Pakistan’s economic crisis will deepen if dual nationality holders are allowed to contest elections for our parliament. The right to represent is different from the right to vote. Those who seek to contest elections should renounce their oaths of allegiance to foreign countries and pledge to live in the constituencies that they desire to represent.
Almost 90 percent of foreign remittances are sent by those Pakistani expatriates who do not hold, or cannot possess foreign nationality where they reside on work visas such, as in Middle East, Gulf states, Far East and other countries. Those Pakistani residents working in these countries who hold any foreign nationality remit their savings to the countries whose passport they hold. Bulk of $15 Billion foreign remittances sent through normal banking channels to Pakistan are rerouted by corruption dominated mafia in the civil, khaki bureaucracy, or the political elite and our traders who hold dual nationalities themselves, or either their children hold them.
Foreign currency smuggling racket is dominated by professional careers working for Hundi traders or PIA and shipping crew members holding dual nationalities. The money send through Hundi from Gulf or the Middle East is another channel used by this mafia to transfer their ill-gotten money to foreign countries whose nationality or immigration they hold. Money is paid to families of Pakistani expatriates in Pakistan at more attractive rates than offered by banks, while savings of these expatriates are sent to bank accounts of dual nationality holders.
As long as Pakistan does not restrict the political or bureaucratic power wielded by these dual nationality holders occupying senior positions in our bureaucracy and state owned corporations, laws will be framed and policies deliberately drafted to keep loopholes for flight of capital from Pakistan. The ministry of finance and State Bank are dominated by this mafia, which should explain cumbersome procedures, unattractive exchange rates and long delays that still exist for our expatriates eager to remit their savings to families in Pakistan.
RIAZ CHAUDHRY
Dubai
It is the corrupt dual nationality holders within our top civil bureaucracy, uniformed services, political elite which are involved in massive flight of capital from Pakistan; selling all their properties, including plots alloted by state and shifting all these assets through Hundi etc to foreign bank accounts. Hardly any dual nationality holder remits his money to Pakistan. Our nuclear assets will now come under direct control of men who have pledged their loyalty to USA, or UK or Canada if dual nationality holders are allowed to contest elections.
Comments are closed.