Last Updated On: 19th October 2017, 11:25 AM
Home | Feedback | Advertisments | Careers | Downloads | Useful Links | FAQs | Contact Us 
The National Assembly Session has been prorogued on Wednesday, the 11th October, 2017 | Committee Meetings:10:30 AM: S.C on National Food Security and Research at Department of Plant Protection,Jinnah Avenue,Malir Halt, Karachi | 11:00 AM: Meetings of the Sub-Committee-III of the Public Accounts Committee (PAC) (Revised) at Committee Room No. 2 | 11:00 AM: Meeting of the S.C. on Rules of Procedure and Privileges at Committee Room No.7 4th Floor Parliament House, Islamabad. | 11:00 AM: Inter Provincial Coordination at Committee Room of Pakistan Sports Board, Islamabad | 11:00 AM: S.C. on Communication at Committee Room of National Highways & Motorway Police (NHMP) G-13/3,Islamabad | 11:30 AM: Ports and Shipping at Karachi | 02:00 PM: Defence Production at Committee Room No.7 |

Press Release Details

Share Print
NA Standing Committee on Finance, Revenue and Economic Affairs Meets
Tuesday, 10th October, 2017

59th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held today i.e 10th October, 2017, in Committee Room No. 7, under the Chairmanship of Mr. Qaiser Ahmad Sheikh, MNA, on the following agenda:-

Agenda No. 1
i).                 Confirmation of minutes of the last meeting held on 28-09-2017
Agenda No. 2
i)                  To consider “An Eradication of Riba Bill, 2015” (moved by Mr. Sher Akbar Khan, MNA) (Referred on 24-11-2015)
ii).                To consider “The Islamabad Capital Territory Prohibition of Private Money Lending Bill, 2017” (moved by Mr. Sajid Nawaz, MNA) (Referred on 07-03-2017).
iii).               To consider “The Controller General of Accounts (Appointments, Functions and Powers) (Amendment) Bill, 2017” (moved by Mr. Asad Umar, MNA) (Referred on 19-09-2017)
iv).               To consider “The State Bank of Pakistan Banking Services Corporation (Amendment) Bill, 2017” (Government Bill) (Referred on 07-08-2017).
v).                To consider “The Establishment of Federal Bank for Cooperatives and Regulations of Cooperative Banking (Repeal) Bill, 2017” (Government Bill) (Referred on 17-08-2017).
v).                To consider “The House Building Finance Corporation (Repeal) Bill, 2017” (Government Bill) (Referred on 22-08-2017).
Agenda No. 3
i).                  Briefing by Governor State Bank of Pakistan on “The State of Pakistan’s Economy”.
ii).                Briefing by the Governor State Bank of Pakistan regarding problems being faced by the importer and exporter for opening of LC between Pakistan and Iran.
iii).               Briefing by the Chairman Securities and Exchange Commission of Pakistan (SECP), Director General Federal Investigation Agency (FIA), Chairman Federal Board of Revenue (FBR) and Governor SBP regarding the legal/illegal transfer of investment in real estate sector of United Arab Emirates (UAE) by the Pakistanis and actions taken by concerned department sin this regard.
iv).               Briefing by the Chairman Securities Exchange Commission of Pakistan (SECP) on current situation in stock market.
v).                Briefing by the Chairman Federal Board of Revenue (FBR) on the targets achieved by the FBR during last fiscal year 2016-17.
vi).               To discuss the anomalies in Federal Board of Revenue (FBR) valuation tables with regard to the property tax its remedies and impact of section 236-W (Income tax Act, 2016).
vii).              To discuss the Bank strategy regarding ruling of apex court decision in favor of pensioners to cost National Bank of Pakistan (NBP) Rs. 47.7 Billion. (Briefing by President NBP).
ii).               
 

2.            The Committee approved the minutes of the last meeting held on 28-09-2017.
 

3.            The Committee discussed the matter pertaining to legal/illegal transfer of investment in real estate sector of United Arab Emirates (UAE) by the Pakistanis. A Member of the Committee reiterated that US$ 8 Billion has been transferred in UAE by the Pakistani residents or overseas Pakistanis. The Chairman FBR informed the Committee that FBR had already taken action in this regard by sending a letter to the counterpart in Dubai for investigating matter. He further added that model agreement was under process, which would be signed, shortly.  The Committee decided to constitute a 03-Members Sub-Committee under the Convenership of Dr. Shezra Mansab Ali Khan Kharral, MNA, to look into the said issue.
 

4.            While considering the matter regarding the issues being faced by real estate sector, it was pointed out by the Chairman, ABAD and President Pakistan Real Investment Forum (PREIF) that certain anomalies have existed in the valuation of immovable property in various areas of Pakistan. They were of the view that said anomalies were hindering genuine real estate transactions. Chairman, FBR acknowledged that anomalies in certain areas existed. He assured the Committee that necessary action will be taken in 2 -3 weeks to rectify these anomalies with the consultation of stakeholders. It was also pointed out by the real estate stakeholders that those investors, who use banking channels for real estate transactions upto full market value of property were facing harassment from various government departments. However, Chairman FBR stated that such harassment, if any, will not be allowed in real estate transaction for the better interest of the investors. The Committee recommended that upper limit should be removed, which was imposed in Income Tax Act, 2016 (Section 236-W).   
 

5.            The Deputy Governor State Bank of Pakistan briefed the Committee about the process of LC between Pakistan and Iran. He said that Cabinet has already approved the matter, however, the delay was at the part of Government of Iran. The Committee directed to expedite the matter for the better interest of the country. The Deputy Governor SBP assured that it would be decided on priority basis.
 

6.            The President, NBP informed the Committee about the financial impact, workout by the Actuaries of Pension Scheme up till 31st December, 2016, which was Rs. 47.7 Billion including in service beneficiaries as well as retired employees of the Bank. He further informed that impact of the court decision will also have adverse effect on the foreign operation of the Bank. He added the Bank was also planning for opening a branch in China and for this purpose Bank should be equivalent to US$ 15 Billion (PKR 1.6 Trillion). However, the revised ratio will not be able to meet the stated minimum leverage ratio and CAR requirements. He also informed the Committee that Bank has decided to file review petition in this regard. The Committee Members have shown their concerns on the policies of the NBP, however, appreciated the role of present management for putting their efforts to make the things on right directions.
 

7.           The Chairman FBR informed the Committee that FBR has achieved the targets upto Rs. 3368 Billion during last fiscal year. He also informed the Committee that FBR has achieved its first quarter targets for the year 2017-18.  The Committee appreciated the role of Chairman FBR in this regard. The Acting Chairman SECP briefed the Committee about the current situation in stock market. He said being a regulator SECP was closely watching the situation in market by protecting the investors.
 

8.            The Committee considered “An Eradication of Riba Bill, 2015” (moved by Mr. Sher Akbar Khan, MNA) and “The Islamabad Capital Territory Prohibition of Private Money Lending Bill, 2017” (moved by Mr. Sajid Nawaz, MNA). The Committee decided to defer the agenda for next meeting.
 

9.            Mr. Isphanyar M. Bhandara, Dr. Shizra Mansab Ali Khan Kharral, Sheikh Fayyaz-ud-Din, Dr. Nafisa Shah, Mr. Asad Umar, Mr. Abdul Rashid Godil, Mr. Sher Akbar Khan and Mr. Sajid Nawaz, MNAs attend the meeting besides the senior officers from Ministry of Finance & Revenue, Ministry of Law & Justice, FBR, SECP, FIA, SBP and NBP.