Stock exchange bill 2008 approved by Cabinet: contractual employees of PIA regularised

The Federal Cabinet on Wednesday approved Stock Exchange Corporatisation, Demutualisation and Integration Bill, 2008 and regularisation of all contractual employees of Pakistan International Airline who have completed a minimum period of nine months in service.
The federal Cabinet presided over by the Prime Minister Syed Yousuf Raza Gilani also approved bills to abolish equity participation fund and amend criminal procedure code and rules relating to election tribunal. The Finance Minister and secretary gave presentation to the Cabinet about the upcoming budget, informing it that they had made all preparations to present it in the National Assembly on June 10.
Federal Minister for Information and Broadcasting, Sherry Rehman told newsmen that Stock Exchange Demutualisation bill proposed Rs 10 million registration fee instead of Rs 70 million to eliminate monopoly of a few brokers as it would enable more people to take part in the capital market transactions. It would bring about transparency and fairness by broadening the capital market base, she added.
The minister later talking to Business Recorder said the measure would not be introduced in the Finance bill, rather it would be tabled separately in the National Assembly, hoping it to get through within two months from the house as well as concerned committee.
The meeting deferred Gwadar Port Authority bill and set up a committee to further review and examine it in the light of concerns of the people of Balochistan. The Committee consisting of Minister for Shipping, Minister for Law and a Federal Minister from Balochistan would review the Gwadar Port Authority's Revised Bill for new corporate structure of the port and submit its recommendations to the Cabinet. The federal cabinet has also rejected the proposal of printing of Rs 10, 000 note rather it approved printing notes of Rs 5 and Rs 50 denominations.
The meeting also approved another bill that binds companies having Rs 2 million paid up capital to appoint legal advisors. The minister said the meeting had scrapped Equity Participation Fund because it had become dormant, and was not serving any useful purpose for the economy of the country.
She said the regularisation of PIA employees having at least nine-month service was approved while a committee was constituted to come up with a workable plan for regularisation of contractual employees working in other organisations with two years service.
The committee comprising Minister for Finance, Minister for Law and Justice, Minister for Labour and Manpower and Deputy Chairman Planning Commission had been tasked to submit its report in the next meeting after scrutiny of these employees, she added.
Sherry said the cabinet had also approved two bills, one for amendments in criminal procedure code 1898 and other for amendments in rules relating to election tribunal with former proposing to dispose of those cases, except terrorists against whom cases were not lodged in two years. Answering questions, she said the government had reprioritised its Public Sector Development Programme and might have to take some unpopular and tough decision but would ensure that people were not plunged into poverty. The Prime Minister, she said, had also approved Rs 100, 000 each for victims of Danish Embassy.