Economic Coordination Committee(ECC) of the Cabinet has approved a proposal of Federal Board of Revenue to waive the accumulated penal surcharges of Rs700 million off against overstayed consignments at ports.
The meeting was held hdere on Wednesday under the chairmanship of Finance Minister Asad Umar.
The decision of waiving off the duty will enable importers to clear their overstayed cargoes and would also help reducing congestion at ports and bonded warehouses.
The committee, on a summary of the Petroleum Division, approved gas supply to Tall and adjacent areas of district Hangu. The Commerce Division gave a presentation about the significance of establishment of an Independent Insurance Regulator.
The ECC directed the Commerce Division to expedite the findings of the Commission, already formed on the subject, for making informed decision. On a proposal of Petroleum Division regarding arrangements of additional 200 MMCFD of LNG from Qatar, the Committee directed Petroleum Division to carry out a comprehensive demand and supply analysis of LNG in the country, in consultation with stakeholders, including Law and Justice Division, and submit a summary to the Cabinet in this regard.
Maritime Affairs Division briefed ECC about the progress on new LNG Terminal. The Finance Minister directed Maritime Division to expedite the process for establishment of new LNG terminal in view of the increasing demand for gas in the country. On the issue of the submission of Pakistan Steels’ revival business plan, ECC directed the Ministry of Industries to submit its proposals within the next fortnight. The Committee also accorded approval to the proposal of National Counter Terrorism Authority by granting it Technical Supplementary Grant of Rs.133.156 million.