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Passport Offices to Remain Open Until Midnight as Pakistan Expands Double Shift Service
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Passport Offices to Remain Open Until Midnight as Pakistan Expands Double Shift Service

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Citizens struggling to visit passport offices during conventional working hours have received a major relief as authorities have expanded service timings at eight major regional passport offices across Pakistan. Under the new double shift arrangement, the selected passport offices will remain operational from 8am until midnight. The policy officially came into effect on August 20 and is designed to give citizens substantially more time to apply for new passports, renew existing documents and complete other passport related formalities. The first shift will operate from 8am to 4pm, while the second shift will continue from 4pm until midnight. The move could prove particularly useful for employees, students, businesspeople and other citizens who cannot easily leave their workplaces or educational institutions during regular government office hours. Passport Offices Face Growing Pressure From Public Demand The decision to extend working hours comes at a time when government service centres across Pakistan continue to face pressure from large numbers of applicants. For many citizens, visiting a passport office is not simply a matter of finding an available day. Long queues, travel time, limited working hours and heavy crowds can turn a routine passport application or renewal into a time consuming process. The midnight service window could therefore provide an important outlet for people who previously had to take leave from work or rearrange their schedules to visit a passport office. However, extending working hours should not be viewed as a complete solution to the problems surrounding public service delivery. If the underlying issue is insufficient processing capacity, simply keeping passport offices open for longer may shift the congestion from daytime to evening rather than eliminate it. Will Longer Passport Office Hours Really Reduce the Rush The success of the new policy will ultimately depend on how effectively the additional eight hours are managed. Authorities will need to ensure that the second shift has adequate staff, functioning biometric systems, uninterrupted internet connectivity and sufficient administrative support. If citizens are given longer opening hours but encounter technical failures, staff shortages or slow processing, the promised relief could quickly lose its impact. The government should also monitor waiting times and application volumes separately for both shifts. This would provide a clearer picture of whether the midnight service is genuinely increasing processing capacity or merely distributing the same workload across a longer day. Another important question is whether the extended schedule will be available consistently. Citizens need predictable timings rather than temporary announcements that create uncertainty about when services are actually accessible. Passport Offices Could Set a New Standard for Public Services Despite these concerns, the double shift policy represents a significant change in how government services can be delivered. Government offices traditionally operate around fixed daytime schedules, even though a large portion of the population works during those same hours. Extending passport services until midnight acknowledges a basic reality: public services need to accommodate citizens rather than forcing every citizen to adjust their working life around government timings. If properly implemented, the initiative could reduce daytime congestion, improve access and make passport services more convenient for millions of people. The bigger test, however, will be implementation. Longer hours can create relief only when they are backed by sufficient manpower, technology and accountability. The midnight passport service should therefore be judged not by how late the doors remain open, but by how quickly and efficiently citizens can actually complete their applications. For now, the extended schedule gives citizens a valuable additional window to access passport services and could become a model for reforming other high demand government offices across Pakistan.

NBP Leadership Change: Rehmat Ali Hasnie’s Tenure Ends as Bank Prepares for New CEO
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NBP Leadership Change: Rehmat Ali Hasnie’s Tenure Ends as Bank Prepares for New CEO

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The leadership of National Bank of Pakistan is entering a critical transition phase as Rehmat Ali Hasnie’s tenure as President and Chief Executive Officer officially expires on August 21, 2026. According to the bank’s statement issued on Friday, Hasnie’s tenure has come to an end, marking a significant development for one of Pakistan’s most important financial institutions. The immediate focus will now shift toward the appointment of his successor and the direction the bank intends to take under new leadership. For NBP, this is more than a routine management transition. As a major state owned commercial bank, its leadership decisions can have implications for corporate governance, lending strategy, profitability, digital transformation and confidence across the banking sector. Why the NBP Leadership Change Matters The next President and CEO will inherit a bank operating in an increasingly competitive financial environment. Pakistan’s banking sector is facing pressure to improve efficiency, expand digital banking, manage credit risks and maintain profitability while responding to changing economic conditions. The NBP leadership change therefore creates an opportunity to assess whether the bank will pursue business as usual or use the transition to introduce a more aggressive reform agenda. The most important question is not simply who will become the next CEO. The bigger question is what the new leadership will be expected to deliver. NBP needs leadership capable of strengthening operational efficiency, improving customer services and accelerating technology adoption while maintaining strong risk management. Any appointment that fails to address these challenges could result in another leadership cycle without meaningful structural improvement. New NBP CEO Appointment Will Face Immediate Scrutiny The bank is expected to initiate the process for appointing a new President and CEO, with further details likely to be announced in due course. This process will attract considerable attention because leadership appointments at major state owned financial institutions are often judged not only on professional credentials but also on governance standards and transparency. A credible appointment process should therefore provide clarity about the qualifications, experience and strategic mandate expected from the incoming CEO. The market will also watch whether NBP prioritizes banking expertise, turnaround experience, technology capabilities or broader institutional management skills. In an era when banks are rapidly transforming their business models, selecting a leader based primarily on conventional credentials may not be enough. Leadership Transition Comes at a Critical Time for NBP The outgoing leadership leaves behind a bank that must continue balancing commercial objectives with its wider institutional responsibilities. The incoming CEO will need to establish priorities quickly. These could include improving service quality, strengthening digital channels, managing non performing loans, expanding profitable lending and improving shareholder value. There is also a broader governance issue that deserves attention. Leadership transitions at state owned institutions should not become prolonged periods of uncertainty. A transparent and timely appointment process would reduce speculation and allow the bank to move forward with a clear strategic direction. What to Watch After Hasnie’s Tenure Ends The immediate developments to watch are the formal appointment process, the identity of the new President and CEO and the strategic priorities announced by the incoming leadership. Investors, customers and employees will ultimately judge the NBP leadership change by its results rather than the announcement itself. The real test will be whether the next CEO can turn a leadership transition into a genuine institutional reset. If the appointment produces stronger governance, better customer services and improved financial performance, the change could become an important turning point for NBP. If it merely replaces one executive with another without addressing longstanding operational and governance challenges, the transition could prove far less significant than it initially appears. For now, Rehmat Ali Hasnie’s tenure has formally ended, and the spotlight is firmly on NBP’s next leadership decision.

Cherat Cement’s 4QFY26 Profit Falls 6% As Rising Costs Erase Pricing Gains
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Cherat Cement’s 4QFY26 Profit Falls 6% As Rising Costs Erase Pricing Gains

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Cherat Cement Company Limited (CHCC) reported a 6% year-on-year decline in profit after tax (PAT) to PKR 1.7 billion for the fourth quarter of FY2026, as rising input costs put significant pressure on profitability. Earnings per share (EPS) declined to PKR 8.94, compared with PKR 9.51 recorded in the same quarter last year. The results highlight the growing pressure on Pakistan’s cement manufacturers, where improvements in pricing and dispatch volumes are struggling to keep pace with rising production costs. Gross Margins Contract Sharply Cherat Cement’s gross margin fell considerably to 27.4% from 32.6% a year earlier. The decline came despite some positive developments in the company’s operating performance. Local cement dispatches increased 1.6% year-on-year, while retention prices improved by around 10%. Ordinarily, stronger pricing combined with modest volume growth would be expected to support margins. However, the improvement was more than offset by higher input costs. The magnitude of the margin decline was also greater than market expectations. Coal Prices Emerge As Major Pressure Point Higher coal prices appear to have been one of the biggest factors behind the margin compression. Coal costs increased approximately 23% year-on-year, significantly raising the company’s production expenses. A less favourable fuel mix may have added further pressure to the cost structure. While management has yet to provide complete clarity on the extent of the margin deterioration, the results indicate that the benefits from improved pricing were insufficient to absorb the increase in fuel and other production costs. Sales And Operating Profit Decline Cherat Cement’s net sales fell 9% year-on-year to PKR 8.9 billion during the quarter. Operating profit performed even worse, declining 28% year-on-year. The sharper decline in operating profit compared with sales reflects the significant impact of cost inflation on the company’s underlying profitability. The numbers suggest that the quarter’s weakness was primarily operational rather than the result of financing costs. Lower Finance Costs Provide Some Relief One positive factor was the reduction in finance costs. Cherat Cement’s finance expenses declined 26% year-on-year, helped by a major reduction in short-term borrowings. Short-term debt fell to just PKR 194 million, compared with PKR 2.7 billion a year earlier. This reduction provided some relief to the bottom line and helped offset part of the pressure created by weaker operating profitability. However, the improvement in financing expenses was not enough to compensate for the deterioration in gross and operating margins. Lower Tax Rate Supports Bottom Line Other charges also declined significantly during the quarter. In addition, the company recorded a lower effective tax rate of 27.5%, compared with 38.7% during the same period last year. The lower tax burden helped limit the decline in net profit. However, these factors represent secondary support for earnings and do not resolve the underlying issue of rising production costs. Full-Year FY26 Profit Declines 16% For the full financial year FY2026, Cherat Cement reported a 16% decline in profit after tax to PKR 7.3 billion. Gross profit declined by 14%, despite relatively stable full-year sales. The annual performance reinforces the pressure seen during the final quarter, with higher input costs weighing on profitability despite improvements in pricing and operating conditions. Final Dividend Takes Full-Year Payout To PKR5.5 Cherat Cement has announced a final cash dividend of PKR4 per share. This takes the company’s total FY26 dividend payout to PKR5.5 per share. The final payout was broadly in line with market expectations. While the dividend provides some support for shareholders, the distribution does not change the broader concern surrounding the company’s operating margins and earnings outlook. Solar And Battery Projects Could Reduce Energy Costs Cherat Cement is planning investments aimed at reducing its exposure to high energy costs. The company is expected to invest in a 5.4 MW solar project along with a 25 MW battery storage system. These projects could help reduce energy expenses and improve the company’s cost structure once they become operational. A shift toward grid power and a potential decline in coal prices are also viewed as possible positives for future profitability. Margin Recovery Still Depends On External Factors The outlook for Cherat Cement remains closely tied to developments in energy and commodity markets. A recovery in local demand and improved retention prices could provide support to revenues. However, the company remains exposed to several external risks, including coal price volatility, regional tensions and energy-market uncertainty. There is also execution risk associated with the planned solar and battery projects. Until these investments begin contributing to the cost structure, Cherat Cement may remain vulnerable to elevated energy expenses. Pricing Power Alone Is Not Enough Cherat Cement’s 4QFY26 results demonstrate the limitations of relying on pricing improvements when production costs are rising rapidly. Although local dispatches increased and retention prices improved, the 23% increase in coal prices contributed to a substantial deterioration in gross margins. The decline in operating profit further highlights the pressure on the company’s core business. Lower borrowing costs and a reduced tax burden helped protect earnings, but these benefits were not enough to prevent a decline in quarterly and full-year profitability. Cherat Cement Faces A Critical Margin Test Cherat Cement enters FY27 with potential positives from stronger domestic demand, pricing improvements and planned investments in renewable energy and battery storage. However, the recovery in profitability remains dependent on factors that are not entirely within the company’s control. A meaningful decline in coal prices, successful execution of its energy projects and sustained improvements in local cement demand will be important for restoring margins. Until then, the 4QFY26 results serve as a clear reminder that pricing gains alone cannot protect cement-sector profitability when input costs rise sharply.

Pakistan Korea CEPA Talks Gain Momentum as Seoul Conference Secures Six Business Deals
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Pakistan Korea CEPA Talks Gain Momentum as Seoul Conference Secures Six Business Deals

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Pakistan Korea CEPA negotiations have gained fresh commercial momentum after a major trade and investment conference in Seoul brought together more than 170 Pakistani and Korean businessmen and produced six Memoranda of Understanding between companies from both countries. The development is significant because the conference took place as Pakistan and the Republic of Korea prepare for the next phase of negotiations on a Comprehensive Economic Partnership Agreement. Pakistan Commerce Minister Jam Kamal Khan said the first round of negotiations had been successfully completed, with the second round expected soon. The proposed Pakistan Korea CEPA could eventually create wider market access for Pakistani exporters. However, the real test will not be the signing ceremony. It will be whether Pakistani companies can actually increase exports, secure long term Korean buyers and compete effectively in one of Asia’s most demanding markets. Six MOUs Put Pakistan Korea CEPA Under Commercial Pressure The Seoul conference resulted in six MOUs covering business areas including salt, cosmetics, oil and sesame seed trade. Pakistani companies from Sialkot, Gujranwala and other business chambers participated in the B2B sessions with Korean companies. These agreements are expected to provide a foundation for future commercial contracts. Yet an MOU should not be confused with confirmed investment or guaranteed export revenue. This is where Pakistan Korea CEPA faces an important credibility test. Pakistan has signed or announced numerous business agreements in the past, but many have struggled to translate into large scale commercial activity. The government and business organizations therefore need to publish follow up data showing how many of these six MOUs become actual purchase orders, investments or export contracts. Without such tracking, MOUs can easily become headline generating events rather than measurable economic outcomes. Pakistan Targets Textiles Leather IT and Agro Food Exports The conference highlighted Pakistan’s export potential in textiles and apparel, leather products, surgical and sports goods, agro food products, minerals and IT services. These sectors offer substantial opportunities in Korea, but opportunity alone will not guarantee market penetration. Pakistani exporters face intense competition from established Asian suppliers that already benefit from efficient logistics, consistent quality standards, advanced production systems and strong buyer relationships. The Pakistan Korea CEPA could help address some of these barriers by improving market access and creating clearer trade rules. Pakistani exporters, however, will still need to meet Korean standards, strengthen product branding and ensure reliable delivery. For Pakistan, this means CEPA negotiations should not focus only on tariff reductions. The agreement should also address non tariff barriers, certification requirements, customs procedures and practical access for smaller exporters. Korean Investors Need More Than Export Promises Officials from the Special Investment Facilitation Council and the Trade Development Authority of Pakistan briefed Korean participants about investment and export opportunities. The message is attractive, but Korean investors are likely to examine Pakistan’s business environment beyond promotional presentations. Regulatory predictability, energy costs, taxation, dispute resolution, infrastructure and foreign exchange conditions will remain critical factors in investment decisions. Pakistan therefore needs to convert trade conferences into a structured investor facilitation mechanism rather than treating them as isolated promotional events. The Pakistan Business Association of Korea and the Embassy of Pakistan in Seoul are expected to continue facilitating commercial engagement. A second conference is also planned for March 2027. Pakistan Korea CEPA Needs Results Not Just Announcements The Seoul conference is a positive signal for Pakistan Korea CEPA, but six MOUs should be viewed as an opening rather than a breakthrough. The real economic impact will depend on whether these agreements produce actual trade and investment. Pakistan also needs to identify high value Korean markets, prepare exporters for technical requirements and aggressively pursue sectors where Pakistani products can compete on quality and price. If the government can connect CEPA negotiations with measurable export targets and sustained private sector engagement, the agreement could become an important tool for expanding Pakistan’s presence in the Korean market. If not, the latest conference risks becoming another example of Pakistan generating impressive trade headlines without achieving equally impressive commercial results.

SECP Proposes New Insurance Rules With Strict Deadlines For Claim Settlement
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SECP Proposes New Insurance Rules With Strict Deadlines For Claim Settlement

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The Securities and Exchange Commission of Pakistan (SECP) has issued the draft Market Conduct Rules 2026 for insurance companies, proposing stricter timelines for claim processing and stronger protections for insurance consumers. The proposed rules, issued for public consultation, will apply specifically to individual insurance policies and introduce mandatory deadlines for insurers to process and settle claims. Under the draft framework, insurance companies would also face financial penalties for violating the proposed requirements. Insurance Claims To Face Mandatory Deadlines The draft rules set different deadlines depending on the type of insurance claim. Life insurance claims would have to be decided within 20 days of the insurer receiving all required documents. For motor insurance, companies would be required to decide claims within five days of receiving the survey report. Other non-life insurance claims would have to be decided within seven days of the survey. Once an insurance claim has been approved, the insurer would be required to make the payment within seven days. The SECP’s proposed timelines are intended to reduce delays and provide greater certainty to policyholders waiting for claim decisions and payments. Health Insurance Claims Get Stricter Protection The proposed rules also introduce specific requirements for health insurance claims involving hospitalisation. Hospitalised health insurance claims would have to be settled within 20 days. Insurance companies would also be required to provide approval for hospital discharge within three hours. Importantly, patients could not be prevented from leaving a hospital because of delays caused by an insurance company. The proposed requirement seeks to ensure that disputes or delays between hospitals and insurers do not unnecessarily keep patients admitted. Insurers Limited To Relevant Documents Under the draft rules, insurance companies would only be allowed to request documents that are relevant to the claim being processed. The proposed requirement is aimed at preventing unnecessary documentation from becoming a reason for delaying or rejecting claims. Insurers would also have to publish information on their websites showing the number of claims that have been settled, rejected and remain pending. The published information would also have to include the proportion of claims that have remained pending for more than one year. This requirement is expected to improve transparency and allow consumers to better assess the claims-handling performance of insurance companies. New Insurance Applications To Be Processed Quickly The draft Market Conduct Rules also propose deadlines for processing new insurance applications. Applications for new insurance policies would have to be processed within seven days. Life insurance policy documents would need to be issued within 20 days. For policies sold through digital channels, the proposed deadline would be significantly shorter, with documents required to be issued within three days. The shorter digital timeline reflects the growing use of online platforms for purchasing insurance products. New Rules Proposed For Motor Insurance The SECP has also proposed additional consumer protections for motor insurance policyholders. Insurance companies would be required to inform customers about the vehicle’s current market value and explain the implications of both over-insurance and under-insurance. The requirement could help customers better understand the level of coverage they are purchasing and the potential consequences when the insured value differs significantly from the vehicle’s actual market value. The draft rules also state that approved repairs under motor insurance claims should generally be completed within 15 days. This could help reduce lengthy repair delays for policyholders whose vehicles have been damaged in accidents. Right To Cancel Non-Life Policies Another proposed consumer protection would give non-life insurance policyholders the right to cancel their policies without providing a reason. The provision would give consumers greater flexibility after purchasing a policy and strengthen their ability to exit insurance arrangements where they no longer wish to continue coverage. The proposed framework broadly focuses on improving transparency, speeding up claims and reducing practices that can create unnecessary difficulties for policyholders. Insurers Could Face Rs1m Fine The SECP has proposed financial penalties for companies that violate the new rules. A violation could result in a fine of up to Rs1 million. For continued violations, insurers could face an additional penalty of up to Rs10,000 per day. The penalties are designed to encourage insurance companies to comply with the proposed deadlines and consumer-protection requirements. However, the rules are still in the consultation stage and could be amended before final approval. SECP Seeks Public Feedback The SECP has invited comments, suggestions and objections from the public and relevant stakeholders on the draft Market Conduct Rules 2026. Stakeholders have 30 days to submit their feedback. Following the consultation process, the proposed rules will be presented to the SECP Policy Board for consideration and approval. If approved, the framework would introduce a more structured set of obligations for insurers when dealing with individual policyholders. The proposed measures could particularly benefit consumers who face delays in claim decisions, payments, hospital discharge approvals or policy documentation.

International Steels Seeks Shareholder Approval To Exit Chinoy Engineering & Construction
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International Steels Seeks Shareholder Approval To Exit Chinoy Engineering & Construction

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International Steels Limited (ISL) has proposed selling its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited (CECL) for a total consideration of Rs350 million. The company’s Board of Directors, at a meeting held on August 19, 2026, recommended the disposal of 4,845,000 ordinary shares, each carrying a face value of Rs10, at a proposed price of Rs72.24 per share. The transaction will require shareholder approval at ISL’s 19th Annual General Meeting scheduled for October 5, 2026, along with the completion of applicable regulatory requirements. International Steels Plans Complete Stake Disposal The proposed transaction would allow International Steels to completely exit its investment in Chinoy Engineering & Construction. At Rs72.24 per share, the proposed sale of 4.845 million shares results in total proceeds of approximately Rs350 million. For ISL, the disposal could represent an effort to streamline its investment portfolio and focus capital and management attention on its core steel operations. The company could potentially use the proceeds to strengthen liquidity, support working capital or meet other corporate requirements. Limited Disclosure Raises Investor Questions While the proposed sale has been formally disclosed, the announcement leaves several important questions unanswered. One of the biggest gaps is the identity of the purchaser. Without knowing who will acquire ISL’s 17% holding, investors have limited visibility into whether the transaction is an independent arm’s-length sale or a transaction involving another entity within the broader Chinoy business network. The disclosure also provides limited information about the methodology used to determine the Rs72.24-per-share valuation. This makes it difficult for minority shareholders to independently assess whether the proposed consideration reflects the underlying value of CECL. Non-Core Exit Or Value Extraction? From a strategic perspective, selling a non-core investment can make sense for a listed company. International Steels operates primarily in the steel sector, while an engineering and construction investment may not form part of its central business strategy. The proposed Rs350 million proceeds could provide additional financial flexibility at a time when Pakistan’s industrial sector continues to face challenges related to energy costs, financing conditions, import pressures and overall business uncertainty. However, the circumstances surrounding the proposed disposal warrant closer scrutiny. Where group companies have overlapping ownership or business relationships, investors generally expect greater transparency around the transaction, particularly when the buyer and valuation process are not fully explained. Valuation Requires Greater Clarity The proposed price of Rs72.24 per share produces a precise total consideration of Rs350 million. However, the announcement does not provide sufficient information about how this price was established. Investors would benefit from greater clarity regarding the valuation basis, including whether the company obtained an independent valuation, fairness opinion or other assessment of CECL’s underlying worth. Such information would help shareholders determine whether the proposed price adequately reflects the value of the shares being sold. This becomes particularly important when minority shareholders are being asked to approve a transaction involving an investment in another private company. Minority Shareholder Protection In Focus Transactions involving companies with overlapping ownership structures typically attract greater attention from investors because of potential conflicts of interest. The key concern is whether the transaction is being conducted on commercially reasonable terms and whether all shareholders are being treated fairly. ISL will therefore need to provide sufficient information for shareholders to evaluate the transaction before voting at the October AGM. Greater disclosure regarding the buyer, valuation process and commercial rationale could help address concerns and improve investor confidence. What Will ISL Do With The Rs350 Million? Another issue that deserves attention is the intended use of the proceeds. The Rs350 million inflow could be used for working capital, debt management, investment in core operations or general corporate purposes. For shareholders, understanding how the proceeds will be deployed is important because the value of a divestment does not depend solely on the sale price. If the proceeds are redirected toward profitable core operations or balance-sheet strengthening, the transaction could potentially create value for ISL shareholders. If the funds are simply absorbed into routine expenses without improving financial performance, the strategic benefit could be less significant. Broader Corporate Governance Implications The proposed disposal highlights a wider governance issue affecting diversified business groups. Asset rationalisation can be a legitimate strategy when companies want to exit non-core investments. However, incomplete disclosures can make it difficult for investors to determine whether a transaction is genuinely strategic or primarily driven by internal group considerations. For listed companies, maintaining investor confidence requires more than meeting minimum disclosure requirements. Clear information about transaction counterparties, valuation methodology, related-party relationships and the use of proceeds can help investors make informed decisions. Shareholders To Decide In October The final decision now rests with ISL shareholders, subject to the necessary regulatory approvals. The October 5 AGM will provide shareholders with an opportunity to assess whether the proposed disposal is in the company’s best interests. Before the vote, investors will likely want more information about the purchaser, the valuation process and the strategic rationale behind the sale. Until those details become clearer, the proposed transaction remains a largely procedural announcement rather than a fully explained value-creation strategy. International Steels Must Address Transparency Concerns International Steels’ plan to sell its 17% stake in Chinoy Engineering & Construction for Rs350 million could allow the company to simplify its investment portfolio and concentrate on its core steel business. However, the limited disclosure surrounding the transaction raises legitimate questions about valuation, the identity of the buyer and potential group relationships. For minority shareholders, transparency will be crucial. Providing fuller details before the AGM would allow investors to determine whether the Rs350 million disposal represents sound capital allocation and genuine value realisation, or simply a convenient restructuring of assets within a wider corporate group. The transaction should ultimately be judged on whether it strengthens ISL’s financial position and serves the long-term interests of all shareholders.

Govt Abolishes Personal Baggage Scheme For Used Vehicle Imports
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Govt Abolishes Personal Baggage Scheme For Used Vehicle Imports

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The government has abolished the Personal Baggage Scheme for used vehicle imports after approval from the Economic Coordination Committee (ECC) and the federal cabinet, Commerce Minister Jam Kamal Khan told the National Assembly on Wednesday. The government has retained the Gift and Transfer of Residence schemes but introduced stricter conditions to prevent their use for commercial purposes. The changes were announced during the National Assembly’s Question Hour in response to questions from MNA Dr Shazia Sobia, who sought details about the decision to abolish the Personal Baggage Scheme and changes made to Pakistan’s used vehicle import policy. Stricter Rules For Gift, Transfer Schemes According to a written response from the Ministry of Commerce, vehicles imported under the remaining Gift and Transfer of Residence schemes must now comply with minimum safety, environmental and regulatory standards applicable to commercial imports of used vehicles. The government has also increased the interval for importing vehicles under these schemes from two years to three years. In addition, vehicles imported through the schemes will remain non-transferable for one year. The changes are aimed at ensuring that vehicle import schemes are used by genuine beneficiaries rather than for commercial trading. The ministry said the revised policy was developed following consultations with relevant stakeholders, including the Ministry of Overseas Pakistanis and Human Resource Development. Overseas Pakistanis Face New Stay Requirements The government has also increased the minimum stay-abroad requirement for beneficiaries of the schemes. Under the revised rules, applicants must have stayed abroad for at least three years, with a minimum of 850 cumulative days of stay. The requirement is applicable across the retained vehicle import schemes. Another condition has also been modified regarding the country from which a vehicle can be imported. The requirement that a vehicle must be imported from the same country where the sender resides will now apply only to the Transfer of Residence Scheme. The government has introduced these conditions to prevent individuals from using vehicle import schemes for purposes other than genuine personal use. Govt Targets Commercial Misuse The Commerce Ministry said the vehicle import schemes were originally introduced to facilitate overseas Pakistanis who wanted to bring vehicles into Pakistan for their personal use. However, authorities identified widespread misuse, particularly under the Personal Baggage Scheme. The scheme was allegedly being used for commercial purposes rather than genuine personal vehicle imports. The government subsequently amended the vehicle import policy through SRO 61(I)/2026 dated January 15, 2026. The abolition of the Personal Baggage Scheme represents the latest step in the government’s efforts to restrict the commercial exploitation of vehicle import concessions. The ministry said the revised framework was intended to ensure that the benefits of the schemes reached only bona fide beneficiaries. Vehicle Imports Could Decline The Ministry of Commerce said it was too early to determine the full impact of the revised policy on Pakistan’s overall vehicle imports. However, it acknowledged that vehicle imports could decline following the abolition of the Personal Baggage Scheme and the introduction of stricter requirements for the Gift and Transfer of Residence schemes. The impact will depend on how overseas Pakistanis respond to the revised requirements and how many potential importers continue to qualify under the remaining schemes. The changes could also affect the used vehicle market by reducing the number of vehicles entering Pakistan through personal import channels. No Duty-Free Vehicle Imports In Pakistan Separately, Finance Minister Muhammad Aurangzeb clarified that there is no provision allowing duty- and tax-free imports of cars or other vehicles anywhere in Pakistan. The finance minister provided the clarification in a written response to a question submitted by MNA Moin Aamer Pirzada. The question sought to establish whether any region of Pakistan allowed the import of vehicles without payment of applicable duties and taxes. Aurangzeb said there was no such provision, reinforcing the government’s position that vehicle imports remain subject to the applicable duties and taxes. The clarification is significant because discussions around special concessions and vehicle import schemes have often raised questions about whether certain regions or categories of importers receive exemptions from normal taxation. Policy Focuses On Genuine Personal Use The latest changes mark a significant tightening of Pakistan’s used vehicle import framework. By removing the Personal Baggage Scheme and imposing additional requirements on the remaining schemes, the government is seeking to distinguish genuine personal imports from commercial activity. For overseas Pakistanis, the new three-year interval, 850-day stay requirement and one-year non-transferability condition could make the import process more restrictive. At the same time, the government says the retained schemes will continue to facilitate overseas Pakistanis who meet the requirements and genuinely want to import vehicles for personal use. The policy could also reduce opportunities for businesses or individuals that previously relied on personal import schemes to bring used vehicles into Pakistan for resale.

Trump Threatens ‘Tremendous’ Economic Consequences For Countries Supporting Iran
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Trump Threatens ‘Tremendous’ Economic Consequences For Countries Supporting Iran

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US President Donald Trump on Wednesday announced a major new economic campaign against Iran, threatening “tremendous” consequences for countries, businesses and financial institutions that continue to provide economic support or services to Tehran. Trump said the campaign would amount to an unprecedented level of economic warfare and isolation as the US-Iran conflict approaches its sixth month, with the Strait of Hormuz still facing severe disruption and diplomatic efforts showing little sign of producing an immediate settlement. “Today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY!” Trump wrote on his Truth Social platform, describing the campaign as “Economic Warfare and Isolation on an unprecedented scale”. He warned that any country allowing its financial institutions, companies, airports or government bodies to provide what he called a “lifeline” to Iran would face severe economic consequences. Trump did not specify what measures Washington would impose on countries that violate the new policy and did not identify any country other than Iran. Trump Targets Iran’s Financial And Oil Networks Trump listed several activities that he said must stop, including oil smuggling, swap lines, cash transfers, exchange houses, ship registries and front companies. The announcement suggests that Washington intends to expand its efforts beyond sanctions directly targeting Iranian entities and increase pressure on international businesses and governments that facilitate Iran’s trade and financial transactions. The US Treasury has already been pursuing a sanctions campaign known as Operation Economic Fury, aimed at restricting Iran’s access to revenue and financial networks. Trump’s latest announcement could broaden that campaign by targeting third-country institutions and businesses that maintain economic links with Tehran. The move comes as the administration faces increasing pressure over the economic and military costs of the conflict. With the November elections approaching, the impact of the war on US consumers, energy markets and military resources could become an increasingly important domestic political issue. US Threatens Wider Economic Isolation US Treasury Secretary Scott Bessent said last week that Washington was preparing to intensify efforts to isolate Iran economically. Bessent described the strategy as part of a broader two-pronged campaign involving economic isolation and a US naval blockade. The US administration has argued that cutting Iran’s access to international revenue and trade would increase pressure on Tehran and weaken its ability to sustain the conflict. However, Iran has rejected the strategy and accused Washington of using economic pressure after failing to achieve its military objectives. Iranian Foreign Minister Abbas Araghchi said the US economic campaign was a diversion from America’s own economic problems. He warned that increasing pressure would not force Iran to surrender and argued that continuing what he called failed policies would deepen hostility toward the United States. Iran Rejects US Economic Pressure Iran has maintained a defiant position despite months of military and economic pressure. The conflict began on February 28, when US and Israeli forces launched attacks against Iran. Tehran responded with missile and drone strikes targeting locations across the region. The fighting has disrupted regional trade and significantly reduced shipping activity through the Strait of Hormuz, one of the world’s most important energy routes. Iran’s ability to threaten shipping through the strategic waterway has become a major source of leverage during the conflict. The Strait of Hormuz normally carries a significant portion of global oil shipments, making prolonged disruption a major concern for energy-importing countries. Strait Of Hormuz Remains Choked The latest economic escalation comes as the Strait of Hormuz remains significantly restricted. A framework for a US-Iran agreement aimed at reopening the waterway collapsed, while both sides have continued exchanging conflicting messages over possible negotiations. Trump said earlier on Wednesday that US military efforts were helping ships navigate through the strait and claimed that “a lot of boats are coming through”. According to reports, US forces have been facilitating the movement of around 15 to 20 ships each night, although the traffic represents only about half the daily oil shipment volume seen before the war. The reduced flow through the waterway has continued to raise concerns about global energy supplies and shipping costs. Trump Calls For Allies To Isolate Iran Trump has called on US allies to support Washington’s strategy. “We need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat,” he said. The statement comes after the United Arab Emirates announced that it was suspending economic dealings with Iran following an incident involving ballistic missiles. The UAE has historically maintained significant economic and cultural ties with Iran and has been an important trading partner for the country despite longstanding US sanctions. A broader campaign against countries conducting business with Iran could therefore have consequences well beyond Tehran. Companies involved in shipping, banking, energy trading and other international commercial activities could face increased compliance risks if Washington expands secondary sanctions or other economic penalties. Economic Pressure Could Affect Global Markets The intensified US campaign could also increase uncertainty across global energy and financial markets. Any further restrictions on Iranian oil exports could tighten global crude supplies, particularly if the Strait of Hormuz remains partially blocked. Higher oil prices could increase transportation and manufacturing costs in countries that rely heavily on imported energy. For Pakistan and other energy-importing economies, prolonged disruption in the Gulf could also raise fuel import bills and increase pressure on foreign exchange reserves. The conflict has already forced several countries to reconsider their energy supply routes and dependence on Gulf shipping corridors. Trump’s latest announcement indicates that Washington is preparing to widen the economic dimension of the conflict rather than relying solely on military pressure. Iran, meanwhile, has shown no indication that it intends to accept the US demands. With military operations continuing, shipping through the Strait of Hormuz constrained and diplomatic channels uncertain, the new US economic campaign could further escalate tensions and increase the international economic consequences of the conflict.

NDMS Dredging Operations Begin at Karachi Port, New Landmark in Maritime Trade Pakistan has taken a potentially important step toward strengthening its maritime economy as NDMS dredging operations officially begin at Karachi Port. The initiative is designed to maintain the required depth of the port's navigation channels and improve access for larger commercial vessels. The development comes at a time when Pakistan is seeking to increase port activity, attract international shipping and reduce the cost of maritime trade. However, the real economic impact of the project will depend on whether the new national dredging capability can deliver consistent performance, competitive costs and timely maintenance. The National Dredging and Marine Services, or NDMS, is a joint venture involving the National Logistics Corporation, Karachi Port, Port Qasim and Gwadar Port. Its establishment follows recommendations from the Prime Minister's Task Force on Maritime Reforms, with the broader objective of developing domestic capacity in dredging and marine services. Karachi Port Dredging Could Open the Door to Larger Ships Under the new project, NDMS will conduct dredging in the Karachi Harbour Approach Channel, Tipu Sultan Channel and South Wharf Basin. Dredging is critical for a commercial port because sediment accumulation can gradually reduce the depth of navigation channels. If channels become too shallow, larger vessels may face restrictions, forcing them to reduce their cargo loads or use alternative ports. The authorities believe that maintaining adequate channel depth at Karachi Port will enable larger ships to reach the port more efficiently. This could increase cargo-handling capacity and potentially strengthen Karachi's position as a major regional trade gateway. The economic argument is significant. More efficient access for larger vessels could reduce shipping inefficiencies, support higher cargo volumes and help Pakistan conserve foreign exchange by developing greater domestic capability in a strategically important maritime service. NDMS Dredging Operations Already Expanded to Port Qasim The Karachi Port project is not NDMS's first operational assignment. The organization reportedly began dredging at Port Qasim in May this year. The expansion to Karachi Port therefore signals an attempt to move beyond the traditional dependence on external contractors for specialized dredging work. If NDMS successfully develops sufficient technical expertise, equipment and operational capacity, Pakistan could eventually retain more maritime service expenditure within the country. But this is also where the government's claims deserve closer scrutiny. Establishing a national dredging company is only the first step. The bigger question is whether NDMS can compete with established international dredging companies on cost, technology, efficiency and project delivery. Without transparent performance benchmarks, savings and operational improvements cannot simply be assumed. Why Karachi Port Dredging Matters for Pakistan's Trade The formal launch ceremony for the Karachi project also included the signing of a dredging agreement between NDMS and the Karachi Port Trust. The project's immediate objective is straightforward: maintain the required depth of Karachi Port's maritime routes. Its wider implications, however, could extend across Pakistan's logistics and trade sectors. A deeper and properly maintained navigation channel can improve the port's ability to handle larger vessels. Greater vessel capacity can support higher cargo volumes and potentially improve the economics of importing and exporting goods. For Pakistan, where maritime trade carries a substantial share of international commerce, even modest improvements in port efficiency can have consequences for businesses, consumers and foreign exchange flows. The Missing Numbers Behind the Maritime Ambition The launch of NDMS dredging operations is being presented as a major achievement for Pakistan's maritime sector, but the government and port authorities should provide more measurable information. How much will the project cost? How much foreign exchange is expected to be saved? What additional vessel capacity will Karachi Port gain? What is the targeted dredging volume and completion timeline? Most importantly, how will NDMS performance be measured against international contractors? These questions matter because maritime infrastructure projects can consume substantial public resources. A national capability should not be judged merely by its establishment. It should be judged by whether it delivers cheaper, faster and more reliable services. If NDMS can meet these benchmarks, Karachi Port's dredging project could become an important foundation for a stronger domestic maritime services industry. If not, the initiative risks becoming another institutional expansion without delivering the efficiency gains Pakistan's trade sector urgently needs. NDMS Dredging Operations Could Strengthen Pakistan's Maritime Future The beginning of dredging at Karachi Port is nevertheless a significant development. Combined with the earlier operation at Port Qasim, it indicates that Pakistan is attempting to build domestic expertise in a sector that directly affects port efficiency and international trade. The real test begins now. Successful NDMS dredging operations could improve vessel access, support larger ships, increase port activity and reduce reliance on foreign service providers. For Pakistan's maritime economy, the opportunity is substantial. But turning that opportunity into measurable economic gains will require transparency, professional management, modern equipment and strict performance accountability. Focus Keyword: NDMS dredging operations Meta Description: NDMS dredging operations have started at Karachi Port, aiming to deepen navigation channels, attract larger ships, increase trade and reduce Pakistan's dependence on foreign dredging services. Tags/Keywords: NDMS dredging operations, Karachi Port dredging, National Dredging and Marine Services, Karachi Port, Pakistan maritime economy, Pakistan ports, maritime reforms Pakistan, Port Qasim dredging, Karachi Harbour, shipping industry Pakistan, maritime trade Pakistan, port infrastructure Pakistan, NLC Pakistan, Gwadar Port, Pakistan logistics
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NDMS Dredging Operations Begin at Karachi Port, New Landmark in Maritime Trade

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Pakistan has taken a potentially important step toward strengthening its maritime economy as NDMS dredging operations officially begin at Karachi Port. The initiative is designed to maintain the required depth of the port’s navigation channels and improve access for larger commercial vessels. The development comes at a time when Pakistan is seeking to increase port activity, attract international shipping and reduce the cost of maritime trade. However, the real economic impact of the project will depend on whether the new national dredging capability can deliver consistent performance, competitive costs and timely maintenance. The National Dredging and Marine Services, or NDMS, is a joint venture involving the National Logistics Corporation, Karachi Port, Port Qasim and Gwadar Port. Its establishment follows recommendations from the Prime Minister’s Task Force on Maritime Reforms, with the broader objective of developing domestic capacity in dredging and marine services. Karachi Port Dredging Could Open the Door to Larger Ships Under the new project, NDMS will conduct dredging in the Karachi Harbour Approach Channel, Tipu Sultan Channel and South Wharf Basin. Dredging is critical for a commercial port because sediment accumulation can gradually reduce the depth of navigation channels. If channels become too shallow, larger vessels may face restrictions, forcing them to reduce their cargo loads or use alternative ports. The authorities believe that maintaining adequate channel depth at Karachi Port will enable larger ships to reach the port more efficiently. This could increase cargo-handling capacity and potentially strengthen Karachi’s position as a major regional trade gateway. The economic argument is significant. More efficient access for larger vessels could reduce shipping inefficiencies, support higher cargo volumes and help Pakistan conserve foreign exchange by developing greater domestic capability in a strategically important maritime service. NDMS Dredging Operations Already Expanded to Port Qasim The Karachi Port project is not NDMS’s first operational assignment. The organization reportedly began dredging at Port Qasim in May this year. The expansion to Karachi Port therefore signals an attempt to move beyond the traditional dependence on external contractors for specialized dredging work. If NDMS successfully develops sufficient technical expertise, equipment and operational capacity, Pakistan could eventually retain more maritime service expenditure within the country. But this is also where the government’s claims deserve closer scrutiny. Establishing a national dredging company is only the first step. The bigger question is whether NDMS can compete with established international dredging companies on cost, technology, efficiency and project delivery. Without transparent performance benchmarks, savings and operational improvements cannot simply be assumed. Why Karachi Port Dredging Matters for Pakistan’s Trade The formal launch ceremony for the Karachi project also included the signing of a dredging agreement between NDMS and the Karachi Port Trust. The project’s immediate objective is straightforward: maintain the required depth of Karachi Port’s maritime routes. Its wider implications, however, could extend across Pakistan’s logistics and trade sectors. A deeper and properly maintained navigation channel can improve the port’s ability to handle larger vessels. Greater vessel capacity can support higher cargo volumes and potentially improve the economics of importing and exporting goods. For Pakistan, where maritime trade carries a substantial share of international commerce, even modest improvements in port efficiency can have consequences for businesses, consumers and foreign exchange flows. The Missing Numbers Behind the Maritime Ambition The launch of NDMS dredging operations is being presented as a major achievement for Pakistan’s maritime sector, but the government and port authorities should provide more measurable information. How much will the project cost? How much foreign exchange is expected to be saved? What additional vessel capacity will Karachi Port gain? What is the targeted dredging volume and completion timeline? Most importantly, how will NDMS performance be measured against international contractors? These questions matter because maritime infrastructure projects can consume substantial public resources. A national capability should not be judged merely by its establishment. It should be judged by whether it delivers cheaper, faster and more reliable services. If NDMS can meet these benchmarks, Karachi Port’s dredging project could become an important foundation for a stronger domestic maritime services industry. If not, the initiative risks becoming another institutional expansion without delivering the efficiency gains Pakistan’s trade sector urgently needs. NDMS Dredging Operations Could Strengthen Pakistan’s Maritime Future The beginning of dredging at Karachi Port is nevertheless a significant development. Combined with the earlier operation at Port Qasim, it indicates that Pakistan is attempting to build domestic expertise in a sector that directly affects port efficiency and international trade. The real test begins now. Successful NDMS dredging operations could improve vessel access, support larger ships, increase port activity and reduce reliance on foreign service providers. For Pakistan’s maritime economy, the opportunity is substantial. But turning that opportunity into measurable economic gains will require transparency, professional management, modern equipment and strict performance accountability.

Indian Aircraft To Remain Barred From Pakistan Airspace Until September 24
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Indian Aircraft To Remain Barred From Pakistan Airspace Until September 24

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Pakistan has extended its airspace ban on Indian aircraft until September 24, keeping restrictions in place for Indian-registered aircraft and planes operated or leased by Indian airlines and operators, including military flights. The Pakistan Airports Authority (PAA) issued a Notice to Airmen (Notam) early Wednesday announcing the extension. The previous restriction was scheduled to expire on August 23. According to the latest Notam, Pakistan’s airspace will remain unavailable to Indian-registered aircraft and aircraft operated or leased by Indian airlines and operators until 4:59am on September 24. The extension took effect from August 23 at 10:15am, according to the aviation authority’s notice. Ban Applies To Indian Civil And Military Aircraft The restriction covers Indian-registered aircraft as well as aircraft operated or leased by Indian airlines and operators. The ban also applies to Indian military flights, maintaining the broad scope of the restrictions that Pakistan introduced after relations with India deteriorated in April 2025. Pakistan’s airspace is divided into two Flight Information Regions (FIRs), namely Karachi and Lahore. The latest Notam applies to both the Karachi FIR (OPKR) and Lahore FIR (OPLR), meaning the restriction covers the country’s two designated flight information regions. The extension means Indian airlines and operators will continue to face restrictions on using Pakistani airspace for flights during the specified period. Pakistan, India Airspace Restrictions Continue Pakistan and India initially closed their airspace to each other’s airlines in late April 2025, following a sharp deterioration in bilateral relations after the deadly Pahalgam attack in Indian-occupied Kashmir. On April 24, Pakistan announced several measures against India, including the closure of its airspace to all India-owned or Indian-operated airlines. The decision came after New Delhi announced a series of measures against Pakistan following the attack, including suspending the Indus Waters Treaty and closing the Attari border crossing. Pakistan subsequently extended its airspace restrictions several times as tensions between the two nuclear-armed neighbours remained high. The latest extension indicates that the aviation restrictions will continue despite the passage of more than a year since the original measures were introduced. Pahalgam Attack Triggered Diplomatic Crisis The airspace restrictions were introduced amid a major diplomatic and military crisis between Pakistan and India following the Pahalgam attack in April 2025. The attack killed at least 24 people and triggered a sharp escalation in relations between the two countries. India accused Pakistan of supporting the attack, a claim Islamabad strongly rejected. Pakistan denied any involvement and offered to participate in a neutral and transparent investigation into the incident. The allegations nevertheless triggered a series of retaliatory diplomatic and economic measures, further worsening relations between the neighbouring countries. The situation subsequently escalated into direct military confrontation. Pakistan-India Conflict Escalated In May The tensions eventually developed into a major military confrontation in May 2025. Pakistan and India engaged in one of their most serious air confrontations in years, with both sides making competing claims about the outcome. Pakistan said its armed forces had shot down seven Indian fighter jets during the conflict. India disputed Pakistan’s claims and maintained its own account of the military engagement. The confrontation ended with a ceasefire following international diplomatic efforts, including intervention by the United States. However, the ceasefire did not lead to a full restoration of normal bilateral relations. Airspace restrictions have remained among the measures continuing to affect travel and aviation links between the two countries. Impact On Regional Aviation The continued closure of Pakistani airspace to Indian aircraft can also affect airline operations and flight planning across the region. Pakistan occupies a strategically important geographical position between South Asia, Central Asia, the Middle East and Europe. Airlines using routes across the region may have to adjust flight paths depending on applicable restrictions. For Indian airlines, continued restrictions can mean longer alternative routes on certain international services, potentially increasing flight times, fuel consumption and operating costs. The broader impact depends on individual flight routes and available alternative air corridors. The restrictions also underline the continuing effects of political tensions on regional aviation. Airspace Ban Signals Continuing Tensions The latest extension comes despite the absence of the intense military confrontation witnessed in May 2025. The continued restrictions indicate that Pakistan’s aviation measures remain linked to the broader security and diplomatic situation between the two countries. Neither side has fully restored the normal level of bilateral relations that existed before the Pahalgam attack. Pakistan’s decision to extend the ban means Indian airlines, operators and military aircraft will remain barred from the country’s airspace through September 24 unless the restriction is withdrawn or modified before that date. The development highlights how the consequences of the 2025 Pakistan-India crisis continue to affect aviation more than a year after the initial escalation. With the latest Notam covering both Karachi and Lahore flight information regions, Indian aircraft will continue to face restrictions across Pakistan’s airspace while the bilateral dispute remains unresolved.

The Boardroom PK delivers trusted business news, analysis, and insights from Pakistan and beyond, keeping readers informed, inspired, and ahead in the evolving world of business and leadership.

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