Minister of State for Finance Rana Muhammad Afzal has said that the present government empowered banks to recover loans from the defaulters under a new law.
Islamabad, (Pakistan Point News - 02nd Mar, 2018) Minister of State for Finance Rana Muhammad Afzal has said that the present government empowered banks to recover loans from the defaulters under a new law. Banks have been suffering huge losses in hundreds of billions of rupees due to loan defaults by people from different walks of life. Responding to a calling attention notice moved by Rana Muhammad Hayat Khan in the National Assembly on Friday, he clarified that the government does not waive off the loans but discretion to this effect rests with the banks.
He said that a list of loan defaulters has already been presented before the Upper House. The Speaker referred the matter of loan defaulters to the committee concerned with the instructions to submit its report within fifteen days. Meanwhile Leaders of allied parties and opposition strongly protested against the surge in petroleum prices in the National Assembly session on Friday as members of opposition asked the government to withdraw the decision of increase in prices of petroleum products.
In the Friday's session, presided over by speaker Sardar Ayaz Sadiq, several members of the opposition protested against the recent surge in petroleum prices by Rs3.56 per litre Naveed Qamar of Pakistan Peoples Party (PPP) lashed out at the failure of tax generation policy, lamenting that the government was trying to achieve Federal Bureau Revenue (FBR) targets by burdening the poor. "The government could give relief to the public by cutting sales tax on petrol and diesel".
Jamiat-e-Ulema islam (F) leader Aasia Nasir said that the government had been allowing increases in petroleum prices for the past four months. "The surge in petroleum prices has been causing inflation in the country' she said, adding that the government must reconsider its decisions on petroleum prices. Amir Dogar of Pakistan Tehreek-e-Insaf (PTI) declared increase in petroleum prices 'unjustified' and appealed for calling off the surge, while Jamshed Dasti lamented that the government was insensitive to the problems faced by the people.
Sahabzada Tariqullah of Jamaat-e-Islami warned that the surge in kerosene prices will force the people to cut forests. Minister of State for Finance Rana Afzal responded to the arguments raised by opposition leaders, saying that petrol price before the PML-N tenure was Rs113. "We gradually cut down petroleum prices to reflect international decreases and provided relief to the people" he said.
