Finance Minister Dr Shamshad Akhtar Monday said the date of amnesty scheme adopted by the government for declaration of assets will not be extended beyond June 30, 2018 deadline. She said this while chairing a meeting with the Board of Directors of Pakistan Stock Exchange (PSX), management and senior market participants. During her visit to Pakistan Stock Exchange, the caretaker finance minister also discussed various issues related to capital market development and the amnesty scheme announced by the government for declaration of assets.
This amnesty scheme for declaration of assets was announced by the former government on April 5, 2018 and the last date for this scheme was fixed as June 30, 2018. Husain Lawai, Chairman PSX Board welcomed the financed minister and thanked her for taking time to visit PSX, even on holiday. The event was attended by Commissioner (SMD) - SECP Zafar Abdullah, Chief Executive of PSX Richard Morin, members of PSX Board and Management, senior market participants including Arif Habib, Aqeel Kareem Dhedhi and CEO-CDC.
Richard Morin briefed the participants about PSX and stated that it plays a central role in capital formation without which there can be no sustainable economic growth. He submitted that PSX and the government of Pakistan share a mission to work for the betterment of the life of people of Pakistan and to ensure that this country assumes its rightful place among the world's most important economies. He also apprised the participants about the ambitious strategic plan to modernize Pakistan's capital market and unlock its tremendous development potential, including launching new products like exchange traded funds and Shariah-compliant products targeted at middle class Pakistanis as well as derivatives to broaden our offering; Developing the retail bond market; a national investor awareness and education program; acquiring world class trading and market surveillance systems; streamlining the account opening and documentation process and improving investor protection. The minister directed PSX to form a committee to propose a 5-year roadmap for the development of Pakistan's capital market.
The minister informed the participants that the scheme cannot be extended beyond the June 30 deadline and that they should work diligently to maximize the amount of assets submitted under the scheme. The minister clarified some issues relating to nominee accounts held at CDC and proposed that a Committee including the Ministry of Finance, the State Bank of Pakistan, the Federal Bureau of Revenue and the private sector make recommendations by June 21 to eliminate possible ambiguities and remove hurdles to the scheme.
The minister offered her complete support for capital market development and sought cooperation from the business community to strengthen the country's economy and assured that, despite its limited mandate, the caretaker government would do its best to promote trade and industry.
The participants expressed their gratitude to the caretaker finance minister and offered their full support for the caretaker government. The Chairman of the PSX Board of Directors thanked the minister for her visit to PSX and meeting with the Board members as well as market participants.
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