National Assembly Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization meets

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Islamabad, March 24, 2016 (PPI-OT):A meeting of the Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization of the National Assembly was held today, the 24th March, 2016, at 02:30 p.m, in Committee Room No. 7, Parliament House, Islamabad, under the Chairmanship of Mr. Qaiser Ahmad Sheikh, MNA, on the following agenda:

Agenda No. 1

To consider the “An Eradication of Riba Bill, 2015 (Private Member’s Bill) (Mr. Sher Akber Khan, MNA/Mover)

Agenda No. 2

Confirmation of the minutes of the meetings held on 04th March, 2016.

Agenda No. 3

Briefing by the Secretary, Privatization Commission on the issue of strategic partnership of Pakistan International Airlines

Agenda No. 4

Briefing by the Chairman, National Accountability Bureau (NAB) about the implementation status of matter (enquiry) forwarded by National Bank of Pakistan with regard to NBP Bangladesh scam.

Agenda No. 5

Briefing by the Chairman, Federal Board of Revenue (FBR) on the following issues:

i) Complaints against the Professional Conduct and Delaying Tactics of FBR-Customs Authorities regarding issuance of Clarification on Exemption of Taxes and Duties on LED/SMD Lights.

ii) Pakistan Switzerland Tax Agreement with regard to exchange of information on banking.

2. Mr. Sher Akber Khan, MNA/Mover of agenda item No. 1 briefed the Committee about the objectives and reasons for proposed legislation regarding an Eradication of Riba Bill, 2015. He said that Pakistan should move toward the Riba free system, which would be according to the Quran and Sunnah. He added that imprudent economic policies of the successive governments, large scale corruption, exorbitant expenditures, continued dependence on interest based economy and lack of desire to achieve self-reliance.

3. The Committee was informed by the Ministry of Finance and Revenue that subject Bill has already under consideration with steering Committee for its finalization. However, the Committee unanimously decided that a recommendation for rapid action on the matter would be sent to steering Committee through Ministry of Finance and Revenue.

4. While considering the agenda item no. 5 about the Complaints against the Professional Conduct and Delaying Tactics of FBR-Customs Authorities regarding issuance of Clarification on Exemption of Taxes and Duties on LED/SMD Lights and Pakistan Switzerland Tax Agreement with regard to exchange of information on banking. The Committee decided to constitute 4-Members Sub-Committee under the convenership of Mr. Daniyal Aziz, MNA on the following ToRs and said Sub-Committee will submit its report to the Committee within 30 days:-

ToRs:

To probe the matter about Complaints against the Professional Conduct and Delaying Tactics of FBR-Customs Authorities regarding issuance of Clarification on Exemption of Taxes and Duties on LED/SMD Lights and Pakistan Switzerland Tax Agreement with regard to exchange of information on banking.

5. Director, NAB briefed the Committee about the implementation status of matter (enquiry) forwarded by National Bank of Pakistan with regard to NBP Bangladesh scam. He said that NAB Board has decided to investigate the subject matter. The Committee recommended that NAB will submit its inquiry report to the Standing Committee after 04 months. It was also discussed in the meeting that President, Women Bank and other former executives of NBP would be called in the meeting of Standing Committee.

6. Secretary, Civil Aviation informed the Committee that Parliament has constituted a 10 Members Committee on the issue of strategic partnership of Pakistan International Airlines (PIA). He further requested that subject agenda may be deferred. The Committee agreed on the suggestion of Secretary, Civil Aviation.

7. Meeting was attended by Mr. Daniyal Aziz, Mr. Muhammad Pervaiz Malik, Sardar Muhammad Jaffar Khan Leghari, Ms. Shahzadi Umerzadi Tiwana, Sheikh Fayyaz-ud-Din, Mian Abdul Mannan, Shaza Fatima Khawaja, Syed Naveed Qamar, Dr. Nafisa Shah, Mr. Asad Umar, Mr. Sher Akber Khan, MNAs and besides senior officers from Ministry of Finance, Revenue, Economic Affairs, Statistics and Privatization, NBP, NAB.

For more information, contact:
Karamat Hussain Niazi
Secretary
National Assembly of Pakistan
Automation Centre,
National Assembly Secretariat,
Parliament House,
Islamabad – Pakistan
Tel: +92-51-9221082-83
Fax: +92-51-9221106
Email: assembly@na.gov.pk
Website: www.na.gov.pk