Pakistan proposing introduction of 4-5% more interest on national savings cchemes for OPs in line as it was during General Ayub’s rule as bonus voucher but during all these more than 2 years I never ever got even an response.
I have now no hope of betterment. But as we the ordinary locally-municipality-schools-educated true Muslims have an Order that we should always keep our high hopes from ALLAH THE GREAT hence this fresh. Overseas Pakistanis (OPs) are coming back particularly from middle east. From my own department within this year approximately 1500 have gone. More are in pipleline.
I have recently addressed appropriate level if the government may consider an Overseas Pakistani aged 50 or 55 years above coming permanently on retirement or on expiry of his service contract having the right to invest in the National Savings Behbood Certificates. This is open presently for anyone above 60 years. A government which claims lot of welfare intents for OPs if is really sincere can give a little margin of 5-10 years to OPs in the larger inerest of country as well as to returnee OPs which is not a real burden on exchequer. At the age of 50 plus when an Overseas Pakistani comes back on expiry of his contract there is hardly any chance of his going baroad again on any new contract in that age. To avoid misuse government may consider a condition that coming OP would bring a foreign bank draft consisting of his retirment dues for opening of account subject also to varification by Pakistan Embassy there.
Last month report must be an eye opener that remittacnes from USA and UAE have decreased. Independent bankers say people are coming out of 9/11 fear which resulted huge remittances to all over the world not merely to Pakistan as is wrongly claimed. International community has acknowledged Hundi as a means of transaction. A clossal savings of Pakistanis are lying in foreign banks where the best safety is no change in terms and conditions.
I wonder if Overseas Pakistanis realising they are soon to go back to Pakistan permanently knowing the conditions in Middle east would individually in their own old age interest themselves write and request the appropriate circles in Pakistan to introduce any scheme on the above sketched outline line in the new Budget.
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This is more of a nag and moan post right? But still Pakistan is much better then before and yes we need remittances from expats, it is also very imoprtant that we attract FDI in to Pakistan to boost our economy and increase market growth.