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I don't think that this will affect remittance much. The month of April has seen an increase in remittance year over year. We will see if there is a precipitous decline as many here think it would. Electoral implications of overseas Pakistanis voting is bad for PDM. I've never seen a Pakistani in Canada who does not want to vote for Imran.Its not that smart. If overseas Pakistan start withdrawing their funds held in accounts in Pakistan it will cause a massive financial crisis. Pakistan has a lot of loan to pay in USD. If PKR goes down, those will become much harder to pay back. They import almost all of their medicines, edible oil, fuel etc. IF that 23 billion goes to 5 billion and money held in Pakistan is withdraw, soon enough Pakistani living in Pakistan will have to pay 50,000 PKR for a vial of insulin for instance. You see what happens when financial system of a country goes south, you can look at Sri Lanka. What is standing in between that fate and current situation in Pakistan are overseas Pakistani.
I salute them that during the pandemic year they remitted 17% more. The biggest increase in remittance of any nationality. These narrow political gains can be finally the straw that will break the proverbial camel's back.
I don't think that this will affect remittance much. The month of April has seen an increase in remittance year over year. We will see if there is a precipitous decline as many here think it would. Electoral implications of overseas Pakistanis voting is bad for PDM. I've never seen a Pakistani in Canada who does not want to vote for Imran.
Naya Pakistan certificates are term deposits. So I doubt if there will be a withdrawal soon. But there may be a drop in inflow because of uncertainty with new administration policy. My guess is that Shahbaz will keep the Naya Pakistan scheme and after a few slow months, investors will return with confidenceHas there been any noticeable drop in Roshan digital account in last one month ? Would have been reported if that was the case.
This saviour complex in overseas individuals is amusing. They invest because they get more ROI than what they get in their country of residence.
You DO know that India and Pakistan are NOT considered as "investment grade" or near non investment grade when it comes to debt. Also due to lax laws private properties do not enjoy as much protection as it does in say USA. Both countries have a serious risk profile when it comes to investment. So yes, RoI needs to be high and non-monetory returns (like dual citizenship) need to be present to entice investment. RoI is a function of RISK. India and Pakistan are MUCH MUCH riskier investments than say EFT. When a company comes and opens office in India, look at how much concessions they demand from cheap land to tax free 5 years or more. India and Pakistan have no problem in allowing that but cannot allow simple election and dual nationality to its OWN people! What a joke!This saviour complex in overseas individuals is amusing. They invest because they get more ROI than what they get in their country of residence.
It could be a fallout from Mumbai attack. That Richard Hedley guy visited on a US passport. He was either former or a dual citizen of Pakistan or possibly had ethnic ties.This is India's way of cutting ties that still keep Pakistan connected with the rest of the world. India forces all tech people of Pakistani background to provide a certificate which shows they have cancelled their Pakistani nationality before they issue visa to a dual national. Given their strength and presence in the IT sector when Pakistani expats in foreign countries need to travel to India for meetings/work - this is a requirement (the cancellation cert). What this ends up doing is it cuts more and more ties to Pakistan of some of the best national resources. This PML and PPP government just did this en mass - an Indian policy. Unbelievable.
You DO know that India and Pakistan are NOT considered as "investment grade" or near non investment grade when it comes to debt. Also due to lax laws private properties do not enjoy as much protection as it does in say USA. Both countries have a serious risk profile when it comes to investment. So yes, RoI needs to be high and non-monetory returns (like dual citizenship) need to be present to entice investment. RoI is a function of RISK. India and Pakistan are MUCH MUCH riskier investments than say EFT. When a company comes and opens office in India, look at how much concessions they demand from cheap land to tax free 5 years or more. India and Pakistan have no problem in allowing that but cannot allow simple election and dual nationality to its OWN people! What a joke!
Its nothing but petty political gains and jealousy of these beaurocrats and those who cannot achieve what they want in their life. That is the basis of all this. Why can most of Europe allow dual nationality but India can not? Why can Canada allow or US allow but India has trouble? What kind of snowflake India is?
Its NOT saviour complex. Its reality of both nations. By rejecting their daispora, they will only damage themselves. And lets face it, whats the objection to dual citizenship? Just stupid concepts like empty-"patriotism".
At the end of the day, its political manipulation nothing else. You increase risk profile of the investment by denying them voting rights or in case of India by denying them legitimate business right and citizenship right altogether, you loose the investments. Its that simple. No one does anyone any favours without return for too long. Patriotism does not fill the belly.
Indian diaspora sends much less money to India in form of remittance even though they have higher income and numbers is the proof of it. You keep your own people at arms length, they will return the favour. Pakistan is starting to do that, it will see the similar results in due time. That or IK returns to power to restore confidence of the diaspora.
Yes.. most likely. Remittances usually tend to go up during economic downturn. Let's see what happens.Naya Pakistan certificates are term deposits. So I doubt if there will be a withdrawal soon. But there may be a drop in inflow because of uncertainty with new administration policy. My guess is that Shahbaz will keep the Naya Pakistan scheme and after a few slow months, investors will return with confidence
The question is what is the reason behind it? What stops it? Whats so special about India? How is India SO VASTLY different than Pakistan in this matter? I can not see any reason other than simple and stupid ego and jealousy masquerading as security concerns. And honestly, if India did HALF of things right that west did, it would come out much better than what it is right now.Dual nationality is a big No in India. All across political spectrum. Voting rights for people having citizenship of another country is never going to happen. We do not need to follow western countries blindly.
Remittance will also not go up. A 50-100 billion extra investment and remittance can cover for India's chronic balance of payment issue. Actually, remittance to GDP ratio is NOT a proper metric. What is proper is remittance to export ratio. India's exports have been falling for quite sometime now. Increasing remittance and investment opportunities from diaspora can help cover that.As far as remittances are concerned, they are not going to decrease in absolute terms. Almost half of that comes from gulf. Remittances to GDP ratio is going down with every passing year which is a healthy sign. FDI already is similar to remittances.
Actually, in India, we do not have dual nationality yet massive amount of money has been stowed away by politicians in off shore accounts. It was a key Modi promise to bring it back. Sadly we all know how it goes. Not much returned to India.It is very key loophole that allowed politicians to loot and store aboard. This policy can put an end to this nonsense.
At its core, its nothing but petty political gains, ego and jealousy among certain parts of government. Current government in Pakistan knows ex-PM IK will gain from votes by overseas Pakistani so they will screw larger interest of the nation.I am fed up with all the BS about dual Nationality and holding of multiple Passports. It is as if the law makers and courts are unaware that anyone can get citizenship of UK, Canada, Australia, Turkey, EU, US etc., after investing a sum ranging from a few hundred thousands USD to a million and a half (USD 250k for Turkish Citizenship, USD 1.0 Million for Canada, 1.25 Million for Australia, 1.5 Million for UK etc.). For corrupt people, it is a piece of cake and they can acquire foreign Citizenship whenever they desire so why deprive the Pakistanis who worked hard to earn a 2nd Passport for their safety (consular protection) and ease (visa free travel / visa on arrival facilities) etc.?
Indian Patwari happy as usualSmart move by opposition. Imran Khan was wily and tried to tap into his overseas support base. But Imran and the opposition have similar politically motivated partisan motives in this case