Daylight saving time extended till Oct 31

ISLAMABAD - The government on Wednesday levied 15 to 50 per cent import duty on 350 luxury items, which would save at least US $ one billion per annum, to reduce pressure on fast depleting foreign exchange reserves.  

The Federal Cabinet in its meeting, held under the chair of Prime Minister Syed Yousuf Raza Gilani also decided to regularize the services of all the contract employees from grade 1 to 15.

Pakistan is facing a serious problem of Balance of Payments, deficit between government international receipts and expenditure, due to increasing import bill and declining foreign investment.

The government is taking out money from State Bank of Pakistan’s reserves to pay high oil bill. The reserves have fallen down to US $ 9.9 billion from October 2007 highest position of US $ 16.4 billion. The government believes high taxes on luxury items would discourage the unnecessary imports.  

The Cabinet also constituted a committee headed by Law Minister to prepare recommendations for the Cabinet to repeal NAB Ordinance and promulgation of a law in lieu thereof. Other members of the Committee are Ministers for Defence, Information and Finance, Advisors of Ministry of Industries, Ministry of Interior and Ministry of Religious Affairs, Deputy Chairman, Planning Commission and Minister for Housing.

Briefing the media about the decisions taken by the Cabinet, Minister for Information and Broadcasting Sherry Rehman said the Parliament would be taken into confidence regarding the repeal of the ordinance. She stated that Prime Minister, Syed Yousuf Raza Gillani had announced in unequivocal terms “we want to differentiate between accountability and revenge”.

“Cabinet has also issued directives to State Bank of Pakistan to freeze the funds and accounts of Tehrik-e-Taliban”, she informed, adding that the outfit had claimed responsibility for suicide attacks in Dera Ismail Khan and Wah Cantt. “We will not talk to any outfit or individual that is involved in terrorism. Government will enter into negotiations with those who want peace”, she reiterated.

“The Cabinet has also accorded approval to change OGRA laws to authorize OGRA to determine CNG pricing formula”, she said.  The Minister said that CNG dealers had held out assurance to the government to reduce the price of CNG to provide relief to the people. “Government has also decided to maintain Pakistan Standard Time till October 31. The clocks would remain ahead for one hour till October 31”, she added.