Latest news with #PoR
Express Tribune
4 days ago
- Business
- Express Tribune
Afghan refugees risk billions in losses
Afghan refugees arrive from Pakistan at the border in Spin Boldak district of Kandahar province on December 3, 2023. PHOTO: AFP Listen to article As the status of over one million Afghan citizens holding Proof of Registration (PoR) cards hangs in the balance after expiry of their stay limit last month, the refugees are worried about economic losses due to possible disposal of their assets in haste that they built in the past five decades. Although there is slow implementation of the Illegal Foreigners Repatriation Plan, the refugees are concerned that they may be forced to sell their valuable assets at throwaway prices in case the validity of their cards is not extended further. Due to security and economic considerations, the Pakistani authorities decided to repatriate all illegal foreign immigrants in November 2023. Pakistan has so far repatriated approximately 1.3 million Afghans and still there are about 1.6 million staying back, according to the data compiled by a United Nations entity. These include over one million refugees who have PoR cards but these documents expired on June 30, 2025. The government is considering two options, either giving a temporary extension or offering these PoR card holders a long-term visa, according to officials dealing with the subject. So far, no decision has been taken to extend the PoR cards but the government is working on a new visa policy for foreigners, said Chaudhry Talal, the Minister of State for Interior, while talking to The Express Tribune. The matter to give an extension had also been discussed in the federal cabinet but no decision was taken. Talal said that the new visa policy would offer incentives for foreign investment in Pakistan and the Afghan citizens can also take advantage of that. Beyond Boundaries, an initiative of the Centre for Research and Security Studies, has been working for the resolution of the Afghan refugees' issue. It is advocating a permanent solution to the problem so that the refugees who came to Pakistan after 1979 are not forced to sell their assets at discounted prices and these people can also positively contribute to the local economy. Only Dostokhail tribe people are holding approximately Rs52 billion in assets in Peshawar in the shape of movable and immovable properties in others' names, said Ahmad Shah, a trader from the tribe. Affluent Afghans should not be deported, as it is mutually beneficial for them as well as for Pakistan, said Ahmad Shah. Shah claimed that they are not allowed to own assets and cannot open bank accounts. But the central bank authorities said that thousands of PoR card holders were having bank accounts. Shah said that his tribe also contributed over Rs14 billion or $51 million in foreign remittances last year. These remittances are sent by the tribe members working in Europe, Canada, and the United States, he added. "Our family does not have any criminal record, and we are traders doing business in black tea, tyres, and batteries," said Ahmad Shah. "My children are born in Pakistan and they do not want to go back to Afghanistan," said Shah, who is worried about selling off his benami assets at throwaway prices if the government finally decides to repatriate all Afghan refugees. "We are traders because we do not have permanent residence status and cannot legally invest in Pakistan," said Mohammad Bakhtiar, another member from the Dostokhail tribe. However, for Pakistani authorities, $51 million in remittances is not much compared to the cost that they believe the Pakistani economy was paying due to the presence of Afghan refugees. The cost is in the shape of the role of Afghan refugees in illegal trade of currency and smuggling of goods under the Afghan Transit Trade Agreement. In the last fiscal year, Pakistan received a record $38.2 billion in foreign remittances that helped post a current account surplus of $2.1 billion. But there are questions on the sustainability of these remittances due to the federal government's decision to freeze subsidies for remittances. It has also reduced the benefits on foreign remittances, but a decision remains pending on who would foot the bill. Building foreign exchange reserves is the responsibility of the central bank, thus, it should be funding the scheme, Finance Secretary Imdadullah Bosal told the National Assembly Standing Committee on Finance this week. Bosal said that the federal government did not have funds to continue the Pakistan Remittances Initiative scheme. The secretary said that the finance ministry was working with the central bank to find a solution, as no money is kept in the new budget. "As against Rs89 billion budgeted allocation in the last fiscal year, the finance ministry received nearly Rs200 billion claims from the central bank ... that is quite a substantial chunk," said Bosal. He said one of the options was for the central bank to deduct the cost upfront from the profits it transfers to the federal government. However, the challenge is that it would still be treated as part of the primary expenses. After multiple rounds of background discussions, Beyond Boundaries has recommended streamlining visa processes for traders of Afghan origin and granting them residency, enabling them to invest in Pakistan.
Business Recorder
4 days ago
- Politics
- Business Recorder
PoR card holders: Govt decides not to extend stay of Afghan refugees: interior minister
ISLAMABAD: The federal government has decided not to extend the stay of Afghan refugees holding Proof of Registration (PoR) cards, said Interior Minister Mohsin Naqvi on Saturday. In an informal conversation with journalists, he said that strict action would be taken against Afghan nationals residing in the country illegally. Those who were deported from Pakistan would be blacklisted to prevent their re-entry into the country again, he said. Naqvi further said that Iran deported over 300,000 Afghan refugees within just 10 days. Pakistan is now undertaking effective measures along similar lines, he said. Undocumented Afghan DPs: deportation deadline extended While acknowledging Afghanistan as a 'brotherly Islamic country' Naqvi clarified that no foreign national would be allowed to stay in Pakistan without legal documentation. He emphasised that ongoing discussions between the two countries continue on various matters, but illegal residency would no longer be tolerated. According to the government's new policy, the process of extending PoR cards has been officially halted. Authorities are now accelerating the phase-wise repatriation of Afghan refugees. To a question, Naqvi denied any ongoing backdoor diplomacy with India, asserting that no such talks have taken place behind the scenes. Copyright Business Recorder, 2025
News18
4 days ago
- Politics
- News18
Pakistan wont extend PoR cards of Afghan refugees: Minister
Agency: PTI Last Updated: Islamabad, Jul 19 (PTI) Pakistan's Interior Minister Mohsin Naqvi has said that the government decided not to extend the Proof of Registration (PoR) cards of Afghan refugees, according to a media report on Saturday. He said this in an informal conversation with journalists on Friday, reported the Samaa News channel. Currently, more than 1.3 million Afghan refugees in Pakistan hold PoR cards issued jointly by the United Nations High Commission for Refugees and the Government of Pakistan, granting them temporary legal status. These cards expired on June 30, leaving hundreds of thousands of Afghans in a state of limbo. The minister also said that Afghans who are now being deported from Pakistan will be blacklisted from re-entry, and clarified that this is a part of a broader national policy shift. Pakistan launched a campaign in 2023 to expel all illegal foreigners, but Afghan refugees became the chief target. According to officials, so far, more than 800,000 Afghans have left Pakistan. PTI SH GRS GRS Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Cision Canada
10-07-2025
- Business
- Cision Canada
KuCoin Completes Independent Hacken-Audited Proof of Reserves
Achieves the 32nd Consecutive Month of Publishing PoR Reports, Sustaining over 100% Coverage VICTORIA , Seychelles , July 10, 2025 /CNW/ -- KuCoin, a leading global cryptocurrency exchange, is pleased to announce the successful completion of its latest Proof of Reserves (PoR) audit, conducted by renowned blockchain security firm Hacken. Through rigorous PoR audit procedures — including Proof of Liabilities, Proof of Ownership, Reserves Calculation, and a comprehensive Proof of Reserves Assessment — the audit covered a wide range of assets across multiple blockchain networks. This process underscores KuCoin's commitment to full transparency and user trust. Continue Reading During the meticulous evaluation, KuCoin successfully demonstrated that its holdings not only fully cover but exceed all user liabilities across all in-scope assets, maintaining a solid reserve ratio greater than 1:1. These assurances are substantiated by the compelling findings presented in the audit results and mark the 32nd consecutive month that KuCoin has published a PoR report confirming full collateralization — a clear testament to the platform's long-standing dedication to transparency and user protection. The audit validated KuCoin's reserves across a broad range of cryptocurrencies , confirming that all user liabilities for in-scope assets are fully backed without exception. According to the latest data available on KuCoin's Proof of Reserves page as of June 30, 2025 , the platform maintains the following reserve ratios for key assets: BTC: 110% 110% ETH : 110% 110% USDT: 114% 114% USDC: 112% These figures reflect KuCoin's prudent approach to risk management and its commitment to maintaining the highest standards of financial security. The audit encompassed assets across more than 30 blockchain networks, such as Ethereum , Solana , TON, and zkSync. Using industry-standard methodologies including custom digital signatures, "send-to-self" transactions, and anonymized liability snapshots, Hacken verified KuCoin's ownership and control of all listed wallets, with no discrepancies or shortfalls identified. "At KuCoin, we believe transparency is the foundation of trust in the crypto ecosystem," said BC Wong, CEO of KuCoin. "This audit not only validates our dedication to safeguarding user assets but also reflects our broader vision of building a secure and inclusive platform for all. We will continue to prioritize transparency and security as we work toward empowering our users and advancing global digital asset adoption. Asset audits represent a vital starting point for industry self-regulation — a necessary step toward building user confidence and supporting the long-term, sustainable development of the crypto space." Looking to the future, KuCoin is dedicated to bolstering user trust through its $2 billion Trust Project, an initiative aimed at fortifying security and transparency across the platform. As part of this initiative, KuCoin will continue to uphold transparency. This includes ongoing investments in cutting-edge security infrastructure to provide a seamless and secure experience. KuCoin also invites users to actively participate in using the intuitive tools available on the Proof of Reserves page. By offering users the ability to verify on-chain data directly, KuCoin continues to push the boundaries of trust and accountability. About KuCoin Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and exceptional user experience. With a connected user base exceeding 41 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as "Best Crypto Apps & Exchanges" by Forbes and has been recognized among the "Top 50 Global Unicorns" by Hurun in 2024. This recognition reflects its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence. Learn more at: SOURCE KuCoin [email protected]
Business Recorder
08-07-2025
- Politics
- Business Recorder
Germany must honour visa obligations to Afghan refugees, rules court
BERLIN: A German court ruled on Tuesday that the government is obliged to issue visas to Afghan nationals and their family members who were accepted into a humanitarian admissions programme that the new centre-right coalition intends to shut down. After the hasty withdrawal from Afghanistan in 2021 by Western allies, Germany established several programmes to resettle local staff as well as particularly vulnerable Afghans. Since May 2021, Germany has admitted about 36,500 vulnerable Afghans including former local staff by various pathways. Some 2,400 Afghans approved for admission are waiting in Pakistan to travel to Germany without a clear idea of when, as the programme has been suspended pending a government review, the foreign ministry in Berlin said this month. Afghan refugees: Action against valid PoR cards holders refrained The court decision, in response to an urgent appeal by an Afghan woman and her family, ruled that the government was legally bound to honour its 'irrevocable' commitment to them. 'The applicants assert that they are entitled to a visa and can no longer remain in Pakistan. They face deportation to fghanistan, where they fear for their lives,' it said. However, the government is within its rights to end the programme for Afghans and refrain from issuing any new admission commitments going forward, according to the court in Berlin. NGOs have said that an additional 17,000 Afghans are in the early stages of selection and application under the now-dormant scheme. The court's decision can be appealed. The foreign ministry did not immediately respond to an emailed request for comment. Germany's new government has pledged a tougher stance on migration after several high-profile attacks and the rise of the far-right made it a pivotal issue in February elections. As a part of that push, conservative Interior Minister Alexander Dobrindt has vowed to halt refugee admission programmes and to deport people to Afghanistan and Syria.
