The government has allocated Rs 691 million for the fiscal year 2012-13 with regard to payment of transport monetisation allowance to entitled officers, it was learnt. Sources said that allocation for purchase of transport for ministries and division has been monetization and implemented for fiscal year 2011-12, which is Rs 810 million.
The purchase of new cars was banned during the fiscal year 2011-12 subsequent to the implementation of transport scheme. High ups of the Finance Ministry claimed that a major portion of allocated amount is expected to be saved at the end of the current fiscal year.
The financial implication of the policy included approximate deduction on account of driver salary Rs 92 million, tax on account of monetization Rs 184 million, saving on account of token tax Rs 1 million, savings under the heads of repair and maintenance and POL/ CNG, Rs 369 million and interest on less allocation under purchase of transport cars for 2012-13 Rs 29 million and depreciation Rs 23 million.
Sources said that no allocation was made under the head of transport monetization allowance for the year 2011-12 and expenses are being met through re-appropriation of funds. Under the monetization policy, civil servants in Grade-20 to 22 were given the first option to purchase the cars at depreciated price as per the following formula; (i) 15 percent depreciation for each completed year of life of car on original price; (ii) 20 percent depreciation per annum on reducing balance on existing market price; (iii) the higher price was adopted as offer price.
An official said that each Ministry/ Division/Department was required to prepare and submit to the Cabinet Division and Finance Division every month a report on the expenditure relating to the CNG, POL and the repair/ maintenance of the operational/ general duty vehicles so that the resultant financial impact/savings of the Policy could be assessed. However, he said that the compliance report by majority of ministries and division has not been submitted so far after the implementation of monetization of transport facility since January 2012.