November 20, 2001	Tuesday	Ramazan 4, 1422

PESHAWAR, Nov 19: NWFP government recorded an overall shortfall of Rs4bn in its total current revenue receipts at the close of the first quarter of the current financial year, official sources told Dawn.

Out of the total Rs21.725bn federal tax assignments, the province would have received Rs5.4bn from the federal divisible pool in first quarter, but it received about Rs3bn— of which a major sum of over Rs1.8bn was adjusted against the multi- billion rupee Cash Development Loan the province is repaying to the federal government—recording a shortfall of Rs2.4bn only.

Further, of the disbursements made to the province — in cash — a sum of over Rs210m was released as share of the district councils from the fund the federal government distributes following the abolition of zila [district] tax and octroi. “The current financial year,” said the official sources, “ too, did not bring any respite for the provincial government as far as the financial crisis is concerned.”

Shortfall recorded by the province under the federal tax assignment’s head has a direct linkage with the shortfall recorded by the Central Board of Revenue (CBR) in its revenue during the first three months of the current fiscal year.

Adding insult to injury, by the close of the first quarter of the 2001-02 financial year the province did not receive any thing out of its constitutionally guaranteed share under the net hydel profit.

As per the commitment of Water and Power Development Authority (Wapda), the NWFP would receive capped share amount of Rs6bn in the 2001-02 financial year from the net profit of hydro power income by the Tarbela dam hydro power project.

By Sept 15, last, according to sources, the province should have received - as in line with the practice prior to the army’s take-over of Wapda’s management - Rs1.5bn as its share for the first three months of the current fiscal year on proportionate basis.

“However, against that the provincial account has yet to be opened as no money has been released to the province so far by Wapda,” said the sources contacted by his scribe on Friday.

Apart from receiving funds less than the initially drawn budgetary estimates under the heads of federal tax assignments and the share of net hydel profits during the first three months, the province also recorded a shortfall of around Rs250m in its own receipts during the same period.

Majority of the tax and non-tax heads of the provincial own receipts (PORs) recorded marginal recoveries due to the below the average performance by the tax collection machinery under the newly introduced devolution of power plan that got effective from Aug 14, last.