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Arts council demands release of its BEL funds

KARACHI: The Arts Council Karachi is facing a serious financial crunch because of the freezing of accounts the Bankers Equity Ltd. BEL by the State Bank of Pakistan (SBP). A spokesman for the council has appealed to the SBP governor to help the council out of this crisis by allowing it to withdraw its deposits from the BEL.

The spokesman explained that the Arts Council of Karachi has, during the last three years, purchased three certificates worth Rs 800,000 and has further invested around Rs 500,000 from its provident fund account in the BEL certificates. All this money has been held up after the SBP action against the BEL.

The spokesman further said the council is a non-governmental organisation (NGO) and it generates revenues from membership fees and by renting out its premises for social and cultural activities. Occasionally it also raises funds for specific purposes from philanthropists of the city.

The Arts Council, had written letters to SBP governor and the finance minister for the release of its funds but so far no action has been taken. It is affecting the activities of the council and also the retired employees of the Arts Council have not been paid their provident fund dues, he concluded.