The Senate on Tuesday referred State Bank of Pakistan (Amendment) Bill, 2010 and The Industrial Development Bank of Pakistan (Reorganisation and Conversion) Bill, 2010 to the Standing Committee on Finance for report within one month.
Both the bills that have already been passed by the National Assembly, were laid before the house by Leader of the House Syed Nayyar Hussain Bokhari on behalf of the Finance Minister. PML-N Senator Ishaq Dar opposed the bills, saying that the two are very important piece of legislation hence should be referred to the House committee.
They Leader of the House agreed with the proposal and Chairman Senate Farooq H. Naek referred both the bills to the committee concerned with the directives that these should be reported back to the House within a month. The State Bank of Pakistan (Amendment) Bill, 2010 as passed National Assembly is meant further to amend the State Bank of Pakistan Act, 1956. The Act to be called the State Bank of Pakistan (Amendment) Act, 2010 shall come into force at once when passed.
According to statement and objects of the Bill, the Monetary and Fiscal Policies Co-ordination Board is redundant in terms of current practices. It is proposed to replace it and give the current Monetary Policy Committee statutory status, with external experts to be appointed by the federal government.
The Central Board will be represented by two members of the Committee which will be responsible to formulate, decide and implement the monetary policy and decide on matters such as those relating to key interest rates, supply of reserves, exchange rate policy, and the limits and nature of advances and loans to the government. The House also referred the Industrial Development Bank of Pakistan Reorganisation and Conversion Bill 2009 aiming at declaring the Bank as a public limited company.
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