ANL 11.45 Increased By ▲ 0.33 (2.97%)
ASC 9.80 Increased By ▲ 0.15 (1.55%)
ASL 11.35 Increased By ▲ 0.09 (0.8%)
AVN 78.30 Increased By ▲ 3.89 (5.23%)
BOP 5.83 Increased By ▲ 0.06 (1.04%)
CNERGY 5.54 Increased By ▲ 0.26 (4.92%)
FFL 6.97 Increased By ▲ 0.06 (0.87%)
FNEL 6.15 Increased By ▲ 0.10 (1.65%)
GGGL 12.15 Increased By ▲ 0.21 (1.76%)
GGL 16.82 Increased By ▲ 0.69 (4.28%)
GTECH 9.65 Increased By ▲ 0.54 (5.93%)
HUMNL 6.65 Increased By ▲ 0.11 (1.68%)
KEL 2.56 Increased By ▲ 0.04 (1.59%)
KOSM 3.00 Decreased By ▼ -0.01 (-0.33%)
MLCF 27.25 Increased By ▲ 0.95 (3.61%)
PACE 3.10 Increased By ▲ 0.06 (1.97%)
PIBTL 6.11 Increased By ▲ 0.12 (2%)
PRL 17.88 Increased By ▲ 1.28 (7.71%)
PTC 8.15 Increased By ▲ 0.65 (8.67%)
SILK 1.43 Increased By ▲ 0.06 (4.38%)
SNGP 26.09 Increased By ▲ 0.29 (1.12%)
TELE 11.76 Increased By ▲ 1.01 (9.4%)
TPL 9.89 Increased By ▲ 0.59 (6.34%)
TPLP 17.68 Increased By ▲ 1.03 (6.19%)
TREET 30.10 Increased By ▲ 1.20 (4.15%)
TRG 81.68 Increased By ▲ 3.28 (4.18%)
UNITY 23.27 Increased By ▲ 1.06 (4.77%)
WAVES 13.50 Increased By ▲ 0.55 (4.25%)
WTL 1.60 Increased By ▲ 0.06 (3.9%)
YOUW 5.10 No Change ▼ 0.00 (0%)
BR100 4,233 Increased By 69.5 (1.67%)
BR30 15,486 Increased By 584.9 (3.93%)
KSE100 42,542 Increased By 529.1 (1.26%)
KSE30 16,143 Increased By 230 (1.45%)

ISLAMABAD: The Federal Government Properties Management Authority has been empowered to acquire/utilise any government asset, create a database of assets owned by government entities, conduct anti-encroachment operations and take possession of any government asset.

The President has promulgated "The Federal Government Properties Management Authority Ordinance - 2021" which would apply to all government properties wherever they may be. The Ordinance has also established the Federal Government Properties Management Authority.

The Authority would have powers and functions to acquire, hold and utilize assets as per provisions of the said Ordinance. The government may transfer any assets to the authority and upon such transfer, this Ordinance shall exclusively apply to the transferred assets.

The government will constitute a Board of Governors (Board) of the Authority including four members from the private sector through a notification. The Board would also include four ex-officio members appointed by the government. The Authority shall be a body corporate having a Director General, who would be the principal accounting officer of the authority. The DG would be responsible for management, administration and operations of the Authority. The Chairman of the Board of Governors would be the Minister Incharge of the Division concerned. The DG would also be the member of the Board.

The government may assign to the authority any project including private investment in any form whatsoever and at any stage of project lifecycle.

Govt land and properties affairs: Govt decides to establish FGPMA

According to the Ordinance, "whereas it is expedient to effectively manage and utilize assets of Federal Government through attracting private investment, from inland and abroad and to undertake special projects. If and when desired by the Government in collaboration with private investors, local or foreign and is so doing to generate revenue, facilitate job creation, develop Pakistan's human resource, enhance exports, bolster economic growth and improve service delivery to the people.

The authority shall be a body corporate, having perpetual succession and a common seal, with power and functions to acquire, hold and utilize assets as per provisions of this Ordinance, and shall sue and be sued in the said name".

The headquarter of the Authority shall be at Islamabad and it may, with the prior approval of the Government, set up as many offices all over the country as when and where required. The government may transfer any assets to the Authority and upon such transfer this Ordinance shall exclusively apply to the transferred assets, it said.

"No court or other authority shall have jurisdiction to question the legality of anything done or any action taken under this Ordinance by or at the instance of the authority in good faith. No court shall in any case pass an order affecting any anti-encroachment operation by the authority," Ordinance said.

The Authority can cancel or re-plan any project and mortgage assets with the approval of the federal government.

The Federal Government Properties Management Authority may recommend to the federal, provincial government or local government policies, laws and actions to enhance the investment potential of the assets, Ordinance added.

Copyright Business Recorder, 2021

Comments

Comments are closed.