Finance Minister approves incentive grant for provinces

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A delegation of Consul Generals call on Finance Minister

ISLAMABAD, Apr 24 (APP): Finance Minister Muhammad Ishaq Dar has approved release of Rs 2,214.5 million incentive grant for immediate apportionment among the provinces for the October-December quarter of current fiscal year 2015-16.

As approved, Punjab will receive Rs 574.6 million, Sindh Rs 440.7 million, Khyber Pakhtunkhwa Rs 411.3 million, while Baluchistan’s share is Rs 787.9 million, said a statement here Sunday.

It may be recalled that the Council of Common Interests on July 31, 2013 had decided that the provinces will be allowed rate of return on their surpluses at the rate of latest T-Bills rate, maintained for a minimum of three months.