A startling report, compiled by 12-member
committee of experts, reveals that Pakistani citizens have transferred a sum of
$ 15 billion abroad during the financial year 2016-17 which caused the depreciation of rupee and foreign debt.
Chief Justice of Pakistan Mian Saqib Nisar had
ordered the court on March 26 to constitute a committee of 12 experts having
insight into the process of accumulation of undeclared foreign assets by
Pakistani citizens and prepare a report in this regard.
The committee consisted of Governer State Bank
Tariq Bajwa, Chairman FBR Tariq Pasha, Additional Attorney General Mohammad
Waqar Rana, senior lawyer Khalid Anwar, Advocate Ikramul Haq, Finance Secretary
Arif Ahmed Khan, Shabbar Zaidi, Mehmood Mandiwala, Bashir Ali Muhammad, Tariq
Paracha, Nisar Muhammad Khan.
The committee was assigned the task to propose
legislative and executive measures for tracing and retrieving such assets held
abroad.
The report highlights that during the financial
year 2016-17 a staggering amount, US$15.253 billion, was transferred abroad by
Pakistani citizens through normal banking channels. The committee also suggested that during the
said period a substantial amount of transfers took place from Pakistan under
unauthorised and undocumented Hundi and Hawala mechanisms.
The CJP had taken suo motu notice related to
retrieving the alleged ill-gotten money from foreign accounts.
The order given by the chief justice said that
the apex court was not an ‘expert in economic, fiscal or financial matters’,
adding that it was persuaded to initiate these suo motu proceedings for the
grave public interest concerns.
CABINET
The caretaker government has endorsed the amnesty
scheme introduced by the Pakistan Muslim League-Nawaz (PML-N) government, and
has approved the rules issued in the plan.
The decision was taken by the federal cabinet at
a meeting held at the PM Office with Prime Minister Nasirul Mulk in the chair.
“Government of Pakistan’s US Dollars Denominated
Amnesty Bonds Rules, 2018 were approved by the cabinet,” said an official press
release issued by the PMO.
Former prime minister Shahid Khaqan Abbasi had
announced the amnesty scheme in January this year, encouraging Pakistanis to
declare their foreign assets. The government had also offered reduced rates to
broaden the tax base and address the challenges to the economy.
The scheme — a one-time allowance — was approved
by both the Senate and the National Assembly. The PML-N government believed
that to widen the tax net, and get the wealthy to pay their due share, tax
rates must be lowered and reforms made to the system.
The opposition — both the Pakistan Peoples Party
(PPP) and the Pakistan Tehreek-i-Insaf (PTI) — have rejected the scheme and
termed it a move that allows legalising black money.
PPP information secretary Nafisa Shah had at a
press conference said that the PML-N announced the amnesty scheme to lure the
business community as part of its election campaign, just as it had done in the
past. “Once again, an all-too-similar scheme is being launched to benefit
specific people from the ruling elite,” she said.
Similarly, the PTI announced that it would
challenge the amnesty scheme in a court of law. The party rejected the
five-point scheme of the government and claimed that it was designed to
legalise black money.
In a separate decision, the federal cabinet
approved the signing of a memorandum of understanding between Pakistan and
Sudan for cooperation in human resource development.
The cabinet also offered condolences over the
demise of veteran diplomat Jamsheed Marker.
