The National Assembly standing committee on finance has decided to discuss budget proposals for 2007-08 to select viable recommendations for presenting before the policy makers.
The committee, headed by Anwer Ali Cheema, on Friday agreed with the proposal of some members to discuss budgetary proposals at this forum. This is for the first time in the parliamentary history of Pakistan that a National Assembly standing committees would review budgetary proposals to submit their recommendations before presentation in the National Assembly.
Minister of State for Finance and Revenue Omar Ayub strongly contested this decision, saying that the standing committees of the respective ministries should discuss their budget demands, but the budget could not be discussed. Rejecting Omar's viewpoint, the chairman of the committee ruled that he agreed with the members of the committee to discuss budgetary proposals in the committee.
After 15 days, the committee would again meet on this issue. Omar Ayub said that the committee should focus on the annual budget of Finance and Revenue divisions, and the other ministries should discuss with the relevant committees.
Kashmala Tariq stated that the Finance Division was engaged in preparing the budget. Taking into account this aspect, the committee could review the national budget for submitting its recommendations on each and every proposal. On the other hand, most of the committee members supported this viewpoint. Committee members wanted to discuss the proposed mechanism on the levy of income tax on agricultural income, but the issue could not be discussed due to shortage of time.
Chairman of Securities and Exchange Commission of Pakistan (SECP), Raziur Rehman Khan, informed the committee that the Commission was in the process of selling the Crescent Standard Investment Bank Limited (CSIBL) to a UK-based company to protect the rights of the depositors.
The committee deferred the issue of irregularities committed by the bank and directed the Commission to submit the inquiry report on April 14 before the committee.
Naveed Qamar alleged that it seemed that the SECP was trying to protect an influential personality involved in this bank-related issue. He said that the SECP chairman should submit copies of inquiry report and list of bank's directors during last five years.
The committee directed CBR to submit a copy of the reference filed with National Accountability Bureau (NAB) pertaining to multi-million rupees tax scam of Bawan Shah Group of Companies.