Islamabad: 19th  September, 2014: A meeting of the Standing Committees on Finance, Revenue, Economic Affairs, Statistics and Privatization of the National Assembly was
held today, the 19th September, 2014 in Committee Room # 02, under the Chairmanship of Mr. Omar Ayub Khan, MNA, regarding the to consider “The Credit Bureaus Act, 2014”, Comprehensive briefing on the working of Security Exchange Commission of Pakistan (SECP) and briefing by the President, NBP regarding National Bank of Pakistan (NBP) scam occurred in Bangladesh, which causes loss of Rs. 12 Billion.

The Committee was informed by Mr. Tariq Nasim Jan, Special Invitee (Stakeholder) on Credit Bureaus Act, he said that  stakeholders were not taken on board by the State Bank of Pakistan during the preparation of said act. The Committee has shown its displeasure on the Credit Bureaus Act clauses, as introduced in the National Assembly by the State Bank of Pakistan, Ministry of Finance & Revenue.

The Committee directed the Ministry of Finance & Revenue and SBP to reconsider the same act in the presence of stakeholders and amended draft act should be submitted before the Standing Committee after 15 days. The Committee also recommended to furnish comparison report of said act with Indian Credit Bureaus Act and best practices law in the world.

President, National Bank of Pakistan alongwith senior officers of NBP were present in the meeting to discuss the NBP scam occurred in Bangladesh, which causes loss of Rs. 12 Billion. The Committee was told by the President, NBP that audit report in this regard will be completed in the next month. The Committee decided to constitute a Sub-Committee to probe the said scam occurred in Bangladesh under the Convenership of Mr. Qaiser Ahmad Sheikh, MNA and will submit its findings / report within 45 days from the date of its first meeting.

The Committee decided to defer the agenda on the working of Securities Exchange Commission of Pakistan (SECP) and unanimously decided to call SECP and stakeholders / brokers of SECP in the next meeting of the Standing Committee, which will be held on 14th October, 2014.

The Committee decided to revise the Terms of Reference (TORs) of the already constituted Sub-Committee under the convenership of Mr. Daniyal Aziz, MNA and included the name of Mr. Muhammad Pervaiz Malik, MNA in its composition.

Meeting was attended by, Mr. Qaiser Ahmad Sheikh, Mr. Daniyal Aziz, Mr. Muhammad Pervaiz Malik, Sheikh Fayyaz-ud-Din, Mr. Nasir Khan Khattak, Mr. Muhammad Ali Rashid and Mr. Abdul Rashid Godil, MNAs and besides senior officers from Ministry of Finance & Revenue, Securities Exchange Commission of Pakistan, State Bank of Pakistan and National Bank of Pakistan.