NFC meeting to be held tomorrow, says Hashim Jawan Bakht

LAHORE: National Finance Commission (NFC) award meeting will be held on Friday (tomorrow) to review recommendations for better distribution of national resources under the new award.

“Important decisions will be taken in tomorrow’s NFC meeting”, said Punjab Finance Minister Hashim Jawan Bakht, here today.

He said that Punjab is seeing NFC award with regard to federation.

Holding Pakistan Muslim League-Nawaz (PML-N) for the increasing inflation, Mr Bakht said wrong policies of the past government are the reason behind it.

Increase in gas prices and taxes are being imposed by keeping the common man of the country in view, the minister continued.

He said tax has been imposed on the cash withdrawal from the banks for the non-filers only.

Read more: NFC meeting reviews proposals for national resources’ distribution

The last NFC award was signed in December 2009 that drastically increased the provincial share from the divisible pool.

On January 12, President Dr Arif Alvi had reconstituted the ninth National Finance Commission (NFC) to formulate a new resource distribution formula between the Centre and federating units.

The NFC Award is a constitutional obligation. It is clearly indicated in the Article 160 of the “Constitution of Islamic Republic of Pakistan, 1973” that it has been made mandatory for the government to compose NFC Award at an interval extending not more than five years for the amicable resource distribution among the federation and its respective units.