ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue on Wednesday granted conditional approval to budgetary proposals of Rs 5730.297 million for Public Sector Development Program (PSDP) of the Finance Ministry for the upcoming fiscal year (FY 2016-17).
The budget estimates of Rs 3156.290 million were proposed for two ongoing development projects, including Public Sector Reforms Enterprise (PSER) and Automation Project of Central Directorate of National Savings (CDNS) phase-II.
Similarly, Rs 2574.007 million proposed for two new projects including construction of National Academy of Public Finance and Accountability (NAPFA) in Islamabad and Energization and Functionality of Construction/ Extension of Audit House.
A single leafed document comprising the PSDP proposal was laid before the committee, therefore committee directed the Ministry of Finance for furnishing of financial breakup on Public Sector Enterprises Reforms (PSER) projects, later.
Finance committee met here with Chairman Qaiser Ahmad Sheikh in the chair to discus and to scrutinize the Finance Ministry’s the budgetary proposals relating to Public Sector Development Programme (PSDP) for the Financial Year (Budget) 2016-17 and to deliberate on a number of bills.
The committee members were briefed by the deputy governor, State Bank of Pakistan on the reasons and objectives of the Foreign Exchange Regulation (Amendment) Bill, 2014. However, committee expressed apprehensions on penalty amount proposed by the State Bank on any contravention of the provisions under the Act.
Deputy Governor SBP told the committee that existing provisions of act does confer power on SBP to suspend or cancel the license of authorized dealers, money changers and exchange companies on violation of this Act. At this the committee directed the Ministry of Finance and State Bank of Pakistan to provide comparison statement of other countries with regard to the penalties imposed in similar Act.
Moreover, it was unanimously decided that the subject Bill would be considered in the next meeting of the Committee and stakeholders may be called.
The Deposit Protection Corporation Bill 2015 also came under discussion of the house and committee appreciated the scheme of said Bill. The committee recommended to SBP for redrafting of said Bill. It was unanimously decided by the committee that this Bill will also be considered in the next meeting along with other State Bank of Pakistan business.
The committee showed displeasure on the late receiving of brief on the Financial Institutions (secured transactions) Bill, 2015, and decided to defer, till next meeting.
The committee members were apprised by Chairman, SECP about the Corporate Restructuring Companies Bill 2015. The committee directed the concerned for inclusion of new clause in the Bill regarding to invite all restricting companies at the time of settlement for any non-performing entity.
It was unanimously decided by the committee that next meeting of the committee would be convened in Karachi with State Bank of Pakistan for consideration of its pending agenda.