PIA losses: National Assembly body irked by government''''s failure to provide details

Members of National Assembly''''s Standing Committee on Finance have expressed their displeasure over the government''''s failure to provide details of Pakistan International Airline (PIA) losses. A meeting of National Assembly''''s Standing Committee on Finance was held under the chairman of Qaiser Ahmed Sheikh on Wednesday.
Nafeesa Shah stated that "we have raised some questions during the last meeting regarding PIA losses for little longer period than what was provided but so far did not receive any reply". She wanted the committee to take up the matter with the high ups of Finance Ministry but the chairman decided to take up the matter in the next meeting.
Nafeesa Shah also stated while referring to news report that under Finance Ministry a new public sector company for airline purpose has been registered with reported paid up capital of Rs 100 billion. We (the members of Pakistan People''''s Party, Muttahida Qaumi Movement and Pakistan Tahreek-e-Insaaf ) are very much concern about the government move and would like to know why such a need was felt to register a company when the government is already undertaking privatisation of existing one, she added. The committee decided to take up this issue in the next meeting along with a number of pending bills.
Deputy Governor, State Bank of Pakistan (SBP), briefed the committee on the reasons and objectives of the Foreign Exchange Regulation (Amendment) Bill, 2014; however, the committee has shown its apprehensions on the proposed penalty amount on any contravention of the provisions under the Act. He further informed the committee that the existing provisions of Act do confer power on SBP to suspend or cancel the licence of authorised dealers, money changers and exchange companies on violation of this Act.
The Committee directed the Ministry of Finance and SBP to provide a comparative statement of other companies with regard to the penalties imposed in the similar Act. It was unanimously decided that the subject Bill would be considered in the next meeting of the Committee and stakeholders may be called.
On the Deposit Protection Corporation Bill 2015, the Committee recommended to SBP redrafting of proposed law and decided to consider it in the next meeting along with other business of the regulator. The committee expressed its displeasure over late submission of the brief on the Financial Institutions (Secured Transactions) Bill, 2015, and decided to defer it till next meeting.
The Committee members were apprised by Chairman SECP about the Corporate Restructuring Companies Bill 2015. The Committee directed the concerned for inclusion of new clause in the Bill regarding to invite all restructuring companies at the time of settlement for any non-performing entity. It was unanimously'''' decided by the Committee that the next meeting of the Committee would be convened in Karachi with State Bank of Pakistan for consideration of its pending agenda. The Committee considered the budgetary proposals of the Finance Minister and directed the ministry for providing a financial break-up on foreign funded Public Sector Enterprises Reforms (PSERs) project.