A parliamentary panel on Thursday resisted a government bill seeking powers to impose surcharge on electricity consumers required under the IMF deal. ─ File
ISLAMABAD: A parliamentary panel on Thursday resisted a government bill seeking powers to impose surcharge on electricity consumers required under the IMF deal, while the standing committee on finance unanimously cleared another bill for corporate restructuring of companies.
At a meeting of the Standing Committee of the National Assembly on Power, the secretaries of Power and Finance pleaded clearance of amendment to the Nepra Act (The Regulation of Generation, Transmission and Distribution of Electric Power (Amendment) Bill 2020).
The National Assembly Standing Committee on Finance and Revenue unanimously recommended that “The Corporate Restructuring Companies (Amendment) Bill, 2020,” maybe passed by the National Assembly.
The 54th meeting of the National Assembly Standing Committee on Finance and Revenue was held under the chairmanship of MNA, Faiz Ullah.
The Committee discussed “The Corporate Restructuring Companies (Amendment) Bill, 2020).” Deputy Governor State Bank of Pakistan (SBP), Jameel Ahmed, and President Bankers Association, Muhammad Aurangzeb, briefed the Committee about the requirements of the Bill. The Committee members have expressed their apprehensions regarding the implementation of this Act.
According to the objects and reasons of the proposed legislation, the existing institutional arrangements and legal processes for the revival and rehabilitation of distressed entities are time-consuming and inadequate, making the rehabilitation of distressed entities challenging.