ISLAMABAD, Jan 18: Vakil Ahmed Khan, a spokesman for the Central Board of Revenue, informed the Ad-hoc Public Accounts Committee here on Friday that the Finance Ministry has approved the issuance of Rs22 billion CBR bonds for the banks.

These bonds were being issued in a few days in favour of some domestic banks whose refunds amounting to billions rupees had not been paid by the CBR because of financial constraints, he said.

Khan said that the bonds would be interest-bearing and tradeable in the capital markets.

He also informed the PAC that finance minister had already approved the issuance of the bonds and their modalities would be worked out soon.

Talking to newsmen Khan said that after the issuance of the bonds the CBR refunds repayment would amount to Rs47bn while the pending refunds would amount to Rs55bn. The ad-hoc committee took serious view of the delay in the refunds by the CBR and had asked the tax officials to expedite the process.

Khan told the committee that “we have to withhold the repayment of refunds through discreet manner in the national interest. We are given a net target of tax collection and we are bound to implement the government policy about tax revenue collection and refunds,” he told the PAC.

“How can I ask my staff to expedite refunds when I myself instruct them to withhold refunds in view of the government policy,” said Khan.

Some PAC members reacted to this reply of the CBR spokesman and PAC member Lt-Gen Talat Hussain asked Vakil to explain his viewpoint of “national interest.”

“Anything conveyed to me is implemented,” replied Khan. The PAC members were convinced with the viewpoint of Khan, who said he was supposed to enforce the government policy.—NNI