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ARD asks for C'wealth and EU's support to fight Musharraf

     Lahore: The Alliance for the Restoration of Democracy (ARD) has requested the Commonwealth and the European Union to morally support the Pakistani people get rid of the dictatorship in the country. According to the Daily Times, Munir Ahmad Khan, the ARD's deputy secretary for Information, said, that since the US was supporting a dictatorial regime for its own benefits, therefore the people of Pakistan were looking up to the Commonwealth and the EU for support. "The ARD requests the two organisations to take a stern posture against the dictator in their next meeting," the paper quoted Khan as saying. Taking a dig at the US for lending support to Musharraf for continuing in his dual role as the Army Chief and the President of Pakistan, Khan said that "If the US believed that a dictator could eradicate terrorism, then it should also appoint the US chief of army staff as the American president".

Pak rules out screening of Indian cinemas (Go To Top)

     Islamabad: Pakistan's minister for sports, culture and youth affairs, Ajmal Khan has ruled out the screening of Indian films in Pakistani cinemas. The Daily Times reported Khan as saying, that since Pakistani cinemas could not in any way compete with Indian cinema, therefore exchange of films with India was not possible under the present circumstances. "Exchange of films with India is not possible in the present circumstances because our film industry cannot compete with Indian movies. Our film industry is going through testing times and is not producing quality films," the paper quoted him as saying. He further said, that "a decision in this regard will be taken at an appropriate time". Incidentally Khan's predecessor, Rais Munir Ahmed had earlier during his tenure informed the Senate that the government was considering exchanging films with India and the screening of Indian films in Pakistani cinemas was a very near possibility.

Govt preparing plan for bank reforms: Chidambaram (Go To Top)

     New Delhi: Union Finance Minister P. Chidambaram said on Monday that the government is working on a roadmap detailing major reforms in the state-dominated banking sector in the next seven to 10 days. The roadmap would likely include guidelines for consolidation of state-run banks and plans to attract foreign investment in private banks, according to finance ministry officials. "Please remember that the notification of hiking FDI (Foreign Direct Investment) in private banks was made in March 2004. What we are now working on is the proper roadmap that will safeguard the interests of the public sector banks, ensure that there is stability even while we move towards allowing FDI in selective private sector banks. The roadmap is being prepared now, the policy was announced much earlier," Chidamabaram told reporters on the sidelines of the Petrotech conference in New Delhi. Banks have been surrounded by talk of mergers and acquisitions since Chidambaram said in October that the government planned to encourage consolidation and open up the sector further to foreign banks. Reserve Bank of India Governor YV Reddy also said mergers between banks could be expected given the dynamism in the financial sector.

FM releases 'white paper' on VAT (Go To Top)

     New Delhi: Union Finance Minister P Chidambaram released the 'white paper' on the new tax regime 'VAT' today. The new tax regime, VAT, has already been approved by most of the states and would be implemented on 550 goods. VAT would be imposed in three slabs of 1 per cent, 4 per cent and 12.5 per cent. A 1 per cent VAT would be imposed on gold and silver. Liquor, petrol, diesel, aviation turbine fuel and lottery tickets have been kept out of the state-level VAT. These products will continue to be taxed under the sales tax regime says the white paper. Terming it as a very important reform, the Minister said, "This is the most important tax reform since independence." The white paper on VAT has released to create public awareness and to remove all sorts of doubts from the minds of traders and commoners. From April 1, the government is planning to bring the entire nation under a similar tax structure for all states. Experts say the country is gearing up for the biggest overhaul in the tax system since independence, with the introduction of value added tax, VAT.