Islamabad, October 08, 2021 (PPI-OT):64th meeting of the National Assembly Standing Committee on Finance and Revenue was held today at 02:00 p.m., in Committee Room No. 7, Parliament House, Islamabad, under the chairmanship of Mr. Faiz Ullah, MNA.
While considering the “The Constitution (Amendment) Bill, 2020 (moved by Syed Javed Husnain, MNA)” the Committee unanimously decided that subject Bill should be clubbed with already under consideration Bill on Eradication of Riba, 2019 (moved by Moulana Abdul Akbar Chitrali, MNA.
The Committee discussed the “The State-Owned Enterprises (Government and Operations) Bill, 2021 (Government Bill)”. Additional Secretary, Ministry of Finance briefed the Committee about the objectives of the Law.
He also explained the salient features of the Bill, such as Nominations of Independent Directors Institutionalized and Majority of Independent Directors, Security of tenure, Removal criteria defined as per section 13. However, the Committee Members have expressed their concerns with regard to the rights of public and private entities and directed the Ministry of Finance to prepare a comprehensive presentation in this regard.
Director General, Ministry of Finance briefed the Committee on the “The Fiscal Responsibility and Debt Limitation (Amendment) Bill, 2021”. He said that sound practice for public management necessitates that debt responsibilities should not be fragmented as its insufficient coordination among various institutions involved, suboptimal borrowing choices, duplication of competences and a disconnect with strategy implementation.
He added, in Pakistan, there has been a growing realization that effectiveness of debt management function, which can be enhanced by consolidating debt management functions into signal, professionally managed and adequately resourced Debt Management Office. He also enlightened the expected domains, which will be addressed by enacting the proposed amendments in the Act of (FRDL), 2005.
The Committee Member were of the opinion that there were numbers of implications in the proposed legislation i.e. coordination with Economic Affairs Division (EAD) and the role of State Bank of Pakistan (SBP). The Committee decided that SBP and EAD may be invited in the next meeting of the Committee for their input on the said proposed legislation by the Ministry of Finance.
The Committee deferred the following Bills/Matters:
a) The Controller General of Accounts (Appointment, Functions and Powers) (Amendment) Bill, 2019 (moved by Mr. Sana Ullah Khan Masti Khel, MNA);
b) Calling Attention No. 18 regarding deduction of 5% maintenance allowance from the salaries of the Federal Government employees working in BPS-6 to BPS-15. (moved by Mr. Ali Nawaz Awan, MNA);
c) The Modaraba Companies and Modaraba (Floatation and Control) (Amendment) Bill, 2020 (Government Bill);
d) The Islamic Development Bank (Amendment) Bill, 2020 (moved by Mr. Amjid Ali Khan, MNA);
The meeting was attended by Dr. Aisha Ghous Pasha, Mr. Faheem Khan, Dr. Rameesh Kuma Vankwani, Chaudhary Khalid Javed, Mr. Raza Nasrullah, Makhdoom Syed Sami-ul-Hassan Gillani, Mr. Ahsan Iqbal Chaudhary, Mr. Amjad Ali Khan on video link and MNAs Syed Javed Hasnain, Mover of the Bill besides the senior officers from M/o Finance and Revenue, Economic Affairs Division, Controller General of Pakistan and Security Exchange Commission of Pakistan.
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National Assembly of Pakistan
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Parliament House, Islamabad, Pakistan