Author: Noc Team

Controversial amendments are being planned in the upcoming Finance Bill 2011 to ‘quietly’ bring about a number of changes in the country’s power policy. For starters, legislation is on cards to empower the regulator, NEPRA, to go ahead with ‘automatic electricity tariff adjustment’. Not only this but legislation is also planned to orchestrate key changes in the Fiscal Responsibility and Debt Limitation Act (FRDLA 2005), which in essence would convert the debt office into a mere post office playing second fiddle to powerful bureaucrats of the relevant ministry, it is learnt.

Aware of our lawmakers proven habit of not bothering with the details of the bulky budget document, the economic managers of the incumbent regime are doing precisely that: slipping in far reaching amendments in the Finance Bill 2011 in a most innocuous manner. “Yes, the government has taken the multilateral creditors including the IMF, World Bank and Asian Development Bank into confidence about its intention to make NEPRA amendments as part of next Finance Bill,” a senior official of government disclosed in a background discussions on Sunday.

The price of petroleum products except for diesel are expected to be slashed from June 1. Sources at Finance Ministry told that petrol price is likely to be reduced by Rs1.50 per litre; kerosene oil by Rs5.50 per litre; light diesel Rs 6 and; High Octane by Rs 1.77 per litre.

Prime Minister Gilani said Pakistan will continue intelligence sharing with the US while talking to journalists in Lahore. However, he said that Washington had been told in clear terms that a repeat of Abbottabad raid would not be tolerated. PM said that the two governments had yet to resolve their differences on the policy of drone strikes. He also said that Islamabad had sought help from the US to overcome energy crisis.

Relations with the US in general had turned sour after subsequent incidents involving a US contractor arbitrarily shooting two men in Lahore in January, and then a covert US operation deep inside Pakistani territory that killed al Qaeda chief Osama Bin Laden in early May. The relations between CIA and ISI had broken down to such an extent that the Prime Minister himself declared in an interview that the cooperation between the two intelligence agencies had broken down. Pakistan ultimately ended up asking the US to recall all troops stationed in Pakistan.

Stocks extended gains on Friday amid hopes that the government will announce the removal of a capital gains tax in the upcoming 2011/12 budget, dealers said. The 2011/12 (July-June) budget is due to be unveiled on June 3. According to media reports, the government may decide to remove the capital gains tax. A 10 percent capital gains tax is imposed on stocks held for six months or less and 7.5 percent on stocks held between 6 months to a year.

Officials from the finance ministry have declined to comment. “There is a feeling in the market that the capital gains tax will be removed, and this is helping the sentiment,” said Mohammed Sohail, chief executive of brokers Topline Securities. “This hope is likely to keep the market positive in the sessions ahead of the budget, and if indeed the tax is removed, it should result in increased activity in the market,” he said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.22 percent, or 27.40 points, higher at 12,225.22 on turnover of 79.64 million shares. In the currency market, the rupee eased 85.65/75 to the dollar from 85.57/a day earlier, amid slightly higher dollar demand from importers.

The Karachi situation, it appears, is gradually slipping out of government’s control. Outlaws are emerging as more powerful than the government agencies, as a result of which the common man feels insecure. He doesn’t know what to do in such a situation. Hundreds of shopkeepers and traders of various markets, including Bahadur Yar Jang Market, Urdu Bazaar, Paper Market and other adjoining markets on MA Jinnah Road received chits from ‘extortionists’ on Sunday.

The extortionists wanted the shopkeepers to pay them money. Helpless shopkeepers and traders approached the police for help, but were told that they had no instructions to challenge the accused. Unable to do anything else, they closed their shops and protested against the daring move of the outlaws in broad daylight. Pictures of their sit-in were published in various newspapers. This situation is quite painful, especially so, because both the PPP and the MQM, the parties that get votes from the country’s biggest city and are in government, have failed to restore law and order. What was once known as the city of lights is turning into a lawless city.

In Karachi, police appear to be in complicity with the outlaws. If this is not the case, the Sindh government must try to find out as to why the police did not help the people who had approached them immediately after receiving chits from extortionists. Also, it should be investigated how it was possible for the extortionists to distribute chits in broad daylight to such a large number of people. (It is assumed that a chit is like a ‘bill’ which the recipient has to clear instantly to escape consequences).

Taliban leader Mullah Baradar is believed to have informed US whereabouts of Al-Qaeda Chief Osama Bin Laden, a UK paper claimed. According to the report, in return the US promised to pullout troops from Taliban strongholds in Afghanistan once Osama had been killed or captured. Until now it has been believed that Osama Bin Laden was caught when the US intercepted a phone call made by his courier Abu Ahmed al-Kuwaiti. But new reports suggest it was actually Baradar who told the US where he was hiding. Baradar was arrested in a joint Pak-US operation last year in Karachi and was interrogated in prison before being released last October.

Station House Officer (SHO) was killed in firing by a gang of criminals during a police raid to arrest the anti social elements in Peshawar. According police, a team headed by SHO Farhad Ali raided a house in Regi area to arrest, Noor Muhammad, a proclaimed offender. The accused and his accomplices resisted and opened fire at police team critically injuring the SHO. The injured police officer was shifted to hospital where he succumbed to his wounds.
The police said that son of offender Noor Muhammad was also injured in the police firing but they all managed to flee and search for them was underway.

The CIA team during its visit to Abbottabad is reported to have interrogated a brother and two cousins of a top slain militant and three other high-value terrorist suspects, in what is seen as a crucial development pertaining to investigations privy to Abbottabad operation. Following the visit of the Central Intelligence Agency (CIA) team to examine Osama bin Laden’s compound in Thanda Choha here on Friday, the extensive search operations were reportedly conducted and seven hotels were scrutinised to hunt down the militant suspects amid the reports that foreigner militants were residing in the hotels and guest houses of Abbottabad to avoid search and surveillance operations launched across the city.
According to details exclusively available with this newspaper, the seven-member CIA team accompanied by two brigadier ranked officials of Pakistan Army had reportedly moved to an unknown location after examining the aforesaid hideaway during the morning hours of Friday in order to interrogate Abdullah Mehsud, brother of the slain rebellion terrorist Qari Zainuddin Mehsud and his two cousins Ali Shaban Masud and Zaryab Mehsud. All the three terrorists were reportedly arrested from the mountainous area of Jhangi Syedan located a couple of kilometres away from Abbottabad city. They were arrested sometime between May 9 to May 15 (this month’s second week). Two other unidentified high-value terrorist suspects were also reportedly investigated.

Fire erupted in Islamabad International Hotel near KFC in Cantonment area on Sunday afternoon, Rescue 1122 sources said. Rescue 1122 personnel reached the spot within five minutes. They used special vehicle Turn Table Letter (TTL) to rescue the people, who were trapped in the hotel building.

Rescue 1122 official Asad said that the fire was extinguished and no loss of life was reported. He said that the fire erupted at the second floor of the hotel building. However, the reason of fire could not be ascertained.