Islamabad, In a meeting held today at Parliament House, the Senate Standing Committee on Finance and Revenue, under the Chairmanship of Senator Saleem Mandviwalla, delved into several pressing matters ranging from the tardiness of the Ministry of Finance to potentially groundbreaking tax reforms and banking sector frauds.
According to a news release by the Senate of Pakistan, the committee commenced its session by registering its disappointment at the Ministry of Finance for its delay in presenting agenda documents. This sentiment was notably emphasized by Senator Kamil Ali Agha, with the consensus being to defer the agenda items to the next meeting.
Among the central issues tackled was the Bank Al Habib Faisalabad fraud case involving substantial unauthorized withdrawals from various accounts. The Governor of the State Bank presented figures, which were subsequently challenged by representatives of the affected families, who presented their own estimations. The committee lauded the bank’s efforts in returning a significant portion of the withdrawn amount but stressed the need for vigilant oversight in the banking sector to prevent such occurrences in the future.
A topic that spurred considerable debate was a news report suggesting that the World Bank had called on Pakistan to reconsider tax exemptions. The FBR clarified that no official communication from the World Bank was received regarding such changes. The FBR’s chairman elaborated on the challenges in taxing the agricultural sector and underscored the potential tax revenues that could be harnessed if more individuals entered the taxpayer base.
The committee’s attention was also drawn to an $8 billion discrepancy in import-export figures. This revelation led to discussions on invoicing practices, with prior cases such as the solar panel imports coming into focus. The Chairman of FBR requested time for a detailed report and mentioned ongoing efforts to synchronize import-export data with China, acknowledging trade volume discrepancies not just with China but with other countries as well.
Another area of concern was the circulation of counterfeit currency, predominantly in the Rs 1,000 denomination. Disturbingly, these fake notes have also been dispensed from ATMs. The Governor of the State Bank proposed changes to the security features of currency notes and hinted at the potential introduction of polymer-based currency in the future, which promises a longer lifespan and could curtail counterfeit operations.
Attending the comprehensive meeting were Senators Kamil Ali Agha, Musadik Malik, Zeeshan Khanzada, Sherry Rehman, Mohsin Aziz, and Senator Farooq H Naik, among officials from various departments.