The 52nd meeting of the National Assembly Standing Committee on Finance andRevenue was held at Parliament House, Islamabad, under the chairmanship ofMNA, Mr. Faiz Ullah.
The Additional Secretary Power Division (M/o Energy) informed the Committeeabout the sector-wise circular debt.
He presented the numbers of current circular debt up to December 2020 andexpected increase till June 2021, which were Rs. 2,303 billion and Rs.2,587 billion, respectively. The Committee expressed its grave concernabout increasing circular debt and directed the Power Division to furnish acomprehensive draft for controlling the increase in circular debt beforesubmission to Cabinet.
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The Committee members were of the view that an increase in circular debtwill create significant problems for the economy of the country, especiallytowards the smooth functioning of the industries. The Committee noted theincreased flow of circular debt at Rs. 55 billion monthly and declared analarming situation for the country.
The Committee discussed “The Post Office Cash Certificate (Amendment) Bill,2020,” “The Post Office National Savings Certificates (Amendment) Bill,2020,” and The Government Savings Bank (Amendment) Bill, 2020” (GovernmentBill).
The Secretary Ministry of Finance informed the Committee that in thebackdrop of Judgment of the Hon. Supreme Court of Pakistan, the FederalCabinet, inter-alia, decided that all Ministries and Divisions should, inconsultation with Law & Justice Division, make amendments in respectiveAct/Rules and replace the words Federal Government with appropriateauthority/authorities.
He also explained the causes for suggesting these changes in differentsections of the Bills. The representative from M/o Law and Justiceaddressed concerned raised by the Honorable Members of the Committee in theprevious meeting.
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He informed that Committee could make the amendments in the specificsection, where required. The Committee unanimously recommended that thesaid bills may be passed by the National Assembly.——————————
The Committee deferred the agenda on the scrutiny of the budgetaryproposals of the Revenue Division. However, the Committee unanimouslypassed the Budgetary Proposals presented by the Finance Division. TheCommittee expressed its concern on the proposals received from FinanceDivision relating to provinces and directed that these PSDP may beforwarded to concerned Ministries and M/o Planning, Development and SpecialInitiatives for their consideration.
The Honorable members and the representatives from the Ministry of Financewere of the stance that said provincials schemes have no application withFinance Division. The Committee expressed its displeasure for reflectingthe same in the PSDP of Finance Division.
The meeting was attended by Mr. Qaiser Ahmed Sheikh, Mr. Ali Pervaiz, Dr.Aisha Ghaus Pasha, Mr. Ahsan Iqbal Chaudhary, and Ms. Hina Rabbani Khar.The meeting was also attended by the senior officers from M/o Finance,Federal Board of Revenues (FBR), M/o Planning, Development, and SpecialInitiative, M/o Law and Justice, and SECP.
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