7Th National Finance Commission Award-2009 Gwadar:- Commemorative Postage Stamp:- 11Th January 2010:-
Financial resources play a key role in development. Its judicious and equitable distribution is necessary to build up any under developed or under privileged areas. The current state of resources distribution has been evolved over a period of time and various improvements have been made in the resource sharing mechanism among the federal and provincial governments. In
Under article 160 (1) of the 1973 Constitution, the NFC is to be set up at the intervals not exceeding five years. Its members are Federal Finance Minister (Chairman), Provincial Finance Minister and other concerning experts which the President may appoint after consultation with provincial governors [Constitution of Pakistan (1973)]. As per law, NFC is intended to have an amicable mechanism for resource sharing formula between the federation and federating units as well as amongst the provinces. The National Finance Commission (NFC) has undergone many changes and has dynamically grown to its present shape. The NFC is established by law for smooth and judicious re-distribution of resources collected by Center according to the needed goals for development of federation and the federating units. There have been three Awards (recommendations), in the last 34 years by the National Finance Commission.
The much awaited award was finalized in
According to the new criteria set for the 7th NFC Award, 1% of the Divisible Pool taxes have been assigned to NWFP province fo War on Terror. The Federating units would receive 57.5% share of the balance Divisible Pool taxes, while 42.5% share would go to the Center. As per the horizontal distribution among the provinces, the
It was Shaheed Zulfiqar Ali Bhutto, Ex Prime Minister who had introduced bicameral democratic system, aimed at safeguarding the rights and interests of all the provinces, particularly the smaller ones. The consensus on the NFC Award is a monumental historic decision which would pave the way for more similar decisions. The provincial governments in
On 7th National Finance Commission Awards-2009 Gwadar, Pakistan Post is issuing a Commemorative Postage Stamp of Rs.8/- on 11the, January 2010.