ISLAMABAD, Aug 27: The federal cabinet decided on Wednesday not to hold talks with any militant group that refuses to law down arms.

The federal cabinet approved the repeal of the National Accountability Bureau Ordinance and decided to put in its place an alternative mechanism of across-the-board accountability.

The cabinet decided to impose a 50 per cent tax on the import of 350 luxury items, including automobiles and non-essential food items.

The cabinet was informed that a foreign firm had signed a $10 billion agreement to construct one million low-cost houses over the next five years for low-paid government employees and other low-income groups.

Information Minister Sherry Rahman told media at the PID Centre that a new committee would consider an alternative accountability mechanism. It would consist of information minister, defence minister, finance minister, industries minister, interior minister, housing minister and the deputy chairman of the Planning Commission. A bill to repeal NAB is already under preparation and, for the interregnum, the prime minister has placed the institution under the Ministry of Law since he did not feel it fit to keep it under his control as he himself had been one of its victims.

Similarly, she said, the committee constituted to look into the Frontier Crime Regulations had held several meetings and an appropriate law would soon be prepared to replace existing laws.

The cabinet approved amendments in the Registration Act of 1908 to end malpractice in the transfer of immovable properties and to protect common buyers and sellers from litigation.

The cabinet also approved an amendment to the Oil and Gas Regulatory Authority (Ogra) Ordinance to empower it to regulate and bring down prices of CNG.

A bill to regularise services of government employees from Grade 1 to 15 was also approved by the cabinet.

The cabinet decided to raise the number of minority representatives in parliament.

The meeting was informed that revenues collection, foreign exchange remittances and foreign direct investment had exceeded targets in July.

Ms Rahman brushed aside a recent report appearing in the Financial Times of London about the mental health of PPP co-chairman Asif Ali Zardari, saying it had been rebutted by the Pakistan High Commissioner in London.

The minister reiterated the party’s stance not to prosecute former president Pervez Musharraf as the party did not believe in witch-hunt.