The Universal Service Fund (USF) and Research and Development Fund constituted under the Pakistan Telecommunication (Re-organization) Act, 1996, which had been held in accounts with scheduled banks, have been transferred to the Federal Consolidated Fund (FCF) after necessary amendments in the Rules pertaining there to.
The transfer is in conformity with the provisions of the 1996 Act which stipulate that the Funds will be under the control of the federal government, said a press release issued.
Provisions in the Act/Rules relating to non-lapsing of credit balances in the funds and procedure for release and utilisation of funds there from remain un-changed.
The fund will continue to be used exclusively for telecommunications.
It may also be mentioned here that the Workers, Welfare Fund and the Export Development Fund, which are of a similar nature, are also held in FCF.
