Book bank struggles to stay in business
Heavy taxes, ‘India’ factor and piracy contributing to decline in business
Founded by Taj Muhammad Qureshi in 1932 in Peshawar, Saeed Book Bank — with more than 200,000 titles on display in its three-storeyed building — is today Pakistan’s largest book-selling network.
In 1999, when English magazines and books were banned by the Taliban in the former North West Frontier Province (NWFP) — and today’s Khyber Pakhtunkhwa — Taj Qureshi’s son Saeed Qureshi shifted the business to Islamabad.
This treasure trove of books, however, is on the verge of closure due to heavy taxes and decline in book sale. Speaking to Gulf News, Ahmed Saeed, proprietor of the bookstore, said due to the prevailing economic meltdown in the country, his business was badly suffering and he was thinking to rent out three floors of his building and shift the stocks to the upper two floors.
‘Higher prices’
Saeed said since his bookshop mainly deals in imported books, international publishers tell them to contact India as Pakistan, Bangladesh, Sri Lanka and other countries of the region all fall in ‘India territory’ with regard to business of international books.
“This ‘India’ factor is affecting our business a lot as we don’t have frequent trade links with India,” said Saeed. “As a result, we have to import books at higher prices.”
Another factor that contributed to poor business of books in Pakistan is there is no check on piracy, Saeed said. Whichever title one imports at a higher price, is available in a pirated edition in the open market, he rued.
Last but not the least, heavy taxes on import of books (20 per cent) are also making it a hard job to continue this business, Saeed added.
The tax burden comes to around 35-36 per cent, which sellers have to bear, he said.
Islamabad’s writers, intellectuals and general public expressed their concern over the news that Saeed Book Bank was facing problems in running its business. Iftikhar Arif, an acclaimed poet of Pakistan and director general of National Language Promotion Department, said: “If it is forced to reduce its business or close down, it will be a great pity.”
Nazia Akhtar, a student and an avid reader, expressed her concern over the hardships faced by Saeed Book Bank: “It will indeed be a great misfortune if it closes down or narrows down its business as it is the only bookstore always bustling with new arrivals.”