FIO gave Rs8m monetary relief to policy holders during 3Q 2016

KARACHI (Staff Reporter): Federal Insurance Ombudsman (FIO) has so far disposed of 208 cases in favor of insured claimants (policy holders) in the form of claims settlement worth Rs8 million to aggrieved policy holders till September 30, thus the aggregated amount comes to Rs113 million from January 2016 up to  the period ended 3rd quarter 2016. The total number of complaints have surged to 494 during first nine months of this year against only 263 complaints in same period last year, registering 54% increase during the year 2016, so far, the Federal Insurance Ombudsman has received 494 fresh complaints while 9 were carried over from 2015. FIO’s orders with recommendations were accepted and implemented by both, the policy holders and insurance companies. The orders of FIO in 3 cases were challenged through reviewed representation mechanism to the President of Pakistan who is final appellant authority. The President upheld the judgment and rejected the appeal against the orders of FIO.

On plus side, there was significant increase in number of complaints. FIO registered 344 new complaints in second quarter of 2016 as compared to corresponding period last year.

 

 

 

Installation of second gas turbine starts at Bhikki plant

LAHORE (Staff Reporter): Installation of second gas turbine along with its generator has commenced at the Bhikki Power Plant, being set up by the Punjab government in district Sheikupura, after the imported equipment reached at site on Wednesday. The first such turbine has already arrived, about two months ago. These two of the three turbines to be installed at 1180 MW Bhikki Power Plant, have been imported from France. Each machine, weighing 400 tons, has a capacity of generating 358 MW of power. The two turbines will start power generation before summer 2017 and contribute 716 MW of electricity in the national grid for reducing load shedding. Two of the three generators, also manufactured by General Electric, have also reached at site. The generators have been imported from New York. The civil work of the Bhikki Power Plant in District Sheikupura is also in full swing and so far, more than half of the construction work has been completed.

 The plant will start production early 2017 and will be contributing 716MW of power in the national grid by the coming summer season. It will produce power 1180 MW power by the end of next year.

It is expected that Bhikki Power plant will prove to be a mile stone for the power sector of Pakistan. Its better efficiency will result in reduction in the cost of production which will ultimately benefit the consumers. Due to saving in production cost and better efficiency rate, there will be a reduction in per unit cost of electricity.

 

 

 

SECP facilitating registration of companies

 

ISLAMABAD (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) has made drastic reductions in registration fee for small companies and filing fee of companies with small capital base in order to facilitate registration of companies. The SECP provides complimentary certified true copy of company formation documents and other statutory returns to the companies upon its registration. The time of incorporation has been reduced from minimum 4 hrs to 2hrs under Fast Track Registration System. The SECP expanded its outreach through establishing Company Registration Office at Gilgit and Facilitation Counters at Sialkot, Abbottabad and Gwadar. Online payment of fee through online funds transfer and credit cards, and obtaining of Digital Signatures from NIFT online was provided to facilitate foreigner.  The Commission also enabled same day online incorporation without charging any additional fee subject to adoption of short memorandum of association, available on SECP’s website.

Among other things short memorandum of association of 68 sectors are available on the website which made it easier for the promoters to incorporate the company by adopting the same.  Despite the introduction of all the aforesaid facilitative measures, it has been observed that promoters don’t directly apply to the Commission for the incorporation of the companies, as a result of which time and cost of doing business increases in Pakistan. Further it is also apprehended that free of cost certified copies provided by the Commission are misused, which are ultimately charged to the companies by the third parties.  Objective of introduction of the substantial facilitative measures by the SECP is to ease the process of incorporation, and especially promote direct interaction of the companies with the SECP.  The general public is therefore advised to directly interact with the SECP for the incorporation of the companies and other matters through eServices as well as for submission of documents in physical form. eServices is an end-to-end online system which is available 24/7. Further it is advised that not to make any payment to anyone against the complimentary certified copies issued by SECP.

 

 

 

FPCCI stresses collective efforts by whole business community

RAWALPINDI(Staff Reporter): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Adul Rauf Alam has urged all chambers and business community to put collective efforts to meet the new dynamics and challenges of economy. He pointed that global recession and upcoming mega projects need an agile, firmed and effective voice to meet new economic hurdles. He said that Pakistan is facing challenges regarding export fall, energy crisis and lack of infrastructure. Private sector should come forward and join hands with the government to meet these challenges, he added. He said this during his visit to the Rawalpindi Chamber of Commerce and Industry (RCCI) on yesterday. He congratulated newly elected officer bearers of RCCI and appreciated the role of RCCI in boosting trade activities through single country exhibitions. RCCI President Raja Amer Iqbal, Senior Vice President Rashid Waien, Vice President Asim Malik, group leaders, former presidents, United Business Group Chairman Iftikhar Malik were also present on the occasion.

The FPCCI president said that China Pakistan Economic Corridor (CPEC) is a mega project and will serve as a game chamber for Pakistan economy and will set a new economic direction of national economy. He urged the government to address the power crisis and provide maximum facilities to promote local industry.

On the occasion, the RCCI president said that all chambers and business community should join hands to address the issues faced by the community and urged the government to provide an equal opportunity to local companies and traders in connection with mega projects like CPEC. He suggested that the relaxation in sales tax, custom duty and income tax should be given to the local industry as well. He urged government to involve traders and private sector to boost up the progress on CPEC. He assured his full support and cooperation to FPCCI in resolving issues related to business community.