Pakistan will receive another $1 billion from Saudi Arabia in the ongoing month while the United Arab Emirates (UAE) has committed $3 billion for balance of payment position. This was stated by Additional Secretary International Finance Mohammad Sohail while responding to questions during the meeting of Senate Standing Committee on Finance chaired by Farooq H Naek here on Wednesday.
He said that negotiations with China are going on for a package but nothing concrete has yet been materialised. "We are expecting a package from China," he said and added that $2 billion received from Saudi Arabia and another $1 billion expected in the current month are for balance of payment support.
The committee also decided to send the Banking Companies' (Amendment) Bill 2018 moved by Senator Raza Rabbani to the Senate for its passage from the House with the consent of members despite opposition from the State Bank of Pakistan (SBP). The law seeks deletion of Section 27-B of the Banking Companies Ordinance 1961 that limits union activities in the banking sector.
The mover of the law argued that this section violates the spirit and the right conferred by the Article 17 of the Constitution and is in violation of the provisions of ILO to which Pakistan is a signatory. He further stated that that section is contrary to the provision of IRO, which allows for 25 percent members of the trade union to be from outside the organisation. The report of Justice Shafi-ur-Rehman Commission also recommended for deletion of the said section.
Earlier, during the discussion on the amendment bill and responding to the question from members, a senior official of SBP contended that section 27-B of (the Banking Companies Ordinance, 1962 [BCO]) does not prohibit the union activities and was introduced in 1997 to protect the depositors' interest against union activities. He said that the union activities being carried out with the active support of outside elements led the insertion of 27B in the law.
The unfortunate state of affairs prevailing in the banking industry prior to 1997, he said, explains the significance of the section as politicised and disgruntled elements, mostly outsiders, were misusing the union platforms for promoting their personal interests at the cost of depositors' money. These elements, he added, were misusing bank facilities like telephone, cars and other resources and a situation of complete anarchy and chaos prevailed all over the banking industry. The situation led to a growing feeling among bankers, regulatory authorities, government and general public to introduce some suitable and reasonable legal means to prevent unlawful acts being carried out under the garb of trade union activity.
He said that the section was introduced to limit or end: (i) misuse of bank resources for union activities; (ii) carrying weapons into banks; (iii) carrying on union activities during office hours; (iv) subjecting bank official to physics harassment or abuse; it (v) was also aimed at ensuring the non-employees not to be office-bearers of unions.
The official said that SBP has also responded to the ILO through Ministry of Finance and informed them that union activities are not restricted if laid down parameters in the section are followed.
Senator Muhammad Ali Khan Saif also moved an agenda item to draw the attention of the committee towards problems being faced by the advocates and politicians in opening of their accounts in banks. The committee asked the SBP to suggest proposals in the next meeting of the committee on how to streamline the procedure for opening of accounts. The committee also discussed a private member bill titled 'Maternity and Paternity Leave' moved by Senator Quratulain Marri and directed the Law Division and the mover to prepare a comprehensive law to be presented during the next meeting of the committee.
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