SECP deposits Rs2.368 billion in national exchequer

SECP deposits Rs2.368 billion in national exchequer

ISLAMABAD, August 30: The Securities and Exchange Commission of Pakistan (SECP) has deposited the accumulated surplus of Rs2.368 billion to the Federal Consolidated Fund (FCF). The money has been deposited in the federal government’s account with the State Bank.

In addition, the SECP has deposited Rs20 million, collected on account of fines and penalties during the year ending June 30, 2013, to the Federal Consolidated Fund (FCF).

Section 13 (1) of the 2012 Finance Act, added a new Section 24(3A) to 1997 the SECP Act, providing that any surplus of receipt over actual expenditure in a year, after payment of tax, shall be remitted to the Federal Consolidated Fund and any deficit from the actual expenditure shall be made up the federal government. The surplus amount was deposited in the FCF in pursuance of Section of 24 (3A) of the 1997 SECP Act.