Ijaz Kakakhel Islamabad
A legislative body of Upper House of parliament on Thursday expressed serious concern over six to eight billion dollars of remittances on annual basis come through Hundi business.
The legislators for urging proper measures to stop it and come the remittances through proper banking channel. However, at the same time they suggested that overseas Pakistanis should be encourage and compensate for this initiative. The discussions were made during the Senate Standing Committee on Finance, which met today under the Chairmanship of Senator Saleem Mandviwalla here at the Parliament House.
While discussing the matter of counteract the Hawala /Hundi system the committee remarked that 6 to 8 billion dollars of remittances on annual basis come through Hundi business, the committee was of the view that if the State Bank tightens the measures for remittances, It will encourage the increase in Hundi Business.
The Governor of State Bank of Pakistan said that Remittances of 27 billion dollars were recorded in the last financial year, Governor State Bank said that we are attempting to receive all remittances through the banking channel.
The committee received briefing on the inclusion of Budget recommendation of the Senate in the Budget 2023-24. It was briefed that the Fiance Division budget wing received 55 recommendations for Financial Budget 2023 from the Senate Committee, however, most of recommendations were related to Federal Board of revenue.
The Ministry briefed that recommendations related to Privatization of loss making enterprises, increased budget allocation for health sector, funds for rehabilitation of flood victims, availability of food items at subsidized rates, rise in TV Fee from 35 to 50 RPs and mechanism for subsidies on fertilizers , solar energy production and daily food items were fully adopted, however the Ministry partially adopted recommendations such as grant of tax holidays to export industry, laptops schemes etc, explaining that government is providing all necessary support to IT sector and export oriented industries.
