The lower house of the Parliament on Monday passed a bill to further amend the Banks (Nationalization) Act, 1974 [The Banks (Nationalization) (Amendment) Bill, 2019] to bring all non-banking institutions, including the National Investment Trust Limited (NITL) under the regulatory purview of the Securities and Exchange Commission of Pakistan.
The National Investment Trust Limited (NITL) would be excluded from the purview of the Banks (Nationalization) Act, 1974.
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Small Business Finance Corporation (SBFC) and Regional Development Finance Corporation (RDFC) were merged and SME Bank was formed, therefore SBFC and RDFC were also excluded from Section 11-A of the Banks (Nationalization) Act, 1974 as proposed by the Standing Committee.
Ali Muhammad Khan—the Minister of State for Parliamentary Affairs had moved the bill on behalf of the Advisor to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh.
The minister also moved the bill providing for the establishment of the Whistleblower Protection and Vigilance Commission [the Whistleblower Protection and Vigilance Commission bill, 2019].
The bill was referred to the committee.
The State Minister also laid the first quarterly report of the Board of Directors of the State Bank of Pakistan on the state of the economy for the year 2019-2020, as required by section 9A(2) of the State Bank of Pakistan Act, 1956.