Senate Standing Committee on Finance has reprimanded the Finance and Revenue Divisions for delay in submission of details of projects under Public Sector Development Programme (PSDP) for consideration of the committee and its recommendations as required under the Senate rules.
A meeting of the committee presided over by Farooq Hamid Naek on Wednesday stated that details of PSDP were to be submitted by Jan 15 at the latest. The committee members decided that recommendations on the projects will be shared after the study of available information within next fifteen days.
The meeting was of the view that Ministry of Finance has sought funds for new and ongoing projects. An official of Planning Commission stated that three projects are ongoing; two are new projects while new programme included upgrade of Pakistan Mint.
The committee was given compliance of two of its earlier directives regarding problems faced by lawyers and politicians in opening their accounts in banks or any other financial institutions. In this regard the standard operating procedures (SOPs) were shared with the committee with information that focal persons have also been appointed.
The committee also discussed dividends of stock exchange and rebate in withholding tax. The committee was informed that the Companies Act does not ask for forced dividends and most parts of the world do not have the same practice. The committee recommended that Finance Division, Ministry of Law and Justice and Securities and Exchange Commission of Pakistan (SECP) should sit together and work on an amendment if required.
Those who attended the meeting included Senators Mian Ateeq Sheikh, Mohsin Aziz, Dilawar Khan, Dr Ghous Niazi, Mushahidullah Khan, and officials from State Bank of Pakistan, Securities and Exchange Commission of Pakistan, Institute of Chartered Accountants in Pakistan, Federal Board of Revenue and Finance Division.
Comments
Comments are closed.