Latest news with #Hundi
Hans India
a day ago
- Politics
- Hans India
Srikalahasti MLA releases white paper on development activities
Tirupati: Srikalahasti MLA Bojjala Sudhir Reddy released a white paper outlining the constituency's development over the past year, highlighting Rs.71 lakh spent across sectors to improve infrastructure and public services. Speaking to the media on completing one year of his election on Wednesday, he said the development journey began with reforms at the Srikalahasti temple, including curbing broker systems and boosting Hundi collections. Addressing civic issues, the MLA launched silt cleaning operations in response to drainage complaints. Hostel renovations for SC and BC students were undertaken in a corporate model. Government hospitals were upgraded with essential medicines and RO plants using CSR funds. In coordination with Union Minister K Ram Mohan Naidu, flight services from Delhi and Mumbai to Tirupati were started within 100 days. Sudhir Reddy underlined prompt pension disbursement to 4,000 beneficiaries on the 1st of every month, doubling previous amounts. Over Rs.75 lakh was disbursed under the Chief Minister's Relief Fund. Drinking water needs were addressed by installing RO plants and digging 70+ borewells. Road works were completed on key routes including the Srikalahasti–Thotambedu stretch. SKHT College was reopened and local schools and Anganwadis renovated. The local railway station, bus stands, and shelters saw upgrades through central and CSR funds. Support for farmers and minorities came through subsidised loans and renovation of religious sites like the Shadi Mahal and Eidgah Masjid. A mega job mela saw 1,788 youth placed. Regular mandal-wise reviews and 'WhatsApp Governance' are enhancing accountability. He accused the previous YSRCP government of corruption and reaffirmed his commitment to Srikalahasti's progress.
Business Recorder
3 days ago
- Business
- Business Recorder
Pakistan in serious talks with Russia on steel mills issue
ISLAMABAD: Pakistan is in serious talks with Russia to set up a new steel mills or restore the Pakistan Steel Mills (PSM) in Karachi to fulfill local demand. This was stated by the Special Assistant to the Prime Minister (SAPM) on Industry and Production Haroon Akhtar Khan in a chat with Business Recorder, saying that both the countries, in the past few months, have held two fruitful meetings on the subject and are moving ahead on the matter. The SAPM, responding to a question, said that 'technical experts are analysing the state of the present machinery of PSM and if 50 percent machinery is useable, the government is surely going to restore the PSM with Russian cooperation'. He said that the PSM owned 18,660 acres of land, out of which, 710 acres is under consideration for the setting up a new steel plant. Pakistan, Russia agree to establish new steel mills in Karachi According to officials, although Pakistan is rich in iron ore, with estimated reserves of 1.887 billion tons, it still imports about $2.7 billion worth of steel every year. Officials said that domestic steel production is not enough to meet all demand, with a supply gap of 3.1 million tons last year. The proposed steel plant site is strategically located near Port Qasim, which will help reduce transportation costs of raw materials, thereby, providing a competitive advantage. The SAPM further said that to safeguard the interests of the business community the government is to introduce some amendments in the Securities and Exchange Commission of Pakistan (SECP). He added that the homework on amendments to the SECP law has been completed, a new clause will be added, amendment to the law regarding the investigation of the financial monitoring unit are also under consideration, in the name of suspicious transactions, the matter is being confused by sending it to investigative agencies without investigation. He said that the investigating agencies including National Accountability Bureau (NAB), Federal Investigation Agency (FIA) and other anti-corruption departments will have to seek permission from SECP before launching any investigation against any business entity or individual. Khan said that if there is suspicion of terror financing and money laundering, then after investigation, it should be sent to the relevant agency. Talking about the remittances and other payment transfers through banking channels, the SAPM said such payments are already reaching the country through reliable and proper channels, so there should not be any need to investigate the sources. However, illegal channels such as Hawala and Hundi must not be allowed. He said that to promote and encourage the investment in the country the government is considering to waive off additional fines and surcharges on investment in industrial sector, but it will take a little time. He said that his ministry has finalised the industrial package to run closed industrial units in the country and increase business activities. He said that for the first time in the country, the government has decided to introduce bankruptcy law. The purpose of the law is to enable the owners of closed industrial units to obtain loans from banks. Khan said that instead of auctioning bankrupt industrial units, the law will allow banks to give loans to such units, so, that they can restore themselves. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
Serious talks with Russia on steel mills issue
ISLAMABAD: Pakistan is in serious talks with Russia to set up a new steel mills or restore the Pakistan Steel Mills (PSM) in Karachi to fulfill local demand. This was stated by the Special Assistant to the Prime Minister (SAPM) on Industry and Production Haroon Akhtar Khan in a chat with Business Recorder, saying that both the countries, in the past few months, have held two fruitful meetings on the subject and are moving ahead on the matter. The SAPM, responding to a question, said that 'technical experts are analysing the state of the present machinery of PSM and if 50 percent machinery is useable, the government is surely going to restore the PSM with Russian cooperation'. He said that the PSM owned 18,660 acres of land, out of which, 710 acres is under consideration for the setting up a new steel plant. Pakistan, Russia agree to establish new steel mills in Karachi According to officials, although Pakistan is rich in iron ore, with estimated reserves of 1.887 billion tons, it still imports about $2.7 billion worth of steel every year. Officials said that domestic steel production is not enough to meet all demand, with a supply gap of 3.1 million tons last year. The proposed steel plant site is strategically located near Port Qasim, which will help reduce transportation costs of raw materials, thereby, providing a competitive advantage. The SAPM further said that to safeguard the interests of the business community the government is to introduce some amendments in the Securities and Exchange Commission of Pakistan (SECP). He added that the homework on amendments to the SECP law has been completed, a new clause will be added, amendment to the law regarding the investigation of the financial monitoring unit are also under consideration, in the name of suspicious transactions, the matter is being confused by sending it to investigative agencies without investigation. He said that the investigating agencies including National Accountability Bureau (NAB), Federal Investigation Agency (FIA) and other anti-corruption departments will have to seek permission from SECP before launching any investigation against any business entity or individual. Khan said that if there is suspicion of terror financing and money laundering, then after investigation, it should be sent to the relevant agency. Talking about the remittances and other payment transfers through banking channels, the SAPM said such payments are already reaching the country through reliable and proper channels, so there should not be any need to investigate the sources. However, illegal channels such as Hawala and Hundi must not be allowed. He said that to promote and encourage the investment in the country the government is considering to waive off additional fines and surcharges on investment in industrial sector, but it will take a little time. He said that his ministry has finalised the industrial package to run closed industrial units in the country and increase business activities. He said that for the first time in the country, the government has decided to introduce bankruptcy law. The purpose of the law is to enable the owners of closed industrial units to obtain loans from banks. Khan said that instead of auctioning bankrupt industrial units, the law will allow banks to give loans to such units, so, that they can restore themselves. Copyright Business Recorder, 2025
Euronews
13-02-2025
- Business
- Euronews
Euroviews. If Europe and the UK could sanction Putin over Ukraine, it can do the same for Bangladesh
Bangladesh's ex-leader Sheikh Hasina and her entourage had nearly two decades to feather their nests before they were driven out of the country in a popular revolution last summer. Bangladesh's new government says that nearly $248 billion (€237bn) was stolen by her and her cronies. Businesses linked to Hasina's Awami League took out huge loans from state-owned banks that were never repaid. That cash was funnelled out of Bangladesh using the Hundi money transfer system. An investigation by the Observer and Transparency International suggests that as much as £400 million (€480.3m) of that money has been spent on UK property, an issue brought to the fore recently by the resignation of Tulip Siddiq, the British MP and Hasina's niece, from her role as anti-corruption minister due to allegedly benefiting from London properties linked to the Awami League. Bangladesh needs that money back, and it needs European and British help. British and European law firms, banks and estate agents could all be complicit in this massive theft from the people of Bangladesh. Transparency International says that this is the first test of the UK in its ambition to be the anti-corruption capital of the world. It is a test for Brussels too. How can we help Bangladesh? Well, the first thing we can do is publicly admit there is a problem, and that it is our problem. Then the EU needs to act on these misappropriated assets, including identify key targets for imposing financial sanctions and visa bans. National authorities need to locate assets owned by figures linked to the old regime in Bangladesh, and impose property and account freezes. All this was quite reasonably demanded in September last year, and yet nothing has been done. Tulip Siddiq's departure does not mean the issue is over. Starmer needs to do more about the millions of pounds invested in the UK property market by Hasina and her allies. He should start by imposing sanctions on them. Similarly, the EU could — and should — be helping Bangladesh's new government to track down what has been stolen. If the EU seriously wants to help Yunus and the new Bangladesh, it should get tough on those who created this economic crisis with years of misrule, corruption, and theft. It is not a new departure for Britain and Europe, which imposed sanctions on Russia after the invasion of Ukraine quickly and efficiently. A total of 1,707 individuals and 339 entities have been sanctioned by the UK since the beginning of the war in Ukraine. A total of $350 billion (€334.4bn) of Russian currency reserves and 70% of the assets of Russian banks have been frozen. These sanctions have hit Russia and its oligarchs where it hurts them most, in their pockets. Ties between Bangladesh and Europe have always been strong. The EU is the largest destination worldwide for garment exports — which employs 4 million Bangladeshis, mostly women from impoverished areas — and the bloc is responsible for 20% of the country's trade. There have been some positive steps. On 10 January, the European Investment Bank's Vice President Nicola Beer said that the bank was considering doubling its funding for the country and supported reforms by the new government under Nobel Peace Prize laureate Muhammad Yunus, amounting to $2 billion (€1.91bn) per year. She said that the Luxembourg-based bank would also support Bangladesh's democratic transition, rule of law and freedom of expression. Yunus has committed to all these things and more, and he's been rightly lauded for it. The Economist ranked Bangladesh Country of the Year in 2024, and its new leader graced the front cover of Time magazine. But his biggest challenge is rebuilding Bangladesh's economy in the face of rising commodity prices and lacklustre growth. Help Bangladesh rebuild its democracy In his effort to retrieve Bangladesh's stolen billions, Yunus faces significant odds. One of Bangladesh's richest businessmen, Mohammed Saiful Alam, is threatening the new government with international legal action over the asset freezes and travel bans imposed by Dhaka as part of efforts to retrieve stolen billions. Alam and his associates in turn are accused of siphoning money out of the banking system with the help of military intelligence officials, the FT reported. If the EU seriously wants to help Yunus and the new Bangladesh, it should get tough on those who created this economic crisis with years of misrule, corruption, and theft. It would also remind Bangladeshis that Europe and the UK have a moral compass defined by our commitment to democracy, fairness and human rights. So often, the EU is accused — and not always unfairly — of being mealy-mouthed in its commitment to those values. It is easy to call for human rights from EU offices in Brussels and Luxembourg, our old, established democracies. In Bangladesh, Yunus is trying to build a new one. We must help him.
