Senate: Millions Vanish from Overseas Pakistani's Accounts

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Shockingly, the foreign bank operating in Karachi claimed the money was already withdrawn and the account closed.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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