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Senate unanimously passes reorganization of Industrial Development Bank bill.

ISLAMABAD, May 03, 2011 (Balochistan Times): The Upper House of Parliament on Monday unanimously passed the Industrial Development Bank of Pakistan (Reorganization and Conversion) bill 2010 and State Bank of Pakistan (Amendment) bill, 2010. Leader of the House Syed Nayyar Hussain Bukhari moved the bill to provide for re-organization and conversion of the Industrial Development Bank of Pakistan into a public limited company [The Industrial Development Bank of Pakistan (Reorganization and Conversion) Bill, 2010]. The statement of objects and reasons says that the Industrial Development Bank of Pakistan (Re-organization and Conversion) Act was re-promulgated on November 2009 for repealing the Industrial Development Bank Ordinance,1961 under which the entity namely, Industrial Development Bank of Pakistan (IDBP) was established for providing credit facilities to industrial concerns. The IDBP (Re-Organization and Conversion) Act, 2009 provides for the Re-Organization and Conversion of IDBP into a Public Limited Company. Meanwhile, Chairman Standing Committee on Law, Justice and Parliamentary Affairs, Senator Muhammad Kazim Khan presented reports of the committees on the bill further to amend the Pakistan Penal Code, 1860 and the Code of Criminal Procedure, 1898 [The Criminal Law (Amendment) Bill, 2010] on business of prize bond and recommended recommendation for incorporation in the bill He also presented committee report on bill to amend the Legal Practitioners and Bar Councils Act, 1973 [The Legal Practitioners and Bar Councils (Amendment) Bill, 2011]. The committee unanimously recommended passage of the bill. Chairman of the Standing Committee on Defence Production Javed Ashraf presented committee report on establishment of National Defence University at Islamabad bill 2011. The committee recommended that the bill should be passed by the House so that the work and degree awarding status of the University does not suffer.

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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:May 3, 2011
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