ECC approves Rs 700 million for Postal Life Insurance

The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved the creation of Digital Media Wing in the Ministry of Information and Broadcasting to effectively counter the fake/libelous news.
Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division.ECC approves Rs 700 million for Postal Life Insurance.

ECC approves Rs 700 million for Postal Life Insurance

ECC considered and approved the grant of amount Rs 153.25 million from the budget of the Ministry of Finance, as technical supplementary grant for the Ministry of Interior, to be given through the Office of the Deputy Commissioner of Islamabad, for compensation to the victims of suicidal attack at District courts F-8 Islamabad on 03-3-2014.

Finance Division supported the proposal in compliance with the orders of the Supreme Court of Pakistan.
In order to register Postal Life Insurance as Public Limited Company, ECC approved an amount of Rs 700 million as initial paid up capital. The amount shall be allocated by the Finance Division and transferred to the proposed Postal Life Insurance Company. After the approval Postal Life Insurance shall fall under the regulatory frame work of the Securities and Exchange Commission of Pakistan.

ECC also approved the Creation of Digital Media Wing in the Ministry of Information and Broadcasting. The purpose of the Wing shall be to effectively counter the fake/libelous news and highlight the development agenda of the government. The ECC directed the MoI&B to move ahead for the creation of the wing by using its already available resources.

ECC also approved the amendment in SRO 192(1)/ 2019 dated 11-02-2019 extending exemption from regulatory duty to export oriented units.

ECC gave approval to the transfer of funds amounting to Rs 31.5 million in equivalent foreign exchange from the Ministry of Interior to the Ministry of Defence as Technical Supplementary Grant for the logistic support for the maintenance of Cessna aircrafts.

Also Read: ECC Approves Technical Supplementry Grant of Rs. 100 Million for NITB