Senate body seeks amnesty scheme for all sectors

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ISLAMABAD, Dec 28 (APP): Senate Standing Committee on Finance recommended Federal Board of Revenue (FBR) to introduce amnesty scheme for all sectors specially for industrial sectors along with the real sector.
The amnesty scheme for the real sector was formally launched on pressing demands of real sector stakeholders on December 7 and up to December 26 2016, 1919 transactions have been made under the scheme.
Member FBR, Rehmetullah Wazir informed the committee that under this scheme transactions worth Rs 1.4 billion had been made so far and the FBR had collected Rs 50 million taxes under the scheme.
Chairman of the committee, Saleem H Mandviwala however showed concern over giving amnesty to only real sector saying that other sectors should also be given a chance to avail the facility so that the money could be used for productive purposes.
Discussing on another agenda item regarding Qarz Utaro Mulk Sanwaro Scheme introduced in 1997, Dr Waqar Masood, Secretary Finance informed the committee that under the scheme there were three sub schemes namely donations, Qarz-e-Hasna and Term Deposit.
He said that under the scheme, total donations stood at Rs 2.032 billion while people deposited Rs 470.659 million as Qarz-e-Hasna and Rs 302 million as term deposit.
The committee was further informed that out of donations of Rs 2.032 billion, the most expensive domestic debt of the federal government amounting to Rs 1.7 billion carrying mark up rate of 17.29 per cent was retired on June 30, 1997.
Saleem Mandviwala asked ministry of finance to settle the amount under Qarz-e-Hasna and Term Deposit schemes on priority as the people who deposited their money were not being responded positively from the banks concerned.
Dr Waqar Masood said that the ministry would issue a circular to all the concerned banks in this regard and it would prepare a list of all those who had deposited their money under the schemes.
State Bank of Pakistan (SBP) representatives also gave briefing to the committee regarding draft amendment proposed by the PPC to declare sale of banknotes on premium as a punishable offence.
The meeting was also attended by Senators Mohsin Khan Leghari, Kamil Ali Agha, Mushahidullah Khan, Mohsin Aziz and Osman Saifullah Khan.