Pakistan’s finance minister Shaukat Tareen has stepped down from his post sending shock waves in the market and adding new dimension to the country’s economy, which is still struggling from highly unstable conditions.

Tareen revealed to media on Tuesday that he has submitted his resignation while the Prime Minister’s House announced that it has been accepted. Tareen cited “personal reasons’ saying he was responding to speculations of conflict of interest. He owns the Silk Bank while chairing the formulation and executing policies that impact on financial sector in the country.

I have resigned and sent my resignation to Prime Minister Yousaf Raza Gilani,” Tareen told various TV channels on Tuesday. The Prime Minister House also announced that the resignation has been accepted.

“I have always tried to uphold principles and my decision to step down is also motivated by principles,” Tareen said adding: “I now want to focus on my business.”

Sources say the outgoing finance minister advanced his move to step down after an interesting episode on Monday during a news conference jointly addressed by Prime Minister Yousaf Raza Gilani and PML-N chief Nawaz Sharif after their breakfast meeting at latter’s residence in Lahore.

Just before the start of the news conference Gilani was heard gleefully whispering to Tareen’s predecessor and PML-N leader Senator Ishaq Dar that “Shaukat Tareen is on way out”. The Prime Minister did not know that the speakers were on and the media heard his whisper.

Tarin’s resignation is not expected to destabilise the government but international donors will be keen to see a credible figure replacing him. In his resignation Tarin offered to extend his services and advice to the government when necessary.

Prime Minister Gilani said in order to ensure the continuity of policies, the government would like to acquire Tarin’s services in the National Economic Advisory Council.

Pakistani stocks fell on the news as well as on confirmation of a 10 per cent capital gains tax that will soon be applied to the purchase of shares, dealers said.

“Tarin knows and understands the market well and there’s a bit of uncertainty about who will replace him,” said Sajid Bhanji, a dealer at brokers Arif Habib Ltd.

Tareen took over as finance adviser after Ihaq Dar resigned in August 2008 due ton differences between his PML-N and President Asif Zardari over the question of restoration of deposed judges. He was later elected senator and upgraded as full minister for finance. 

Islamabad, February 23
A few Pakistani Hindus, who have made the federal capital their home, will miss splashing colours at each other as they brace up for a quiet Holi.

Many Hindus, most of whom are businessmen from Sindh province, have taken on Muslim names and lead rather discreet lives here.

“We have two Eids, too. One is Diwali, the other is Holi. We celebrate both the festivals in Karachi,” said Kumar, who runs the popular Maharani Handicraft shop in Super Market.

It is not that Kumar or any of his brethren are harassed by the majority Muslim community, yet they like to lie low.

“No one has ever threatened us. But we don’t let people know that we are not Muslims,” said Kumar, who greeted this reporter in his shop with 'As-salam-alaikum.

“The Holi colours are available at Aabpara. If somebody wants, they can play at home or they can go to a temple in Rawalpindi where they play Holi each year.”

The best handicraft shops in Super and Jinnah Super - Islamabad's two most popular markets - are owned by Kumar's relatives or fellow Sindhis from Karachi.

Girish, owner of another famous handicraft shop in Super market, has two names - one, a Muslim name which he gives out to customers and the other, his real name which he reveals to those whom he can trust.

Girish broke the rules last Holi by organising a get-together for his friends in Super. They splashed ‘gulal’ outside his shop, but this year no celebrations have been planned.

Unfortunately, the other ‘Eid’ that Kumar spoke about - Diwali - too is not celebrated in Islamabad. “We usually go home (to Sindh) for Diwali. But for the past couple of years, we haven't been able to do that because Ramzan and Diwali come around at the same time. That is peak business time for us and we cannot shut shop,” Kumar said.

Crackers are not sold in Islamabad for security reasons, and in a one-off incident, Kumar’s friend who burst a cracker in a market a year ago was arrested. “He was released after we convinced the policemen that the cracker was burst to celebrate Diwali,” he said.

Another handicrafts shop is owned by a medical doctor. “We are seven brothers, we are all doctors. As there is not much money in practising medicine, we are all doing business,” he said while handing out his visiting card. Since most Westerners have either left or do not visit market places anymore, business has been unusually down for them. Most Hindus are dressed in pant-shirt as opposed to the traditional shalwar-kurtas that most Pakistanis wear. At Indus, a shop at Jinnah Super famous for its carpets, the shop helper gives out his real name rather reluctantly. “A lot of Indians come to our shop, and sometimes we get harassed,” he said. — PTI 

Peshawar, February 23
Close on the heels of the killing of two abducted Sikhs by Taliban in the restive tribal belt, the case of kidnapping of a Pakistani Hindu has come to light.

The victim, Robin Singh, was abducted by unknown persons from a market on the University Road in Peshawar in broad day light on Friday last, an official statement said. President Asif Ali Zardari condemned the kidnapping of the Hindu man and asked authorities to take steps for his recovery.

The incident comes to light days after the recovery of the beheaded bodies of two abducted Sikhs, Mahal Singh and Jaspal Singh, in Pakistan’s tribal belt.

Another two to four Sikhs are still being held by the Taliban.

The kidnapping and killing of the Sikhs has been condemned by leaders of Pakistan’s minority Sikh community. — PTI 

A woman takes part in a sit-in protest around Singha Durbar, the central government secretariat, in Kathmandu on Monday. The Rastriya Prajatantra Party Nepal on Tuesday picketed Singha Durbar demanding referendum to reinstate the king and pronouncing Nepal a Hindu nation again. — Reuters

Island of dwarf dinosaurs
London: The century-old theory of an island ruled by "dwarf dinosaurs" some 65 million years ago has finally been approved by scientists. A team of paleontologists led by Prof Mike Benton from the University of Bristol has claimed that such an pre-historic "lost world" did exist as suggested by Hungarian-born paleontologis Baron Franz Nopcsa some 100 years ago. The dinosaur were half of the size of their close relatives in older rocks in England, Germany and North America. For the first time, Prof Benton and his team that carried out investigations into the theory found the Hateg Island dinosaurs were indeed dwarfs and not just young dinosaurs. — PTI