NA approves Financial Bill 2011 with majority vote

The National Assembly has approved the Financial Bill 2011 worth Rs. 2.7 trillion for the upcoming year, with a majority vote and rejected all the amendments proposed by the opposition.Finance Minister Dr Abdul Hafeez Shaikh moved the bill in the House to give effect to the financial proposals of the federal government for the next fiscal year starting from July 1, 2011 and to amend certain laws in the bill.The house rejected all the amendments proposed by the opposition with a majority vote and approved those moved by the finance minister to amend the Finance bill 2011.Earlier, Zahid Hamid was of the view that the tax limit should also be raised to Rs 500,000. Hafeez Shaikh said that the ratio of general sales tax would be gradually reduced.After the approval of the budget, Federal Minority Minister Akram Masih staged a sit-in in front of the speaker’s rostrum to protest devolution of his ministry to the provinces, but Prime Minister Yousaf Raza warned him to take his seat or he would be dismissed.