Donations for Dam’s Funds: Supreme Court Pass On 3 Options for Investment
Islamabad: The Supreme Court Islamabad apprised of three options for the donations collected through the 'Supreme Court of Pakistan and the Prime Minister of Pakistan for the Diamer-Bhasha and Mohmand Dams Fund.'
Rs 10.24428 billion has been collected in the Fund until April 10, 2019, that was set up by the then Chief Justice Mian Saqib Nisar for the construction of Diamer-Bhasha and Mohmand Dams.
On behalf of State Bank of Pakistan, Attorney General Khurram Saeed informed the five-member larger bench that there are three options to invest the money collected so far for Diamer-Bhasha and Mohmand Dams.
The first option is from the Treasury bill for six months to three years and has a 10.2% to 10.5% interest rate, depending on the period. The second option is Pakistan Investment Bond that is of 3, 5 and 10-year tenor and its interest rates are 12.2%, 12.5% and 12.9%, while the third option is National Saving Certificates.
The Supreme Court on January 9, 2019, had established a special committee including two directors of the State Bank of Pakistan (SBP) and an official of the Supreme Court to find new ways for the investment of the fund. It also shaped the execution bench for the supervision of the development on the construction of the dams.
Justice Sheik Azmat Saeed, head of the bench, with Justice - Umar Ata Bandial, Justice Faisal Arab, Justice Ijaz Ul Ahsan, and Justice Munib Akhtar - said they would make an order after talking about options in the chambers. The large bench discussed implementation of the WAPDA, Federal Revenue Board (FBR), the Pakistan State Bank (SBP) and the Pakistan Electronic Media Regulatory Authority (PEMRA) Directives on dam building. The Supreme Court also examined the implementation of the SBP Directives.