ISLAMABAD: The Board of Investment (BOI) has drafted “Asaan Karobar Bill 2024” aimed at reforming the regulatory regime applicable to businesses, trade and investment by removing cumbersome and complex regulatory requirements, well informed sources told Business Recorder.
According to the proposed draft, Asaan Karobar Governing Council, Asaan Karobar Secretariat and the Pakistan Business Portal will be established to facilitate businesses. The Bill is meant to comply with international obligations with respect to regulatory reforms for businesses.
Not later than thirty days of this Act coming into force, the federal government shall, by notification in the official gazette, constitute the Pakistan Regulatory Modernization Initiative (PRMI) Governing Council.
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The Council shall comprise of: (i) Minister incharge or one nominated by Chairperson/ Prime Minister;(ii) Chairman BOI (member);(iii) Secretary, BOI (member);(iv) Federal Secretaries or their nominees, not being officers below BPS-20, incharge of the Division of Commerce, Finance, Industries and Production and Law and Justice and the Director General Pakistan Environmental Protection Agency or their nominee;(v) one member each from the Pakistan Business Council (PBC), Federation of Pakistan Chambers of Commerce and Industry(Members);(vi) Provincial Chief Secretaries or their nominees including the Chief Secretaries or nominees of the Government of Azad Jammu and Kashmir and Gilgit –Baltistan as and when is requested by the Chairperson; and (vii) such other person or persons as may be Member(s) co-opted by the Chairperson.
The Council shall meet at least once in two months. The decisions of the Council shall be taken by majority of its members, present and voting, and, in case of tie, the member presiding shall have the casting vote. The meetings of the Council including voting by the members attending may be held virtually. A co-opted member may attend and participate in the meeting of the Council but shall not be entitled to vote.
The Council shall: (i) oversee and monitor the process of regulatory reform under this Act;(ii) establish and maintain a bi-annual update online registry to catalogue and map laws and RLCS relating to business, trade and investment for the purpose of regulatory reform under this Act; (iii) review proposals for legislation relating to regulation of businesses, trade and investment and to propose changes thereto prior to their being placed before the cabinet for approval;(iv) co-ordinate with GAs and Provincial Governments, through the Inter-Provincial Coordination Division for uniformity and harmonization of laws and policies having impact on investment and business throughout Pakistan;(v) require Government Agencies (Gas) and the Working Groups to review existing and proposed laws, and RLCOs and to revise them in order that they may be consistent with the parameters stated in section 11; (vi) prescribe codes, principles, guidelines and standards to be adhered to by GAs and the Working Groups during the process of regulatory reform under this Act; and (vii) constitute committee comprising of such number of members as it may deem appropriate and assign to them such functions as may be prescribed and oversee the performance thereof.
Any matter, in regard to which the chairperson has stated in writing that it is urgent, may be transacted through circulation amongst all members and matter so circulated and approved by a majority of the members entitled to vote shall have the same effect as a decision made by the Council at a meeting.
The Council shall prepare a progress report and recommendations to be presented to the prime minister on quarterly basis.
Copyright Business Recorder, 2024