The due legislation procedure was bypassed in haste for the State Bank of Pakistan (SBP) Amendment Bill that has landed the International Monetary Fund programme in Pakistan into deeper controversy, reported The News International.
The presentation of the SBP bill before the Cabinet Committee for Disposal of Legislative Cases (CCLC) was ignored on the wishes and whims of some powerful elements, reported Geo TV citing the sources.
The responsibility of the whole fiasco could be fixed upon questioning three personalities: the then Advisor to PM on Finance Abdul Hafeez Shaikh, Governor State Bank of Pakistan Dr Reza Baqir and then-Secretary Finance.
The question that arises is who insisted upon such haste? The proposed amendments into the SBP bill 2021 required constitutional changes and the government lacked a majority in the Parliament for the passage of the bill, reported Geo TV.
The Imran Khan government had passed the SBP bill in haste which raises eyebrows about the reason behind the approval of the bill by the cabinet within 15 minutes.
The IMF had reportedly put conditions to revive the USD 6 billion deal. The conditions include the imposition of additional taxes and withdrawal of sales tax exemptions by November 1.
Citing the sources, The Express Tribune reported that IMF majorly demanded the country to bring the agricultural sector under the federal tax domain.
"The agricultural income can be brought into the federal tax net without a constitutional amendment," Tribune quoted Federal Law and Justice Minister Farogh Naseem as saying.
( With inputs from ANI )
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