KARACHI (January 18 2009): Chairperson Standing Committee on Finance and Revenue, National Assembly, MNA Mrs Fouzia Wahab has said that the committee has almost finalised legislative bill for de-mutualization of stock exchanges.
Addressing members of Karachi Chamber of Commerce and Industry (KCCI) on Saturday evening, she said that the committee received seven legislative bills for scrutiny and finalisation, out of which two bills have been almost finalised. She said that the bill related to stock exchanges would be tabled in national assembly soon for its consideration and adaptation.
She further said that the role of standing committee has been changed and now it will invite business community and others to help this committee in preparation of budget for the fiscal year, 2009-10.
She said that up till now the budget was prepared by bureaucrats and there was no role of the standing committee in compiling and preparing budget. Mrs Fouzia Wahab said that the standing committee has started consultation process with business community and purpose of her visit is also aimed to get some feedback of problems faced by businesses and industries.
She advised business community to send their budget proposal to the standing committee for its perusal. After scrutinising budget suggestions, the standing committees prepares its report and sends it for finalising budget proposals. Expressing concern on declining textile exports, she said that Pak textile products are much better than many of its competitors in world market.
She assured business community that representatives of trade bodies will be included as commercial attaches posted abroad. She also advised business community to propose workable suggestion for increasing production of power. Replying to a question about interest rates, she said that she understand problems well. Inflation has decreased by about 2 percent in recent past. Interest rates may also go down in near future, she added.
She said that there is no chance of increasing interest rates in future. Commenting on issuance of fresh licenses to trade bodies, under TOO-2007 leader of businessmen group and former President KCCI Siraj Kassam Teli said that he only want that license be granted to those who fulfil required criteria under TOO 2007. If any trade body fulfil TOO 2007 required criteria it should be granted license, he added.
He said that the letter which he had written to President of Pakistan was marked by Ministry of Commerce to Director General, Trade Organisation (DGTO), who has granted licenses to trade bodies. An independent body must examine and give report, he added. Former President KCCI A.Q. Khalil said that a commission should be formed to scrutinise licenses granted under TOO 2007 President KCCI Anjum Nisar said that business community is facing serious problem of high cost of doing business.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment