The National Assembly Standing Committee on Finance on Tuesday approved a bill aimed at giving legal cover to June 13, 2002 dissolution of the National Development Finance Corporation (NDFC) and amalgamation of its assets and liabilities with the National Bank of Pakistan (NBP) from November 1, 2001. The bill "National Development Finance Corporation (Repeal) 2004, was moved in the National Assembly and referred to the standing committee on April 8, 2004, but could not be taken up so far. The bill will be put before the National Assembly for approval possibly in its ongoing session.
The committee that met here with MNA Anwar Ali Cheema in the chair, however, deferred for its next sitting another bill to reorganise and convert the Industrial Development Bank of Pakistan (IDBP) into a public limited company.
The approved piece of legislation is aimed at repealing National Development Finance Corporation 1973 Bill.
In the statement of objects and reasons of the bill, the government said that NDFC was at the brink of bankruptcy due to its weak financial position, therefore, it was decided to amalgamate its assets and liabilities with the NBP from November 1, 2001.
Comments
Comments are closed for this article.