Senate Standing Committee addresses key legislation & financial irregularities

ISLAMABAD, Feb 14 (SABAH): The Senate Standing Committee on Finance and Revenue on Wednesday, under the Chairmanship of Senator Saleem Mandviwalla, convened a crucial meeting to discuss pivotal matters of national significance.

In attendance were Senators Sherry Rehman, Farooq Hamid Naek, Saadia Abbasi, Zeeshan Khanzada, Kamil Ali Agha and Manzoor Ahmed Kakar, alongside key government officials including the Secretary of the Ministry of Finance, Secretary of Law, Secretary of National Food Security and Research, Governor of State Bank, Acting CEO of Dubai Islamic Bank, and Additional Director General of FIA.

The Government Bill titled ” The Deposit Protection Corporation (Amendment) Bill, 2024 and “The Banking Companies (Amendment) Bill, 2024 were taken up for consideration. Secretary Ministry of Law and Justice briefed the committee on the bills. The committee, after deliberation, deemed it prudent to defer these bills to the incoming Parliament, given the imminent establishment of a new parliamentary setup.

Additional Director General FIA and Acting CEO Dubai Islamic Bank briefed the committee on 410 million missing rupees from overseas Pakistani accounts in the Karachi Branch and action taken in this regard. 

During the meeting, the Additional Director General of FIA reported that certain documents related to a case were sent for forensic examination and it was discovered that forgery had been committed through the use of fake signatures and cheques. The official also mentioned that physical evidence had been received and an FIR (First Information Report) would be filed against those involved in the embezzlement within a week. The Committee stressed the importance of justice in this matter and directed the acting CEO of Dubai Islamic Bank to cooperate fully with the FIA. Additionally, the Committee requested a fact-finding report on the issue to be presented in the next meeting on 21st February 2024. The victims were also given the opportunity to present their plea before the Committee.

Furthermore, the committee addressed the subsidy claims related to al-Madina Floor Mills in Aza Khel District Nowshera. Directing prompt resolution, the Secretary of the Ministry of National Food Security and Research assured the committee of forwarding a summary for a technical supplementary grant to the Finance Ministry. The Secretary of Finance pledged swift resolution by endorsing the summary, underscoring the government’s commitment to resolving key economic issues.