SCEP proposes amendments in Insurance Rules 2002

Islamabad (Staff Reporter):  The Securities and Exchange Commission of Pakistan (SECP), to ensure protection of policyholders, has proposed certain amendments in the Insurance Rules 2002 vide S.R.O 1067 (1)/2013 dated 23rd December 2013. These amendments are pertaining to licensing of insurance surveyors and registration of authorized surveying officer. These amendments have been placed on the official website of the SECP. The proposed amendments have been notified to solicit opinion of all the stakeholders likely to be affected and invite comments/objections, if any from them. The comments thereupon may be forwarded to the Insurance Division of the SECP latest by 25th January 2014.

 It is expected that the proposed amendments in the insurance rules would facilitate the insurers and policyholders.

Darawat Dam to irrigate 50,000 acres of land

ISLAMABAD (APP): Darawat Dam, after completion, will irrigate 50,000 acres of land and bring socio-economic development in remote areas of Sindh. According to an official of Ministry of Water and Power, the dam is being constructed at the cost of Rs 9300 million and it will be completed by June 2014. He said the Darawat Dam would store 121,600 acre feet of flood water and provide employment opportunities and emancipation for the women. The concrete-faced rock-filled dam is 820 feet long and 141 feet high, which will help creating 4,500 employment opportunities during the construction, operation and its maintenance.

The dam is located across Nai Baran River Jhangri village in Jamshoro district about 70 kilometre west of Hyderabad and command areas fall in Thatta district.

China to establish metal

processing unit in Risalpur

RISALPUR (NNI): A Chinese mining firm will establish a metal processing unit in Risalpur with an initial investment of thirty million dollars. With the setting up of the mining factory’ copper salphite’ copper oxide’ lead’ silver’ gold’ zinc and antimony used in electronics would be exploited in Upper and Lower Dir’ Chitral’ Kohistan and Gilgit and Waziristan areas and transported to the factory for purification. The processing unit would hire four hundred employees from among the local people. Export Promotion Zone’ Risalpur is a federal government initiative and investments from abroad and from within the country are processed by the Federal Ministry of Commerce.

The Khyber Paktunkhawa Government has also assured full cooperation in pursuing their business endeavors in the province and hoped that more foreign investors would take a cue from the Chinese firm and invest in the natural resources sector of the province to take benefit of its vast potential.

Over 6.3 million Pakistanis

working around the globe

ISLAMABAD (APP): Over 6.3 million Pakistanis are living and working around the globe while there are 18 countries, where the figure of Overseas Pakistanis is more than 30,000, an official of Ministry of Overseas Pakistanis said. Talking to APP, official said that Overseas Pakistanis were playing a dynamic and active role in strengthening the economy of the country and Ministry of Overseas Pakistanis has launched several welfare schemes to facilitate the expatriates. He said the Overseas Pakistanis had sent remittances US $55.01 billion from the financial year 2008 to 2013. The remittances had shown a growth ratio of 5.56 percent during the financial year 2012-13 as compared with 2011-12.

The remittances during July 2012 to June 2013 were US $13,920.26 million as compared to US$ 13,186.62 million during the fiscal year 2011-12.

Giving the breakup of US $55.01 billion, he said the details shown that $7.81 billion had been remitted in 2008-09, $8.90 billion in 2009-10, $11.20 billion in 2010-2 and $13.92 billion in 2012-13 respectively.


PESHAWAR (APP): Khyber Pakhtunkhwa Chamber of Commerce and Industry and Benazir Income Support Programme (BISP) Saturday signed a memorandum of understanding (MoU) for imparting vocational training to unemployed youth of Khyber Pakhtunkhwa. According to MoU, the BISP will impart six months skill training to those youth who were recommended by KPCCI under its Wasila-e-Rozgar scheme. After signing of MoU, both Zahidullah Shinwari of KPCCI and Chairman BISP, Anwar Baig termed it as a mile stone in the economic development of KP. Earlier, a meeting was also held between business community of KP and Chairman BISP during his visit to KP chamber.

Speaking on the occasion, President KPCCI, Zahid ullah Shinwari observed that country’s economy can be strengthened through imparting latest training of different skills to unemployed youth of the country.

He said every year around four million educated youth are coming into market but were not getting jobs and there is dire need of giving skill training to our youth.

Anwar Baig in his speech informed businessmen and BISP has lauched its skill training programme from KP with the objective of ending unemployment from this region.

He said on the recommendations of KPCCI, people will get skill training different institutes and industries. During training, BISP will also pay a stipend of Rs. 6000 on monthly basis to the trainees, he added.