A proposal to set the rate of annual lease of educational institutions running on charity at one per cent of the rental market value of the concerned institution was approved in a meeting presided over by Provincial Minister for Education Rana Mashhood Ahmed Khan.
Five percent annual increase will also be included in the rate of lease, the meeting decided.
Secretary Higher Education Irfan Ali, Chairman Higher Education Punjab Dr Nizam Uddin and other government officials, besides representatives of FC College, Cathedral School, Crescent School and other schools were present on the occasion.
The meeting decided that amendment would be made in clause 10 of Punjab Revenue Board pertaining to lease of charity educational institutions. According to the amendment, new lease rate is being fixed for all charity educational institutions.
The minister said that the Punjab government was making amendment in the concerned law for leasing out all charity educational institutions on equal but very nominal rates. He said that the aim of fixing new rate was not to create problems for educational institutions but because the government valued educational services of these institutions.
Mashhood said that District Rate Assessment Committee would determine market rental value of these educational institutions while an increase of five percent rate will be made every year on the one per cent amount received.
Representatives of FC College, Cathedral School, Crescent School and others expressed satisfaction over resolution of long standing issue of fixation of lease rate. Education Minister told the meeting that the amendment would be enforced after approval by Punjab Chief Minister Muhammad Shehbaz Sharif.
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