Senate approves bill for special courts

The Senate on Thursday passed the Deposit Protection Corporation (Amendment) Bill, 2024 and the Establishment of Special Court (Overseas Pakistanis Property) Bill, 2024 unanimously.

Minister for Finance and Revenue moved the bill to amend the Deposit Protection Corporation Act, 2016 (The Deposit Protection Corporation (Amendment) Bill, 2024) in the House.

The statement of objects and reasons of the bill says that for the sake of stability of financial system, the bank resolution and recovery regime in Pakistan is being further strengthened.

Resolution of financial institutions often depends upon a sound and reliable funding mechanism in order to enable the Resolution Authority to prepare and execute an effective resolution scheme that would be able to bridge any gaps in assets and liabilities of a non-viable bank. The funds held by a deposit protection agency is conceptually similar to the protection provided to depositors, in case of bank failure, as in both cases the funds provided by the deposit protection agency is used to protect deposits' interest and contribute towards financial system's stability.

The amendments are aimed at enhancing the mandate of the Deposit Protection Corporation from 'Pay-box-only' to Pay-box plus' i-e to facilitate in the resolution of its member institution.

Similarly, Minister for Overseas Pakistanis and Human Resources Development moved the bill to establish special courts for adjudication of petitions in respect of immovable properties of overseas Pakistanis (The Establishment of Special Court (Overseas Pakistanis Property) Bill, 2024) in the House.

Commenting on the salient features of the bill, Minister for Overseas Senator Saalik Hussain said that the bill has been moved on the great demand from the Pakistanis living abroad. It would ensure secure process of land purchasing through online process by overseas Pakistanis.

Leader of the House in the Senate, Senator Syed Ali Zafar hailed the bill presented for the overseas. Meanwhile, Senator Danish Kumar said that overseas approached him and demanded to bring such kind of law to secure their property in Pakistan. Through online process of property purchasing, the overseas will not have to bear travel expenditures.

Senator Irfan Ul Haq Siddiqui said that the bill has already been approved from the committee.

The house passed the both the bills through clause by clause.

Meanwhile, Minister for Finance Muhammad Aurangzeb on behalf of Minister for Interior Syed Mohsin Raza Naqvi introduced the National Forensics Agency Bill, 2024 in the Senate.