ISLAMABAD: A meeting of the National Assembly Standing Committee on Finance, Revenue and Economic Affairs directed the Ministry of Finance to provide details regarding the measures taken by the government for eradicating the interest from banking sector.

It met under the Chairmanship of Mr. Qaiser Ahmad Sheikh, MNA. The committee recommended to SBP for expediate the matter to eliminate the interest in the banking sector, as early as possible.

It also considered “The Islamabad Capital Territory Prohibition of Private Money Lending Bill, 2017” (moved by Mr. Sajid Nawaz, MNA) and disapproved the subject Bill, however, the Ministry of Finance and Revenue assured that Government Bill on the matter would be introduced, shortly.

 While considering “The Controller General of Accounts (Appointments, Functions and Powers) (Amendment) Bill, 2017” (moved by Mr. Asad Umar, MNA). Additional Secretary Ministry of Finance informed the Committee that same Bill was already under consideration by the Standing Committee on Finance of the Senate and the said Committee of the Senate has recommended that all concerned departments will complete their work till January, 2018. The Committee decided that Ministry will also present the outcome of the Senate Committee in this Committee as well.

The Committee discussed “The State Bank of Pakistan Banking Services Corporation (Amendment) Bill, 2017” however it was decided that the same would be reconsider in the next meeting.

It discussed the issues pertaining to investments in domestic real estate sector and actions taken by the Federal Board of Revenue (FBR) in this regard. The committee was of the view that FBR should remove the upper limit cap, imposed by the FBR under Income Tax Act, 2016. It recommended that FBR should allow the real estate sector for declaration of actual price of the land. The committee members were of the opinion that said measures will eliminate the chances of corruption.

Qaiser Ahmed Sheikh strongly recommended the view point of the committee. It also directed the Federal Board of Revenue to convene meeting with Real Estate stakeholders for resolving the matter. The Committee also discussed the matter, already under consideration by the Sub-Committee of the Standing Committee pertaining to investment in UAE, real estate sector by the Pakistanis residents. However, it decided that said matter would be discussed, while the report of the Sub Committee will be considered.

The meeting was attended by Ms. Khalida Mansoor, Dr. Shezra Mansab Ali Khan Kharral, Syed Mustafa Mehmud, Asad Umar, Dr. Nafisa Shah, Ms. Shaza Fatima Khawaja, Abdul Rashid Godil, Sher Akbar Khan (Mover) and Sajid Nawaz, MNAs, besides the senior officers from Ministry of Finance & Revenue, FBR, SBP.