Daily Times

The National Assembly Standing Committee on Finance, Revenue and Economic Affairs considered various bills in its 25th meeting held on Thursday with MNA Asad Umar in chair. The committee discussed “The Pakistan Coinage (Amendment) Bill, 2019”, and the joint secretary, Ministry of Commerce, informed that they have taken up the matter with the Pakistan’s Embassy in Brussels for their comments regarding implication under GSP plus status of Pakistan, if any. They have responded that proposed legislation may not be made at this point of time. The committee directed the Finance Division to coordinate with Ministry of Commerce in that regard and furnish its view for further consideration of the said bill.

Minister for Economic Affairs Muhammad Hammad Azhar briefed the committee on the updated position on the Financial Action Task Force (FATF) matter. He apprised the Committee that Pakistan has significantly completed action plan on 22 items out of 27 given by FATF under International Co-operation Review Group (ICRG). He informed that plenary meetings of the FATF were held in Paris during October 13-18, 2019, wherein Pakistan Progress on 27 point FATF Action Plan during July 2018 to September 2019 was reviewed.

Hammad Azhar informed that ICRG in the last meeting expressed its satisfaction on the progress about the measures taken by the government. The representative of Federal Board Revenue (FBR) also informed that FBR-Customs has played a leading role about to achieve the targets under FATF action plan pertaining to FBR. He further informed that to identify and to understand risk associated with Terrorist Financing (TF) involvement in cash couriers, FBR has been developed a Sectoral Study on Cash Smuggling.

The Committee deferred the Controller General of Accounts (Appointment, Functions and Powers) (Amendment) Bill, 2019 (moved by Mian Najeeb-ud-Din Awaisi, MNA) due to the absence of the Mover.

The Committee discussed “The Industrial Development Bank of Pakistan (Reorganization and Conversion) (Amendment) Bill, 2019” moved by Syed Fakhar Imam, MNA. The Additional Secretary, Finance Division informed the Committee that in May, 2011, the Industrial Development Bank of Pakistan (re-origination and conversion) Act, 2011 was promulgated whereby IDBP was converted into public limited banking company namely IDBL and was incorporated under the Companies Ordinance 1984, consequently, IDBP stood dissolved and ceased to exit on 13-11-2012. The Committee rejected the said Bill. The Committee considered “The Banking Companies (Recovery of Loans, Advance, Credits and Finances) (Amendment) Bill, 2019” moved by Syed Fakhar Imam, MNA and recommended that the said Bill may be passed by the National Assembly.

The Committee discussed “The Regional Development Finance Corporation and Small Business Finance Corporation (Amalgamation and Conversion) (Amendment) Bill, 2019” moved by Syed Fakhar Imam, MNA. The Additional Secretary, Finance Division informed that the Finance Corporation and Small Business Finance Corporation has merged in SME. The Committee rejected the said Bill.

The Committee considered “The Agricultural Development Bank of Pakistan (Re-organization and Conversion) (Amendment) Bill, 2019” (moved by Syed Fakhar Imam), and recommended that the said Bill may be passed by the National Assembly.

The Committee considered “The Financial Institutions (Recovery of Finances) (Amendment) Bill, 2019”, moved by Syed Fakhar Imam, MNA and recommended that the said Bill may be passed by the National Assembly.

The Chairman, FBR briefed the Committee with regard to the data received through Automatic Exchange of information from Organization for Economic Co-operation and Development (OECD). The Committee Members expressed their concern about the performance of FBR regarding collection of tax amount under this system. The Committee was also informed about the pendency position and way forward on the issues.

The meeting was attended by MNAs Makhdoom Syed Sami-ul-Hassan, Sardar Nasrullah Khan Dreshak, Jamil Ahmed Khan, Faheem Khan, Aftab Hussain Siddique, Dr. Ramesh Kumar Vankwani, Qaiser Ahmed Sheikh, Ali Perviz, Dr. Aisha Ghaus Pasha, Ms. Nafisa Shah, Syed Naveed Qamar and Syed Fakhar Imam, mover of the Bill besides the senior officers from Ministry of Finance, Revenue & Economic Affairs, SECP, ZTBL and Ministry of Law & Justice.