National Assembly (NA) standing committees on finance, revenue, economic affairs, statistics and privatization met here on Friday with MNA Omar Ayub Khan in the chair to consider “The Credit Bureaus Act, 2014” comprehensive briefing on the working of Security and Exchange Commission of Pakistan (SECP) and briefing by the National Bank of Pakistan (NBP) president on a scam that occurred in Bangladesh causing loss of Rs 12 billion.
The committee was informed by Special Invitee (Stakeholder) on Credit Bureaus Act Tariq Nasim Jan that stakeholders were not taken on board by the State Bank of Pakistan (SBP) during the preparation of the said act. The committee expressed dissatisfaction over the Credit Bureaus Act clauses as introduced in the NA by the SBP and the ministry of finance and revenue.
The committee directed the ministry of finance and revenue and SBP to reconsider the same act in the presence of stakeholders and amended draft act should be submitted before the standing committee after 15 days. The committee also recommended furnishing comparison report of the said act with Indian Credit Bureaus Act and best practices law in the world.
The NBP president and senior officers of the bank discussed the NBP scam occurred in Bangladesh which rendered loss of Rs 12 billion. The NBP president said that audit report in this regard would be completed in the next month. The committee decided to constitute a sub-committee to probe the said scam occurred in Bangladesh under the convenership of Qaiser Ahmad Sheikh, MNA, and will submit its findings/report within 45 days from the date of its first meeting.
The committee decided to defer the agenda on the working of Securities Exchange Commission of Pakistan (SECP) and unanimously decided to call SECP and stakeholders/brokers of SECP in the next meeting of the standing committee which will be held on October 14, 2014.
The committee decided to revise the terms of reference (TORs) of already constituted sub-committee under the convenership of MNA Daniyal Aziz and included the name of MNA Muhammad Pervaiz Malik in its composition.
The meeting was attended by MNAs Qaiser Ahmad Sheikh, Daniyal Aziz, Muhammad Pervaiz Malik, Sheikh Fayyaz-ud-Din, Nasir Khan Khattak, Muhammad Ali Rashid and Abdul Rashid Godil besides senior officers from ministry of finance and revenue, SECP, SBP and NBP.
