SC says has no objection to Amnesty Scheme

Chief Justice of Pakistan observed here Tuesday that the court has no objection to the Amnesty Scheme and gave one month time to the committee to come up with suggestions as to how the outflow of the money, smuggling (Hawala, Hundi), could be stopped and how the money invested in foreign countries or kept in the foreign accounts could be brought back.
The CJP observed, "The entire nation just wants to know how the money was taken out of country". To this, the chairman FBR told the court that an amnesty scheme has been started to bring back the money but the people were afraid because of the court. The court adjourned the hearing for a month, observing that "Bashir Ahmad Memon would continue to serve as the DG FIA till the conclusion of the investigation".
FIA Director General Bashir Ahmad Memon told the court that they had found that Pakistanis had made a massive investment in the UAE and identified 635 properties owned by the Pakistanis there. State Bank of Pakistan (SBP) Governor Tariq Bajwa, Federal Finance Secretary Arif Ahmad Khan also appeared before the bench. Submitting a report before the bench, the FIA DG said that he had complete names, telephone numbers and addresses of those who had made investment in the UAE and developed assets there.
"The inquiry is still under way and we have also started criminal investigation against the suspects," the FIA DG told the court. Memon pointed out that the investigation of bank accounts of the citizens living abroad is not possible, citing the absence of mutual assistance agreements with other countries as a big hurdle. He said Pakistan had agreements with some countries only about corruption but no other treaties/agreements had been made to deal with such issues in question.
"Nobody tells us about their accounts," the officer said, expressing his inability to expand the circle of investigation to the money flowed out of the country. "It is just the UAE. I don't' know about the other countries that how many assets have been established there by the Pakistanis and what banks accounts they have," the FBR chairman told the bench. He suggested that travel history of a person frequently visiting a country could also be helpful in tracing his assets there.
"Travel history, we should ask him that why you are going 8th time to a country?" the FIA DG suggested while pleading the bench that a task force should also be constituted to stem the outflow of the public money to other countries. However, the Chief justice asked him to give him in writing if there was a need of any task force. The CJP also expressed dissatisfaction over the Terms of Reference made for the 12-member committee constituted to probe the outflow of money from Pakistan to other countries, assets and accounts of Pakistanis in abroad.
On the other hand, federal finance secretary Arif Ahmad Khan informed the court that total debt of the country, both foreign and domestic, had reached Rs 24.3 trillion. "We are in a vicious circle," Finance Secretary Arif Khan expressed hopelessness to deal with the challenge of foreign and domestic debts.
Chief Justice of Pakistan asked the finance secretary, "Tell us how we could come out of this circle? We have attached hopes with China Pakistan Economic Corridor (CPEC) and foreign remittances have fallen to a larger extent".
The finance secretary affirmed the remarks of the Chief Justice, saying that it is a fact that everyone has attached hopes with the CPEC.
The Chief Justice asked him to provide a solution as to how this challenging situation could be dealt with. The finance secretary suggested that country's economy could be boosted with FBR's efforts. He said Rs 1 trillion was fixed for the development while Rs 2 trillion was borrowed, so how the economy could be boosted?
"You can come out of these ToRs," the CJP remarked while addressing SBP Governor Tariq Bajwa. "Tariq Bajwa, you have to do this. It is the matter of country's survival. We can't make laws. Talk to those who can help us in this. We give you one month." Justice Umar Ata Bandial, the other member of the bench, said that they should tell them what support the court could give them. Addressing the FBR official, Justice Bandial said that now the tax net had already been widened. "Agriculture is also paying tax now," Justice Bandial said, raising question: "Are you trying to improve the productivity?"
The CJP asked Chaudhry Aitzaz Ahsan that would he like to suggest. He replied: "This is the only country where industry is sick but industrialists have luxury cars in their garages," adding that "We have eaten away the livelihood of our five generations."
Chaudhry Aitzaz further said the economy's fall began in the 1990s. Asad Durrani, the former information minister, said that it is a widely held perception that "no strong or big mogul of this country could be brought to justice. But time has come. We need to set an example."
The SBP Governor said that they made a law to control the smuggling of the foreign currency and now nobody could take money even from Lahore to Islamabad and such kind of laws were in vogue in other countries. "Could the people involved in illegal money trails in foreign countries be identified?" the CJP asked. On it, the FBR official said, "A treaty would be implemented in September this year through which they could know about the foreign accounts of the Pakistani citizens." "Is Switzerland included in those countries?" the CJP asked the FBR official; to which, he said that a separate treaty was being done with Switzerland.