Staff Reporter Islamabad
Federal Minister for Finance and Revenue, Mr Shaukat Tarin, presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Thursday.
Finance Ministry tabled the summary regarding incentives /rewards to overseas Pakistanis remitters under National Remittance Loyalty Program (NRLP) which has been branded as Sohni Dharti Remittance Program.
The remitters will be awarded points against remittances sent by them to Pakistan through legal channels.
After due deliberations, the ECC recommended that the option of cash redemption may only be offered to those overseas Pakistani remitters who return to Pakistan permanently.
However, Overseas Pakistanis shall be qualified to avail services (such as PIA ticket, Mobile phone duty payment etc) against redemption of the accumulated points awarded under NRLP.
Ministry of National Food Security and Re-search (NFS&R) presented a summary to update the forum about the cotton seed prices during the months of August and September 2021.
The domes-tic prices remained above the threshold set, barring for couple of days due to rains. The ECC expressed satisfaction that farmers are getting their due prices.
Ministry of National Food Security and Re-search (NFS&R) tabled a summary regarding allo-cation/release of 280,000 MT of wheat to the Utility Stores Cooperation (USC) till December 2021.
A quantity of 90,000 MT has already been provided as an interim arrangement whereas the remaining 190,000 MT will be provided from PASSCO’s stocks (local or imported as per stock availability with PASSCO).
The ECC approved the allocation/release of remaining 190,000 MT to USC to ensure smooth supply of wheat through chain of USCs across the country.
On a summary moved by the Ministry for Na-tional Food Security and Research, the ECC rec-ommended the allocation of total quantity of 300,000 MT of wheat to the AJ&K Government out of PASSCO stock during the current financial year.
This includes 140,000 MT of wheat which has al-ready been released to AJ&K by the Ministry of NFS&R as an interim arrangement. The ECC di-rected the referring division to provide wheat to AJ&K with a best possible combination of indige-nous and imported wheat.
The ECC considered and approved the summary tabled by the Ministry of Overseas Pakistanis and HRD regarding Annual Budget for the FY2021-22 & revised Budget for the FY 2019-20 of the Em-ployees Old-age Benefits Institution (EOBI).
Federal Minister for Planning Asad Umar, Fed-eral Minister for Industries and Production Khusro Bakhtiar, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood, Governor SBP Dr. Reza Baqir, Secretary Power Division, Secretary M/o NFS&R, Secretary Commerce, Chairman FBR, Chairman SECP, MD USC and other senior officers participated in the meeting.
The ECC considered and approved a Technical Supplementary Grant (TSG) amounting to Rs. 6.4 billion in favour of Cabinet Division for Special Technology Zones Authority (STZA) during the current FY-2021-22.
