The Utility Stores Corporation (USC) formally ceased the operations on Thursday, in accordance with the deadline of July 31 established earlier this month to close the state company (SOE).
Established in 1971, the USC was a SOE in charge of supplying essential products to subsidized rates, mainly pointing to low -income households. It operated more than 4,000 retail points throughout the country.
According to a notification of the USC of the Ministry of Industries and Production, available with Dawn.comThe decision was taken in accordance with the directives issued by Prime Minister Shehbaz Sharif on June 28 and a meeting of the Board of Directors earlier this month.
“All sales and purchases in public service stores have been closed with effect as of July 31, except the displacement of the shares to the stores and returned to the suppliers and the delivery of the inventories of the stores,” says the notification, instructing strict compliance with the order.
In addition, sales through the Odoo Business Management Suite have been suspended permanently as of today, read in a second notification of the USC.
“All point of sale systems connected with Odoo will be inactive in all stores from July 31,” said the notice. “No store in charge or designated official is authorized to make any sale through the ODOO system after this date. In addition, acquisition transactions through Odoo will begin.”
According to the notification, the ODOO system will only be used for inventory reconciliation and record maintenance and any attempt to carry out sales or purchase transactions after today will be “a serious violation of official policy.”
He added that “any employee found or facilitates sales or purchases through Odoo after July 31, will be considered personally responsible, and strict disciplinary actions will begin under the rules of the USC.”
According to the general description of the SOE performance of the Ministry of Finance for the first half of fiscal year 2015, USC registered a loss of RS4.1 billion for six months, with cumulative losses that increase to RS15.5bn, highlighting persistent structural and operational challenges.
In January, the Federal Cabinet formed a high -level committee to develop a comprehensive strategy for the rapid closure of USC operations throughout the country. The Committee had the task of determining a plan for the immediate closure of the USC, as well as the agreements to place permanent employees of the USC in the surplus group or the absorption against existing vacancies in other organizations of the federal government.
The Permanent Privatization Committee of the National Assembly was reported in April that, according to the USC restructuring plan, 1,203 public service stores were closed while 2,237 employees were fired.
