Solar panels import scam: FBR, SBP heads to brief Senate panel today

ISLAMABAD: Chairman Federal Board of Revenue (FBR) and Governor State Bank of Pakistan (SBP) will brief Senate Standing Committee on Finance today (Wednesday) on the various reports with regard to massive money laundering by solar panel importers.

A meeting of the Standing Committee on Finance and Revenue will also be given briefing on the effectiveness of solution of political exposed persons’ (PEP) issue, proposed by the Committee and the resultant efficacy of the specialised desk to resolve the issue.

The committee will also be given briefing on the causes of reportedly low scoring of Pakistani banks on human rights policies, as well as, on impact of high interest rate for business community.

The meeting will get briefing on the purported money laundering, under invoicing and smuggling by intelligent products and software solutions; and global enterprises and briefing the Governor, SBP on deposit protection mechanism.

Governor SBP will also brief committee on reportedly Rs 5 billion fraud in Bank Al-Habib Faisalabad and the action taken thereof, and committee will take up point of public importance raised by senator Hilal-ur-Rehman regarding the "non-payment of compensation to the affectees of Mohmand Dam" referred by the house on 4-8-2023, according o agenda of the committee.

Copyright Business Recorder, 2023