Daily Times

KARACHI: Federal Minister for Finance and Economic Affairs, Dr. Shamshad Akhtar on Monday said the Amnesty Scheme time limit  would not be extended beyond the June 30 deadline.

During her visit to Pakistan Stock Exchange (PSX), she held a meeting with representatives of PSX board, management and senior market participants and discussed various issues related to Capital Market development and the amnesty scheme announced by the Government for declaration of assets.

Chairman PSX Board Husain Lawai welcomed the guests and thanked Shamshad for taking time to visit PSX, even on a holiday. The event was attended by Commissioner (SMD)-SECP, members of PSX board and management, senior market participants and CEO-CDC.

Richard Morin briefed the participants about PSX and stated that it plays a central role in capital formation without which there can be no sustainable economic growth.

He mentioned that PSX and the Government of Pakistan share a mission to work for the betterment of people of Pakistan and to ensure that this country assumes its rightful place among the world’s most important economies. He further apprised the ambitious Strategic Plan to modernise Pakistan’s capital market and unlock its tremendous development potential.

The Strategic Plan includes launching new products like exchange traded funds and sharia compliant products targeted at middle class Pakistanis as well as derivatives to broaden our offering, developing the retail bond market, a national investor awareness and education program, acquiring world class trading and market surveillance systems, streamlining the account opening and documentation process and improving investor protection.

The minister directed PSX to form a committee to propose a 5-year roadmap for the development of Pakistan’s capital market.

Shamshad also discussed the Amnesty Scheme adopted by the Government of Pakistan. She informed participants that the scheme cannot be extended beyond the June 30 deadline and that they should work diligently to maximize the amount of assets submitted under the scheme.

She clarified some issues relating to nominee accounts held at CDC and proposed that a Committee including the Ministry of Finance, State Bank of Pakistan, Federal Bureau of Revenue and the private sector make recommendations by June 21 to eliminate possible ambiguities and remove hurdles in implementing the scheme.

In her closing remarks, the Minister offered her complete support for capital market development and sought cooperation from the business community to strengthen the country’s economy and assured that, despite its limited mandate, the Caretaker government would do its best to promote trade and industry.

The participants expressed their gratitude to the Minister and their full support for the Caretaker government.

The Chairman of the PSX Board of Directors thanked the Minister for her visit to PSX and meeting with the Board members as well as market participants.