Islamabad, The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, convened at Parliament House to discuss several critical financial and governance issues. The meeting addressed the State Owned Enterprises (Governance and Operations) (Amendment) Bill, 2023, government expenditure, and concerns regarding the restructuring of the Federal Board of Revenue (FBR).
According to Senate of Pakistan, the committee deliberated on the amendment bill moved by Senator Bahramand Khan Tangi, focusing on restricting the misuse of assets by directors and CEOs of State Owned Enterprises for personal and political gain. The Committee amended the bill to reduce the required experience for CEOs from 20 to 10 years and to specify the disqualification for personal and monetary gains.
The session also covered a motion by Senator Zarqa Suharwardy regarding government non-development expenditure. The Finance Division Secretary assured the Committee of the government’s adherence to austerity measures, resulting in spending staying within the budget. The Committee requested details on the savings achieved through these measures.
Discussion on a Public Petition related to a proviso in the Customs Act 1969 added by the Finance Act, 2022, was also held. The Chairman of FBR stated that the proviso could not be deleted as it is part of the Finance Act, but it will be considered during the upcoming Finance Bill.
The Committee addressed the funding issue of Al Madina Floor Mills in District Nowshera. Imdad Ullah Bosal from the Finance Division noted that funding would require a supplementary grant and suggested inviting the Secretary of National Food Security to the next meeting.
Regarding the restructuring of the FBR, Chairman FBR Malik Amjed Zubair Tiwana informed that it is underway and requires amendments to the FBR Act. The Committee raised concerns about the mandate of the Interim Government in this restructuring process.
The Committee also took up the case of a missing Rs. 410 million from an overseas Pakistani’s bank account. The aggrieved party alleged that bank officials had committed forgery to withdraw their money, and the case is now with the FIA. Senator Mandviwalla highlighted recent events indicating the State Bank’s failure to protect depositors’ interests. The Committee plans to invite the Chairman of Dubai Islamic Bank and the Director of FIA for further discussion.
In attendance were Senators Sherry Rehman, Saadia Abbasi, Zeeshan Khanzada, Kamil Ali Agha, Bahramand Khan Tangi, Zarqa Suharwardy, Secretary Finance Division Imdad Ullah Bosal, Governor SBP Jameel Ahmed, and other senior officials.