RAWALPINDI:
The Rawalpindi Cantonment Board (RCB) has recovered Rs 115.4 million in the first phase of contract collection from Bhatta Ground cattle market, while Rs 30 million income tax has also been deposited with the federal government.
Under the terms of the agreement, RCB is now expected to receive Rs 25.4 million per month from the contractor throughout the year.
The contract to operate the country’s second largest livestock market after Karachi, spread over 32 acres at Bhatta Ground, has been awarded to a major consortium led by Haji Ismail & Co for Rs 305 million.
The contract covers both the annual Eidul Azha livestock market and the regular livestock market which is held every Tuesday and Wednesday throughout the year.
Under the terms of the agreement, the Council has already received an advance of Rs90 million, as well as the May payment of Rs25.4 million. Additionally, Rs 30 million income tax on the total contract value was collected through the RCB and deposited with the federal government.
The contract requires the operator to pay Rs25.4 million to the Cantonment Board every month between the 1st and the 22nd.
In May 2027, the contract will be automatically extended for another year with a 10 percent increase in value, thereby increasing the total contract amount.
The Contractor will also be responsible for paying applicable income tax on the revised contract value.
The same scheme will remain in force for three years, after which a new procedure for awarding the contract for Bhatta Ground Cattle Market will be formulated in 2029.
Meanwhile, sources said the RCB was planning to use the venue on the remaining five days of the week, when the cattle market is not open, to host what could become the biggest auto show in the twin cities of Rawalpindi and Islamabad.
Officials believe the proposed auto market could provide RCB with an additional and significant source of revenue.
