Reference: http://pakistaniat.com/

Seems like every Pakistani child knows that its Karakoram Range and K-2 peak, State Bank of Pakistan (SBP) doubtful though. On top of it, proof reading culture is not very popular in Pakistan. In the latest release of Rs 50 note the K2 peak has been written as the ‘Karakoram Peak’.

Earlier this month, SBP launched newer note of Rs. 50 and re-launched note of Rs. 5. The notes were approved by federal cabinet (I’m forgetting if this is the graduate cabinet or there are exceptions included?). A thorough briefing on security features embedded in notes was given by Dr. Shamshad Akhtar as well. The back side of Rs. 50 note displays a beautiful view of World’s second tallest peak and the all-famous K-2, situated in the Karakoram range. A sales executive in Peshawar raised the point and a very valid one. As The News report:

SBP should clarify the situation. Its efforts to promote Pakistan’s landmarks such as the K2 peak on its currency notes are praiseworthy, but it should be careful not to distort facts.Either its just an innocent mistake or we really do need to straighten out some facts here.

KARACHI  ( 2007-06-29 05:31:58 ) :  NIB Bank has formally taken over the Pakistan Industrial Credit and Investment Corporation (PICIC) by paying around 342 million dollars. Following the take-over, PICIC’s new board of directors has been constituted on Thursday by appointing 10 new directors in the body.

Francis A. Rozario of Tamasek, Singapore, has been elected new chairman and Khwaja Iqbal Hassan from NIB Bank was appointed Managing Director, replacing Altaf Salem and M Ali Khuja respectively.

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The history of National Savings Organization dates back to the year 1873 when the Government Savings Bank Act, 1873 was promulgated. During the first world war, the British Government introduced several Schemes for collection of funds to meet the expenditure. It was in this context that the Post Office Cash Certificates and, during the second world war, Post Office De fence Savings Certificates were floated. The need to setup a separate agency was felt and a National Savings Bureau was established in 1943- 44 as an attached department of the Ministry of Finance of the undivided Government of India.

The department was headed by National Savings Commissioner with the status of a Joint Secretary. At that time the main functions of the Savings Department were to initiate all policy matters and issue directives for the execution of policy decisions of the Central Government, and to review the Savings Schemes from time to time. Gradually, Savings Organization were established in almost all the Provinces of the sub-continent with the objective of popularizing the Savings Schemes among the masses as well as to supervise, guide and control the working of authorized agents under their jurisdiction. The agents, who were appointed by the local authorities. They were paid commission @ 2 1/2 on the investment secured by them. These authorized agents were in those days the only agency for securing investment in terms of Savings Certificates from the general public. In nutshell the central agency viz. National Savings Bureau, Simla, was mainly concerned with the policy and planning matters of the Savings Schemes whereas the responsibility of execution of various Savings Schemes vested with Provincial authorities .

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Pakistan plans to license two overseas banks to offer services that comply with Muslim principles, seeking to attract overseas investment and promote Islamic finance, an official at the central bank, State Bank of Pakistan, said Monday.

Dubai Islamic Bank, the world’s oldest Islamic lender, and Emirates Global International Islamic Bank, to be formed by a group of investors from the Middle East and Malaysia, have received “preliminary” approval from the central bank, Pervaiz Said, a director of Islamic banking at the central bank, said.

Pakistan is pushing for a bigger role for Islamic finance and widening access to overseas lenders to offer services that comply with Shariah, the Islamic religious law that bans paying and receiving interest and prohibits investment in industries like alcohol, tobacco and gambling. About 97 percent of Pakistan’s population is Muslim.