Ijaz Kakakhel Islamabad
A legislative body of Upper House of parliament on Wednesday decided to initiate consultations with economy experts, stake holders for the upcoming budget 2023-24 so as to keep the economy on right track.
The decision was taken during the meeting of Senate Finance Committee on Finance and Revenue at Parliament House while Senator Saleem Mandviwalla was in the chair. It was decided to hold Pre-budget meetings along with all the relevant stake holders in order to restart the declining economy of the country. Senator Saadia Abbasi recommended for holding meetings, calling upon all the stake holders and hear their suggestions and concerns to be incorporated in the upcoming budget. The committee endorsed this view point and the meetings are likely to be commenced from next week.
Earlier in the meeting the point of public importance raised by Senator Rana Mehmoodul Hassan regarding sugar smuggling was disposed of. Briefing by the SECP on media reports regarding proposed amendments to Non-Banking Finance Companies and Notified Entities Regulations proposing to increase its fees on AMC’s by over 350 % to the original level, which was reduced after detailed deliberations by SECP policy board in FY 20 was also taken up.
The SECP officials said that there is no media reports in their knowledge. It was briefed that the policy board has the power and mandate to specify fees chargeable by the SECP and SECP implements the fees as approved by the policy board.
