The National Assembly Standing Committee on Finance and Revenue on Tuesday showed their observation on the poor drafting of the Foreign Exchange Regulation (Amendment) Act 2014 by not mentioning the schedule wise details and directed the government to redraft the bill.

The National Assembly Standing Committee on Finance and Revenue, which met under the chair of Omar Ayub Khan, discussed the Foreign Exchange Regulation (Amendment) Act 2014. 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.

However, later, the members agreed with the proposed amendments after brief statement given by the Secretary Finance and State Bank of Pakistan governor.

The committee recommended that information regarding breakup details of number of vases dealt by the SBP judicator and cases referred to the tribunal may be provided to the committee. The members of the committee were of the view that penalties should be defined according to the nature of offence.

Chairman of the committee Omar Ayub Khan stated that time frame should be defined to dispose of the cases by the adjudicator of SBP and tribunal. The committee strongly recommended to the Ministry of Finance and SBP to prepare draft and resubmit the same before the committee for committee for further necessary action.