Govt forms panel on benami assets

The Benami Information Processing Committee will function on the pattern of a joint investigating team

ISLAMABAD: The federal government has constituted a six member committee, including officers from the intelligence agencies, to expedite action against benami assets and assist the relevant authorities to improve their performance.

The Benami Information Processing Committee (BIPC) will function on the pattern of a joint investigating team (JIT). It will be headed by Nausheen Javed Amjad, the Federal Board of Revenue (FBR) National Coordinator (Benami).

Its other members will include officers of grades 18 and 19 from the Inter-Services Intelligence (ISI), Intelligence Bureau (IB), Federal Investigation Agency (FIA), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP) and the FBR.

The government has decided expedite the action against those with Benami assets following the end of the scheme of declaration of assets. The BIPC will collect information about the benami assets and their owners from across the country and provide it to the relevant authorities.

According to a summary approved by the federal cabinet, the committee has been formed under the Benami Transactions Act 2017, which was enacted in the country in February 2017. The Revenue Division issued the notification of the Benami Transactions Act on March 11, 2019.

The Revenue division had sent the summary for the establishment of the BIPC to the federal cabinet which was approved unanimously. The summary said that under the section 55 of the Benami Transactions Act, a committee, comprising secret and state representatives, needs to be set up to accelerate the actions taken under the benami laws and that supports the officers.

The cabinet approved the establishment of the BIPC under the Para-2 of the summary. The cabinet also decided that the committee members will work from their respective offices but the committee chairperson can convene a meeting if needed.