Meeting of the Standing Committee on Finance

July 30, 2019 in Business

ZAIN UL ABIDEN

Associated Press Service

ISLAMABAD: July 30, 2019-18th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held today i.e 30th July, 2019, at 02:00 p.m., in Committee Room No. 2, Parliament House, Islamabad, under the chairmanship of Mr. Asad Umar, MNA.

The Committee discussed “The Foreign Exchange Regulation (Amendment) Bill, 2019” clause by clause. Director General, Federal Investigation Agency (FIA) briefed the Committee about the penalties and procedure of the said Bill. Deputy Governor, State Bank of Pakistan informed the Committee that an amendment has been proposed on the suggestions of the Committee with regard to move or transfer of foreign currency (inland moment), which would be upto maximum US$ 10,000 (or equivalent in other currency). After threadbear discussion, the Committee unanimously recommended that the subject Bill may be passed by the National Assembly with minor amendments.

The Committee discussed “The Anti-Money Laundering (Amendment) Bill, 2019” clause by clause and unanimously recommended that the subject Bill may be passed by the Assembly with few amendments.

The Committee also considered that “The Islamabad Capital Territory Prohibition of Interest on Private Loans Bill, 2019” would be discussed in its upcoming meeting, Akhuwat (NGO) and Microfinance Institutions will be called.

The Committee deferred the agenda related to the recommendations of the Special Committee on Agricultural Products to uplift agriculture development in the country and decided that the same would be discussed exclusively.

The Committee deferred the agenda with regard to the briefing by Competition Commission of Pakistan about the sharp increase of price in cement, flour, sugar, domestic airfare and automotive industry in the country.

The meeting was attended by MNAs Mr. Faiz Ullah, Dr. Ramesh Kumar Vankwani, Dr. Aisha Ghaus Pasha, Ms. Nafisa Shah, Syed Naveed Qamar, Moulana Abdul Akbar Chitrali Mover/MNA and Syed Fakhar Imam Special invitee/MNA besides the senior officers of Ministry of Finance, Planning Division, FBR, SBP, SECP, ZTBL, FIA, Ministry of Law, and Ministry of National Food Security & Research.