Cabinet committee approves proposed changes to foreign exchange penalties, alongside legislative reforms covering SECP laws and plant protection functions.

ISLAMABAD: Pakistan’s Cabinet Committee for Disposal of Legislative Cases (CCLC) has approved the Foreign Exchange Regulation (Amendment) Bill 2026, paving the way for proposed changes to the legal framework governing penalties and fines for foreign exchange violations.

The meeting, held on Friday under the chairmanship of Federal Minister for Law and Justice Senator Azam Nazeer Tarar, approved several legislative proposals concerning financial regulations and administrative reforms.

The committee approved the amendment bill after reviewing proposed changes relating to penalties and financial fines imposed for violations of foreign exchange regulations.

It also approved replacing references to the Federal Government with the names of relevant competent authorities in various laws administered by the Securities and Exchange Commission of Pakistan (SECP).

In another decision, the CCLC approved a proposal concerning leave prior to retirement (LPR) in the Armed Forces, including payments in lieu of the unutilised portion of such leave.

The committee also endorsed a comprehensive legal and administrative package for transferring plant protection functions to the National Agriculture Trade and Food Safety Authority (NAFSA). The package includes amendments to relevant plant protection rules and arrangements for transferring legal documents.

However, consideration of the draft Press Council of Pakistan Act 2026 was deferred for further consultation.

Senior officials from relevant ministries and departments attended the meeting.

The approved legislative drafts will now be forwarded to the relevant forums for further proceedings.