Islamabad: A meeting of the Senate Standing Committee on Finance and Revenue was convened at Parliament House, chaired by Senator Saleem Mandviwalla, to discuss the alleged misuse of Politically Exposed Persons (PEPs) regulations and review the government’s contingency planning amid escalating global conflicts. The Committee expressed concerns over regulations affecting parliamentarians and reviewed strategies to ensure stability in energy supplies.
According to Senate of Pakistan, members of the Committee, including Senator Farooq H. Naek and others, raised issues with the current PEP framework, which they argued causes undue obstacles in routine financial activities. The Deputy Governor of the State Bank of Pakistan clarified that the instructions align with Financial Action Task Force (FATF) requirements, though the Committee suggested the broad nature of these regulations could hinder business operations.
The Committee also scrutinized the State Bank’s authority in issuing directives that may overshadow parliamentary legislation. A sub-committee has been directed to identify gaps and propose solutions in consultation with stakeholders.
In discussions on supply stability, the Federal Minister for Finance and Revenue briefed the Committee on austerity and energy conservation measures aimed at mitigating the impact of potential oil price hikes. The formation of a high-powered committee to monitor global tensions was also noted.
Concerns about oil price adjustments on existing stocks were raised, with the Federal Minister for Petroleum explaining the methodology behind price determination and the impact of global tensions on logistics and insurance costs. The Committee urged transparent communication regarding market constraints before implementing price changes.
The meeting also addressed a taxpayer-related issue with the Alternate Dispute Resolution Committee (ADRC), where the Federal Board of Revenue was urged to foster a business-friendly environment. The Chairman referred the matter to be resolved within two weeks, directing the FBR to refrain from coercive actions against the petitioner.