Daily Times

ISLAMABAD: Parliamentary Secretary for Finance and Revenue Zain Hussain Qureshi on Thursday informed the National Assembly that despite bumper crops, four million metric tons wheat and sufficient quantity of sugar would be imported to maintain strategic reserves of the commodities.

Replying to various supplementary questions during the Question Hour, he said that the government has decided to import wheat and sugar to avoid shortage and price hike. He said that the prime minister has given record financial package of billions of rupees during the COVID-19 pandemic.

ISLAMIC BANKING

He said that as many as Rs 12,000 each was disbursed among the deserving families during the pandemic. He said that inflation has witnessed decline and it would further decrease in coming days. In response to another question, Zain Hussain Qureshi said that the government was taking steps to transform the banking system into Shariah banking.

About 35 percent banking system would be transformed into Shariah banking by 2025, he said, adding that 3456 branches and over 1,140 windows were offering Islamic banking across Pakistan. He said that the State Bank of Pakistan has made it mandatory for commercial banks to reserve 10 percent loans for small and medium enterprises and eight percent for the agricultural sector interest free.

He said that the government has announced construction incentive package for builders and developers, also known as prime minister’s package for construction industry in April, 2020, vide Tax Law (Amendment Ordinance, 2020). The same has been incorporated into Income Tax Ordinance, 2001 vide Finance Act, 2020. Deadline for availing the scheme was expiring by December 31, 2020. Therefore, the incentive package scheme has been extended vide Income Tax (Amendment) Ordinance, 2021.