EXPENDITURE
POSTION
(A)
2002-2003
Finance Department, Government of Sindh
released an amount of Rs.200.00 million against
the approved strategy during 2002-03. According
to the decision of Board of Trustee in its
meeting held on 06-06-2003 that Rs.200.00
million should be invested in purchasing PIB
Bonds through State Bank of Pakistan/National
Bank of Pakistan for 10 years with the rate of
5.639%.
After investment of the
above funds, the Education & Literacy Department
received an amount of Rs.6,455,700/= the profit
inn the month of December 2003 (after deduction
of Income Tax) and also National Bank of
Pakistan credited an amount of Rs7,173,000/= the
PROFIT ON 30.06.2004 (without deduction of
Income Tax) on the basis of Exemption
Certifocate issued by C.B.R.
The Education & Literacy
Department announced the 100 Scholarship in the
month of September 2003 through Press ( Daily
Jang, Daily Kswish & Daily Dawn) and the
closing date was 30.09.2003, but later-on the
same was extended upto 27-10-2003 through press.
In forms, 142 candidates returned the forms duly
filled-in. Department of Education has
constituted a Selection Committee, the committee
selected 41 students out of 143 candidates.
Education & Literacy
Department issied five cheques an amounting to
Rs.3,370,565/= in favour of the head of
Institutions according to their Invoices/ Bills
for the selected students as approved by the
Board of Trustee in its meeting held on
09.03.2004.
(B)
2003-2004
During 2003-04 Finance
Department, Government of Sindh released the
fund in two installments amounting to Rs.200.00
million and the same were also invested by
purchase of (PIB) Bond through State Bank of
Pakistan/ National Bank of Pakistan for 15 years
at the rate of 8.57% . The investment profit
released in the month of December 2004.
Education & Literacy
Department has announced the 100 scholarship (
full package) against the approved criteria
according to the approved strategy and the last
date of submission of the application forms was
30.08.2004 and the last date was extended unto
25.09.2004 as per order of the Principal
Secretary to Chief Minister Sindh ( the date of
submission of forms extended unto 25.09.2004)
It is added that during
the year 2003, it has been observed that the
students of the rural areas 60% have not come
forward for Endowment Scholarship in the
sele4cted institutions viz.
1.
IBA Karachi
2.
SZABIST Karachi/ Larkana
3.
IOBM Karachi
4.
FAST Karachi
5.
ISRA university Hyderabad
6.
IBA Sukkur
(C)
20042005:
During 2004-05 the Finance Department,
Government of Sindh released an amounting to Rs
.200.00 million. The Board of Trustee in its
meeting held on 30.05.2005 Decided that the
funds should be invested to purchase Market
Treasury Bills unto 3 months maturity instead
of (PIB) Bonds with a view to mature before
prior August, 2005.
According to the decision of Board of Trustee in
its meeting held on 30.08.2005 Rs.200.00 million
were Re-Invested for a person of 160 days to
matured on 11TH May, 2006.
It is also added
that an amount of Rs.200.00 million is again
re-invested for 179 days in the light of
decision taken by Board of Trustee in its
meeting held on 30.06.2005, the maturity date is
upto10th November, 2006.
(D)
2005-2006:
During 2005-06 the
Finance Department, Government of Sindh released
an amount of Rs.200.00 million which were
invested by purchasing Market Treasury Bills for
a person of 162 days, the maturity date of
Market Treasure BILLS IS UPTO 31 August,. 2006.
During 2005 Draft
Advertisement was prepared by the Secretary
Endowment Board on 03.09.2005 submitted to the
Special Secretary, Education and got approved by
the Secretary Education on 06.09.2005. The
Education through Press (Daily Jang, Daily
Kawish and Daily the News) in the matter on
20.09.2005 and 27.09.2005 respectively.
The Sub-Selection
Committee comprises three members was
constituted by the Education & Literacy
Department vide order NO.ENDOWMENT/MISC/1-10/2005,
dated 11.11.2005 to conduct Interview of the
candidates and finalized the list of those who
had applied for stipend under Endowment Fund.
Accordingly the
Sub-Selection Committee submitted a list of 87
selected students in the field of Business
Administration and Information Technology duly
signed by all the members and got approved by
the Education Minister /Chairman , Board of
Trustee on 08.03.2006 for issuance of
Notification.
The Invoices were received
for fresh 87 students from various Institutions
for the year 2005 and for 82 students for
renewal of Endowment Scholarship, for which an
AMOUNT OF Rs. 14,456,994/= were released from
the profit of the invested fund , with the
approval of Board of Trustee in its meeting held
on 04.04.2006.
ENDOWMENT
SCHOLARSHIP PLAN FOR THE YEAR 2006:
The Board of
Trustee for Endowment fund had already decided
in its meeting held on 30.08.2005, that in
future the advertisement for in its meeting held
on 30.08.2005, that in future the advertisement
for scholarship from Endowment Funds may be
given in the month of August every year, so that
the poor students should not suffer/ deprive for
getting admission in the prestigious institution
in the field of Business Administration and
Information Technology.
2
The Board of Trustee has decided to
constitute a sub-committee comprising the
following three members
(1)
Secretary Education & Literacy
Department.
(2)
Mr. Danishmand, Director I.B.A
(3)
Dr. Zubair Shaikh , Director FAST.
and it is
also decided that before next advertisement for
the year 2006 the eligibility of Institution for
ENDOWMENT Scholarship must be rectified by the
sub-Committee i.e. it shoud be based on quality
of Education, credibility and grading each
institute which help students to get better job
