Cabinet approves issuance of 20- and 5000-rupee notes, reforms in Islamabad housing sector

The Cabinet on Wednesday approved issuance of new currency notes of Rs 20 and Rs 5000 on recommendations of the State Bank of Pakistan. The Cabinet also approved major reforms in housing sector for Islamabad. The Cabinet meeting, chaired by Prime Minister Shaukat Aziz, decided to redesign the currency notes of Rs 50 and Rs 1,000 denominations, while the notes currently in circulation will be phased out in three to five years.
The exact dates of phasing out the old designs would be determined by the State Bank.
The new notes will contain latest security features besides better and bold lettering. The state-of-the-art technology will be used for the printing of the notes.
The Cabinet decided to open four new housing sectors in Islamabad for providing plots at affordable prices to the low and middle income groups and for overcoming the residential accommodation shortage. A government spokesman said that this decision would help in stabilising land prices in the federal capital by increasing supply.
The Cabinet decided that immediate action should be taken for development of the four sectors and that private developers would be involved on 'turnkey basis' for ensuring speedy development.
The Cabinet approved to negotiate preferential Trade Agreement (PTA) between Pakistan and Yemen.
In order to improve trade relations between Pakistan and Mauritius, the Cabinet approved the initiation of negotiations between the two countries.
The Cabinet approved, in principle, a package deal to compensate outstanding cases of stalled sectors in Islamabad, including E-12 and D-12. It also approved to rescind the award announced in 1985 for the two sectors.
In the zoning regulations, Capital Development Authority (CDA) has appointed consultants to present their report for resolving this issue. The Prime Minister also formed a cabinet committee to check haphazard development in the area and for carrying out planned development in future.
The committee, comprising Minister for Interior, Minister for Housing, Minister for Information and Broadcasting and Minister for Labour and Manpower would set out the modalities to implement the decisions within 30 days. The Cabinet also approved, in principle, the measures to meet water shortage in Islamabad from Rivers Jhelum or Indus, depending on the feasibility of the projects.
The Cabinet decided that low-cost housing be given more attention and the slums which have been regularized should be modernised.
To overcome the shortage of good hotels in Islamabad, the Cabinet directed the CDA to take immediate action for construction of five-star hotels near Marriott and Serena hotels and for the extension of Holiday Inn Hotel along with development of entertainment of holiday resorts in the city. It will also stimulate economic activity and generate employment opportunities, the Cabinet observed.
The Prime Minister also directed for building of modern shopping malls in Islamabad and one such mall would be built in Blue Area.
The Cabinet also directed the Ministry of Information and Broadcasting, Ministry of Information Technology, PIA, Civil Aviation Authority and State Life Insurance to construct buildings on their plots located in Blue Area to meet the requirements of office space and setting up of a 'Media City'.
The CDA will cancel the plot of those government departments, which do not start construction within the given time.
The Cabinet appreciated the efforts of CDA Chairman, who has worked hard for the beautification and improvement of the capital.
The Cabinet also decided to restructure CDA and reconstitute its Board of Directors in which elected representatives, private sector professionals and community leaders would be associated to make the body vibrant and responsive to the aspirations of the residents of Islamabad.
CDA would be given the shape of a modern professionally run urban management and urban development organization, the spokesman said.
It has been directed to present a model in this regard within 30 days, the spokesman added.
The CDA has also been directed to minimize the NOC culture, simplify the rules and regulations and for becoming more resident friendly.
The Prime Minister also expressed the need for making Islamabad Police more efficient and effective and for installing surveillance cameras to beef up security.