NA adopts Cooperative banking and HBFC bills

The National Assembly Wednesday unanimously passed the 'Establishment of the Federal Bank for Cooperatives and Regulation of Cooperative Banking (Repeal) Bill, 2017' and the 'House Building Finance Corporation (Repeal) Bill, 2017.' Minister of State for Finance and Economic Affairs, Rana Muhammad Afzal Khan presented the bills separately in the House for passage. The House passed the bills unanimously without any amendment.
According to 'Establishment of the Federal Bank for Cooperatives and Regulation of Cooperative Banking (Repeal) Bill, 2017,' the process of liquidation of FBC had been commenced on October 16, 2002 by the federal government on recommendations of the State Bank of Pakistan. After the completion of all formalities/liquidation process, the federal government dissolved the FBC on April 30, 2014 and the 'Federal Bank for Cooperation and Regulation of Cooperative Banking Act, 1977(IX of 1977)' needs to be repealed.
According to the 'House Building Finance Corporation (Repeal) Bill, 2017,' the House Building Finance Corporation (HBFC) was established by the federal government through the 'House Building Finance Corporation Act, 1952' and such an act came into force on April 18, 1952 under section 41 of the Act. The federal government was authorized and had powers and under section 36 of the Act, the federal government through vesting order No SRO 941 (1) 2009, dated October 31, 2009, effective from July 25, 2007 wound up the HBFC by transferring and vesting in a limited company and all assets, contracts, liabilities, proceedings, businesses and undertakings of HBFC stood dissolved. The House Building Finance Company Limited was incorporated on June 13, 2006 under the Companies Ordinance, 1984. The 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 (XVIII of 1952)' with all its amendments.
Two bills the 'Joint Maritime Information Organization Bill, 2018' and the 'Constitution (Twenty-ninth Amendment) Bill, 2017' were introduced in the Lower House of the Parliament.
Minister for Defence Khurram Dastgir said that the 'Joint Maritime Information Organization Bill, 2018' is aimed at establishing an institution to consolidate all information pertaining to maritime affairs. He said that relevant suggestions of the parliamentarians will be incorporated in the bill.
Later, Dr Arif Alvi belonging to Pakistan Tehreek-e-Insaf (PTI) raised serious concern on the floor of the House regarding privatization of Pakistan Post Office. He said that the PTI would strongly oppose the attempt of the ruling government of Pakistan Muslim League-Nawaz (PML-N). He said that an advertisement was published in newspapers on February 15 last about privatization of Pakistan Post Office. He said that the government is in a hurry and wants to complete all process of privatization in one-and-a-half-month.
He said that the federal government also asked the provincial governments for preparation of feasibility and valuation of assets of Pakistan Post Office till December 31, 2018.
The PTI leader said that there are 12,000 offices and over 42,000 employees of Pakistan Post Office across the country. Later Alvi said in his tweet, "Pakistan Post Office may be privatized through secret deals and a JV may be formed against the interests of Pakistan. I have submitted a calling attention notice with respect to debating the issue in the National Assembly."
According to calling attention notice submitted by Alvi, there is a need "to invite attention of the Ministry of Postal Services to a matter of urgent public importance regarding the advertisement placed for private public partnership and frantic timeline generated to do the same, as it is causing grave concern among the public."