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Pakistan's economic future depends on CPEC's Gwadar port: PM Shehbaz

Pakistan’s economic future depends on CPEC’s Gwadar port: PM Shehbaz

On Saturday, Pakistan’s Prime Minister Shehbaz Sharif said that the success of the China-Pakistan Economic Corridor (CPEC), with Gwadar port as its “main component,” was significant for the country’s economic future. He also said that the Pakistan Navy would play a key role in making CPEC a success.

At the Pakistan Naval Academy’s passing out parade for the 117th Midshipman and 25th Short Service Commission course earlier today in Karachi, he said that a “strong and vibrant” navy was more important than ever because of the growing blue economy, marine security, and strategic defence.

Read more with EL news: Ismail Tower-retail Sialkot’s ground level apartments are popular

“The maritime domain is always changing because of changes in technology and geopolitics,” the prime minister said, adding that these changes were happening globally and in the region.

“And I’m glad that the Pakistan Navy, with the resources it has, continues to do its job and meet our international obligations as well as it can,” he said.

PM Shehbaz said that the country could only make economic progress in a peaceful setting. “Because of this, our government has decided to give the Pakistan Navy all the resources it needs to get stronger and make the sea defences impregnable.”

He also praised the navy for quickly building up its capabilities and working more closely with nearby countries.

“Let me tell you that the country is behind you and will make sure that the Pakistan Navy has the latest technology and tools to protect our maritime interests.”

“Pakistan’s wish for peace is not a sign of weakness,” they said.
The prime minister said that Pakistan believed in “peaceful co-existence” and wanted to help make the area around it friendlier.
We don’t have any plans to attack any other country. But people shouldn’t think that our desire for peace means we are weak or don’t care.

“Any hidden or unnatural plan for supremacy would not work and wouldn’t help keep peace and stability,” he said.

The PM went on to say that those who tried to threaten Pakistan’s defences on land, in the air, and at sea in recent years got a “fitting response from us” and that “this should serve as a reminder message to all those with bad intentions that Pakistan’s armed forces are wholey capable of defending the country against all threats.”

He said that Quaid-e-Azam Mohammad Ali Jinnah wanted Pakistan to be strong economically, militarily, and have a strong sense of community. “Pakistan’s founder wanted it to be a model for the rest of the Islamic world and for all developing countries around the world.”

PM Shehbaz said that the country’s journey over the last 75 years has been full of “missed opportunities” and many obstacles. But, he said, “But it’s never too late.”

“I am sure that we can still make Pakistan the country that Quaid-e-Azam and Allama Iqbal dreamed of if we learn from our mistakes and work hard to make up for lost time.”

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Federal government reinstates tax exemption for 7 CPEC power plants

Federal government reinstates tax exemption for 7 CPEC power plants

Federal government reinstates tax exemption for seven CPEC power plants. On June 7, news sources said that the federal government had restored the tax exemption for the seven power plants being built as part of the China-Pakistan Economic Corridor (CPEC) project. The official announcement of the tax break will come on June 10, when the budget is due to be released.

Read more with EL news: Authorities want to hasten the development of housing projects in KP

According to reports, the following power plants do not have to pay import taxes on heavy machinery:

Kohala Hydro Company (Private) Limited, which can make 1,124 MW of electricity (date of IA execution: May 25, 2020)
Azad Pattan (Private) Limited, with a generating capacity of 700.7 MW (date of IA execution) July 6, 2020
SK Hydro (Private) Limited can make 870.25 MW of electricity (date of IA execution: April 11, 2014).
CHIC Pak Power Company (Pvt.) Limited can make 300 MW of electricity (date of enactment: April 8, 2021).
Thal Nova Power Thar (Private) Limited, which can produce 330 MW of electricity (date of IA execution November 24, 2017)
Read: Making progress on the Gwadar Free Zone is essential for economic growth: Minister Ismail Thar Energy Limited, which can make 330 MW of electricity (date of IA execution November 10, 2017)
Thar Coal Block-1 Power Generation Company (Private) Limited can produce 1,320 MW (date of IA execution: December 12, 2019).
Read: The government will give PKR 700 billion to the PSDP in FY23: Ahsan Iqbal
But the government has told companies that to get tax-free status, they must meet the following requirements:

GOP and the company will sign an Implementation Agreement (IA).
The contractor must give a copy of the contract or agreement he will use to bring the goods for the project into the country.
The CEO or head of the contracting company must sign off on the fact that the imported goods are a real need for the project.

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CPEC is presented to ASEAN diplomatic missions by Pakistan

CPEC is presented to ASEAN diplomatic missions by Pakistan

CPEC is presented to ASEAN diplomatic missions by Pakistan. On Friday, the Ministry of Foreign Affairs held a briefing about the China-Pakistan Economic Corridor (CPEC) for diplomatic missions from countries in the Association of Southeast Asian Nations (Asean).

On the panel of briefers, which was led by the additional secretary (Asia-Pacific), were senior officials from the ministry, the CPEC Authority, and the Board of Investment.

Read more with EL news: PM Shehbaz wants to make CPEC a “trilateral arrangement.”

In her briefing, the additional secretary talked about the main idea behind CPEC, which was based on Pakistan’s desire to connect with the region and its interest in strengthening ties with Central Asia, the Middle East, and East Asia, as envisioned by the Vision East Asia policy.

She stressed that CPEC, the multibillion-dollar project, had given the Pakistan-China All-Weather Strategic Cooperative Partnership, which was based on mutual understanding and respect, a new dimension. Development partners and businesses from all over the world are welcome in Pakistan. They are encouraged to invest, trade, and look for opportunities in Special Economic Zones (SEZs).

The heads of diplomatic missions thanked the Ministry of Foreign Affairs and other relevant government departments for the briefing. They also stressed that both Pakistan and Asean member countries are still interested in improving economic cooperation.

Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam are all part of Asean.

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PM Shehbaz wants to make CPEC a “trilateral arrangement.”

PM Shehbaz wants to make CPEC a “trilateral arrangement.” Prime Minister Shehbaz Sharif suggested on Friday that the China-Pakistan Economic Corridor (CPEC) become a “trilateral arrangement” between Turkey, Pakistan, and Turkey so that all three countries could benefit from it.

He said these things at the Karachi Shipyard and Engineering Works, where the third MILGEM Corvette built by Turkey was being put into service. He was the main guest at the event. The prime minister came to the big city this morning for a one-day visit.

Read more with EL news : Gwadar’s 300MW coal plant will end the energy shortage by 2023

“With the growth of financial and industrial activities, trade activities could grow by a huge amount. With Gwadar as its centER, the CPEC project, which is still going on, will help us reach our goals of improving regional connections and increasing trade.

“I’d like to use this chance to suggest that CPEC be a deal between Turkey, Pakistan, and China, and that we all take advantage of its great potential to help our countries,” he said, assuring the other people there that the government was committed to building up maritime infrastructure.

At the start of his speech, PM Shehbaz praised the launch of the warship that was built with the help of a Turkish company. He also liked what Turkish Defense Minister Hulusi Akar and Navy Chief Admiral Muhammad Amjad Khan Niazi did.

“This is yet another great example of Pakistan and Turkey working together under the very able and dynamic leadership of President Recep Tayyip Erdogan, who is not only a great brother and friend but also a great supporter of Pakistan’s cause. Under his leadership, our brotherly relations have reached much higher heights than before.”

The prime minister went on to say that the people could see how well Pakistan and Turkey were working together in all areas. He also said again that relations could be strengthened even more for the good of both countries.

PM Shehbaz said that today’s launch would make the ties between the Pakistan Navy and Turkish companies even stronger. “There will come a time when these ships and even bigger ones will be made with Turkish know-how and technology, as well as Pakistan’s own design program and ship plans.”

Again congratulating the naval chief and his team, he went on to say that Pakistan had a long coastline and a resource-rich maritime zone. He also said that maritime activities were currently centered on Karachi’s ports.

In a video message, the president of Turkey said that his country wanted to share its knowledge about defence with Pakistan. He said that the MILGEM project was an example of this.

He said that Pakistan was in a good spot in South Asia and that the Turkish people had a lot of respect for the country and its people. He said that, despite the Covid-19 pandemic, the MILGEM project was done on time and without any problems.

Erdogan said, “These ships are equipped with the most advanced weapons and sensors.” He said he hoped that this would help strengthen ties between the two countries.

The Turkish defence minister spoke at the ceremony to mark the start of the project. He said that building ships under the project would help Pakistan’s military and contribute to peace and stability in the region and around the world.

He talked about the ships that will be built as part of the project and emphasized how important it is to have a “strong defence industry” and “effective and intimidating armed forces.” In this context, he also talked about how important technological independence was. He said, “I think we will help increase the number of these projects, which are important for both the security of our countries and their technological independence.”

“Under the leadership of President Erdogan, Turkey has made big steps forward in almost every area, especially in the defence industry,” he said, adding, “We are ready to share our experiences and defence industry products with our friends and partners.”

The defence minister said that Pakistanis have a special place in the hearts of Turkish people, and that “with the strength we get from the brotherly ties between our countries, we will keep working hard to bring our relations to high levels.”

“These ships will strengthen the ties of friendship, cooperation, and brotherhood between our countries and the sea power of the Pakistan Navy,” Akar said in closing.

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Gwadar's 300MW coal plant will end the energy shortage by 2023

Gwadar’s 300MW coal plant will end the energy shortage by 2023

Gwadar’s 300MW coal plant will end the energy shortage by 2023. By October 2023, when the 300 megawatts (MW) coal-fired power plant is finished, the port city of Gwadar will no longer have to deal with the problems caused by a lack of energy.

Under Gwadar’s 2050 Master Plan, the 300MW coal-fired Gwadar Power Plant would be able to meet the needs of about 150,000 local people by the end of 2023. This was revealed by an official source who shared new information about the project.

He also said that one of the most important energy projects in the China-Pakistan Economic Corridor (CPEC) was a power plant for an independent power producer.

Read more with EL news : 345 buildings were identified as being potentially hazardous in Rawalpindi

The Gwadar project: NEPRA sets prices for a 300MW coal-powered power plant

The aim of the project was to make the local power supply more reliable. This would help solve the problems with economic growth and building cities in the Gwadar region, which are being held back by a lack of power.

“Right now, diesel generators cost us millions of dollars a year to use to make electricity. I hope that the plant will be running soon so that the port won’t have to worry about not having enough power.

The power plant is very important for deepening China and Pakistan’s energy cooperation, boosting the Belt and Road Initiative, improving Balochistan’s overall power structure, and boosting economic growth in Gwadar Port.

All of the major CPEC projects in Gwadar, such as the Gwadar Power Plant, the New Gwadar International Airport Project, the China-Pakistan Friendship Hospital, the China-Pakistan Technical and Vocational Institute in Gwadar, the Gwadar East-bay Expressway Project, the Gwadar Free Zone, and the Gwadar Port, would become a shining pearl in the area.

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China expresses willingness to expand the CPEC to include Afghanistan

China expresses willingness to expand the CPEC to include Afghanistan

Kabul: China welcomes Afghanistan’s participation in the Belt and Road Initiative, a global infrastructure plan proposed by China. China is willing to push for the CPEC to be extended to Afghanistan, Chinese Foreign Minister Wang Yi said on Thursday as he made a surprise visit to Kabul.

According to a statement from an Afghan foreign ministry spokesman, people from both countries talked about how to improve their political and economic ties, including how to start mining and how Afghanistan might be able to help China with its Belt and Road infrastructure project.

Wang said on Thursday that China was willing to help Afghanistan become a bridge between China and the rest of the world by extending the CPEC to the country.

He also said that China hoped that Afghanistan would keep its promise not to let outside forces use its land to fight its neighbours or harm the security of other countries.

Wang went to Kabul on Thursday, a spokesman for Afghanistan’s foreign ministry said. Taliban took power last year, and it came a day after many people around the world were angry about the group closing down girls’ high schools.

Read more with EL news : The construction of Islamabad Technopolis is about to commence

When the Taliban took Afghanistan in August, only a few countries sent a minister. China is one of them. Pakistan and Qatar have also sent a minister to Afghanistan.

Foreign governments, including Beijing, have not yet formally recognised the Taliban administration. Many say the Taliban need to show that they will protect human rights, fight terrorism, and run an inclusive government before being officially recognised.

The visit came after a lot of people around the world were outraged that the Taliban government suddenly told girls to stay home from high school, even though it had said earlier in the week that school would be open to everyone.

China will host a meeting of regional foreign ministers later this month, and a statement said that Muttaqi would also be at the meeting, which will happen later this month.

Pakistan also talked about Taliban-led Afghanistan joining the multibillion-dollar CPEC project in September.

At the time, Pakistan’s ambassador to Kabul, Mansoor Ahmad Khan, told Reuters that “regional connectivity” was essential to their talks with the Afghan government and how they planned to do business with Afghanistan.

“This important project, the China-Pakistan Economic Corridor, has a lot of good opportunities and a lot of good potential for connecting Afghanistan and Pakistan and connecting South Asia and the Central Asian region.”

Mr Khan said that talks had been held with the Taliban-led government about this and other ways to grow the country’s economy.

That’s what I think. There’s been a more of interest in connecting Afghanistan’s economy with Pakistan and other neighbouring countries through the CPEC and with China and Central Asia.

Under the CPEC deal, China has agreed to loan Pakistan $60 billion for infrastructure projects. Most of that money will come in the form of loans.

In 2013, President Xi Jinping started the Belt and Road Initiative (BRI), which aims to use China’s strength at financing and building infrastructure to “build a broad community of shared interests” in Asia, Africa, and Latin America. CPEC is a big part of the BRI, which aims to do this.

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CPEC and Industrial Cooperation Tower was inaugurated in Islamabad

CPEC and Industrial Cooperation Tower was inaugurated in Islamabad

Projects to build the China-Pakistan Economic Corridor Business & Industrial Cooperation Tower and change the Karakoram Highway (KKH) from Thakot to Raikot have been approved by the Cabinet Committee on China-Pakistan Economic Corridor, which meets every three months (CCoCPEC).

Read more with EL news : The CDA-DWP has approved the Kashmir Chowk flyover on Murree Road

Sources say that CCoCPEC was led by Minister of Planning Development & Special Measures Asad Umar and attended by the Minister of Economic Affairs, Omar Ayub Khan, Khalid Mansoor, Sheikh Rashid, Shaukat Tarin, and other people who were important to the project.

A new app and website are available to help you keep an eye on the CPEC trade deal.

Development of a tower for CPEC Business and Industrial Cooperation in Islamabad, Pakistan, will be done with the help of the government and the private sector during the meeting The plan to move Pakistan Coast Guards and Pakistan Navy land from Shamba Shamail, Gwadar, is being put into place. Asad Umar, the Planning and Development Minister, told the people who own 52 acres of land to give it to him.

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The first stages toward China-Pakistan Economic Corridor phase II

The first stages toward China-Pakistan Economic Corridor phase II

During the recent visit of a high-ranking Pakistan delegation to Beijing, China didn’t agree to Pakistan’s proposals to ease the immediate economic pressure. Still, it did agree to long-term industrial cooperation, which is important for the second phase of the China-Pakistan Economic Corridor to work (CPEC).

In 2018, Pakistan and China signed a memorandum of understanding (MOU) about industrial cooperation. As the first phase of the CPEC project moved forward, many big infrastructure and power projects were nearing completion. CPEC’s progress was slowed down by political changes in Pakistan and a pandemic that spread quickly.

Other than the framework agreement on industrial cooperation between the countries that make up the CPEC project, Pakistan wanted to get help from a big, powerful country to ease the pressure on its external accounts, make more room for new borrowing, and help with the bank credit issues that CPEC projects have caused for private businesses.

To do this, Pakistan asked China to increase the limit on the currency swap facility from $4.5 billion to $10 billion, help set up a China-Pakistan Industrial Cooperation Fund, and delay the repayment of a $4 billion loan from China that is due this year by a year.

The extended currency swap facility will allow the government to think outside the box when managing the country’s debt. Moving the Chinese loan liability from the federal government’s books to the State Bank’s will free up space for new loans.

The Industrial Cooperation Fund can help private projects under the umbrella of the CPEC get the money they need because local commercial banks aren’t willing to lend because of the risks. Finally, the repayment rollover may stop the loss of foreign exchange reserves that is putting the value of the dollar at risk.

The recent trip to China may not have given us immediate money, but the framework agreement on industrial cooperation is important.

The government approved $11.6 million in compensation for the Chinese people who were hurt in the attack on the Dasu Dam before the trip. The cabinet agreed to pay Rs100bn of the Rs230bn owed to the Chinese power plants. They also ordered the release of Rs50bn right away. The government also ordered the creation of a revolving bank account with a minimum balance of 22% of the power purchase deal with Chinese companies. This account must be kept at least that amount at all times. The Gwadar Power Plant, which has a capacity of 300 megawatts, was also added to Pakistan’s list of high-priority projects in terms of quick payment of bills.

Read more with EL news : Residential projects in DHA City Karachi to be launched

The government thinks the four-day visit will be a great success, with the leaders and private investors having a lot of meetings. Finance Minister Shaukat Tareen was very clear and precise when Dawn asked him about the trip. Of course, the visit was very useful, he said in a text message.

One of the Prime Minister’s Special Assistants, Khalid Mansoor, was excited. The trip was great, Alhamdulillah. Couldn’t be better, he said. During a phone call, he told Dawn that the landmark framework deal had started a journey that could change the country for the better. : “We went to the event well-prepared, and we got the reward for our hard work.” With the right interfaces, I had a lot of fun. They took note of all of our ideas. During the meetings, there was a very positive vibe.

When the framework wasn’t signed for years, he called it a “force majeure.” He blamed the delay on the global health crisis. He said that after he came back from China, there had been a lot of talk about 37 investment projects getting the go-ahead. He said that the exemption for Chinese investors would be available to all investors in special economic zones across the country.

People in the business world were a little worried about what they thought was a gradual shift in the country away from the US and the West. Exporters who wanted to sell their goods in the West said that diplomatic relationships should be balanced. Most of the top-level business leaders we talked to probably didn’t want to be seen as being on the wrong side of the government or their international partners, so they didn’t talk about it at all.

Interloop CEO Musadaq Zulqarnain, who is also CEO of Interloop Ltd. and its affiliates, told people to wait and see what happens before taking a stand on the government’s desire to get closer to China. “It’s hard to tell how the trip to China will go at this point,” he said, referring to Pakistan’s high expectations. People in China are known for taking their time to make a choice. In this case, they took place on the sidelines of the Winter Olympics, a global sports event during a time of crisis.

“Pakistan is in a bad situation.” China, Russia, the United States, and Europe are all important countries for the government to have good relations with. We also have a lot in common with the West regarding business.

China should be the main focus. Bangladesh, Vietnam, Cambodia, and African countries should not be the first choices for Chinese investors. Pakistan should be their first choice instead. During this time, he was worried about the rise in terrorism in Pakistan. This is why.

A message was sent to BOI Chairman M. Azfar Ahsan and Secretary Fareena Mazhar to ask their thoughts on the subject, but their response didn’t reach Dawn until this report was written.

To get the Chinese private sector to move their plants to Pakistan, you can’t just bend backward. I don’t know of a country where the locals don’t want foreign investors to come, but the foreign investors like it. The government needs to get local people to invest if it wants global investors to take a look. A businessman in Karachi, Pakistan, said he was fed up with the unstable gas supply to his plant.

The first stages toward China-Pakistan Economic Corridor phase II.

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CPEC hopes PM Imran's China visit would revive it

CPEC hopes PM Imran’s China visit would revive it

CPEC hopes PM Imran’s China visit would revive it. The government hopes that Prime Minister Imran Khan’s four-day trip to China, which starts today, will help the China-Pakistan Economic Corridor (CPEC) project get back on track.
Prime Minister Imran Khan on Wednesday, Fawad Chaudhry told Dawn that China’s leaders will have to talk about 21 different topics. He said this after attending a series of meetings with Khan at the Prime Minister House.

The Prime Minister will talk about Special Economic Zones, trade, information technology, agriculture, and the move of huge Chinese factories to Pakistan when he comes to Pakistan next month.

Statement: The Foreign Office said that Prime Minister Khan would meet with President Xi Jinping and Premier Li Keqiang one-on-one, and that they would also meet with each other.

During the project, the government wants to open up 21 new sectors, like trade and IT.

There will be a lot of talk about how to improve trade and economic ties between the two countries, including the China-Pakistan Economic Corridor.

Another thing that the FO said was that the prime minister was going to China at the request of the Chinese government.

When the Pakistan Tehreek-i-Insaf (PTI) came to power three years ago, many people thought that the CPEC had slowed down. However, the government thinks that the PM’s upcoming trip will help projects that are either being done or haven’t started under the CPEC umbrella.

PM Khan has said many times that his government has changed the focus of CPEC from road infrastructure to industrialization, energy, and farming.

Read more with EL news : Completed conservation of Karachi’s ancient Nusserwanjee Building

He said that this time they were better prepared and had done a comparative study of the opportunities Pakistan could offer Chinese investors. This is what Khalid Mansoor told Dawn.

During a joint working group meeting, the two countries talked about 10 different topics. He said that meetings had been set up with important Chinese industrialists, who will meet the PM when he visits.

It says that during his time in Beijing, the prime minister will meet with prominent business leaders, representatives of top Chinese think-tanks, academia, and the media, among other things.

On Wednesday, the prime minister chaired a high level meeting ahead of his upcoming trip to China. He said that he was sure that his trip would take the strong bilateral ties that already existed between the two countries to new heights.

There were a lot of federal ministers at the meeting, including Shaukat Tareen and Fawad Chaudhry. They were joined by Commerce Adviser Abdul Razak Dawood, State Minister Farrukh Habib, National Security Adviser Moeed Yousuf, and Shahbaz Gill.

Prime Minister Khan will also meet with Chinese officials about the CPEC during his trip to China. He will also be at the Winter Olympic Games Opening Ceremony.

Despite the COVID-19 pandemic, the Chinese government has done a great job planning for the Winter Olympics, says the statement from the FO.

With more than 140 events planned, the prime minister’s visit will be the end of a series of events to show how strong Pakistan and China’s all-weather strategic cooperation partnership is, even as a Covid-19 pandemic spreads and the international situation changes.

“It would then reaffirm the two countries’ commitment to taking their “iron-clad” relationship to new heights and boosting cooperation in a wide range of fields,” the Foreign Office said in a statement.

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CPEC project fabrication roads repaired, a parliamentary committee

CPEC project fabrication roads repaired, a parliamentary committee

Local roads used in CPEC project fabrication mended, a parliamentary committee. According to a Pakistani parliamentary committee, all local roads used to construct the CPEC project in and around Abbottabad have been repaired.

The senate standing committee on transportation had received pleas from residents alleging that the local road used during the building of the CPEC project is in bad shape and in need of upkeep.

The meeting was informed on Wednesday that all damage and destructed roads had been rectified. The committee directed that the complainants be assembled at the following meeting and that the problem be resolved.

Read more with EL news : The design of the Leh Expressway has been revised once more

The Senate Standing Committee on Communications met under the chairmanship of Senator Prince Ahmed Omar Ahmadzai. The gathering was informed that the National Highway (N-35) portion between Havelian and Shahina Jamil Hospital, which passes through Abbottabad City, has been widened and a detailed rehabilitation plan has been considered.

According to the Secretary of Communications, the plan calls for widening a 17-kilometer stretch of road connecting Havelian and Abbottabad. However, land acquisition remains a concern for the project. Additionally, the committee assessed the status of road building and repair from Forest Check Post Sehlad to Dheri Makra.

Additionally, the committee examined in detail Senator Mohsin Aziz’s private member’s bill to amend the National Highways Safety Ordinance, 2000, which he introduced during the Senate session.

Amendment Bill have been approved with the assistance of Senator Mohsin Aziz. New recommendations could be developed for human beings who are subjected to the effects of medications. Under the new guidelines, the National Highways and Motorways Police can impose a fine of up to Rs 25,000 or one month in jail, or both. Senators Behrmand Khan Tangi and Dinesh Kumar chaired the committee, which met in detail with the Ministry of Communications to discuss the bill.

Senators Kamil Ali Agha, Mohsin Aziz, Dinesh Kumar, Manzoor Ahmed Kakar, Muhammad Akram, and Abida Muhammad Azeem, as well as senior officers, were present at the meeting.

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