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Thursday March 28, 2024

‘Punjab collects Rs 77b revenue in first quarter’

By Our Correspondent
October 15, 2019

LAHORE:Punjab has collected Rs 77 billion with registering a 44 per cent of growth in the first quarter of the ongoing fiscal year as compared to the corresponding period of the last year despite the tough conditions for the provinces by the federal government to get share in federal divisible pool of resources.

This was disclosed in the first quarter review meeting of the finance department of the Chief Minister Special Monitoring Unit chaired by Punjab Finance Minister Makhdoom Hashim Jawan Bakhat attended by Minister for Industry and Trade Mian Aslam Iqbal, head of SMU Fazeel Asif, Commissioner Lahore Dr Mujtaba Paracha, Secretary Finance Abdullah Sumbal and other officials concerned.

The meeting was briefed that despite the financial backlog left by the previous government, the government has given Rs 233 billion surplus budget in order to meet the financial requirements of the federal government to meet the IMF programme conditions.

It was informed that Rs 388 billion revenue collection target was fixed for the Punjab during ongoing fiscal year 2019-20 which is 44 per cent higher than the last fiscal year. The 13th meetings of the resources mobilisation committee got approved Rs 41 billion worth schemes through cabinet. Rationalisation of the subsidy was also approved for Wasa and transport departments. The Punjab Revenue Authority (PRA) registered 19 per cent growth in revenue, besides aligned the real time invoice monitoring system with FBR STRIVE system. Further, provisional committee for 9th NFC award was also constituted. The cabinet committee for finance and development logically rejected Rs 7.7 billion supplementary grants besides disposing of 488 agendas of the 17 meetings. The austerity committee ensured saving of Rs 1.1 billion from different schemes.

The Finance Department achieved a milestone of launching of E-Pay application for the payment of all taxes which is the first ever in Pakistan. The E-Pay Punjab will also helpful in improving the ease of doing business in the province.

Finance Minister Makhdoom Hashim Jawan Bakhat instructed the secretary finance to bring the issues of Wasa and Housing Projects in resource mobilisation committee meeting besides ensuring the importance and usefulness of the suggestion of revenue generation of the resource mobilization committee to all elected representatives. Industry Minister Mian Aslam Iqbal criticised the performance of the Bank of Punjab and stressed the need for promoting the SMEs, ease loans for housing schemes, agriculture loans and adopting the culture of commercialisation.