Good Governance

Good Governance

The concept of "governance" is not new. It is as old as human civilization. Simply put "governance" means: the process of decision-making and the process by which decisions are implemented (or not implemented). Governance can be used in several contexts such as corporate governance, international governance, national governance and local governance.

Since governance is the process of decision-making and the process by which decisions are implemented, an analysis of governance focuses on the formal and informal actors involved in decision-making and implementing the decisions made and the formal and informal structures that have been set in place to arrive at and implement the decision.

Government is one of the actors in governance. Other actors involved in governance vary depending on the level of government that is under discussion. In rural areas, for example, other actors may include influential land lords, associations of peasant farmers, cooperatives, NGOs, research institutes, religious leaders, finance institutions political parties, the military etc. The situation in urban areas is much more complex. Figure 1 provides the interconnections between actors involved in urban governance. At the national level, in addition to the above actors, media, lobbyists, international donors, multi-national corporations, etc. may play a role in decision-making or in influencing the decision-making process.

Humanism

Humanism

The exact time when the term Humanism was first adopted is still unknown. It is,however, certain that its roots are somewhere in Italy. Before going to the function of humanism i'd like to discuss the confusions and controversies related to this term. 

Because of the variety of meanings, and unclear descriptions of authors and speakers it can easily become a source of confusion, so lets classify the varieties of humanism first.

1. Literary Humanism is a devotion to the humanities or literary culture. 
2. Renaissance Humanism which deals with the learning and the ability of human beings to determine for themselves truth and falsehood. 
3. Cultural Humanism is the rational and empirical tradition that originated largely in ancient Greece and Rome, evolved throughout European history, and now constitutes a basic part of the Western approach to science, political theory, ethics, and law. 
4. Philosphical Humanism is any outlook or way of life centered on human need and interest. Philosophical humanism is further catagorized as Christian humanism and Modern Humanism.(I'll discuss Philosophical humanism in detail first then the other varieties of Humanism)

Islamic Fundamentalism

Islamic Fundamentalism

I Introduction: 

Islamic Fundamentalism, diverse political and social movements in Muslim countries of North Africa, the Middle East, and South Asia, which have as their goal national government based on the principles and values of Islam. Although these movements all seek to restore social justice based on sharia (Islamic law), they differ in the form of government they seek and in how strictly they believe the government should interpret the law.

For many people in the West, the term “Islamic fundamentalism” evokes images of hostage crises, embassies under siege, hijackings, and suicide bombers. But these images hardly present a comprehensive picture. The ranks of Islamic fundamentalists include Muslims who provide much-needed services to the poor through Islamic schools, medical clinics, social welfare agencies, and other institutions. While some Islamic militants try to reach their goals through violence, the majority of Islamic activists work through political parties within the electoral process. At the fringes are those like Saudi-born millionaire Osama bin Laden and his al-Qaeda network that engage in a global war of terrorism.

The reassertion of Islam and Islamic values in Muslim politics and society over the past 30 years is often referred to in the West as the rise of Islamic fundamentalism. However, the word fundamentalism, which originated in Christianity, can be misleading when it is used to describe Islam or Muslim countries. The conservative monarchy of Saudi Arabia, the radical socialist state of Libya, and clerically governed Iran have all been described as “fundamentalist,” but this description fails to take into account vast differences in their governments and policies. Political analysts prefer to use the expressions “political Islam” or “Islamism” when discussing Islam’s many-faceted roles in current social and political movements.

Democracy

Democracy

Introduction:-

Democracy is a tender topic for a writer: like motherhood and apple pie it is not to be criticized. One will risk being roundly condemned if he, or she, points out the serious bottleneck that is presented when a community attempts, through the democratic process, to set plans for positive social action. A man is not permitted to hesitate about its merits, without the suspicion of being a friend to tyranny, that is, of being a foe to mankind? 
The notions of government and of democracy are independent notions and do not, from what I can see, depend on one another. What is likely required for the masses of people, as we see in "modern" world societies, is an established system of government. Where there is a need for an established system of government, it will likely naturally come about; and do so, whether, or not, it has the consent of the people, -- real or imagined. Putting aside, for the moment, the arguments of Hobbes and Locke, I believe, on the basis of plain historical fact, that governments come about naturally and maintain themselves naturally without the general will of the people; indeed, I believe, with many others I suspect, that our long established democratic governments in the world (the United States and Canada being among them) did not come about by the general will of the people, at all; nor is it necessary that it should it be maintained by the will of the people. One should not conclude, therefore, that democracy is necessary for good government: It may not be. What is necessary for optimum prosperity is a state of acquiescence, which, as it happens, is the hallmark of western democracies. It may be, that the only thing needed is but the trappings of democracy. 

Alleviating Poverty

Alleviating Poverty

POVERTY is simply a state of human ill-being and unacceptable human deprivation. Its concept extends from low levels of incomes and consumption to lack of education and poor health. Different people view poverty in different perspectives. The worst kind of poverty is when people do not have access to basic food and water to fulfil their basic physical needs, therefore they are undernourished, weak and very susceptible to diseases. Another kind of poverty is where people have adequate food but do not have access to other basic needs, i-e: water for sanitation, public health services, clothes and housing. Poverty is not so simple that limits itself to food, cloth and housing. It includes other social dimensions like powerlessness, insecurity, vulnerability, isolation and social exclusion. The poors suffer from stunted growth due to malnutrition, diseases like diarrhoea which result from unsafe drinking water; and low level of schooling. They are not supplied with basic amenities like clean water and a place to live. They have no protection under the law. They are the most vulnerable to crimes. They are deprived of every security that a government provides to its citizens. They have been totally excluded from our societies just as they are not one of us.

Democracy is the best form of Government

Democracy is the best form of Government

Democracy is the government of the people, by the people, for the people.
Abraham Lincoln

Democracy is a form of government under which the power to alter the laws and structures of government lies, ultimately, with the citizenry. Under such a system, legislative decisions are made by the people themselves or by representatives who act through the consent of the people, as enforced by elections and the rule of law. 

Democracy is a tender topic for a writer: like motherhood and apple pie it is not to be criticized. One will risk being roundly condemned if he, or she, points out the serious bottleneck that is presented when a community attempts, through the democratic process, to set plans for positive social action. A man is not permitted to hesitate about its merits, without the suspicion of being a friend to tyranny, that is, of being a foe to mankind? 

Love is Life and Life is Love

Love is Life and Life is Love

Since the day I was born, I've been on this long, mystical journey through life. I'm still only a teenager, and have many a year to go, but I know I have a purpose in this home we call Earth. What would be the point in living if we didn't have a purpose? I know I have many, but I don't know them all clearly. Only through living life will I learn my clear purpose of being here. 

Everyone's purpose is distinctly different yet the same in many ways. Some seem to be decided already, yet just as many could be free-will. We are given the gift of free will, from whomever or whatever has created our living system. This gift gives us the ability to share the main purpose in life, to love and be loved. To me, this life is learning how to love everyone for who they are, and not what you want them to be. I do my best to love everybody, even the ones who have trouble returning it. The reason behind this is because I know there is good in the deepness of everyone. Just looking deep into a babies eyes, I'm ensured there is no bad-heartedness in there. The reason I feel we as humans can become evil-hearted is because of our lack of love in society, and many contributing factors such as materialism and lust. 

Banker Customer Relationship

What is a Banker: 
According to Section 3(b) Negotiable Instruments Act (Amendment) 1962 a "Banker means a person transacting the business of accepting, for the purpose of lending or investment, of deposits of money from public, repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise and includes any Post Office Saving Bank".
Banker has been defined in almost the same terms in section 5(b) of Banking Companies Ordinance 1962.

In simple words we can say banker is one who:

1. Takes deposits of money from the people, 
2. Repays these deposits to the people according to agreed terms and conditions including on demand, and 
3. Lends and/or invests these deposits in profitable ventures.

Who Is a Customer. The term customer has not so far been defined in any banking law, however, some eminent writers on banking and jurists have tried to define it. Sir John Paget says: "To constitute a person being called a “customer” there must be some recognisable course or habit of dealing in the nature of regular banking business". The most important point, according to Sir John Paget, was the sufficiently long "duration" of relationship between the banker and a customer, but it was ruled off by the judgement of Mr. Justice Bailhache in the case of Ladbroke v/s Todd (1914) who observed "the relationship of banker and customer begins as soon as the first cash deposit is accepted or a cheque is paid in and accepted for collection and not merely when it is paid".

Banking Laws And Regulations

Law constitutes the principles and regulations established in a country by some authority, applicable to its people, whether in the form of legislation or of customs and practices recognized and enforced by judicial decision. It is the implementation of social order and justice created by adherence to such a system. The system of judicial administration puts the laws of a community into effect, e.g. all citizens are equal before the law.

The banking business flourishes on the support and confidence of public because they contribute to the capital and deposits of money in the banks. This confidence is strengthened as and when the people find that their interests are being looked after properly by the government and it’s authorized regulatory agencies.

Banks and bank accounts are regulated by Federal statutory law. Banks are established in Pakistan under the Banking Companies Ordinance 1962, regulated by SBP through Prudential Regulations, and Exchange Control Manual. Bank accounts may be established by private and state-owned banks (National Bank of Pakistan) and National Savings centres. All are regulated by the Federal laws. Cheques and related matters (bearer, order, crossing, protection to the bankers, etc) are governed under the Negotiable Instruments Act 1881.

State Bank of Pakistan Act, 1956

This extends to the whole of Pakistan. It shall come into force at once and except Section 46, shall be deemed to have taken effect on and from the twelfth day of May, 1948.
Definitions: the definitions as contained in the Act are given hereunder:
"Annual general meeting" means the annual meeting of the shareholders-of the Bank;
"Approved foreign exchange" means currencies declared as such by any notification under Sec19;
"The Bank" means the State Bank of Pakistan;
"Bank Notes" means notes made and issued by the Bank in accordance with Section 24 and include currency notes of the Government of Pakistan issued  by the Bank;
“Central Board" means the Central Board of Directors of the Bank;
"Co-operative Bank" means a society registered under the Co-operative Societies       Act, 1912, or any other law for the time being in force in Pakistan relating to       co- operative societies, the primary object of which is to provide financial       accommodation to its members;
"Debentures" includes participation term certificates;
"Director" means a Director for the time being of the Central Board;
 "General meeting" means the meeting of the share-holders ' of the Bank convened for       transacting such       business as may be specified in the notice convening the meeting;
"Governor" and "Deputy Governors" means respectively the Governor and Deputy      Governors of the Bank;
"Loans and advances" includes finances provided on the basis of participation in profit  and loss, mark up in price, leasing, hire-purchase of otherwise;
"Local Board" means a Local Board of Members;
"Member" means a Member for the Local Board;
"Rupee coin" means one-rupee coin and one-rupee notes which are legal tender in        Pakistan;
"Scheduled bank" means a bank for the time being included in the list of banks       maintained under sub-section (1) of Section 37;
"Securities" includes securities as defined in the Capital Issues (Continuance of       Control) Act, 1947 (XXIX of 1947);
"Shares" includes modaraba certificates.
 
Establishment and incorporation of the Bank: Sec 3:
As soon as may be after the commencement of this Act steps shall be taken to establish, in accordance with the provisions of this Act, a bank to be called the State Bank of Pakistan or Bank Dautat-e-Pakistan, for the purposes of taking over, as from the first day of July, 1948, the management of the currency from the Reserve Bank of India, and carrying on the business of Central Banking.

Banking Companies Ordinance, 1962

Ombudsman Defined:

• According to International Bar Association, Ombudsman is defined as an “office” provided by the constitution or by an action of the legislature or parliament and headed by an independent, high level public official which is responsible to the legislature or parliament, who receives complaints from the aggrieved person, official, and employees or who acts on his own motion and has the power to investigate, recommend corrective action and issue reports.
• A man who investigates complaints and mediates fair settlements, especially between aggrieved parties such as consumers or students and an institution or organization.
• A government official, especially in Scandinavian countries, who investigates citizens' complaints against the government or its functionaries.

Evolution
In the modern world, an ombudsman was first established in 1809 in Sweden. The word “ombudsman” is of Swedish origin and means “representative or agent” of the people. In 1919, more than a century after Sweden appointed an ombudsman, another Scandinavian country, Finland, adopted the Swedish model for the redressal of public grievances against agencies of state. The next country to follow was Denmark - this happened more recently in 1955. The first country outside Europe to establish such an office was New Zealand. This was in 1962 and generated tremendous global interest inspiring many countries, in search of good governance, to launch such schemes. Today, over 100 countries have such a platform in place. In 1995, the European Union established the first European Ombudsman under the Maastricht Treaty.

The Banks (Nationalization) Act, 1974

Nationalization of Banks 
We have gone through the evolutionary process of banking in Pakistan. We know that by June 30th 1948 the number of branches in Pakistan was only eighty one. However with the establishment of State Bank of Pakistan and efforts of the government, the number of schedule bank increased to 14 with 3323 branches all over Pakistan and also 74 branches in foreign countries by Dec 31st 1973. The commercial banks grew at tremendous speed and mobilized savings from the public and also contributed a lot in financing business and corporate sector. However it was considered that although banking sector was growing but the fruits of development were limited only to the urban population and corporate sector whereas most of the sectors, people and under develop regions were not getting due share. As such it was decided that banks should be nationalized.  For the implementation of this objective Nationalization Act 1974 was promulgated.

Objectives of Nationalization
The nationalization was carried out with a view to achieve the following objectives:
-- Disbursement of funds to the desired channels to achieve the priorities set out by the government for social welfare projects. 
-- Equitable distribution of credit to different classes, sectors and regions.

 Salient features of The Bank (Nationalization) Act, 1974
The Act extends to the whole of Pakistan. 
Act to override other laws.- This Act shall have effect not withstanding anything contained in any other law for the time being in force or in any agreement, contract, award memorandum or articles of association or other instrument.

Evolution of Banking

Historical Overview of Banking     
 Before we move on to evolution of banking in Pakistan, it would be quite interesting to have a glimpse of historical evolution of banking over a period of time.
 Today, we look around us chain of banks rendering host of services to their customers. These banks cater to the commercial and industrial needs of all countries which include die highly developed and industrialized countries, the less developed countries and the countries which are at the take-off stage. Thus there are the industrial banks, the commercial banks, the joint stock banks, the co-operative banks, the agricultural banks, rural development banks, lead banks and so many other types of banks and credit institutions which are functioning. They not only meet the requirements on a national basis, but also on an international basis and what may be called as an ever expanding advancement in banking. The Banks now-a-days are performing so many functions that it would not be a misnomer to suggest that they have become the custodian of the monetary economies of the world.  When we talk of great scientific developments and inventions, banking as it stands today is also a wonder of the world.

Financial Instruments & Banking Law & Practices

Financial Instruments
We have discussed financial system and financial institutions, now shall move on to financial instruments. Financial instruments are the vehicles by which financial markets channel funds from savers to borrowers and provide returns to savers. We shall discuss major instruments or securities, traded in the financial sys­tem. For convenience, we analyze money market and capital market instru­ments separately. Both money market and capital market assets are actively traded in financial markets.

Money Market Instruments
The short maturity of money market assets doesn't allow much time for their returns to vary. Therefore these instruments are safe investments for short-term surplus funds of households and firms. However, ill making investment decisions, savers must still consider the possibility of default—the chance that the borrower will be unable to repay the entire amount borrowed plus interest at maturity.

Financial System & Banking

Financial System
Complete and complex ever changing set of rules, regulations, procedures, practices policies, conducts; role of institutions (financial institution), Governments, Policy makers and central bank taken together may be called financial system.
 The financial system does have its impacts on individuals, businesses, corporations and governments alike. At times in your life, you will be a saver and at other times, you may be a borrower.  The financial system channels funds from savers to borrowers and makes it possible for both to achieve their objectives. When the financial system works efficiently, it leads to better health of the economy.

Purpose of the financial system
Most of us at one time or another may need more funds than you have on hand for one purpose or another.  At the same time, others spend Jess than their incomes.  Those who have surplus funds may be willing to let someone else use their savings if they are compensated for doing so.
The mismatch of income and spending for individuals and organizations / creates an opportunity to trade. The investor can use the funds saved by different classes of people. The investor would be better off by earning a profit from investing funds in a new venture and savers who have lent their money would be better off 'by receiving the return that the investor pays them for lending their funds.