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+--- Thread: FOREX SCAM OR NOT? (/thread-forex-scam-or-not)
FOREX SCAM OR NOT? - javed - 11-27-2008
A lot on the so called forex scam has been said but the whole thing looks to be very mysterious and purpose appears to be not that what is being tried to be painted. It can be understood from one angle. Each 15-20 minute Hanani and Javed Kalia are being shown hand cuffed similarly as was shown His Lordship Chief Justice Iftikhar Mohammad Choundhary being pulled from his hair by a police Constable but mouths both of authorities and all our âChannels Mirsâ are mysteriously tight lipped as no one has so far talked name of even a single person whose money Hanani and Kalia transferred out. These moneys naturally were not of any common man like me but of big politicians, bureaucrats and industrialists. However so far only one single comment to a point to ponder angle has appeared in The News of 12 November 2008 from Dr. Meekal Aziz Ahmed from Virginia. He has very rightly stated that this muscle flexing practically is going to have precisely the opposition effect to that which is intended. The second very meaningful thing Dr. Meekal Aziz said is that after all commercial banks too transfer money. For some this sentence may appear of no sense as for such people after all the banks are meant for transfer of moneys within and outside the country but Dr. Azizâs words are very meaningful and having myself lived abroad for about three decades I know what he says and how meaningful he is.
There is no time to repeat and keep repeating the naked principles that money like water flows where it finds better heavens etc and etc. The thing to be seen is that Hundi, Hawala or whatever one names it can never be stopped at all. After 9/11 about 5 years back the USA as it recently arranged a so called friends of Pakistan meeting arranged a universal meeting in UAE to discuss and combat the illegal transfer of money through Hawala or Hundi. It was officially declared and decided that Hawala/Hundi was perforce a necessary evil requirement hence it can not be stopped but it should be regularized. Thus Hundi/Hawala operators under this decision were allowed to keep operating and meeting the requirements eg of Pakistanis, Indians, Bangladeshis etc living UAE but to keep a Register to enter names of senders and recipients to deduct formal money laundering cases.
I do not remember the name of our then Interior Minister but do remember on a question he replied that Bara Markets can not be eliminated from Pakistan. Those having vision might have seen till a decade back Pakistanis coming from abroad used to come Pakistan with heavy baggage like Refrigerators this and that. But today weight of their arrival baggage while has considerably decreased it has vice versa increased while going out of Pakistan. Any CAA staff working at our airports can verify this. Thanks to our Customs, Coast Guards, border security personnel, home and interior divisions that with their blessings today everything foreign manufactured is available in our markets at much cheaper rates than abroad. For example a normal brand window AC if a Pakistani from Saudi Arabia brings with him it would cost him there at about Rs. 25,000 to Rs. 30,000 in Sales. Its freight by Sea plus customs, handling charges in Saudi Arabia and Pakistan, toll tax and installation would cost him not less than Rs. 13,000. The same smuggled AC in Pakistan can be got installed just at Rs. 20,000 at the most.
Dubai in this region is the main hub of commercial trade. Due to policies of the UAE/Dubai large volume of trade is done daily hence the prices naturally there are low. Whole day the boats in hundreds full of items like electronic good, cosmetics, cloth, species etc leave for Iran, Pakistan, India, Nigeria etc - under regular trade or as smuggled trade is not a matter here. 70% of imported items in our Bara Markets working under the right hand active blessing of our authorities come from Dubai directly touching Karachi and rest via borders of Afghanistan and Iran. The partner trader who send these items to Pakistan after all is to be paid in Dubai by the Pakistani partner importer. From where he would pay? Through banks? Certainly not. He would be paid through Hawala/Hundi system. Under this system a brother-in-trade say in Dubai will operate as Hundi Operator. He gets from Pakistanis there Dirhams and arranges immediate within an hour or two payment to their relatives in Pakistan which from our banking system is not possible for many reasons. Thousands and thousands do not have any bank accounts in Pakistan as there is no bank near their homes. These hundi operators give concessions to their customers. For example according to press sometime if a Pakistani does not get salary these Hundi Operators on loan send money to Pakistan. All these Dirhams thus collected there are paid to the Dubai exporter who had sent merchandise to Pakistan. From the sale of these smuggled items in Pakistan are thus paid in Pak Rupees the families of Pakistanis abroad. Likewise as through official channels not very large amounts can be exported out of Pakistan, same bara market system is used when politicians, bureaucracy, industrialists pay in Pak Rupees their extra hefty sums to these people and in return Dubi collected Dirhams are transferred to these senders accounts in USA/Europe etc. This is why no one wants to finish bara markets rather these are being encouraged even in small towns today. If bara markets are closed, major chunk of money transferring will stop. And this is also the reason no government has ever been and will ever be practically serious in giving these Overseas Pakistanis say a 5% extra profit on their remittances or savings in National Savings reason being this will encourage those Overseas Pakistanis to send through legal channels and keep their moneys in Pakistan which in return will drastically damage the hundi and smuggling which in fact is not desired.
When I was working abroad I do remember, as I heard, a Manager of a Pakistani Bank today privatized was then allegedly within his branch used to send Hundi and his counterpart Branches in Pakistan used to pay cash hundi remitted money. Long ago once named of Nila Gumband Branch Lahore of that bank came in press about this activity.
I am not highly qualified. I have never been to Europe but I understand traveling to European countries one can not keep with him more than a fixed amount of cash currency. Over that money can only be taken through Credit Card, Traveller Cheques etc. Are we financially more strong than Europe that we have allowed that anyone can bring any amount of currency from abroad and then take it out without any restriction. The real purposes of such schemes in fact are always other than what is tried the public to understand. I do remember when mid 80s Rs. 500 currency note was introduced, in the middle east market with foot path currency vendors crisp serial wise notes were immediately available while when I came on leave to Pakistan the same still my family had not see except a photograph in the newspapers. It is the same game crisp brand new 100 sheet packed currency notes are available with foot path currency vendors outside SBP Karachi, after standing in long queue by production of ID Card you and me can get only two.
- blaze45 - 06-29-2009
hi guyz plz help me to analys on this email that I've got ...is this an scam email?