Things on NFC moving positively

KARACHI (APP) - Federal Minister for Finance and Economic Affairs, Senator Shaukat Tarin on Saturday said the things are moving positively on National Finance Commission award, however it will take some time to finalize.
NFC is more than a decade old issue. We are working with all seriousness and sincerity. The demands from provinces are being weighed thoroughly, the Minister said while talking to media after seminar on Five Year Textile Policy and its Implementation organised by Engro Polymer and Chemicals Limited here.
To a question, he said the committee, set up facilitate constitution of NFC, has been working on the issue that either Provinces or Federation should get GST revenue.
Regarding oil prices, he defended the Governments policy and said the oil price has increased to dollars 70 per barrel in international market and we cannot escape the impact.
However, he said, the government is trying to provide maximum relief to the people in this regard. At average, the developing countries include 44 percent taxes, whereas we charge 30pc duties.
It would be better for us to hedge oil stock before the prices rise too high in international market, he added.
When his attention was drawn to Supreme Court of Pakistans proceedings on oil issue, the Finance Minister said the Government will honour SCPs verdict.
About the impact of increased foreign exchange reserves on Pak Rupee value, he said high reserves have nothing to do with Rupee but it is rate of inflation that determines rupee value. Last government had also talked much about increase in reserves but the Rupee went on loosing its exchange value.
To another query, he said many influential have been arrested for hoarding sugar and cement, and that the action will continue till situation is corrected.
He opposed the removal of Khalid Mirza , Chief of Competition Commission of Pakistan, and said Mirza has been reinstated to complete his tenure up to June 2010.