The government on Friday introduced 'The Banks (Nationalization) (Amendment) Bill, 2019' for regulatory supervision of all non-banking institutions, including National Investment Trust Limited (NITL), under the regulatory purview of Securities and Exchange Commission of Pakistan (SECP).
Minister of State for Parliamentary Affairs Ali Muhammad introduced a total of six bills including 'The Superior Courts (Court Dress and Mode of Address) Order (Repeal) Bill, 2019, The Pakistan Coinage (Amendment) Bill, 2019, The Banks (Nationalization) (Amendment) Bill, 2019, The Mutual Legal Assistance (Criminal Matters) Bill, 2019, The Loans for Agricultural, Commercial and Industrial Purposes (Amendment) Bill, 2019 and The Joint Maritime Information Organization Bill, 2019' in the Lower House of the Parliament.
According to statement of objects and reasons of 'The Banks (Nationalization) (Amendment) bill, 2019, it is necessary to exclude National Investment Trust Limited (NITL) from the purview of the Banking (Nationalization) Act, 1974. Further, Small Business Finance Corporation (SBFC) and Regional Development Finance Corporation (RDFC) were emerged and SME Bank Limited was formed, therefore, exclusion of names of SBFC and RDFC from section 11-A is also proposed.
The opposition staged a walkout from the National Assembly in protest against the laying of as many as four ordinances including 'The Pakistan Penal Code (Amendment) Ordinance 2019, The Federal Government Employees Housing Authority Ordinance, 2019, The National Counter Terrorism Authority (Amendment) Ordinance 2019 and The National Information Technology Board Ordinance, 2019.'
Former prime minister and PPP MNA Raja Pervez Ashraf said that the government should make legislation in the House instead of laying ordinances. He said that the session is going on and the government should withdraw the ordinance and make legislation in this regard.
The House also passed a resolution to extend the Naya Pakistan Housing and Development Authority Ordinance, 2019 for a further period of 120 days. The House adopted an amendment providing for election of more than one standing committee for a ministry having more than one division and where divisions are headed by separate ministers.
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