Reports seeking to repeal Federal Bank & HBFC Acts presented in NA

The National Assembly Standing Committee on Finance Thursday presented separate reports in the Lower House of the Parliament to repeal "The Establishment of the Federal Bank for Co-operatives and Regulation of Co-operative Banking Act, 1977" and "The House Building Finance Corporation Act, 1952."
Chairman National Assembly Standing Committee on Finance, Revenue and Economic Affairs Qaiser Ahmed Sheikh presented reports on "The Establishment of the Federal Bank for Co-operatives and Regulation of Cooperatives Banking (Repeal) Bill, 2017" and The House Building Finance Corporation (Repeal) Bill, 217.
According to report on "The Establishment of the Federal Bank for Cooperatives and Regulation of Cooperatives Banking (Repeal) Bill, 2017," the Federal Bank for Cooperatives (FBC) was established under the Act 1977 with an aim to provide loans to the co-operative societies and finance the provincial cooperative banks (PCBs) for meeting the agricultural credit requirements of small farmers.
The process of liquidation of the FBC was commenced on October 16, 2002 by the federal government on the recommendations of the State Bank of Pakistan. After completion of all formalities/liquidation process, the federal government dissolved the FBC on April 30, 2014.
According to report on 'The House Building Finance Corporation Bill, 2017', the House Building Finance Company Limited was incorporated on June 13, 2006 under the Companies Ordinance, 1984. The House Building Finance Corporation (HBFC) Act, 1952 has lost its effectiveness and has become redundant; therefore, there is no need to retain the same. It is, therefore, proposed and recommended to repeal "The House Building Finance Corporation Act, 1952" with all its amendments.
Later, the National Assembly passed a resolution asking the government to ensure that no nationality or cultural identity is specifically linked to the portrayal of terrorism or any other socio-cultural vice. While initiating debate on President's address to the joint session of the Parliament, Leader of the Opposition in the National Assembly, Syed Khursheed Shah said that the supremacy of the Parliament should be ensured and all institutions should perform their duties while remaining within their constitutional domains. He said that it is not a good omen that the judiciary starts performing functions of the executive.
He said that the supremacy of the Parliament can be ensured if all parliamentarians including prime minister and ministers give adequate time to the proceedings of the two Houses of the Parliament. "Judiciary is giving decisions but actually, it is responsibility of the Parliament to make these decisions. All this is being happened because we are not giving importance to the Parliament," he said.
Shah regretted that the country is facing a number of challenges on the external front but they are not getting the required attention. He said now the time has come when even a small country Afghanistan is threatening Pakistan. "We want Pakistan of Quaid-e-Azam. Pakistan has all the potential to become a developed country provided its resources are exploited judiciously and properly," he added.
He also criticized the government on increasing the prices of petroleum products and gas, as well as for not giving due prices of sugarcane to small farmers. Dr Shireen Mazari of Pakistan Tehreek-e-Insaf (PTI) said that foreign policy has failed. She said that the resolutions are being moved against Pakistan at international level but the ruling Pakistan Muslim League Nawaz (PML-N) government is not paying due attention towards them, adding that the foreign minister should brief the House in this regard.