Ishaq Dar chairs NFC meeting

Federal Finance Minister Mohammad Ishaq Dar chaired the second biannual meeting NFC Award held in Islamabad to monitor its implementation during January-June 2014.

During the meeting, the members after detailed deliberations unanimously approved the report for presentation to the Parliament & Provincial Assemblies.

On the occasion, it was informed that Federal Board of Revenue (FBR) reportedly collected Rs 2254.5 billion, out of this amount Rs. 637 billion were given to Punjab, Rs. 302 billion to Sindh, Rs. 202 billion to Khyber PakhtunKhwa and Rs. 123 billion to Balochistan.

Meanwhile, Rs 8.8 billion were handed over to Punjab, Rs 82.6 billion to Sindh, Rs 29.97 billion to KPK and Rs 14.9 billion to Balochistan on the account of royalties and grants.

The Minister announced that as per commitment with the provinces at the forum of Council of Common Interest (CCI), the Federal Government was providing Rs.999.922 million to Punjab, Rs.18.021 million to Sindh, Rs.1,015.976 million to Khyber Pakhtunkhwa and Rs.533.725 million to Baluchistan for the cash surpluses maintained with State Bank of Pakistan (SBP) by them during the first quarter of current financial year 2014-15.