The National Assembly Standing committee on Finance and Revenue on Thursday has shown concerns over slow progress on establishment of custom offices at Torkhan and Chaman Border that is important for integrated transit Trade management system (ITTMS).  The meeting of Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held under the chairmanship of Faiz Ullah, MNA.

The committee members noted that Pakistan has been facing significant revenue loss due to smuggling. The committee emphasized for early completion of custom offices at Torkham and Chaman is critical to discourage smuggling and mobilize revenue.

The Member (Administration), Federal Board of Revenue (FBR) informed the Committee about the salient features of the Public Sector Development Program (PSDP) on-going and new projects of FBR.

The Committee members have expressed their grave concern on the presentation made by the FBR and directed that revised list of prioritized projects may be furnished to Secretary Committee for onward submission to the members before making any recommendations on it.

The Committee considered the remaining ongoing PSDP projects of the Finance Division falls in the administrative control of provinces and recommended for further necessary action as required under rule 201 (7) of the Rules of Procedure and Conduct of Business in the National Assembly, 2007.

The Chairman, Securities & Exchange Commission of Pakistan (SECP) briefed the Committee about the mandate of the Commission. He said that SECP was setup, in pursuance of SECP Act, 1997 and started its function for managing the regulation of corporate sector, capital markets, supervision and regulations of insurance companies, non-banking finance companies and private schemes.

He briefed the Committee about the structure of SECP Policy Board. He told that according to the SECP Act, 1997 the Policy Board shall consist of a maximum of eleven members appointed by the federal government, including five ex-officio members and six from the private sector.

Faiz Ullah, chairman of the Committee, expressed his concern about the problems being faced to general public owing to the measures taken by the State Life Insurance Company regarding to abolish its fourth tier. The chairman SECP suggested that State Life Insurance Company may be invited in the Committee to discuss the said issue.  The Committee recommended that State Life Insurance management would be called in the meeting of the said committee and stakeholders will also be invited. The chairman SECP apprised the Committee about the public listed, public unlisted private companies, non-profit associations, trade organizations, foreign companies and LLP.

He informed that currently 96288 companies were registered in corporate sector. He presented the details with regard to Islamic Finance Department, Investor Education Department and International Relation Department. He said that SECP has classified its way forward such as ease of doing business, SECP image building, firm of supervision and enforcement and development of the capital.

While discussing the implementation regarding the FATF AML/CFT Standards within the SECP’s regulated financial sector and worth with national stakeholder’s inter-alia FMU, SBP etc. and international assessors for APG/IMF/World Bank for peer review and evaluation.

The Committee decided that a meeting would be called to discuss the performance of Funds Monitoring Unit (MFU).

The Committee unanimously decided that next meeting of the Committee should be convened in Karachi and the proposed date may be 12th & 13th March, 2018.