Day: February 18, 2022

The bank officers refusing to open bank accounts, issue credit cards or other services to politicians will be penalized under a new law approved by Senate Standing Committee on Finance on Friday.

The Banking Companies (Amendment) Bill, 2021, proposes one-year imprisonment and a fine of Rs. 1 million against any bank officer who discriminates against a citizen or a public representative. The law will come into force only after being passed by Senate and the National Assembly.

Officials from the Ministry of Finance, the Ministry of Law and Justice and the State Bank of Pakistan opposed the amendment bill, saying that no money bill or any such amendment could be made without the consent of the federal government. The committee chairman Senator Talha Mahmood and members rejected this position and the bill was passed with a majority.

According to the amendments, refusing to open a bank account or issue a credit card would now be a costly affair for any bank official. The amendments give the power to the affected person to lodge a complaint against any bank official for adopting discriminatory behavior.

Senator Saleem Mandviwalla while talking to media after the meeting said that the amendments are crucial for the ease of doing business and no bank official can now discriminate against politicians or other influential people. He said that it was SBP’s weakness that it was not able to penalize the banks that take an indefinite period in opening bank accounts.

The committee also discussed the case of recovery of $250 million from the UK under the Economic Crimes Act. The committee sought a reply from the SBP within three days on the issue.

The finance committee also took notice of reviewing official prices of properties and valuation of properties in cities by FBR. The Real Estate Association representatives told the committee that the government should directly announce a 25 percent increase in property rates in budget every year. The representatives also demanded a reduction in the capital gains tax on the additional income because of an increase in the value of a property.

The committee expressed frustration over the absence of the Federal Board of Revenue Chairman and Governor SBP from the meeting and issued them attendance notices.

The meeting was attended by Senators Shehzad Waseem, Sherry Rehman, Saadia Abbasi, Saleem Mandviwalla, Musadik Malik, Kamil Ali Agha, Zeeshan Khanzada, Faisal Saleem Rehman, Haji Hidayat Ullah and senior officers from the Ministry of Finance, Ministry of Economic Affairs, Federal Board of Revenue, State Bank of Pakistan and Securities & Exchange Commission of Pakistan.

Source: Pro Pakistan

Energy Minister Hammad Azhar said on Friday that the government was aware of the importance of the compressed natural gas (CNG) sector and would try to immediately resume the supply of natural gas to the sector.

The minister made these remarks while talking to a delegation of All Pakistan CNG Association led by its Group Leader Ghiyas Abdullah Paracha.

Hammad Azhar said the government was cognizant of the problems facing the CNG sector and efforts were being made to solve them as soon as possible.

On this occasion, Ghiyas Paracha said billions of rupees were lost and the employment of millions of people was affected due to the closure of the CNG sector.

He claimed that had only 50 mmcfd gas been supplied to the CNG sector, the oil import bill would be reduced by Rs. 84 billion annually. He added that the closure of CNG sector also led to an increase in petrol consumption, resulting in air pollution and smog.

Source: Pro Pakistan

Prime Minister Imran Khan is likely to inaugurate Ehsaas Rashan Riayat Programme to facilitate low-income families in Islamabad tomorrow [Saturday].

The country’s first ever targeted commodity subsidies programme is in line with the Prime Minister’s vision to provide relief to masses and to target government subsidies.

Special Assistant to the Prime Minister on Poverty Alleviation Dr. Sania Nishtar will brief the Prime Minister on the salient features of end-to-end digitized programme, which is the first of its kind worldwide.

Source: Radio Pakistan

Foreign Minister Shah Mahmood Qureshi says Hindutva ideology has dominated India and minorities including Christians, Muslims and Sikhs were facing hardship.

Talking to media in Dubai, he said that nobody had right to put restrictions on the culture, traditions and values of Muslims in India.

He said that Indians themselves were raising voice against the RSS ideology.

Foreign Minister said Prime Minister Imran Khan raised voice against Islamophobia at international forums.

Earlier, the Foreign Minister visited Pakistani Consulate in Dubai and inaugurated different projects being launched under the Prime Minister Imran Khan’s vision to facilitate overseas Pakistanis.

The Foreign Minister inaugurated Roshan Digital Accounts Wall and the newly constructed Consular Hall at Pakistan Consulate in Dubai.

The Foreign Minister also inaugurated one-window counter and call center at the Consulate.

Meanwhile, during his visit to OIC Pavilion in Dubai Expo, the Foreign Minister in a video message invited OIC Foreign Ministers to participate in two-day CFM beginning in Islamabad on 22nd of next month.

Source: Radio Pakistan