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Finance Ministry delays decision to abandon Rs 25k, Rs 40k bonds

Finance Ministry delays decision to abandon Rs 25k, Rs 40k bonds

ISLAMABAD: The Finance Ministry has delayed the decision to abandon Rs 40,000 and 25,000 bonds and directed FBR to do the detail working on this matter and submit the report to the finance ministry.

According to details, the FBR has supported the proposal of the Tax Reforms Commission to close-down the Rs 40,000 and Rs 25,000 bonds but it clearly said this decision will be taken by the State Bank.

Sources added that now the Finance Ministry has given the task to the FBR to get data and related information and record from the SBP and conduct a detailed working on it and also directed that complete report should be submitted to the Finance Ministry which will then decide about it.

Sources added that the FBR will see that how much bonds of both worth were issued and what is it status and how it will affect the national Exchequer and currency if it is closed.

Sources also added that FBR know that these bonds are used wrongly which badly effect the economy as a whole.