ISLAMABAD, Feb 4 (APP):The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved an amount of Rs700 million as initial paid up capital in order to register Postal Life Insurance as Public Limited Company.

The amount shall be allocated by the Finance Division and transferred to the proposed Postal Life Insurance Company.

After the approval Postal Life Insurance shall fall under the regulatory framework of the Securities and Exchange Commission of Pakistan.

Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Sheikh chaired the ECC meeting, says a press release issued by the Ministry of Finance.

The ECC also considered and approved the grant of Rs153.25 million from the budget of the Ministry of Finance, as technical supplementary grant for the Ministry of Interior, to be given through the Office of the Deputy Commissioner of Islamabad, for compensation to the victims of suicidal attack at District Courts F-8 Islamabad.

Finance Division supported the proposal in compliance with the orders of the Supreme Court of Pakistan.

ECC also approved the Creation of Digital Media Wing in the Ministry of Information and Broadcasting.

The purpose of the wing would be to effectively counter the fake and libelous news and highlight the development agenda of the government.

The ECC directed the Ministry of Information and Broadcasting to move ahead for the creation of the wing by using its already available resources.

ECC also approved the amendment in SRO 192(1)/ 2019 dated 11-02-2019 extending exemption from regulatory duty to export oriented units.

ECC gave approval to the transfer of funds amounting to Rs31.5 million in equivalent to foreign exchange from the Ministry of Interior to the Ministry of Defence as Technical Supplementary Grant for the logistic support for the maintenance of Cessna aircraft.

ECC was attended by Federal Ministers for National Food Security and Research, Railways, Energy, Privatization and other senior officials of the different ministries.