01-12-2007, 02:20 PM
On 9th January 2007 all Pakistani TV channels were repeatedly showing concerned elite giving good news to the nation that it has been âdecidedâ that there would be no load shedding anymore. Have we started producing surplus extra electricity or had we controlled large scale âkundaâ system both industrial, commercial and domestic or have we upgraded our distribution transmissions and network? All this is not a point here. The point also is not whether had so far âdecisionâ for load sheddings been just only for âfunâ or load shedding perforce had to be done and âdecidedâ. The point only is that there will be no load shedding now.
I was then serving in the Middle East. I observed that in second half of 1980s the educated executive type people always kept their savings with them or in Europe and did not keep those in Pakistan though profit margins then in Pakistan were good. Those educated people always had in mind the changing rules on savings er withholding tax, income tax this and that. In last years of my service only I could understand that those were smart people. For example when I sent my Riyal one to Pakistan my family got Rs. 2.50 then. Those who kept their Riyals or Dirhams their those Riyals not merely became Rs. 16 in terms of exchange but during all this period they had not to pay any with holding tax, forced zakat this and that in addition to getting good profits abroad.
However from 1990 I found a very strange phenomena creeping up and that was that even the uneducated labour class started remitting Pakistan only that was bear essential by the family. The most interesting thing which I observed, and which if there are any honest bankers would confirm, that whenever there came any statement from any Minister or authority that there is not going to be any devaluation and such remours are only from the opposition, immediately from the next day these uneducated people withheld temporarily their remittances. They took such statements as guaranteed that devaluation was coming in days and I saw it practically that within next 8-12 days the devaluation was done. It is same as on Budget every minister every year claims there would be no increase but within a few days eg Pakistan Post Office silently without any announcement increased its registration fee from Rs. 15 to Rs. 50/-.
The announcement of no load shedding has alterted me. I have asked my family to keep more candles and kerocene oil this year.
I was then serving in the Middle East. I observed that in second half of 1980s the educated executive type people always kept their savings with them or in Europe and did not keep those in Pakistan though profit margins then in Pakistan were good. Those educated people always had in mind the changing rules on savings er withholding tax, income tax this and that. In last years of my service only I could understand that those were smart people. For example when I sent my Riyal one to Pakistan my family got Rs. 2.50 then. Those who kept their Riyals or Dirhams their those Riyals not merely became Rs. 16 in terms of exchange but during all this period they had not to pay any with holding tax, forced zakat this and that in addition to getting good profits abroad.
However from 1990 I found a very strange phenomena creeping up and that was that even the uneducated labour class started remitting Pakistan only that was bear essential by the family. The most interesting thing which I observed, and which if there are any honest bankers would confirm, that whenever there came any statement from any Minister or authority that there is not going to be any devaluation and such remours are only from the opposition, immediately from the next day these uneducated people withheld temporarily their remittances. They took such statements as guaranteed that devaluation was coming in days and I saw it practically that within next 8-12 days the devaluation was done. It is same as on Budget every minister every year claims there would be no increase but within a few days eg Pakistan Post Office silently without any announcement increased its registration fee from Rs. 15 to Rs. 50/-.
The announcement of no load shedding has alterted me. I have asked my family to keep more candles and kerocene oil this year.