Home »Money and Banking » Pakistan » Consolidated fund, public account: process of legislation initiated

  • News Desk
  • Sep 23rd, 2017
  • Comments Off on Consolidated fund, public account: process of legislation initiated
The government has initiated the process of legislation in respect of Federal Consolidated Fund and Public Account as per Article 79 of the Constitution. Sources said that the process has been initiated subsequent to the decision of Senate Standing Committee on Finance that Ministry of Finance should take immediate steps for making legislation as required under Article 79 of the Constitution regarding Federal Consolidated Fund and Public Account.

Subsequently, the Finance Ministry constituted a committee under the chairmanship of Additional Finance Secretary (Budget) and comprising members including Joint Secretary (Expenditure), Joint Secretary (Budget implementation), Joint Secretary (Regulations), etc, and one member from Controller General of Accounts (not below the rank of BS-20) to implement the recommendations of the committee.

A number of meetings of the committee were held from February 2017 onward to discuss the rules and procedures of federally treasury rules, general financial rules and GP Funds rules made under Article 79 of the Constitution. After discussing brief contents of the proposed Act, the meeting decided to invite Law and Justice Division to discuss the legal aspects of the proposed Act.

On March 2, 2017, the committee meeting was also attended by a representative of Law and Justice Division, who explained that the matter needs detailed study and suggested that before proceeding further with promulgation of a fresh Act of legislation, the matter may be referred to Law & Justice Division to examine pros and cons of the proposed legislation. Subsequently Finance Division sent the matter to Law and Justice Ministry with the request to apprise of the modus operandi for enactment of the proposed legislation.

Law and Justice Division stated that federal treasury rules were issued under Government of India Act 1935 which fall under Article 79 of the Constitution of Pakistan. The Finance Division was also explained that the said article demands for an Act of Parliament and also provided rules as a stop gap arrangement.

Law and Justice Division advised to convert the rules into a bill which was circulated among all the stakeholders for input and now a final draft legislation as well as soft copy was handed over to the Law and Justice Ministry. Law and Justice Ministry was requested to examine the document and modify it in such a manner that it is placed before National Assembly Committee on Law & Justice.



the author

Top
Close
Close