News
Sunday, April 17, 2011
Senate body for seven-year term with fine to runners of fake prize bonds business
Staff Report
ISLAMABAD: The Senate’s Standing Committee on Law, Justice, Human Rights and Parliamentary Affairs has recommended to slap seven-year imprisonment with fine on fake or unauthorised business of prize bonds.
The proposed amendment of the committee brought some changes in punishment prescribed for the elements involved in such illegal activities against the legislation of the National Assembly (NA) which envisages punishment that may extend to 10-year imprisonment or with fine or both.
Meeting of the committee was held on Saturday to consider ‘The Criminal Law (Amendment) Bill 2010’ passed by the NA. The committee approved the amendment and recommended it to be included in the Act of Parliament instead of in the rules, through a unanimous vote.
The committee agreed that the amendment should be included in the Act of Parliament as it would need a two-third majority to change it as compared to the rules which could easily be changed. According to a copy of the bill, it seeks to criminalize the illegal business of dealing in fake prize bonds in order to prevent financial losses to innocent people and secure increased investment in the national savings scheme.
The committee was informed that the need for the bill arose due to expanding fake and unauthorized business of prize bonds. Although an ordinance was promulgated in 1995 to check these illegal activities, but after the expiry of this ordinance after three months it was not passed by parliament, which provided an open field to these authorised dealers to start their illegal business.
National Saving Centers, State Bank of Pakistan and scheduled banks are only authorised to sell and buy prize bonds. The meeting that was chaired by Senator Kazim Khan was attended by Senator Muhammad Azam Swati, Senator Syed Zafar Ali Shah, Senator Professor Muhammad Ibrahim Khan, Law Secretary Masood Chishti, Senior Legislative Adviser Hakam Khan and officials of the National Saving Center.
Courtesy www.dailytimes.com.pk