(ii) Unpaid Utilities Bills (Electricity/ Gas/ Telecommunication)
(iv) Recoveries of money taken by misappropriating National Account & Kickback are the substantial sources to fill the ‘Empty National Exchequer’ the only viable source to pay off heavy debt of the country as well.
In the current political dismay & vulnerable economic portfolio of the country, the existence of 3rd Political party in Pakistan has been imperative to keep political wrestling competitive (having hawk eyes) instead to move around PML-N & PPP & running the state affairs only on Loan – Loan & Loan considering the most convenient way instead to do legislation & implemented (truly) to recover the myriad loans from the defaulters.
Accountability of ill-gotten money & Unpaid Utility Bills can only be recovered if 3rd political force or Opposition in the Assembly use its real-power - actively involves and ensures legislation implemented - compelling PPP – PML-N & Top Business Tycoons & Powerful Media Magnates - Industrialists & Establishments who took billion of amount loans from multiple Banks in Pakistan and later they got written off instead to pay back to the banks, absolutely appalling and atrocious, an open slap who pays Income taxes and bills honestly.
It’s the time now to hold accountable those who had siphoned off the looted money abroad.
Enabling the country to bridge the current account deficit instead to run the country on recurrent bail out packages one of the Economic professor clarified.
NAB as an independent institution with full authority and empowerment reporting to work under the supervision of Supreme Court of Pakistan with day to day progress to avoid of any political influence and institutional pressure maintaining credibility of the NAB itself.
Supreme Court nominated judges + 3rd Political force + NAB = Recovery of outstanding dues from the defaulters.
The question appears that under whose instruction and authority it was written off - Status of the authority who waived off and up to what extent – The whole amount or part thereof. And the reason that justified to be written-off the billions & trillion of amount really obnoxious & cruel.
Not only the loaned amount is abused even the aid received from different agencies from European states, NGOs and UNO/ US AID with the only aim to providing basic amenities for poor segment did not invest honestly, the claim as such eliminating poverty multiplies further with more agony and frustration gave birth of have’s and have’s-not due to incoherent planning & fund misappropriation.
Expand recovery parameter through “honest tax payment” like Property tax, Agriculture & Farm tax, Vehicle tax & Manufacturing industry taxes –Levy tax on leading export items and on Import of luxurious items, imported cars & other expensive & lavish items that’s may not impact the middle and lower classes who are already in the hardship because of the soaring prices of livelihoods getting them inaccessible.
Moreover, the increase of Rs1446 billion in budgetary borrowings from the banking system during FY13 was almost Rs1 trillion higher than the original target.
Towards Federal Board of Revenue (FBR) there has been a consistent gap between budget targets and actual collection in the last few years, the gap of Rs445 billion in FY13 was exceptionally high. In fact, this is more than the gradual increasing shortfall of Rs349 billion during the last five years. Not surprisingly, therefore, the estimated fiscal deficit of 8.0 percent of GDP in FY13 was considerably higher than the budgeted target of 4.7 percent of GDP.
Regarding revenue generation – Implement the law to book the defaulters who did not and are not paying Electricity, Gas & Telecommunication Bills since decades or if the law is there enforce it for immediate recovery.
CMs of all provinces should arrange consecutive raids to nab the culprits legalize their electricity connection and penalize the law-breaker, recovering the charges on pro rata basis for the days they used illegal connections.
Money gained through illegal means, misappropriating national accounts & Kickbacks during their tenure in the govt. and transferred outside the country required returning in Pakistan.
Giving amnesty, the major chunk of deposits will be helpful to inflate the national treasury which is being stuffed through consecutive loaned amount or meeting other heads of economy.
The country needs money to run by its own resources instead to depend on borrowed money & it is advisable always before a good economist who prefers to run the state without external pressure and loads of loan.
Hence the govt. should do strategy to mobilize internal resources into productive way, exploit the economic potentials optimally enabling employment opportunity to rise, ensuring law and order situation stable to open more avenues for foreign investment and keeping the internal investment uninterrupted.
PPP Ex-Prime minister Raja Pervez Ashraf, who is elevated from middle class family visited London on official visits along with his son, daughter and in-laws where he spent lavishly Rs.4.44 million, left staffs of hotel and shopping center’s aghast.
Importance of 3rd political force will obstruct and not give a free hand to the Treasury Benches to impregnate policy and procedure according to their wishes but will consider & prefer the betterment and advancement of the masses first and will keep the economy at right track instead to push the country towards brink of disaster or keep it running on loan and loan.
Pakistan needed a clear roadmap for a sustained turnaround backed by ceiling on central bank lending to the government - increased revenue collection - reduced expenditure and abolishing unnecessary exemptions as well as subsidies to revitalize the limping economy – enhancing tax collection parameter – incorporating agriculture into tax net – putting gold imports in tax net.
And more importantly to recover all outstanding loans taken earlier from the banks and later had been written off - Unpaid utility bills – recovering misappropriated amount taken fraudulently from national account and kickback shifted to overseas personal account.
Getting the heavy chunk of money back into national exchequer will certainly be a substantial support to boost and boom the economy as increasing interest rates have not prevented even the flight of US dollars from Pakistan as SBP Governor mentioned in his meeting with senators on finance.