ISLAMABAD - The National Assembly Standing Committee on Finance and Revenue has directed the Ministry of Finance and SBP to reconsider “The Credit Bureaus Act, 2014”,in the presence of stakeholders and amended draft act be submitted before the Standing Committee after 15 days.

The Committee also recommended to furnish comparison report of said act with Indian Credit Bureaus Act and best practices law in the world, said a statement issued by National Assembly Secretariat here Sunday.

The meeting of the Standing Committees on Finance, Revenue, Economic Affairs, Statistics and Privatization of the National Assembly was held in the Parliament House under Chairmanship of Omar Ayub Khan, MNA, which considered “The Credit Bureaus Act, 2014”, Comprehensive briefing on the working of Security Exchange Commission of Pakistan (SECP) and briefing by the President, NBP regarding National Bank of Pakistan (NBP) scam occurred in Bangladesh, which caused loss of Rs 12 billion. The Committee was informed by Tariq Nasim Jan, Special Invitee (Stakeholder) on Credit Bureaus Act, and 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 and 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 to furnish comparison report of said act with Indian Credit Bureaus Act and best practices law in the world. President, National Bank of Pakistan alongwith 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 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 October 14, 2014.

The Committee also 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.

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.