News Detail
Event Title: Senator Saleem Mandviwalla, Chairman Senate Standing Committee on Finance and Revenue presiding over a meeting of the committee at Parliament House, Islamabad.
Event Date: 2026-05-14
The meeting of the Senate Standing Committee on Finance and Revenue was held at Parliament House under the chairmanship of Senator Saleem Mandviwalla to deliberate on a wide range of financial, administrative, and regulatory matters, including consideration of the “Pakistan Sovereign Wealth Fund (Amendment) Bill, 2026,” issues relating to state-owned enterprises (SOEs), asset declarations of government servants, customs enforcement matters, and alleged irregularities in confiscated goods.
The meeting was attended by Senator Muhammad Talha Mahmood and Senator Mohammed Abdul Qadir while Senator Danesh Kumar and Senator Jan Muhammad attended as movers of the agenda items. Whereas, Senator Dr. Afnan Ullah Khan attended as Special Invitee.
The Committee received a briefing from the Pakistan Banks Association (PBA) regarding a proposed non-binding Memorandum of Understanding (MoU) with Senate of Pakistan aimed at promoting structured engagement, capacity development, and legislative research support. It was informed that the proposed consultative mechanism would assist the Senate Standing Committee on Finance and Revenue in analyzing financial legislation, enhancing legislative capacity in areas such as digital currency, cybersecurity, and other emerging financial matters. Chairman Committee appreciated the initiative and observed that the proposed collaboration would strengthen informed decision-making and institutional capacity.
The Committee also took serious notice of the alleged seizure and auction irregularities involving 2,000 bags of skimmed milk confiscated by Customs Enforcement Karachi. Members were informed that although 2,000 bags were reportedly seized, only 1,750 bags were reflected in the FIR, while 250 bags remained unaccounted for. Customs authorities informed the Committee that the goods were confiscated on the basis of a tampered and fake Goods Declaration (GD), and that under customs laws, perishable goods may be auctioned immediately to prevent spoilage. The matter is currently pending before the Customs Court. Chairman Committee directed the Federal Board of Revenue (FBR) to conduct a thorough investigation and submit a report within one week.
The Committee further discussed the issue of Super Tax and its broader implications for economic activity and business confidence. Members also raised concerns regarding alleged theft and mismanagement of confiscated items under FBR custody, including fire incidents in FBR godowns. On the request of the mover, the matter of 2,000 skimmed milk bags was referred to the relevant Sub-Committee of the Senate Standing Committee on Interior and Narcotics Control for detailed examination.
The Committee also deliberated upon the case of missing silver during transportation after confiscation by Customs authorities. It was informed that approximately 698 kilograms of silver had been confiscated in various cases in Balochistan. However, during transportation, it was discovered that the consignment allegedly contained only 298 kilograms of silver, while the remaining 400 kilograms comprised lead. Customs officials informed the Committee that the matter appeared prima facie to be an insider job and that an inquiry had already been initiated by the Federal Investigation Agency (FIA). Chairman Committee directed FBR to ensure recovery of the missing silver, identify the beneficiaries involved, and submit a comprehensive report. The matter was also referred to the Interior Sub-Committee for further investigation as well.
The Committee took up a starred question regarding the names, domiciles, modes of appointment, tenure, emoluments, and benefits of heads of State-Owned Enterprises (SOEs), regulatory bodies, attached departments, and subordinate offices working under the administrative control of the Ministry of Finance and Revenue. Members expressed concern over delays in the provision of information and highlighted that benefits and privileges extended to heads of such institutions reportedly amount to more than Rs. 2 billion. Chairman Committee directed the Ministry to ensure furnishing of complete and satisfactory replies, failing which the concerned member may move a privilege motion.
Members also raised concerns regarding notices allegedly issued by FBR to legislators. Chairman Committee directed members to forward such notices to him for review to determine whether any undue or improper action had been taken.
The Committee further discussed the status of asset declarations by government servants. Secretary Establishment Division informed the Committee that the government had revised the Civil Servants Conduct Rules and was in the process of digitizing the asset declaration system through the FBR platform. It was informed that declarations would be publicly accessible in a redacted form to ensure transparency while safeguarding personal privacy. Secretary Establishment further clarified that the objectives of asset declarations and income tax returns are distinct in nature and governed under separate legal frameworks. Chairman Committee appreciated the initiative and directed that the revised conduct rules be shared with the Committee for detailed review and possible refinement. He also suggested exploring amendments to the Election Act for parliamentarians regarding submission of asset declarations to the Election Commission of Pakistan.
The Committee also considered the “Pakistan Sovereign Wealth Fund (Amendment) Bill, 2026,” referred by the House. Chairman Committee questioned the timing and broader implications of the proposed amendments amid the ongoing budgetary exercise for the upcoming financial year. Officials informed the Committee that the amendments were intended to improve governance, operational efficiency, and management of State-Owned Enterprises, and were not directly linked to the federal budget process. Committee members, however, expressed concerns regarding delays in development funding through government and cautioned that the proposed amendments should not adversely impact SOEs. It was further informed that the amendments propose mandatory briefings to Parliamentary Standing Committees regarding SOE performance. Chairman Committee deferred further consideration of the Bill and directed the Ministry to submit a clause-wise rationale for each proposed amendment before the next meeting.