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(c) in Part IV,-

(i) in clause (10B), for the words and commas "an individual, unregistered firm, association of persons, Hindu undivided family or an artificial juridical person, other than a company," the words "any person" shall be substituted;

(ii) after clause (17), the following new clause shall be inserted, namely:-

"(17A) The provisions of sub-section (5) of section 50 shall not apply to one CBU bus imported under the NRI scheme and to the motor cars imported under a scheme of fixed customs duty made under the Finance Act, 1999.";

(iii) in clause (24), for the figures "1999-2000" the figures "2000-2002" shall be substituted;

(iv) after clause (31), the following new clause shall be inserted, namely:-

"(32). Subject to the conditions as specified in clause (184) of Part I of the Second Schedule, the provisions of section 80D shall not apply to a special purpose vehicle formed for the purpose of securitization."

v) after clause (32), the following new clause shall be inserted, namely:-

"(32A) The provisions of section 80D shall not apply to special purpose, non-profit companies engaged in securitizing the receivables of Provincial Governments or the companies."; and

(vi) after clause (37), the following new clause shall be inserted, namely:-

"(37A) The provisions of sub-section (4) of section 50 shall not apply to any manufacturer-cum-exporter as a payer.";

(vii) after clause (56), the following new clause shall be added, namely:-

"(57). The provisions of sub-sections (2), (2A) and (7D) of section 50 shall not apply to special purpose vehicle for the purpose of securitization.".

(23) In the Third Schedule, in rule 5A,-
(i) the words "engaged in the manufacture of goods and materials or the subjection of goods or materials to a manufacturing process" shall be omitted; and

(ii) after the word "production" the words "or commencement of business" shall be inserted;

(iii) in the table in the entry "E", after the word "industries" the words and commas "including service, infrastructure, social and agricultural sector, other than transport industry." shall be added; and

(iv) after entry E, the following new entry shall be added, namely:-

Transport industry. One hundred per cent of the written down value."; and

(24) in the Fourth Schedule, in rule 5, after clause (b), the following new clause shall be added, namely:-

"(c) Nothing contained in this rule shall be construed to authorise deduction of any expenditure or allowance or reserve or provision in excess of the limits laid down in the Insurance Act, 1938 (IV of 1938).".

13. Amendment of the Ordinance XXXI of 1980.- The following amendments shall be made in the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), namely:-

(1) In section 2, in sub-section (1), clause (a) shall be re-lettered as clause (ab) and before that clause the following clause shall be inserted, namely-

(a) "Commission" means the Commission as defined in the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997);".

2) In sections 19, 20 and 22, for the words "Federal Government", wherever occurring, the word "Commission" shall be substituted.

(3) In section 32,-
(a) the existing section shall be re-numbered as sub-section (1) of that section; and
(b) after sub-section (1), renumbered as aforesaid, the following new sub-section shall be added, namely:-

"(2) Any person aggrieved by an order passed under sub-section (1) may, within sixty days of such order, prefer an appeal to the Commission.".

14. Amendment of the Ordinance XLVII of 1984.- The following further amendments shall be made in the Companies Ordinance, 1984 (XLVII of 1984), namely :-

(1) In section 86, in sub-section (1), in the proviso for the full stop, at the end, a colon shall be substituted and thereafter the following new proviso shall be added, namely:-

"Provided further that a public company may reserve a certain percentage of further issue of its employees under "Employees Stock Option Scheme" to be approved by the Commission in accordance with the rules made under this Ordinance."

(2) For section 90, the following shall be substituted, namely:-

"90. Classes and kinds of share capital:- A company limited by shares may have different kinds of share capital and classes therein as provided by its memorandum and articles :

Provided that different rights and privileges in relation to the different classes of shares may only be conferred in such manner as may be prescribed."

(3) In section 95, for sub-section (4), the following shall be substituted, namely :-

"(4) Nothing in this section shall prevent -

(a) a company from redeeming any shares or any other redeemable security issued in accordance with the provisions of this Ordinance; and

(b) a listed company from purchasing its own shares in accordance with the provisions of this Ordinance."

(4) After section 95 amended as aforesaid, the following new section shall be inserted, namely :-

"95A. Power of company to purchase its own shares.-

(1) Notwithstanding anything contained in this Ordinance or any other law for the time being in force or the memorandum and articles, a listed company may, subject to the provisions of this section and the rules framed by the Commission in this behalf, purchase its own shares (hereinafter in this section referred to as "purchase").

(2) The purchase shall be authorized by a special resolution which shall indicate the maximum number of shares to be purchased; the maximum price at which the shares may be purchased; and the period within which the purchase is to be made.

(3) The notice of the meeting in which the special resolution authorizing the purchase of shares is proposed to be moved, shall be accompanied by an explanatory statement containing all material facts including the following:-
a) justification for the purchase;
b) source of funding;
c) effect on the financial position of the company; and
d) nature and extent of the interest, if any, of every director, whether directly or indirectly.

(4) The purchase shall always be in cash and shall be out of the distributable profits.

(5) Where shares are purchased by a company on premium, the account of premium shall be charged to Share Premium Account of the company or in the absence of any balance therein, to the distributable profits of the company.

(6) Where purchase is made at a price lower than the nominal value of shares, the difference shall be credited to the reserve created under sub-section (10).

(7) The company shall have such debt equity and current ratios as may be prescribed.

(8) The majority of the directors including the chief executive, shall at a meeting make a declaration of solvency verified by an affidavit to the effect that they have made a full inquiry into the affairs of the company, and that after having done so, they have formed the opinion that the company shall continue to operate as a going concern and that it is capable of meeting its liabilities on time during the period upto the end of the immediately succeeding financial year.

(9) The purchase shall be made through a tender system and the mode of tender shall be decided by the company in general meeting through a special resolution.

(10) The shares purchased under this section shall not be resold and shall be cancelled forthwith. The amount of the company's paid up share capital shall be diminished by the nominal value of such shares accordingly. The amount by which the company's paid up share capital is thereby diminished on cancellation of the shares purchased shall, after accounting for the credit, if any, pursuant to sub-section (6) of this section, be transferred from the distributable profits to an account to be called "Capital Re-purchase Reserve Account".

(11) The provisions of this Ordinance relating to the reduction of a company's share capital apply as if the Capital Re-purchase Reserve Account were paid-up share capital of the company, except that the reserve account may be applied by the company in paying up its unissued shares to be allotted to members of the company as fully paid bonus shares.

(12) Where a company has purchased its own shares under this section, it shall maintain a register of shares so purchased and enter therein the following particulars, namely:-
(i) numbers of shares purchased;
(ii) consideration paid for the shares purchased;
(iii) mode of purchase; and
(iv) the date of cancellation of such shares.

(13) A return about the purchase of shares under this section containing such particulars relating to purchase as may be prescribed, along with the declaration of solvency made under sub-section (8), shall be filed with the Commission and the registrar within thirty days of the purchase.

(14) If a company makes default in compliance with the provisions of this section, the company shall be liable to a fine which may extend to one million rupees and any officer of the company who is knowingly and wilfully in default shall also be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to one million rupees, or with both.".

(5) After section 197, the following new section shall be inserted, namely:-

"197A. Prohibition regarding distribution of gifts.-
(1) Notwithstanding anything contained in this Ordinance, a company shall not distribute gifts in any form to its members in its meetings.

(2) If default is made in complying with this section, the company and every officer of the company who is a party to the default shall be liable to a fine not exceeding five hundred thousand rupees."

15. Amendments of Act V of 1989.- In the Finance Act, 1989 (V of 1989), in section 7,-
(a) in sub-section (2), paragraphs (A) and (B) shall be omitted; and
(b) in sub-section (3), clause (a) shall be omitted.

16. Amendment of the Sales Tax Act, 1990.- The following amendments shall be made in the Sales Tax Act, 1990, namely:-
(1) in section 2, in sub-section (46), in clause (a), after the word "duties" the words " and taxes" shall be inserted;

(2) in section 3, in sub-section (1A),
(a) for the word "one", wherever occurring, the word "three" shall be substituted; and
(b) for the expression "sub-section (1)" the expression "sub-section (1), clause (c) of sub-section (2) and sub-section (4)" shall be substituted.

(3) for section 3A, the following shall be substituted, namely:-

"3A.Turnover tax.--(1) Subject to the provisions of this section, there shall be charged, levied and paid turnover tax at the rate of two per cent of the taxable turnover by any manufacturer or producer and retailer who is making taxable supplies in the course or furtherance of any taxable activity carried on by him, provided that taxable turnover of that manufacturer or producer and that retailer does not exceed two and a half million rupees and five million rupees, respectively, in any period during the last twelve months:

Provided that the provisions of this section shall not apply to:-
(i) a manufacturer or producer who is making zero rated supplies; and
(ii) a manufacturer or producer or retailer who is a limited company itself or is owned by a limited company.

Explanation.--For the purposes of this section, "taxable turnover" means the total value of all taxable supplies of goods other than goods taxable at the rate of zero per cent.

(2) Any person who is liable to pay turnover tax under sub-section (1) shall apply for enrollment. The application for enrollment as turnover tax-payer shall be made to the Collector in such form and such manner as may be specified by the Board:

Provided that the amount of turnover tax payable for a tax period shall not be less than an amount equivalent to one-third of the total amounts of electricity bills, gas bills and telephone bills of that manufacturer or producer and retailer for that tax period.

(3) Notwithstanding the provisions of sub-section (1), a manufacturer or producer and a retailer whose taxable turnover does not exceed two and a half million rupees or five million rupees, respectively, may, after voluntary registration under section 18, opt for paying tax under section 3 instead of paying turnover tax under this section subject to the condition that he shall not thereafter be entitled to be de-registered until the expiry of two years from the date of such registration.

(4) Subject to such modifications as the Board may specify, all provisions of this Act shall apply to the charge, levy, payment, collection and enforcement of the turnover tax, as if it were sales tax under section 3.

(5) The Federal Government may, by notification in the official Gazette, allow the manufacturer or producer liable to turnover tax under this section to pay any amount of tax on any basis under a simplified sales tax payment procedure (SSTP) scheme.

(6) The Federal Government may, by notification in the official Gazette, allow a retailer liable to turnover tax under this section to pay any amount on any basis under a trade enrollment certificate (TEC) scheme.";

(4) in section 4, in the first proviso, in clause (ii), the words "within thirty days of the date of filing of bill of export or such extended period as the Collector may allow" shall be omitted;

(5) in section 8, after sub-section (4), the following new sub-section shall be added, namely,-

"(5) Notwithstanding anything contained in any other law for the time being in force or any decision of any Court, for the purposes of this section, no input tax credit shall be allowed to the persons who paid fixed tax under any provisions of this Act as it existed at any time prior to the first day of December, 1998.";

(6) in section 14, in sub-section (1), in clause (i), for the word "one" the words "two and half" shall be substituted;

(7) in section 18, in sub-section (3), the word and comma "distributor, wholesaler or" shall be omitted;

(8) in section 21, after sub-section (5), the following new sub-section shall be added, namely:-

"(6) Any person enrolled under section 3A may apply for de-enrollment and the provisions of this section shall mutatis mutandis apply."

(9) in section 22,-

(i) in sub-section (1), in clause (d), after the word "records", the comma and words ", utility bills, salary and labour bills, rental agreements, sale-purchase agreements and lease agreements" shall be inserted;

(ii) after sub-section (2), the following new sub-section shall be inserted, namely:-

"(2a) The Board may, by notification in the official Gazette, specify for any class of taxable persons registered under this Act to use such electronic fiscal cash registers as are approved by the Board in the manner as may be prescribed.";

(10) in section 25, after the word "Act" the words "or any other law" shall be inserted;

(11) after section 25 the following new section shall be inserted namely:-
"25A. Drawing of samples.- Where an authorized officer of sales tax considers it necessary to take a sample of any goods or raw materials, for the purpose of determining their liability to sales tax or for the purpose of establishing their value or for any other reason, he may remove a minimum quantity of goods or raw materials sufficient to enable a proper examination or analysis to be made. At the time of taking the sample the person in possession of the goods shall be informed and given the opportunity to sign the representative samples, so drawn, and take a corresponding sample for his record. Any sample taken under this section shall be taken against a proper receipt a copy each of which shall be kept in the record by the registered person and the collectorate.";

(12) in section 26, in sub-section (1), the words "making taxable supplies" shall be omitted;

(13) in section 32A, for sub-section (1), the following shall be substituted, namely:-
"(1) The Board may, by notification in the official Gazette, appoint a Chartered Accountant as defined under Chartered Accountants Ordinance, 1961 (X of 1961) or a firm of Chartered Accountants or a Cost and Management Accountant within the meaning of the Cost and Management Accountants Act, 1966 (XIV of 1966) or a firm of Cost and Management Accountants, for conducting special audit of records of registered person.";

(14) in section 45,-
(i) in sub-section (1), in the proviso for the full stop at the end a colon should be substituted and thereafter the following new proviso shall be added, namely:-

"Provided further that the appeal shall be accompanied by a fee of five hundred rupees to be paid in such manner as the Board may prescribe.";

(ii) in sub-section (2), the words "after making such further inquiry as may be necessary and" shall be omitted; and

(iii) after sub-section (2), amended as aforesaid, the following new sub-section shall be inserted, namely:-

"(2a) In deciding an appeal, the Collector of Sales Tax (Appeals) may make such further inquiry as may be necessary but he shall not remand the case to an officer who made the order for deciding it afresh.";

(15) in section 46, in sub-section (3), the words "fee of one hundred rupees" shall be substituted by the words "a fee of one thousand rupees paid in such manner as the Board may prescribe.";

16) in section 48, in sub-section (1), after clause (c) the following new clause shall be inserted, namely:-

"(ca) require by a notice in writing any person to stop clearance of imported goods or manufactured goods or attach bank accounts;".

(17) after section 58, the following section shall be inserted, namely:-
"59. Tax paid on stocks acquired before registration.- The tax, other than the turnover tax, paid on goods purchased by a person who is subsequently required to be registered under section 14 due to new liabilities or levies or gets voluntary registration under section 18, shall be treated as input tax, provided that such goods were purchased by him from a registered person against an invoice issued under section 23 during a period of thirty days before making an application for registration and constitute his verifiable unsold stock on the date of compulsory registration or on the date of application for registration or for voluntary registration:

Provided that where a person imports goods, the tax paid by him thereon during a period of ninety days before making an application for registration shall be treated as an input tax subject to the condition that he holds the bill of entry relating to such goods and also that these are verifiable unsold or un-consumed stocks on the date of compulsory registration or on the date of application for registration or for voluntary registration.";

(18) in section 60,-
(a) for the word "delivery" the word"import" shall be substituted;
(b) for clause (ii) the following shall be substituted, namely:-

"(ii) registered manufacturer-cum-exporters who import raw materials and intermediary products for further manufacture of goods meant for export."; and

(c) clause (iii) shall be omitted;

(19) in the Sixth Schedule,
(i) against serial No.3 in column (1), in the entry relating thereto in column (2),-
(a) in clause (i), the comma and word ",etc" shall be omitted;
(b) in clause (vi) the comma and word ",etc" shall be omitted; and
(c) in clause (vii) the words "or baked" shall be omitted.

(ii) against serial number 14 in column 1, in the entry relating thereto in column (2), for the expression "if imported, this exemption will be subject to similar conditions as are envisaged for the purposes of exemption under the Customs Act, 1969 (IV of 1969)" the expression "but if imported, these shall be entitled to exemption from tax on importation only if also entitled to exemption from payment of the whole or part of the customs duty leviable thereon" shall be substituted;

(iii) against serial number 15 in column 1, in the entry relating thereto in column (2), for the expression "if imported, this exemption will be subject to similar conditions as are envisaged for the purposes of exemption under the Customs Act, 1969 (IV of 1969)" the expression "but if imported, these shall be entitled to exemption from tax on importation only if also entitled to exemption from payment of the whole or part of the customs duty leviable thereon" shall be substituted;

(iv) against serial number 16 in column 1, in the entry relating thereto in column (2), for the expression "if imported, this exemption will be subject to similar conditions as are envisaged for the purposes of exemption under the Customs Act, 1969 (IV of 1969)" the expression "but if imported, these shall be entitled to exemption from tax on importation only if also entitled to exemption from payment of the whole or part of the customs duty leviable thereon" shall be substituted;

(v) against S.No. 29 in column (1), in the entry relating thereto column (2), for the words "Defence stores imported" the words and brackets "Defence stores (other than those as are manufactured in Pakistan) imported" shall be substituted;

(vi) against serial No. 42 in column (1), in the entry relating thereto in column (2), in clause (a), for the words "three" the word "five" shall be substituted;

(vii) against Serial No. 44 in column (1), in the entry relating thereto column (2), after the word "Gazette" the words "but if imported, these shall be entitled to exemption from sales tax on importation if these are not manufactured in Pakistan "shall be inserted;

(viii) after serial No. 50, the following new serial numbers and the entries relating thereto in columns (2) and (3) shall be added, namely:-
"51. One bus in CBU condition, 87.02 meant for transportation of passengers imported by a person under NRI scheme.
"52. Imported motor vehicles 87.03 meant for transportation of persons which pay custom duty in foreign exchange.

53. Cattle feed. 2309.9000

54. Fertilizer grade 2809.2000 and phosphatic rocks, 25.10 and phosphoric acid imported by recognized fertilizer factories for use in the manufacture of phosphatic ferti lizers including the phosphoric acid imported by FFCJ and cleared provisionally without payment of sales tax during 1998-99.

55. Chemical inputs, as are 2903.6900, ot manufactured in 2916.2000, Pakistan, imported by 2917.3900, recognized manufacturers 29.19,29.20, of agricultural pesticides 2923.9000, and used in the local 2924.1000, manufacture of agricultural 2926.9000, pesticides. 2930.2000, 2930.9090 and 2933.9000

56. Bricks and cement 6810,1100 and blocks used in the 6901.0000". construction of houses  under the Prime Minister's Housing Scheme.

17. Amendment of the Act XLII of 1997.- The following amendments shall be made in the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), namely:-

(1) In section 20, in sub-section (4), in clause (o), after the comma, occurring after the word "Ordinance", the words, commas, figures and brackets "the Securities and Exchange Ordinance, 1969 (XVII of 1969), the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980)." shall be inserted.

(2) In section 20, after sub-section (6), the following new sub-section shall be added, namely:-

"(7) The Commission, and the Commissioner or officer to whom any of the functions or powers have been delegated under section 10 may, for the purposes of a proceeding or enquiry, require anyone-

(a) to produce before, and to allow to be examined and kept by, an officer of the Commission specified in this behalf, any books, accounts or other documents in the custody or under the control of the person so required, being documents relating to any matter the examination of which may be considered necessary by the Commission or such Commissioner or officer; and

(b) to furnish to an officer of the Commission specified in this behalf such information and documents in his possession relating to any matter as may be necessary for the purposes of the proceeding or enquiry.".

(3) In section 23, in sub-section (2), for clause (c), the following shall be substituted, namely:-

"(c) taxes, fees, penalties or other charges levied under this Act, the Ordinance, the Securities and Exchange Ordinance, 1969(XVII of 1969), the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), and under any other law for the time being administered by the Commission; and"

18. Customs-duties in certain cases.- (1) Notwithstanding the provisions of sub-section (1) of section 18 of the Customs Act, 1969 (IV of 1969) customs-duties shall be levied,-

(a) subject to sub-sections (2) and (3), in respect of goods specified in column (1) of the Table-I, at the rates specified in columns (3) and (4) thereof;

(b) subject to sub-section (4), in respect of the goods specified in column (1) of Table-II, at the rates specified in column (3) thereof;
(c) subject to sub-section (5), in respect of the goods specified in column (1) of Table-III, at the rates specified in column (2) thereof; and
(d) subject to sub-section (6), in respect of the goods specified in column (1) of the Table-IV, at the rates specified in column (3) thereof,

TABLE-I

TABLE-II

TABLE-III

TABLE-IV

(2). Where the imported goods specified in Table-I are old and used, they shall be allowed reduction in customs-duties at the rate of one per cent for each complete month, calculated from the date of the first registration abroad upto the date of entry into Pakistan, subject to a maximum of thirty per cent.

(3). The importer shall pay the customs-duties in such foreign currency, as is acceptable to the State Bank of Pakistan, according to the rate of exchange prevalent on the day the duty is actually paid.

(4). The goods specified in Table-III at (c) in column (1), shall be imported only if the local assemblers give a certificate to the Small and Medium Enterprise Development Authority (SMEDA) of the Government of Pakistan (SMEDA), that their production capacity has exhausted and they have no objection if 800 CC Cars (CBU) are imported in specified numbers.

(5). The goods are imported between the lst of July, 1999 and the 30th June 2000.

(6). The goods are imported for use in an approved foreign grant funded project under a proper grant relating to Capital Aid/Technical Assistance Agreement signed between the Government of Pakistan and a foreign government or agency subject to concurrence of the Central Board of Revenue.

(7). The Federal Government may, by notification in the official Gazette,-
(a) specify conditions, limitations or restrictions, for carrying out the purposes of this section; and
(b) amend the Tables-I, II,III and IV, so as to add any entry thereto or modify or omit any entry therefrom.

19. "TAMEER-E-WATAN FUND".- (1) There shall be established a fund known as "Tameer-e-Watan Fund", hereinafter referred to as the Fund.

(2) The Fund shall be utilized for the social sector development at grass roots level.

(3) The amount allocated to the Fund shall be put in the public account and shall not lapse at the end of a financial year and shall be available for utilization at any time.

20. Common Taxpayer Identifier.-
(1) Where any person is liable to the charge, levy or payment of tax under the Relevant Legislation, a unique and permanent identification number to be known as Common Taxpayer Identifier (CTI) shall be allocated to the said person in accordance with the provisions of a scheme made by the Central Board of Revenue or under any orders made thereunder, and a certificate containing the identification number and the date of its issue shall be issued to such person.

(2) The person to whom Common Taxpayer Identifier (CTI) has been allocated in accordance with the provisions of any scheme or orders made there under referred to in sub-section (1) shall, quote it in all tax related transactions and in every return, form, statement, account, declaration, bill, invoice and document required to be furnished, maintained, issued or kept under the relevant Legislation.

(3) The person to whom certificate regarding the allocation of identification number has been issued shall, to the exclusion of all other identification numbers issued or allocated to him by any department of the Central Board of Revenue, prominently display it at some conspicuous place of the premises in which he carries on business or works for gain and paint it on the signboard wherever affixed.

(4) For the purposes of this section, the Central Board of Revenue may, by notification in the official Gazette, empower by name or designation any number of public servants to exercise such powers, including the powers under sections 144, 145, 146 and 148 of the Income Tax Ordinance, 1979 (XXXI of 1979) and discharge such duties as are conferred or imposed on them under the said Ordinance or the Relevant Legislation.

(5) Whoever knowingly and willfully contravenes any provision of this section or the scheme made thereunder shall, on conviction, be punishable with fine which for the first offence may extend to rupees twenty thousand and for a second or any subsequent offence to rupees fifty thousand and with simple imprisonment which may extend to three years or with both.

(6) An offence punishable under this section shall be tried exclusively by Special Judge appointed by the Federal Government under the Pakistan Criminal Law Amendment Act, 1958 (XL of 1958) as if such offence were an offence specified in the Schedule to the said Act.

(7) A Special Judge shall not take cognizance of an offence under sub-section (5) except on a complaint in writing made by a public servant referred to under sub-section (4).

(8) As used in this section -
(a) "Relevant Legislation" means the following and includes all amendments made therein from time to time and all rules, regulations and notifications issued thereunder: -
(i) Central Excises Act, 1944 (XI of 1944)
(ii) Wealth Tax Act, 1963 (XV of 1963)
(iii) Customs Act, 1969 (IV of 1969)
(iv) Income Tax Ordinance, 1979 (XXXI of 1979)
(v) Sales Tax Act, 1990 (VII of 1990) and
(vi) Such other legislation that the Federal Government may from time to time notify in the official Gazette as "Relevant Legislation" for the purposes of this section; and

(b) "Tax" shall include any tax, additional tax, surcharge, fee, duty, due, toll, penalty, fine, impost or cess, howsoever described under the Relevant Legislation.

DECLARATION UNDER THE PROVISIONSAL COLLECTION OF TAXES ACT, 1931 (xvi OF 1931).

It is hereby declared, in terms of section 3 of the Provisional Collection of Taxes Act, 1931 (XVI of 1931), that it is expedient in the public interest that the provisions of clause (10), sub-clause (XI), sub-clause 1(a) of clause 18 shall have immediate effect under the said Act.

STATEMENT OF OBJECTIVES AND REASONS

The purpose of this Bill to make financial provisions for the year begining on the first day of July, 1999. Various provisions have been explained in the Notes on Clauses.

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