ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has started probing offshore companies.
This was revealed by Minister of State for Parliamentary Affairs Sheikh Aftab Ahmed in the Lower House of parliament during the question hour. He said that the companies registered in Pakistan had not made any direct investment abroad, adding that there was a ‘give and take’ understanding between some local firms and foreign registered companies, which was not forbidden under the Companies Ordinance, 1984.
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Sheikh Aftab also informed the parliamentarians that a reduction in poverty was expected in 2025. He said that with the beginning of the China-Pakistan Economic Corridor (CPEC) projects, some 400,000 people would get employment, adding that thousands of people were currently working on the project.
He said that Rs 100 billion had been earmarked for the Benazir Income Support Programme (BISP). The PM’s Development Programme was bringing down poverty in the country, and the people were also benefiting from Pakistan Baitul Mal, he said.
