PM Imran deposits precious watch in national exchequer

ISLAMABAD: Prime Minister Imran Khan on Thursday deposited a precious wrist watch, gifted by the Saudi Arabia’s Crown Prince Mohammad Bin Salman to the ‘Toshakhana’ (national exchequer).

According to the details PM Imran has deposited a precious wrist watch, reportedly Chopard, worth more than Rs16 million to the Toshakhana. The precious watch was gifted to him by Saudi Arabia’s crown prince during his recent visit to Riyadh.

A report on Imran Khan official Facebook page reads, the premier could have retained this precious gift by paying 10% of the price but he preferred not to.

The monetary limits up to which the gifts can be retained by the recipients are as follows:-

Gifts upto a value of Rs. 10,000/-(Rupees ten thousand only) may be retained free of cost by the recipient subject to the provision of these rules.

Gifts valued above Rs. 10,000/- may be allowed to be retained by the recipient on payment of 20% of the value exceeding the basic exemption of Rs.10,000/-.

Gifts valued at Rs. 1.0 million or more shall not be retained by the recipient, except the President and the Head of the Government. However the recipient of gift comprising distinct articles but gifted in a single transaction having collective value of Rs. 1.0 million or more shall have an option to retain any article(s) upto the collective value of less than Rs. 1.0 million only subject to the condition that part of an article will not be allowed to be taken. This exemption shall however not be available in case of antiques and gifts of intrinsic historical value.

However the gifts having value in excess of the limit of Rupees 2.5 million can be retained by the recipient on payment of 65% of the assessed value of the gifts.