Senate: Millions Vanish from Overseas Pakistani’s Accounts.

Millions Meltdown: Overseas Pakistani’s Cash Vanishes, Senate Raises Red Flags

A Pakistani family’s dream turned into a financial nightmare as a staggering Rs. 410 million vanished from their account, sparking alarm bells in the Senate.

Read More: Illicit Economy of Pakistan

The Story:

• Overseas Pakistani family alleges funds mysteriously disappeared from their bank account in Karachi after transferring them in 2017.
• Shockingly, the foreign bank operating in Karachi claimed the money was already withdrawn and the account closed.
• Suspicion arises: family points toward possible forgery by bank officials, prompting an FIA investigation.

Senate Takes Action:

• Concerned by the potential failure of banking safeguards, Senator Saleem Mandviwala’s Finance Committee investigates the case.
• They summon the bank head, FIA director, and investigating officers to provide answers and ensure justice.

Impact and Significance:

• This incident raises serious questions about financial security and consumer protection in Pakistan’s banking system.
• The Senate’s intervention highlights the need for thorough investigation and accountability to regain public trust.
• The outcome of the case will be closely watched by overseas Pakistanis and investors within the nation.

Senate Action Unfolds: Restructuring, Reform, and a Bill With Teeth

Restructuring FBR Under a Microscope:

• Media reports on the Federal Board of Revenue (FBR) restructuring sparked scrutiny in the Senate Finance Committee.
• The FBR chairman confirmed the need for legislative changes, citing a whopping 1,000 amendments to the FBR Act.
• Questions about the interim government’s authority to undertake such major changes led to summoning the Law Minister and Secretary for clarification at the next meeting.

Curbing SOE Abuses: New Bill Bites Back:

• The committee examined the “State Owned Enterprises (Governance and Operations) (Amendment) Bill, 2023.”
• This bill, championed by Senator Bahramand Tangi, aims to tighten control over state-owned enterprises (SOEs), preventing abuses by CEOs and boards.
• Key amendments include:
  • Reducing the CEO’s required experience from 20 to 10 years.
  • Replacing “personal gains and political point scoring” with the broader “personal and monetary gains.”
• Despite opposition from the Finance Secretary, the committee approved the bill with Senator Tangi’s revisions, sending it further on its legislative journey.

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