SECP Cracks Down on Loan Apps, Protects Borrowers

The Securities and Exchange Commission of Pakistan (SECP) has announced new rules to crack down on predatory loan apps and protect borrowers. The new rules require loan apps to be registered with the SECP and to comply with a number of regulations, including:

Providing clear and transparent terms and conditions to borrowers
Not charging excessive interest rates
Not engaging in unfair or deceptive practices
Having a dispute resolution mechanism in place

The SECP has also warned borrowers to be wary of loan apps that offer quick and easy loans with no questions asked. These loans are often predatory and can lead to borrowers getting into financial trouble. The SECP encourages borrowers to do their research before taking out a loan and to only borrow from reputable lenders.

The SECP’s crackdown on loan apps is a welcome move that will help protect borrowers from predatory lending practices. The new rules will make it more difficult for loan apps to operate illegally and will give borrowers more information about the loans they are taking out. This is important, as predatory lending can have a devastating impact on borrowers’ financial health.

The SECP’s actions are in line with the government’s efforts to promote financial literacy and protect consumers from unfair and deceptive practices. The government has also taken steps to regulate other financial products, such as microfinance loans and credit cards. These measures are helping to create a more fair and transparent financial system in Pakistan.

The SECP’s crackdown on loan apps is a positive step for borrowers in Pakistan. It will help to protect them from predatory lending practices and make it easier for them to get the loans they need to meet their financial needs. The government’s other efforts to promote financial literacy and protect consumers are also welcome. These measures are helping to create a more fair and transparent financial system in Pakistan.

Top 3 Cold Places To Visit in Pakistan

Pakistan is indeed a heaven on earth with magnificent mountains and beautiful landscapes. Thanks to all the four seasons it has, people are able to experience different weather throughout the year. However, if you are someone who loves chilly winds and cold areas, we suggest you visit these places (pro tip: visit them in winter if you want to witness snowfall)

Skardu

Skardu is one of the coldest places in Pakistan. The valley is completely surrounded by snowy mountains and breathtaking views. The lakes there freeze in the winter and turn the valley into a magical Winterland. You can also see the K2 peak along with Sheosar Lake and other amazing spots.

Gorakh Hills

Want to take a break from your busy routine and spend some time enjoying the serenity of nature? Head over to Gorakh Hills which is located away from the hustle and bustle of the city. Though this location is not as popular as other options on the list, it is a must-visit place for those who appreciate nature and, of course, cold.

Hunza

Hunza is very cold and the valley almost freezes during the winter. The major attractions here are Altit Fort and Karimabad Village. The people here are very friendly and serve the best food you can have in cold. You can enjoy the delicious apricot soup while gazing at the stars in the clear sky at night.

Pakistan’s Homegrown Messaging App Will be Available for Public Use Within a Year

In an interesting turn of events, Syed Aminul Haque, Federal Minister for IT and Telecommunication revealed Pakistan’s first-ever WhatsApp like Beep communication application called Beep.

Beep Pakistan is aimed to enhance digital communication within government organizations.

The app is developed by the National Information Technology Board (NITB) and was officially launched on Monday.

Beep boasts a number of features like document sharing, secure messaging, and audio, video and conference calls.

Haque further said the app will be available for use by all government organisations after one month and the public will be able to access it within a year.

Haque added, “The Beep Pakistan application is a vital step towards enhancing secure and efficient digital communication among government officers and employees.”

Pakistan launches Whatsapp-like application for communication

The Ministry of Information Technology has successfully launched the Beep Pakistan communication application, tailored for the utilization of government employees spanning across 41 federal ministries and departments. The application’s future release for the public is also on the horizon.

Designed as a viable substitute for platforms like WhatsApp and other social media apps, this tool is specifically crafted to establish secure lines of communication amongst government staff. It boasts a comprehensive set of functionalities, encompassing audio and video calls, as well as video conferencing, while also facilitating the secure transfer of sensitive government documents.

During its initial phase, the app will cater exclusively to federal authorities, with plans for a subsequent rollout at the provincial level. Post its utilization by government personnel, the general populace will gain access, signifying a significant milestone in the form of Beep Pakistan – the nation’s premier homegrown social media application.

The government asserts that the application’s heightened security is derived from its servers being housed within Pakistan, thereby surpassing alternative options. Furthermore, the application’s source code will find its hosting grounds within the country. This substantial stride forward is attributed to the implementation of 83 new projects, a collective investment amounting to Rs. 79 billion.

In the momentous ceremony marking the launch of the Beep Pakistan app, dignitaries from the Ministry of IT, including the Federal Minister for IT and Telecom, Syed Amin Ul Haque, were in attendance.

The IT Minister emphasized that the app’s introduction will effectively curb instances of audio and video leaks. He also unveiled the establishment of three new incubation centers in the past four years.

He elaborated:

Presently, Pakistan is home to 33 domestic smartphone manufacturers. Notably, global industry giants have also chosen Pakistan as a manufacturing hub for mobile devices. Remarkably, IT exports, which stood at a modest $1 billion in 2020, have surged to an impressive $2.6 billion today. Aspirations are set high, with a target to elevate IT exports to an impressive $15 billion.

Syed Amin Ul Haque further highlighted the attainment of significant milestones, including the formulation and implementation of the Cyber Security Policy and the Data Protection Bill.

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Government allows Pakistan to travel to India for World Cup 2023

Barbie Becomes the First Ever Solo Woman Director Movie to Earn $1bn Globally

Hollywood’s Barbie has stirred a Pink Storm across the globe. It has been topping the charts everywhere. In North American theatres alone, Barbie dominated the screens for the third week straight.

The movie has also crossed the $1 billion mark, which is the first one for a woman director, reported by Exhibitor Relations.

The reports also suggest that not only has Barbie become the first ever movie made by women to cross $1bn club, but it has also done it faster than any other movie.

Barbie also successfully became the movie with the biggest opening weekend of the year. Analyst Paul Dergarabedian from Comscore said, “it has captured the imagination of moviegoers around the world and the results are incredibly impressive.”

110 Year Old Saudi Woman Returns to School

A Saudi Woman defied societal norms and broke barriers when she decided to go back to school at the age of 110.

The woman named Nawda Al-Qahtani belongs to the Umwah governorate in Saudi Arabia and is a mother of four.

Al Qahtani is now attending Al-Rahwa Center and has become an inspiration for many. Each day, she goes to the centre to join 50 more students from different ages and backgrounds. Together, they all learn about the basics of reading and writing along with the Quranic verses.

Al Qahtani is very much serious about her education and regrets that she did not get this opportunity at the right time. She also thinks that things would have been different if she has not delayed her education this much. The old lady thinks that this was a challenging choice, however, she was able to do this due to the support of her family.

Al Qahtani joined the educational institution as part of the Saudi government‘s initiative to eradicate illiteracy in the country. She goes to the center with her 60-year-old son.

WhatsApp Introduces Animated Avatars

Image: SamMobiles

WhatsApp has released a latest update via the Google Play Beta programme. The new version 2.23.16.12 now enables animated avatars.

According to the messaging app, the most-awaited animated avatars are now available in the new version.

In order to check whether you can access the avatars or not, one should open the keyboard and then check, WABetainfo said.

The avatars depict inclusivity and can be shared with all WhatsApp users irrespective of the beta version.

Currently, there are only limited options available, however, reports suggest that WhatsApp plan to launch a complete set of avatars in the future.

The animated avatars are expected to enhance the overall experience of conversion on the app. Though accessible to a limited audience, WhatsApp will make these lively avatars available to all users down the road.

Government allows Pakistan to travel to India for World Cup 2023

The Pakistan cricket team has received official permission from the Islamabad government to travel to neighboring India for the much-awaited ICC World Cup 2023.

In a statement on Sunday, the Foreign Office emphasized Pakistan’s firm belief in keeping sports separate from politics. The decision to send the Cricket Team to India reflects Pakistan’s commitment to fulfilling its international sports-related obligations despite the current state of bilateral relations with India.

The move also showcases Pakistan’s constructive and responsible approach compared to India’s refusal to send its Cricket Team to Pakistan for the Asia Cup.

However, the government expressed deep concerns regarding the security of its cricket team during the visit. It stated that these concerns would be conveyed to the International Cricket Council (ICC) and the Indian authorities. Pakistan expects full safety and security guarantees for its players during their time in India.

The decision to participate in the ICC World Cup 2023 comes after a committee, formed by Prime Minister Shehbaz Sharif, deliberated on Pakistan’s involvement in the event. The committee, headed by Foreign Minister Bilawal Bhutto Zardari, assessed the security arrangements and reached a consensus that Pakistan should indeed go to India for the tournament.

However, it was also suggested that a security guarantee should be obtained from India before the team’s departure. Pakistan plans to engage with India and the ICC to send a security delegation, tentatively scheduled for the last week of August, to ensure the safety of its players.

The upcoming ICC World Cup 2023 holds crucial matches for Pakistan, and the team’s schedule includes encounters with Netherlands, Sri Lanka, India, Australia, Afghanistan, South Africa, Bangladesh, New Zealand, and England. The cricketing world eagerly awaits these exciting clashes, and Pakistan’s fans hope for a successful and safe journey for their team during the tournament.

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Mobile Phone Manufacturing Soars in Pakistan, Outshines Imports

During the first half of 2023 (January-June), local manufacturing plants in Pakistan showcased an impressive performance by producing 6.07 million mobile handsets. This figure far surpassed the 0.53 million handsets that were imported commercially during the same period.

The month of June 2023 saw local manufacturing plants assembling 1.19 million mobile handsets, whereas only 0.12 million handsets were imported commercially.

Among the locally manufactured handsets, 4.77 million were 2G phones, and 1.3 million were smartphones, according to data from the Pakistan Telecommunication Authority (PTA). Interestingly, smartphones accounted for 56 percent of all mobile devices on the Pakistan network, while 2G devices made up the remaining 44 percent.

In contrast, Pakistan’s mobile phone imports experienced a significant decline during the fiscal year 2022-23 (FY23), totaling $570.071 million. This represented a staggering 71.19 percent drop compared to the previous fiscal year, where imports reached $1.978 billion.

However, there was a month-on-month (MoM) increase of 24.03 percent in mobile phone imports in June 2023, amounting to $53.583 million compared to $43.201 million in May 2023, as reported by the Pakistan Bureau of Statistics (PBS).

Moreover, on a year-on-year (YoY) basis, mobile phone imports in June 2023 surged by 66.30 percent compared to the same month in 2022, which recorded imports worth $32.220 million.

The overall telecom imports for FY23 reached $956.921 million, indicating a significant 64.45 percent decrease compared to the previous year’s total of $2.684 billion.

When considering YoY growth in June 2023, the overall telecom imports marked an 11.18 percent increase, amounting to $96.481 million. This figure was also 19.07 percent higher on a MoM basis compared to the imports worth $81.028 million in May 2023.

While the overall telecom imports experienced a negative growth trend, other apparatus imports followed a similar path. For July-June FY23, these imports amounted to $386.850 million, showing a 45.16 percent decrease compared to the same period in the previous year, where imports were valued at $705.353 million.

In June 2023, other apparatus imports accounted for $42.898 million, reflecting a 21.37 percent YoY decrease compared to $54.557 million in June 2022. Nevertheless, there was a positive 13.41 percent growth on a MoM basis, as imports rose from $37.827 million in May 2023.

The rise of local manufacturing in Pakistan’s mobile phone industry is undoubtedly shaping the dynamics of the market, overshadowing the previously dominant trend of import-based supply. With a growing emphasis on local production, the country’s mobile phone sector is undergoing a significant transformation.

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Population of Pakistan hits 241.49 million

2023 census results ‘unanimously’ approved at CCI meeting

In a significant development, the Council of Common Interests (CCI) has unanimously approved the results of the 2023 digital census, as announced by the Prime Minister’s Office (PMO) on Saturday. This approval indicates that a delay in the upcoming general elections, scheduled for later this year, is highly likely.

According to the government’s plan, the assemblies are set to be dissolved on August 9, triggering the countdown for the elections to be held within 90 days after the end of the assemblies’ tenure. However, Prime Minister Shehbaz Sharif stated during an interview earlier this week that the elections would be conducted based on the latest census data. This has raised concerns as the Election Commission of Pakistan (ECP) has already expressed its inability to organize the general polls within the specified timeframe due to the need to conduct a fresh delimitation of constituencies based on the new population count.

The issue has also drawn opposition from some of the government’s allies in the Centre, namely the Muttahida Qaumi Movement-Pakistan (MQM) and the Pakistan People’s Party (PPP). Both parties have expressed reservations about the accuracy and implications of the new census data. In fact, just yesterday, PPP senators in the upper house of Parliament labeled the decision to hold elections based on the new census as a tactic to delay the polls.

Despite these reservations, the PMO statement revealed that the chief ministers of all four provinces and representatives from all political parties reached a consensus on the new census results during the CCI’s 50th meeting, which was chaired by Prime Minister Shehbaz Sharif.

The approval of the census results by the CCI holds significant implications for the upcoming general elections. It remains to be seen how the Election Commission will respond to the challenge of conducting a fresh delimitation process within the constrained timeframe. Additionally, the stance of opposition parties on the matter may also impact the electoral process and its timelines.

As the situation unfolds, political dynamics in Pakistan are likely to experience further shifts and adjustments. The smooth and timely conduct of the upcoming elections is crucial for the country’s democratic process, and the decisions made in the aftermath of the CCI’s approval will shape the future political landscape.

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List of Pakistani Prime Ministers who have served in jail

The news of Imran Khan’s arrest has sparked protests across the country, with demonstrators expressing their discontent over what they perceive as an unjust arrest. The situation is likely to draw significant attention in the coming days, as Imran’s supporters and opposition voices weigh in on the implications of his latest legal setback.

The trial court handed down a three-year prison sentence and imposed a fine of Rs100,000 on Imran Khan for concealing details of Toshakhana gifts, as per Section 174 of the Election Act.

Imran Khan is not the first former Pakistani prime minister to face imprisonment. The country has a series of unfortunate examples of how elected leaders have been treated throughout its history. From Hussain Shaheed Suhrawardy to Benazir Bhutto and Nawaz Sharif, several prime ministers have been arrested and, in some cases, even executed on contentious charges.

A History of Jailing Elected Prime Ministers

Hussain Shaheed Suhrawardy:
- Bengali politician from then East Pakistan.
- Served as the fifth prime minister.
- Arrested in January 1962 on bogus charges of “anti-state activities”.
- His actual crime was refusing to support military ruler General Ayub Khan.
Zulfikar Ali Bhutto:
- Served as the ninth prime minister.
- Arrested in 1974 on charges of conspiracy to murder a political opponent.
- Sentenced to death and hanged on April 4, 1979.
Benazir Bhutto:
- Served as the premier twice, from 1988 to 1990 and again from 1993 to 1996.
- Arrested several times, first in 1985, and put under house arrest for 90 days.
- Arrested in August 1986 for denouncing military dictator Ziaul Haq at a rally in Karachi.
- Sentenced to five years imprisonment for corruption in April 1999.
- Disqualified and fined over five million pounds.
- Avoided arrest by being in self-exile.
Nawaz Sharif:
- Arrested in 1999 after General Pervez Musharraf took over.
- Exiled for 10 years.
- Sentenced to 10 years in jail in July 2018 in a corruption case along with his daughter Maryam Nawaz.
- Awarded seven years in prison in the Al-Azizia Steel Mills corruption case in December of the same year.
- Went to London for treatment in 2019 and never returned to Pakistan.
Shahid Khaqan Abbasi:
- Arrested in July 2019 in connection with a Liquefied Natural Gas (LNG) corruption case.
- Later bailed out.
Imran Khan:
- Arrested on May 9, 2023, in another corruption case.
- Released after a couple of days following intervention by the Supreme Court.
- Sentenced to three years in jail in the Toshakhana case on August 5, 2023.

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Pakistan Football Faces Challenge in FIFA World Cup Qualifiers Hosting

The Pakistan Football Federation (PFF) is currently grappling with a significant challenge in their preparations for the FIFA World Cup qualifiers, specifically when it comes to organizing home matches. As they endeavor to meet FIFA’s stringent standards for hosting such crucial games, the PFF National Committee (NC) finds itself facing a series of obstacles.

One of the primary issues at hand is the search for a suitable stadium that meets all the criteria set forth by FIFA to host international matches. Although options like Islamabad’s Jinnah Stadium and Lahore’s Punjab Stadium were considered, they seem to lack some of the necessary facilities required to comply with FIFA’s regulations. Adding to the complexity, Punjab Stadium also houses the offices of the Sports Board, which further complicates the situation in accommodating teams and officials.

The core problems revolve around various aspects essential for a successful international match, including the quality of the pitch and floodlights, availability of dressing rooms, medical facilities, technical officials’ rooms, and proper broadcast facilities. All of these must meet FIFA’s high standards to ensure the smooth conduct of matches.

The PFF NC is now faced with a race against time, with the deadline for finalizing the venue quickly approaching on August 18. This urgency has prompted the Pakistan Football Federation to initiate discussions about the possibility of hosting matches at a neutral venue as a temporary solution while they work towards upgrading their home ground to fulfill FIFA’s requirements.

With the FIFA World Cup 2023 qualifiers fast approaching, Pakistan is scheduled to face Cambodia in the first round in October. The first leg will be held in Cambodia on October 12, while Pakistan’s home game is slated for October 17. As the clock ticks down, the PFF is determined to find a suitable solution to ensure a smooth and successful FIFA World Cup qualifying campaign.

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Former Pakistani PM Imran Khan arrested after court verdict

PTI Chairman Imran Khan was arrested on August 5, 2023, after the Islamabad District and Sessions Court sentenced him to three years in prison for corruption in the Toshakhana case.

The court also disqualified Khan from holding public office for five years.

The verdict stated that Khan had filed false details with the Election Commission of Pakistan and was found guilty of corrupt practices.

Khan’s arrest warrants were also issued, and he has been fined Rs100,000. If the fine is not paid, his jail term will be extended by six months.

The police chief has been ordered to implement the court order.

Here are some additional details about the case:

Khan was accused of keeping a luxury watch gifted to him by a foreign dignitary in the Toshakhana, a government repository for gifts received by government officials from foreign dignitaries.
Khan denied the charges, but the court found him guilty of violating the Toshakhana rules.
The court also found that Khan had filed false details with the Election Commission of Pakistan about the watch.
Khan’s arrest is a major development in Pakistani politics. He is a popular figure in the country, and his arrest is likely to anger his supporters.
It is unclear what the long-term implications of Khan’s arrest will be, but it is likely to have a significant impact on the country’s political landscape.

How Gerry’s Visa is helping Pakistani emigrants build a better future

Gerry’s Visa, a well-known visa-related service provider, is all set to elevate its services with the inauguration of a new office in Islamabad. The prime location for the latest establishment will be the upscale F-10 sector of the city. Renowned for its comprehensive visa processing solutions, attestation services, medical facilities, travel insurance, and personalized assistance, Gerry’s Visa has firmly established itself as a leader in the industry.

With a dedicated team of over 400 professionals spread across various locations in the country, Gerry’s has been the preferred choice for travelers seeking seamless visa facilitation. The opening of the new office in Islamabad reflects Gerry’s commitment to convenience and accessibility. By expanding its reach to the F-10 sector, Gerry’s aims to cater to a diverse clientele, offering top-notch visa services right at the heart of the capital city.

Gerry’s Visa has been instrumental in assisting travelers in obtaining visas for over 50 countries, offering a comprehensive one-stop solution for all their visa-related requirements. Their unwavering commitment to excellence and efficiency has earned them a reputation that transcends borders.

This significant expansion comes at a time when an increasing number of individuals are turning to Gerry’s Visa for their expert services, seeking better opportunities and an enhanced quality of life abroad. However, this surge in demand has presented some challenges, including difficulty in securing appointments due to the substantial volume of pending visa applications at Gerry’s.

Recent data highlights the growing trend of Pakistani citizens aspiring for better prospects overseas. Between 2022 and June 2023, an astonishing 1.23 million Pakistanis have left the country in pursuit of improved opportunities and living standards. The year 2022 alone saw 832,339 Pakistanis emigrating, and the trend continues, with 395,166 individuals departing in the first half of 2023.

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SPI Shows Weekly Inflation Increase in Pakistan

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List of Pakistani Prime Ministers who have served in jail

Pakistan Football Faces Challenge in FIFA World Cup Qualifiers Hosting

Pakistan launches Whatsapp-like application for communication

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List of Pakistani Prime Ministers who have served in jail

A History of Jailing Elected Prime Ministers

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Pakistan Football Faces Challenge in FIFA World Cup Qualifiers Hosting

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Here’s the comprehensive Pakistan schedule for the Asian Games:

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Skardu

Gorakh Hills

Hunza

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Major Population of Pakistan Lives in Punjab

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A History of Jailing Elected Prime Ministers

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Here are some additional details about the case:

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