Senate body for making act to regulate Consolidated Fund

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ISLAMABAD, Dec 1 (APP): The Senate Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization Thursday urged for making an act to regulate consolidated fund and public account as there has been no such act since 1935.
The need for making the act was highlighted during the meeting of the committee during which the Secretary Finance, Waqar Masood briefed the body on the rules made by the President as a stopgap arrangement as provided under article 79 of the constitution to regulate these funds.
The committee meeting was held under the chairmanship of Senator Saleem Mandviwala while the senators who attended the meeting included Muhammad Mohsin Khan Leghari, Nasreen Jalil, Kamil
Ali Agha, Mushahid Ullah Khan, Osman Saifullah Khan and Mohsin Aziz.
Mandviwala questioned why efforts were not made to make such
act since 1973, adding the committee would recommend making such act for the larger national interest.
The committee also formulated a three member sub committee to
discuss in detail the circular debt issue of Rs 480 billion. Senator Mohsin Aziz would head the committee while Kamil Ali Agha and Mushahid Ullah Khan would be its members.
Meanwhile, the Managing Director, House Building Finance Company (HBFC) informed the body that the company has identified the people who would be provided loans. Once the company gets money from finance ministry it would be disbursed among them, he added.
On the occasion, renowned Chartered Accountant Shabbar Zaid, who is also member of Board of Directors of HBFC, informed the senate committee that in order to make the HBFC a viable company, it must be allowed to float tax free bond to generate money for loans.
The issue of alleged corruption by the Federal Board of Revenue (FBR) officials working in Azad Jammu and Kashmir also came up to discussion and the FBR representative informed the committee that repatriation request of one of the officials from the FBR on deputation has been sent to the concerned authorities.
However, he added that the other official allegedly involved in the case was under Kashmir Council.
On the occasion, the representatives of FBR informed the committee that the issue related to auction of 300 ambulances by EHDI administration has been resolved
On the issue of decretal cases, the committee directed the SBP to come up with a resolution proposal on the issue of a person who had to suffer lot of problems related to bank account during past 20 years owing to taking over of an international bank by a local bank.