ISLAMABAD - The government has decided to establish “Diamer-Bhasha and Mohmand Dam Fund-2018” for raising funds for the construction of these two important dams in the country to overcome impending water challenges.

According to notification issued by the Finance Division here on Friday, all proceeds on account of the fund and payment into it would be received at all branches of State Bank of Pakistan (SBP), all treasuries and branches of National Bank of Pakistan and all other scheduled banks.

According to the notification, the Fund would receive donations from both domestic and international donors, as well as contributions from abroad which would be received at all branches of above referred banks where such branches exist.

In other foreign countries, contributions would be received at Pakistan Missions and remitted to the SBP, which would prescribe necessary accounting procedure.

It said that all proceeds received in the name of the fund should be credited to the Public Account of Federal Government under the heads including Special Deposit Fund, Development Fund and Diamer-Basha and Mohmand Dam Fund-2018.

Accounts of the Fund would be maintained by Accountant General of Pakistan Revenue Islamabad and would be administered by the Registrar Supreme Court for the time being and till further orders by the Apex Court in this regard, the notification added.