NA Body Constitutes Sub-committee To Revive PSM

The National Assembly (NA) Standing Committee on Industries and Production on Thursday constituted a sub-committee to address the financial and administrative challenges faced by Pakistan Steel Mill (PSM), prioritizing the concerns of its employees

ISLAMABAD, (UrduPoint / Pakistan Point News - 15th Aug, 2024) The National Assembly (NA) Standing Committee on Industries and Production on Thursday constituted a sub-committee to address the financial and administrative challenges faced by Pakistan Steel Mill (PSM), prioritizing the concerns of its employees.

The committee was met under the chairmanship of Member National Assembly (MNA) Syed Hafeez ud Din, said a news release.

The Terms of Reference (ToRs) and composition of the Sub-Committee are as follows:

"To address the financial and administrative issues, particularly those related to employees and the operations of Pakistan Steel Mills."

The sub-committee's membership includes Convener Ms. Naz Baloch, along with Abdul Hakeem Baloch, Muhammad Arshad Sahi, and Dr. Mahesh Kumar Malani as its members.

Earlier, the Minister for Industries and Production provided an extensive briefing on the status of Pakistan Steel Mills (PSM).

He said that PSM has a total landholding of 19,000 acres, of which 4,008 acres remain unutilized, while 305 acres have unfortunately been illegally encroached.

Chief Financial Officer (CFO) of PSM also informed the committee that over the years, the federal government invested a substantial Rs. 170 billion into PSM to keep it operational.

The committee, after reviewing the detailed briefing from both the Ministry and PSM representatives, expressed its determination to ensure that PSM continues to function and contributes to the national economy.

Meanwhile, the Managing Director (MD) of Utility Stores Corporation (USC) briefed the committee that USC remains committed providing the public with quality commodities purchased exclusively from reputable, branded companies.

These items are then offered to the public at subsidized rates, ensuring affordability for all citizens.

The MD highlighted that these branded companies are contractually obligated not to sell the same items at a price lower than that printed on the packaging anywhere else in the country.

Utility Stores Corporation has also received approximately Rs 1 billion as rebate during last one year.

The MD also raised a significant concern regarding taxation policies.

The Federal board of Revenue (FBR) currently imposes taxes based on the buying price of commodities, but the MD USC argued that taxation should instead be based on the subsidized price at which these goods are sold to the public, he added.

The committee acknowledged this issue and decided to call the Chairman, Federal Board of Revenue (FBR) to its next meeting in order to resolve the taxation matter and support USC's mission to provide essential goods at lower prices.

The meeting was attended by Federal Minister for Industries and Production, MNAs Sajid Mehdi, Ms. Kiran Imran Dar, Syed Murtaza Mahmud, Dr. Mahesh Kumar Malani, Abdul Hakeem Baloch, Ms. Naz Baloch, Muhammad Mubeen Arif, Muhammad Saad Ullah, Rana Atif, Muhammad Ali Sarfraz, Muhammad Arshad/Sahi, Muhammad Iqbal Khan and the officials of the Ministry and PSM.