ISLAMABAD - The National Assembly’s Standing Committee on Finance and Economic Affairs on Friday constituted a sub-committee to probe the financial embezzlement worth of Rs 12 billion occurred in National Bank of Pakistan’s Dhaka branch and to present report in 45 days.
The National Assembly Standing Committee on Finance and Economic Affairs, which met under the chair of Omar Ayub Khan, MNA, has discussed three points’ agenda. The Committee has also decided to ask the Finance Ministry to arrange the briefing from International Monetary Fund (IMF) on the debt on economic situation to the parliamentary committee.
The committee discussed the National Bank of Pakistan (NBP’s) scam occurred in Bangladesh branch, which causes loss of Rs 12 billion. President, National Bank of Pakistan along with senior officers of NBP were present in the meeting to discuss the NBP scam occurred in Bangladesh, which causes loss of Rs 12 billion. The Committee was told by the President NBP that audit report in this regard would be completed in the next month. The Committee decided to constitute a Sub-Committee to probe the said scam occurred in Bangladesh under the Convenership of Qaiser Ahmad Sheikh, MNA and will submit its findings / report within 45 days from the date of its first meeting.
The Committee was informed by Tariq Nasim Jan, Special Invitee (Stakeholder) on Credit Bureaus Act, he said that stakeholders were not taken on board by the State Bank of Pakistan during the preparation of said act. The Committee has shown its displeasure on the Credit Bureaus Act clauses, as introduced in the National Assembly by the State Bank of Pakistan, Ministry of Finance & Revenue. The Committee directed the Ministry of Finance & Revenue and SBP to reconsider the same act in the presence of stakeholders and amended draft act should be submitted before the Standing Committee after 15 days. The Committee also recommended furnishing comparison report of said act with Indian Credit Bureaus Act and best practices law in the world.
The Committee decided to defer the agenda on the working of Securities Exchange Commission of Pakistan (SECP) and unanimously decided to call SECP and stakeholders / brokers of SECP in the next meeting of the Standing Committee, which will be held on 14th October, 2014.
The Committee decided to revise the Terms of Reference (TORs) of the already constituted Sub-Committee under the convenership of Daniyal Aziz, MNA and included the name of Muhammad Pervaiz Malik, MNA in its composition. Abdul Rashid Godil of MQM said that Finance Minister and Secretary Finance should ensure their presence in the Standing Committee meeting, as we all have to work for eliminating corruption from the country.
Adopting almost same stance, Qaiser Ahmad Sheikh of PML-N said that government should take serious the proceeding of the parliamentary committee and Finance Minister and Secretary Finance should attend the meeting. Otherwise, the proceedings of the meeting remain useless, he added.
Earlier, the committee proceedings started 1.45 hours later than the scheduled time on which Abdul Rashid Godil has lodged protest. He informed that committee meeting should be called off after getting 30 minutes later according to the rules and procedure. However, the Committee Chairman informed him that meeting was delayed due to the Prime Minister’s speech in the joint session of the parliament. Later, Abdul Rashid Godil ended his protest and attended the meeting.
Meeting was attended by Qaiser Ahmad Sheikh, Daniyal Aziz, Muhammad Pervaiz Malik, Sheikh Fayyaz-ud-Din, Nasir Khan Khattak, Muhammad Ali Rashid and Abdul Rashid Godil, MNAs and besides senior officers from Ministry of Finance & Revenue, Securities Exchange Commission of Pakistan, State Bank of Pakistan and National Bank of Pakistan.