Bill Revoking Overseas Pakistanis Voting Rights Presented in National Assembly by Imported Government

[Wood]

Many people do invest in property. Pakistan allows dual citizenship so there's no problem.

Yes, I fully expect people to invest in RE. Indians also do that because when your currency drops, RE value does not catch up immediately. This allows expats to 'steal a deal'. But note that not all of this money circulates into the economy.

By next year, we will know if remittances come crashing as many of you hope for. My own guess about contributing reasons for spike in remittances to Pakistan during Imran's time is:

a) Drop in currency value (which is good for real estate investments)
b) Naya Pakistan certificates that allow for 6% to 7% interest on USD terms for term deposits.

If these remain constant, then there may not be a significant drop in remittance. At the end of the day, people transfer money for their self interest. This does not make them patriotic necessarily.

 

[PakSword]

FATF requirements, no matter who is in government.

That's precisely the reason. But now I am seeing more and more people deciding to not invest in real estate. I don't know if it's because of the ongoing sentiment, but what I have gathered so far is the decrease in value of Pak Rupees.

Many overseas Pakistani invested in real estate in the past two years because there was a tax holiday type scheme introduced for the real estate investors. It was a golden opportunity for overseas Paks and in turn it helped Pakistan government as well. No one can explain the increase in remittances from 20B to 30B in a short period of 3 years.

Imagine constructing a property in Pakistan now for 18 million, and in just two months, you sell it for 18.5 million, while the dollar value is decreased from 180 to 190.. on 0.5 million, you pay transfer fees, tax (if you are a regular buyer and seller) and whatnot.. in the end, you find SBP creating hurdles in getting the money out of the country.. It's a loss making business now.

 

[Cookie Monster]

We the so called oversees 'non pakistani' still form the major portion of foreign exchange... just sayin.

Easy solution...overseas Pakistanis should stop sending money as much as possible...
...I understand that a lot of them send it back for their families...but try to cut that down to the bare minimum. Cutting off billions would make it tough for these looters to run the country especially with current economic situation, covid, inflation, etc.

 

[Wood]

Imagine constructing a property in Pakistan now for 18 million, and in just two months, you sell it for 18.5 million, while the dollar value is decreased from 180 to 190.. on 0.5 million, you pay transfer fees, tax (if you are a regular buyer and seller) and whatnot.. in the end, you find SBP creating hurdles in getting the money out of the country.. It's a loss making business now.

RE investments are typically long term holds. So this assumption for two month sale is unlikely to be true for most people. 10 year horizon is more likely

 

[PakSword]

Yes, I fully expect people to invest in RE. Indians also do that because when your currency drops, RE value does not catch up immediately. This allows expats to 'steal a deal'. But note that not all of this money circulates into the economy.

By next year, we will know if remittances come crashing as many of you hope for. My own guess about contributing reasons for spike in remittances to Pakistan during Imran's time is:

a) Drop in currency value (which is good for real estate investments)
b) Naya Pakistan certificates that allow for 6% to 7% interest on USD terms for term deposits.

If these remain constant, then there may not be a significant drop in remittance. At the end of the day, people transfer money for their self interest. This does not make them patriotic necessarily.

People didn't send money to prove their loyalty to the state in IK's government. However, he gave OPs a lot of concessions in business setups and construction. Naya Pakistan certificate was the cherry on the top.

PMLN has frozen foreign currency accounts in the past. So many people who invested in Roshan Digital Accounts are afraid that the government can do that again. I am also expecting the same.. because any government in limbo can't decide freely. IMF/ KSA/ UAE/ China.. all are watching the events very carefully. They are seeing IK's immense support and want to wait for another 1 year before the new government is announced after general elections.

That's why all the tours of this government have failed to attract any meaningful support from any country or IMF. On top, overseas are withdrawing money like anything from RDA.. and this will lead to freezing of the RDAs sooner than later..

Many overseas Pakistanis I know invested in Pakistan stock exchange as well.. even they are withdrawing their money. The result is what we have seen in the past one week.

The situation is extremely volatile. PMLN has made a mistake of its lifetime by accepting a government for just one year.. when the oil prices were very high.. and it was IK's masterstroke of giving subsidy on oil (I think he realized earlier than we think that he wouldn't remain in government). Now if government increases the price (that is one of the many conditions set by IMF), PMLN would lose further.

Pakistan people's party and Imran Khan, both have played really well. PPP has not taken any notable position in the government, although it could have asked for much more. The whole blame of this extremely difficult period would go on PMLN..

 

[VCheng]

People didn't send money to prove their loyalty to the state in IK's government. However, he gave OPs a lot of concessions in business setups and construction. Naya Pakistan certificate was the cherry on the top.

PMLN has frozen foreign currency accounts in the past. So many people who invested in Roshan Digital Accounts are afraid that the government can do that again. I am also expecting the same.. because any government in limbo can't decide freely. IMF/ KSA/ UAE/ China.. all are watching the events very carefully. They are seeing IK's immense support and want to wait for another 1 year before the new government is announced after general elections.

That's why all the tours of this government have failed to attract any meaningful support from any country or IMF. On top, overseas are withdrawing money like anything from RDA.. and this will lead to freezing of the RDAs sooner than later..

Many overseas Pakistanis I know invested in Pakistan stock exchange as well.. even they are withdrawing their money. The result is what we have seen in the past one week.

The situation is extremely volatile. PMLN has made a mistake of its lifetime by accepting a government for just one year.. when the oil prices were very high.. and it was IK's masterstroke of giving subsidy on oil (I think he realized earlier than we think that he wouldn't remain in government). Now if government increases the price (that is one of the many conditions set by IMF), PMLN would lose further.

Pakistan people's party and Imran Khan, both have played really well. PPP has not taken any notable position in the government, although it could have asked for much more. The whole blame of this extremely difficult period would go on PMLN..

The timing of the announcement for the next elections is hugely important.

 

[PakSword]

RE investments are typically long term holds. So this assumption for two month sale is unlikely to be true for most people. 10 year horizon is more likely

That's true if there is stability. When IK was there, and he was giving concession after concession, people wanted to hold.

Now anyone who is investing, he is asking this question first.. what if I have to sell it and take out the money in two months?

I talked to a property dealer just today.. he told me that he has pressure of selling than buying.. I was asking for a studio flat.. and in my opinion, the price was good because a Canadian Pakistani friend called me to tell me that he is selling his property on 10% discount of what he paid to the builder (that's extremely rare in Pakistani market as we often make at least 20% on builder's price).. the property dealer told me that he has 2 studios in the same building and he can give me on 20% if I transfer the money today.. and both sellers are from overseas.. so I don't have to send the money to Pakistan..

 

[ghazi52]

.,.,.,.

 

[ziaulislam]

Start with your own blood

Waiting for chatrool of this nation..
We should be fine
We get paid in dollars
Overseas pakistanis never voted in the past..nothing has/will changed for them

 

[Death Adder]

There has to be a mechanism regarding overseas Pakistanis voting rights.

I am not sure how British born Pakistanis can vote? Majority of them don’t even know their constituency. I know mine is near GHQ so it’s NA-55, they have to come up with solution, so i can cast my vote.

Secondly, as youthiayes are pretending that overseas Pakistanis are with IK that’s BS. In Europe, mostly Pakistanis are from central Punjab and they don’t like Niazi at all.

 

[ziaulislam]

Did anyone give them call to come out? They are out due to economic issues and people were also tired of PTI because of inflation. Even if PTI comes in power, Pakistan is in deep economic crisis and also water issue is becoming very serious.

The biggest issue is economic. What is happening in Sri Lanka can also happen during PTI govt.

Ishaq dar has a solution
The problem is exports
We need to kill.exports
More exports mean more problems
PTI exports went up 40%
We need PMLN who decreased it by 20%

 

[AZ1]

problem with sindhi and punjabi people mentality

corrupt hai?, siyasat mei chalta ha
ghairat hai?, wo kia hoti hai

baat khatm

 

[waz]

Secondly, as youthiayes are pretending that overseas Pakistanis are with IK that’s BS. In Europe, mostly Pakistanis are from central Punjab and they don’t like Niazi at all.

No they're not. The other European expat communities are tiny compared to the UK community. Most Pakistanis (1.2 million) from the UK are from Azad Kashmir where the sharif rule is hated. Imran's support is massive.

Of the 1.1 million British Pakistanis, more than one million originate from the part of Kashmir governed by Pakistan.

Kashmir tensions spill over to Britain’s Pakistani and Indian communities

The UK’s one million Kashmiris are feeling the repercussions of India’s shock move

www.theguardian.com

Seventy-five percent were from Pakistan administered Kashmir– Mirpur region and they were largely uneducated compared to Pakistanis who came from places like Lahore and Karachi who were educated.

BAME We're Not the Same: Pakistani

Exploring culture, identity and heritage

www.bbc.com

Also if you add up all the other expat communities in Europe they still can't equal the UK community in numbers.

 

[PakSword]

No they're not. The other European expat communities are tiny compared to the UK community. Most Pakistanis (1.2 million) from the UK are from Azad Kashmir where the sharif family is hated. Imran's support is massive.
Also if you add up all the other expat communities in Europe they still can't equal the UK community in numbers.

I am expecting special flights from overseas.. specially from the GCC during the next GEs. People are ready to travel for a couple of days..

PIA shouldn't miss this opportunity.

 

[tman786]

Some imbeciles are portraying the UK Pakistanis as Patwaris.

I have only met 2 patwaris in my entire circle of friends and family. We are talking hundreds of people. Vast majority are fiercely loyal to Khan and are very angry at the mafia parties. Even the elders are swearing at nawaz and zardari at functions. A few years ago I rarely heard support for khan from the elders. Things have changed massively.

Support is further evident in the thousands demonstrating every weekend outside Nawaz flat and also the largest donations to www.namanzoor.com is from UK.