ZAHEER ABBASI

ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet has allowed exemption from all taxes and duties on import of armoured and security vehicles.

A meeting of the ECC chaired by Finance Minister Ishaq Dar on Wednesday approved exemption in taxes and duties on import of vehicles for international dignitaries for the upcoming Saarc conference.

A participant of the committee stated on condition of anonymity that 35 vehicles are to be imported for one event and a shipment is expected to arrive in 15 to 20 days. He said hardly any discussion take place on most of the agenda items and were approved very quickly.

The ECC considered and approved two months’ salaries, Rs. 760 million, for the employees of Pakistan Steel Mills. An official said that as Friday would be the last working day before Eid-ul Azha, the ECC directed for making payment to the employees by tomorrow.

The government also advised State Bank of Pakistan (SBP) to transfer the approved amount to the account of concerned bank so that payment is made to the employees on Friday. The ECC also approved provision for Gratuity and Provident Fund Rs.322.021 million for the retired employees of PSM.

The payment on account of Gratuity Fund has been overdue since April 2013 and Provident Fund since April 2015. The meeting was informed that all the payments on both these accounts are cleared before the above mentioned period.

On a proposal of Ministry of Petroleum and Natural Resources, the ECC allowed PSO to proceed for finalizing the Addendum to the existing product sale and purchase contract with Kuwait Petroleum Corporation for supply of furnace oil and jet fuel. The meeting also directed PSO to make efforts to improve the payment terms.