Karachi: Pakistan International Airlines PIA has more than sufficient funds in its different bank accounts both in Pakistan and foreign exchange accounts at airline’s stations abroad, PIA spokesman said in a statement here on Wednesday.
He said that for reasons of confidentiality the exact banks account balances are not being disclosed but just a single local bank account has enough funds to meet daily operating expenses. While on just two foreign stations one in Middle East and the other in North America, the foreign exchange deposits in US Dollars are also significant. PIA has several Bank accounts in different banks within and outside Pakistan for collection of funds which are moved as per requirement.
PIA spokesman said that no airline cheque relating to Provident Fund has ever bounced even the Provident fund account has cash balance and more than Rs. 26 billion is invested for profits.
The salaries of the employees’ are paid at the end of each month directly into the bank accounts of the employees’. The outsourced employees are paid by the Service provider and not by PIA, he added.