Yearbook 200809

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    Year B ook 2 0 0 8 2 0 0 9

    G ove r n m e n t o f P a k i st a n

    F inan ce D ivi sionI s l a m a b a d

    www.finance.gov.pk

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    CONTENTS

    S. Subject PageNo. No.

    Preface 1 Mission Statement 2 1. General 3

    Functions of the Finance Division 3Organization Chart of the Finance Division 5Organization of the Finance DivisionPerformance/Achievement 6

    A. Administration Wing 6 a) Achievements/Performance of Administration

    Wing 7B, Budget Wing 10

    a) The Budget Process 10 i) The Budget Year 10ii) Budget Call Circular 10iii) Preparation of Estimates 10iv) Annual Development Program (ADP) 12v) Resources Estimates 13vi) Foreign Exchange Component of ADP 13

    vii) Effect of New Taxation Proposals 14viii)Schedule of Authorized Expenditure 14ix) Submission of Budget Proposals (Books

    to the Federal Cabinet 15x) Submission of Budget/Finance Bill to the

    National Assembly 15xi) Submission of Budget to the Senate 16xii) Authentication of the Schedule of

    Authorized Expenditure 16 b) Budget Documents 17

    i) Budget Speech of the Finance Minister

    (Without Tax Proposals) 17ii) Budget Speech of the Finance Minister (With Tax Proposals) 17

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    S. Subject PageNo. No .

    iii) Details of Demands for Grants andAppropriations (Pink Book) 17

    iv) Demands for Grants and Appropriations 18v) Budget in Brief 19vi) Annual Budget Statement 20vii) Explanatory Memorandum of Federal

    Receipts 20viii)Schedule of Authorized Expenditure 21ix) Supplementary Demands for Grants

    and Appropriations 21

    x) Estimates of Foreign Assistance 22xi) Budget at a Glance 23xii) Winding-up Budget Speech by the

    Finance Minister 24Medium Term BudgetaryFramework (MTBF) 25Introduction 25Implementation 25Way Forward 26

    C Corporate Finance Wing 27

    D Economic Advisers Wing 31a) GDP Growth 32 b) Per Capita Income 33c) Consumption 33d) Investment 34e) Inflation 34f) Monetary Policy 34g) Fiscal Policy 35h) Exports 36i) Imports 36

    j) Trade Balance 37

    k) Workers Remittances 37l) Current Account Balance 37m) Exchange Rate 38

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    S. Subject PageNo. No.

    n) Foreign Reserves 38o) External Debt & Liabilities 38

    p) Poverty 39

    E Expenditure Wing 40F External Finance Wing 41

    External Finance Policy 42Poverty Reduction Strategy paper 42Development Partnership arrangement (DPA) 43

    Talks with DFIDStrengthening Poverty Reduction StrategyMonitoring Project (SPRSMP) 43

    SAARC Development Fund (SDF) 44Third Party Evaluation of PIFRA-1 44Implementation of National Gender ReformAction Plan Project (INGRAP) 45

    Public Sector Capacity Building Project 45Finance Divisions Component 46Poverty Reduction Economic StabilizationOperation (PRESO) 46

    Economic Reforms Unit (ERU) 46

    G Finance Division (Military) 49a) Budget Allocation/Expenditure 50

    b) Accounting of Defence Expenditure 50c) Purchase of Stores 50d) Development Projects 50e) Special Packages 51f) Miscellaneous Activities and Achievements 51g) Programme of Activities/Targets 51h) PIFRA 52

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    S. Subject PageNo. No.

    H Development Wing 53

    A Flash Back at Audit components Noteworthy Achievements 53Certification Audit 53Infrastructural Improvements 53Quality Assurance & Control 54Audit Management Information System (AMIS) 54Workshops & Trainings 54

    Follow up Procedures 55Backbone of PIFRA 55Success Story of PIFRA Training Component 56M&E Paving Way towards Success 57Procurement the Supply line of PIFRAComponents 58PIFRA Communication & Change ManagementActivities 58Audit & Accounts Complex Quetta 59Accounts to Audit & Accounts ComplexKarachi 60

    I Internal Finance Wing

    ZARAI TARAQIATE BANK LIMITED 61 Report on Performance of ZTBL 61Banks Operations 61Performance During the Year 2008-09 61Loans to small Farmers 62Zarkhaiz Scheme (One Window Operations) 62Sada Bahar Scheme/Revolving Finance Scheme 62Crop Maximization Project 62

    Recovery Operations 63 New Schemes 63White Revolution Scheme 63Green Revolution Scheme 63

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    S. Subject PageNo. No.

    Green Tractors Scheme 2008-09 (for PunjabProvince) 64Performance of ZTBL During 2008-09 66

    National Bank of Pakistan 67Economic Overview 67Profit & Loss Analysis 67Balance Sheet Analysis 69Corporate & Investment Banking Group 69Investment Banking 70Retail Banking 70

    Small & Medium Enterprises (SME) 71Agriculture 71Deposits 71Treasury Operations 72

    Non Performing Loans 72Domestic Branches Network 72International Operations 72Islamic Banking 73Operations 73Information Technology 73Human Resource 74

    Credit and Risk Management 74Credit Rating 75Market Recognition 75Social Responsibility 75SME-Sector Development Program (SDP) ADBLoan # 2067 75SME Policy 76SME Business Support (BSF) 76Labor Protection Policy (LPP) and Labor Inspection Policy (LIP) 76HBFC 76

    Background 76Vision 77Mission 77

    Network of Offices 77

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    S. Subject PageNo. No.

    Operational Activities 77Performance During the Year July 2008

    June 2009 78Disbursement 78Recovery 78Sukuk Issue 79Online Verification System 79Pro-Active Website 79Important and Vital Activities for the FinancialYear 2008-09 79

    Production of Bank Notes and other SecurityProduct 79Exceptional Financial Results 80Project for Replacement of Machinery andEquipment for the printing of Non-banknoteSecurity Documents 80Co-Generation Power Plant 80Credit Rating 80Computerization of Operation of PSPC 81Training 81First Women Bank Limited 82

    Background 82Credit Products for Women 84Support Services for Women 84Collaboration with Canadian InternationalDevelopment Agency (CIDA) 84Collaboration with International Labour Organization (ILO-IPEC) 84Collaboration with MoWD National Fund for Advancement of Rural Women 84Financial Performance During the LastTen Year 2000 2009 85

    Operational Performance During the LastTen Year 2000 2009 85FWBLs Financial Performance During theYear 2009 till date 86Challenges for 2010 & Future Outlook 86

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    S. Subject PageNo. No.

    J Investment Wing 87Microfinance Sector and Poverty Alleviation 88Pakistan Poverty Alleviation Fund (PPAF) 88Khushhali Bank (KB) 89Joint Investment Companies 90

    Competition Commission of Pakistan 91Improving Pakistans Competition Framework 91The Competition Commission of Pakistan 91Regulations & Guidelines 92

    Establishment of New Departments/Cells 92Technical Activities 92Advocacy 95

    SECURITIES AND EXCHANGE COMMISSIONOF PAKISTAN 95

    Introduction 95Activities during Fiscal Year 2008-2009 96Securities Market 96Primary Securities Market 96Secondary Securities Market 96

    Introduction of CDC Standard Sub-AccountOpening form 97Introduction of New NCEL Contracts 97Investor Awareness 98Employees Stock Option Scheme 98Development of Regulatory Laws 98Development Activities 99

    CORPORATE SECTOR 100 New Registration 100Measures to Promote Corporization 100

    Abolition of Stamp Duty in ICT 100Provinces of eServices 100Creating Awareness of eServices throughSeminars 101

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    S. Subject PageNo. No.

    Scanning and Archiving Project 101Establishment of Facilitation CentresCompany Registration Office, Multan andFaisalabad 101Promotion of Compliance 101Facilitation Extended in Filling of AnnualReturns and Annual Accounts 101Public Facilitation 101Re-launching of Companies RegularizationScheme (CRS) 102

    Placement of Standardized memorandum of Association Commissions Web-site 102Updated Name Availability Guide 102Policy Regarding Prohibited Word Revised 103Development of Regulatory Laws 103Cost Accounting Records Order 103Group Companies Registration Regulation,

    2008 103Revision in Fee Structure Facilitation onlineServices 103Amendment in First Schedule to the

    Companies Ordinance 1984 103

    SPECIALIZED COMPANIES DIVISION 104 Introduction 104Activities During the Year 105Changes in Rules land Regulations NBFC andRegulations 105Low Entry Barrier i.e. Inadequate EquityRequirement 105Capacity Issue of Sponsors/Board/Management 105Conflict of Interest 105

    Single Entity & Multiple Licensing Regime 105Transfer of License without SECPConsent/Knowledge 106Madarabas 106

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    S. Subject PageNo. No.

    Constitution of the Religion Board 106Private Equity and Venture Capital 106Mutual Funds 106Know your Customer Policy 107

    INSURANCE SECTOR 107An Overview 107Policy Reforms 108Banc assurance Rules 108Takaful Rules 108Solvency Regulations 108

    Unit Linked/Products Regulations 109FUTURE PLAN FOR FISCAL YEAR 2009-10 109Securities Market 109Demutualization 109Margin Financing 109Securities Lending and Borrowing Mechanism 110Automation of Transfer of Securities into CDSAgainst Trade/Transactions Settled Through NCSS

    Client Level Margining Regime 111Development of Primary Market 111

    Specialized Companies 112Corporate Sector 112Development of Legal Framework 112Public Facilitation 113Lunching of Facilitation Scheme 113Companies Easy Exit Scheme 113Fast Track Registration 113Publication of Guide Booklets 113Standardized Memorandum of Association 114Quality Assurance 114Insurance Sector 114

    Early Warning System 114Risk Appraisal & Forecasting 114IFRS-4 115Regulation & Compliance Guidelines 115

    National Crop Insurance Scheme 115

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