The compulsions of extracting as much profits and cash for meeting fiscal deficit will always predominate and the imperatives of expanding the network, infrastructure and services through retained earnings will be neglected. Even assuming that a perceptive government does allow PTCL the funds to make investment, it is not obvious if these will be used in an efficient and costeffective manner.
Mr. Chairman, the effects of these nefarious activities on financial institutions and their stakeholders as well as on the national economy can be devastating and the vulnerability of banks to such fraud has been heightened by technological advancements. Its economic cost can be huge in terms of its disruption of the workings of the market, financial institutions, and the payment system.