Senate committee strongly advocates cut in oil prices
Sunday, September 14, 2008
ISLAMABAD: The Senate Standing Committee on Cabinet Secretariat and Special Initiatives (Cabinet Division) has strongly recommended to the government to undertake downward revision of oil prices in view of the recent decrease of oil in the international market.
The meeting chaired by Senator Abdul Ghaffar Qureshi here on Saturday also asked the government to direct the gas companies to cut their line losses and improve efficiency. The meeting instructed the Oil and Gas Regulatory Authority (OGRA) to perform its regulatory duties diligently and to keep an eye on CNG prices and to initiate punitive actions against those stations, which are indulging in over-charging from the public and other malpractice.
The meeting was convened to apprise the parliamentarians of the role and functions of the Oil and Gas Regulatory Authority (OGRA) and to review the recent increase in oil and gas prices in the country.
The chairman of the committee underscored the need to formulate a long-term oil and gas policy in view of the fact that present reserves are going to deplete within 20 years. He observed that “we must have a clear vision and roadmap of what we are going to do in the future to meet our energy requirements.”
The meeting urged the government to step up exploratory activities in Balochistan and elsewhere in the country to bridge the supply and demand gap. The members of the committee observed that generally privatisation and deregulation have led to the increase in prices and the basic purpose behind creation of authorities like NEPRA, OGRA, etc, was to protect the interest of the consumers.
If these authorities, they say, fail to perform their regulatory duties, it would be a major set back and blow to the general public. Therefore, in order to ensure healthy competition and with a view to protect the interests of the consumers, the regulatory authorities must perform diligently and efficiently the duties assigned to them.
The committee asked OGRA to monitor the working of various companies and to intervene immediately whenever it feels that the interests of the consumers are threatened. The meeting also instructed the authority to devise a mechanism for avoiding illegal and inappropriate use of LPG in taxis and auto-rickshaws.
Earlier, the acting chairman, OGRA informed the meeting that the authority was established in 2000 under the Natural Gas Regulatory Authority (NRGA) Ordinance to regulate natural gas pipelines, transmissions, distributions and sales thereof. He said that the basic objective of the creation of this authority was to increase private investment and ownership in the midstream and downstream petroleum industry, protect public interest, while respecting individual rights and to provide effective and efficient regulation.
Remittances rise 23pc to $1.22bn
Sunday, September 14, 2008
KARACHI: Remittances sent home by overseas Pakistanis continued to rise as $1,219.51 million was received in the first two months (July-August) of the current fiscal year 2008-09, showing an increase of $234.31 million or 23.78 per cent over the same period of the last fiscal year.
According to the State Bank of Pakistan (SBP), the amount of $1,219.51 million includes $0.06 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The monthly average remittances for the period of July-August, 2008 comes out to $609.76 million as compared to $492.60 million during the same corresponding period of the last fiscal year, registering an increase of 23.78 per cent.
The inflow of remittances in the July-August, 2008 period from USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UAE, UK and EU countries amounted to $319.84 million, $264.64 million, $206.70 million, $201.45 million, $74.82 million and $32.70 million, respectively as compared to $265.33 million, $202.40 million, $142.88 million, $156.88 million, $82.81 million and $28.88 million, respectively in the July-August, 2007 period.
“Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months of the current fiscal year 2008-09 amounted to $119.30 million as against $105.60 million in the same period last year,” SBP said.
During the previous month (August 2008), Pakistani workers remitted an amount of $592.30 million, up $102.79 million or 21 per cent when compared with an amount of $489.51 million brought into the country in August 2007.
The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to August, 2007. According to the break up, remittances from USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UAE, UK and EU countries amounted to $151.45 million, $131.38 million, $101.39 million, $101.35 million, $32.78 million and $15.63 million, respectively as compared to the corresponding receipts from the respective countries during August 2007, ie $137.34 million, $95.85 million, $72.58 million, $79.53 million, $43.31 million and $14.07 million.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August, 2008 amounted to $58.31 million as compared to $46.70 million during August, 2007.
E-banking grew 32pc in 2007-08
Sunday, September 14, 2008
KARACHI: Electronic banking is getting popular in the country as the number and value of e-banking transactions showed a significant growth in fiscal year 2007-08.
According to a report titled ‘Retail Payment Systems of Pakistan (Paper-based and e-banking)’ prepared by the State Bank of Pakistan, a total of 124.6 million e-banking transactions worth Rs13.9 trillion were recorded during the last fiscal year, showing a growth of 25.4 per cent in number and 32.3 per cent in value when compared with 2006-07.
During FY08, the volume and value of transactions through e-banking channels (Point-of-Sale (POS), Internet, call centre/IVR and mobile) reached 20 million and Rs120.1 billion, depicting an increase of 15.6 per cent in volume and 31.9 per cent in value as compared to a rise of 46 per cent and 63.8 per cent respectively in the previous fiscal year.
According to the report, the quantity of active (in-use) debit/credit cards during FY08 reached 6.7 million, a growth of 15.8 per cent compared to an increase of 53.7 per cent in the previous fiscal year.
Separately, the volume of credit cards decreased by 8.9 per cent as compared to a 74 per cent increase in the previous year, reaching 1.5 million. In contrast, debit cards registered a growth of 24.7 per cent as compared to a rise of 45.3 per cent last year and stood at five million.
The SBP report pointed out that total number of Automated Teller Machines (ATMs) during FY08 rose 21 per cent to 3,121 as compared to a 17pc increase in the previous year. The number of Real Time Online Branches (RTOB) during the year reached 5,282, recording a growth of 26.4pc as compared to a 5pc decline last year. The number of Point of Sales (POS) grew 21pc to 55,853 as against increase of 4pc in the previous fiscal year.
According to the report, during FY08 the volume and value of ATM transactions stood at 67.9 million and Rs453 billion, recording an increase of 31.8pc and 43.2pc respectively as compared to a rise of 47.1pc and 49.9pc last fiscal.
Moreover, the volume and value of RTOB transactions in FY08 rose to 36.9 million and Rs13.3 trillion respectively, an increase of 19.9pc in number and 32pc in value as compared to a rise of 46.2pc and 49pc in the previous fiscal.
The report said the volume and value of paper-based transactions during the period under review stood at 334.4 million and Rs137.4 trillion, registering an increase of 3.1pc and 20.9pc respectively as compared to increase of 48.1pc and 29.4pc last year.
According to the report, total retail payments during FY08 reached 459 million in number and Rs151.3 trillion in value, an increase of 8.4pc and 21.8pc as compared to a rise of 17.2pc and 35pc in FY07.
Retail payments are mainly made by consumers and between commercial parties to purchase goods and services. At the retail level, most transactions are done through paper-based instruments.
However, the electronics mode is also getting popular with the passage of time.
Retail payments comprise various paper-based and electronic instruments ranging from conventional cheques to modern smart cards.
Source :The News