Islamabad: The federal government has banned the ownership of plots and vehicles under the open transfer letter mechanism – a news source reported.
The finance ministry has directed housing societies and provincial transport authorities to cancel any registrations made under the said arrangement. A summary to this effect has been forwarded to the provincial governments and public departments concerned.
The orders make it mandatory for private housing schemes nationwide to register the buyer’s name in the transfer deed.
The finance ministry has asked the provincial authorities to implement the orders within a month’s timeframe. It has issued similar directives to the transport authorities operating nationwide.