ISLAMABAD – PTI MNA Zain Qureshi in Monday’s National Assembly sessioninformed that the State Bank of Pakistan (SBP)was working on legislationfor interest-free economic system.
Parliamentary Secretary on Finance Zain Qureshi, responding to a volley ofquestions raised by religo-political party members, said that State Bank ofPakistan (SBP) is taking this matter seriously. He was unsure about theexact timing to bring in the legislation.
A senior religio-political party member Maulana Abdul Akbar Chitralicommented the SBP was the main hurdle in getting rid of interest basedsystem in the country.
The chair, taking part in the discussion, directed all the concernedmembers to make arrangements for holding a meeting of the Sub-Committee todiscussion in length this matter.
“We have unanimously passed a private member bill for prohibition ofprivate business on interest,” he said.
The House, soon after the Question-Hour session, witnessed rumpus in theHouse as the Opposition members were trying to take the floor to raisetheir point of orders.
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The Opposition made a failed attempt to disrupt the proceedings of theHouse by point out lack of quorum in the House but required strength waspresent in the House.
PML-N’s senior member/ chairman Public Accounts Committee Rana Tanvirpointed out quorum in the house when the Opposition members were deniedfloor during the legislative business of the house. Earlier, ParliamentarySecretary for Finance Division Zain Qureshi said funds are transferred toprovinces on 17th and on the last working day of every month.
Replying to another question, Zain Qureshi said debt to GDP ratio isexpected to be 87 per cent by the end of current fiscal year and thegovernment is vigorously working to bring down that ratio to around 81percent in next three years.