Islamabad, August 23, 2025 – The National Assembly Standing Committee on Economic Affairs Division has expressed serious concerns over the award of a massive infrastructure contract worth Rs172 billion, citing the need for greater transparency and accountability in the process.
(more…)Tag: National Assembly Standing Committee
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NA committee directs SBP to take action exchange rate manipulators
ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue on Tuesday directed the State Bank of Pakistan (SBP) to take appropriate action against all the banks and exchange companies involved in manipulating volatility of the exchange rate.
The committee also directed the central bank to take appropriate action against elements involved in exchange rate manipulation so that no one dares to play with the economy of the country.
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The committee met under the chairmanship of Member of National Assembly (MNA) Qaiser Ahmad Sheikh, here in the Parliament House.
The committee was of the view that during recent volatility in the exchange rate and the difference between the interbank rate and the rate offered by the Exchange Companies, few banks earned exorbitant profits.
The committee was apprised that few banks and forex exchange companies were suspected of manipulating volatility in exchange rate.
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The SBP taking cognizance initiated strict monitoring of the foreign exchange operations of banks and exchange companies and has initiated inquiry proceedings into the violations made against SBP regulations.
The Governor State Bank Jameel Ahmad further apprised that SME sector was the backbone of the country’s economy which had not been provided with relevant finances which it deserved.
He said that on basis of cash flow the SME sector can avail credit from commercial banks.
Regarding incentives given to the industrial and trading sector during COVID-19, the Governor State Bank said that the Bank adopted multipronged approach to facilitate industrial and trading sector.
He said that those measures included debt rescheduling, financing the large and medium industries for carrying out their operations, besides chalking out measures that helped in avoiding retrenchment during the pandemic.
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He also informed that export based industries were also promoted.
The committee pointed that the measures taken by the SBP were exceptional but the benefits did not trickle down and financial incentives were mostly availed by large scale industry.
The committee directed the State Bank to provide details sector wise about who benefited from those incentives.
The committee also decided to discuss the proposed measures for rehabilitation of the flood affectees, agriculture and commercial sectors in its next meeting.
The committee was of the view that devastation caused by floods was massive and it needed proper continuous fiscal policy measures.
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While discussing the issues of SBP restriction on import of forklifts, the committee was of the view that the industry was suffering and the State Bank should look into this.
The representatives of the Importers Association apprised that due to restrictions imposed by SBP, commercial banks had stopped confirming letters of credits (LOCs).
The Governor State Bank informed that there was no restriction on LOCs opened before 5th July, 2022.
The Committee meeting was attended by Members of the Committee, Minister of State for Finance, Secretary Finance, Chairman FBR, Governor State Bank and other senior officers of the concerned departments.
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Finance ministry may resolve taxation issues of automotive industry
KARACHI: A standing committee of the National Assembly has assured that finance ministry to convene an exclusive meeting for resolving taxation issues of automotive industry.
The National Assembly standing committee paid its visit to Pak Suzuki Motors under the chairmanship of Sajid Hussain Turi on Wednesday.
The Committee informed that an exclusive meeting may be convened with FBR, and Ministry of Finance to resolve the problems of Additional Customs Duty, Federal Excise Duty, Additional Sales Tax, shortly.
During the visit the management of Pak Suzuki Motors welcomed the Members and senior officers of GOP, at Suzuki Head office.
The committee witnessed the manufacturing of different vehicles in the plant under the supervision of well experienced team of Pakistani and Japanese Suzuki engineers and workers.
The committee members expressed their well wishes for the Improvement of Pak Suzuki plant which was established in 1992, after visiting the plant.
The Managing Director, Pak Suzuki Motors, Pakistan warmly welcomed the Committee. Shafiq Shaikh, head of Public Relations and official spokesperson briefed the Committee about the historical background of the institution.
He appraised the Committee with regard to different Cars launched by Suzuki Motors time to time in Pakistan, including some imported vehicles and newly introduced cars.
The Managing Director, responded the questions raised by the Members regarding quality of products as compared to imported vehicles, the Committee expressed its satisfaction in this regard.
Shafiq Shaikh explained the causes of increase in prices. He said high mark up rates of Banks loans, over burden of taxation, several additional duties, rupee devaluation, increase in fixed costs / utilities, high trend of inflation and non implementation on Automotive Development Policy(ADP) 2016-21 were the major reason of low production in the automotive sector, which also caused the price fluctuation in the market. Additional Secretary, Ministry of Industries informed that taxation matters were taken up earlier with Ministry of Finance and Revenue but they didn’t respond properly in that regard in last financial year.
The Committee appreciated the role of Pak Suzuki Motors , Management and appreciated Harano, MD and Shaikh for providing the good quality/ standards products in Pakistan and launching of new models of cars and Motorbikes.
Several members along with senior officials from ministry of industries, EDB and PSM attended the meeting.