ISLAMABAD: Showing concerns over the poor drafting of the Foreign Exchange Regulation (Amendment) Act 2014, the National Assembly Standing Committee on Finance and Revenue directed the government to redraft the bill.
Met under the chair of Omar Ayub Khan, the committee discussed the Act. Secretary Finance Dr Waqar Masood briefed the committee with regards to the basic features of Foreign Exchange Regulation Act 1947. He informed that government has proposed to insert new section, namely 23k, regarding imposing penalty etc. The committee members have shown their concern on the fine, which may extend to one million rupees for reach contravention.
The committee members, however afterwards, agreed with the proposed amendments after brief statement given by the Secretary Finance and State Bank of Pakistan governor.
Omar Ayub Khan, the committee chairman, said that timeframe should be defined to dispose of the cases by the adjudicator of SBP and tribunal.
