ISLAMABAD: The Senate Standing Committee on Finance met here under the chairmanship of Senator Saleem Mandviwala during which participants reviewed Deposit Protection Act of the State Bank of Pakistan. The act provides protection to depositors in case of bankruptcy. Through this act, the State Bank will also pay an amount of Rs 200,000 to small depositors.
Sources told Customs Today that Senate Finance Committee also approved amendment to the Foreign Exchange Regulation Act. Participants of the meeting also told that some foreign exchange companies were not following rules and regulations, while some companies are not submitting CNIC of those persons who are transerring $2500 from Pakistan.
During the meeting Senator Nasreen Jalil said that after Panama Paper scanal there is dire need to introduce new legislation over money laundering. Senator Mushahidullah suggested to bring some reforms in mechanism and coordination among different departments.
Chairman of Committee Saleem Mandiviwala said that there are lot of compalints that tribunals are not hearing the cases and they prefer to adjourn the hearing. He hoped that after appointment of new chairman of Customs Appellate Tribunal the situation will definitely changed.
Chairman Saleem Mandiviwala said that they have been approaching the government for the last three years to bring tax reforms. He said that “we have already recommended the government to block CNICs of those who are not paying their income tax.” He said government should announce that CNIC will be restored only after clearance of their pending tax dues.
Senator Kamil Ali Agha said that government should adopt measures to restore the confidence of tax payers. He said if a businessman will earn profit he will definteily pay his income tax. The participants of the meeting also reviews matters regarding Auditor General of Pakistan, Privatization Commission budget.
Prominent among those who attended the meeting includes Senator Kamil Ali Agha, Senator Mohsin Leghari, Senator Nasreen Jalil, Senator Mushahid Ullah Khan, Saud Majeed, Member Operations FBR Dr. Mohammad Irshad, Yousaf Shaikh, Irshad Kaleemi represented office of Auditor General, Deputy Governor State Bank Riazuddin, Ahmad Shaheen represented Tax Reforms Commission.
