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NA clears govt legislation on banking sector

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Published: August 3, 2016 05:51 pm

ishaq dar-senate

ISLAMABAD, August 3, 2016: The National Assembly approved two government legislative proposals regarding banking sector. The Banks (Nationalization) (Amendment) Bill, 2016 and the Deposit Protection Corporation Bill, 2016 were passed with majority of the votes on Wednesday during third sitting of the ongoing session.

The Banks (Nationalization) (Amendment) Bill, 2016 seeks to empower the Federal Government to avail the services of competent bankers in public interest and to safeguard its direct and indirect shareholding. Moreover, this will also facilitate the private shareholders to elect their representatives on the Board of Directors of such banks having private as well as public sector’s shareholding.

The purpose of the Deposit Protection Corporation Bill, 2016 is to establish the Deposit Protection Corporation for instituting an explicit deposit insurance scheme in Pakistan. The deposit insurance is considered an integral safety-net tool to ensure the soundness of the banking system and protect small depositors of a bank in case of its failure.

The House also adopted a resolution to extend the State Life Insurance Corporation (Reorganization and Conversion) Ordinance, 2016 for a further period of 120 days with effect from August 6, 2016. Moreover, moved by Minister of State for National Health Services, Regulations and Coordination, the House adopted a motion to refer the Pakistan Medical and Dental Council Bill, 2016 as passed by the National Assembly to the Joint Sitting of the Parliament.

The Minister for Parliamentary Affairs Sheikh Aftab laid on the Table an authenticated copy of the Address of the President of Pakistan to the Joint Sitting of the Parliament on June 1, 2016. The Minister also moved the motion of thanks to the President for his address.

The government also introduced the Limited Liability Partnership Bill, 2016 which was referred to the relevant standing committee. The bill provides a new form of business structure which would fill the gap between business firms such as sole proprietorship/partnerships (the liability of whose partners is unlimited) and the companies governed under the Companies Ordinance 1984 (whose members enjoy the benefits of limited liability). It also provides for conversion of firms into Limited Liability Partnerships.

Chairmen of the Standing Committees on Railways, Science & Technology and Overseas Pakistanis & Human Resources presented the Periodical Reports of their Committees for the period July -December, 2015. The House took up 11 out of 36 Starred Questions appearing on the agenda. The lawmakers also asked 15 supplementary questions.

Two Calling Attention Notices regarding rapid spread of vector-born disease in the country and Pakistani workers stranded in Saudi Arabia were also taken up and discussed. Muttahida Qaumi Movement staged walkout for third consecutive day against the arrest of their party’s leaders in Karachi.

Posted by on August 3, 2016. Filed under Latest Post,Legislation National Assembly,National Assembly. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry