Hayat said that State Bank of Pakistan (SBP) has already provided a list to the Parliament of all those who have got their loans waived off from different banks since 1990. "If the money is not recovered (from those who got their loans waived off), we all will be criminals of the nation," he added. Responding to it, Minister of State for Finance Rana Muhammad Afzal said that no bank can unilaterally waive off loan of any person as they have to follow strict guidelines of the SBP. He said the willful default is a criminal act and this is a punishable offence under the National Accountability Bureau (NAB) laws.
The minister also pointed out that some 50,000 cases have been pending for adjudication in the high courts and banking courts, adding this puts a negative impact on the businesses. "The impression that bank loans are easily waived off is not correct," he said. The Speaker referred the matter to the Standing Committee on Finance and directed to submit a detailed report about the issue to the House within fifteen days.
Responding to a call attention notice regarding the increase in prices of petroleum products, the minister of state for finance told the National Assembly that petroleum prices in Pakistan are the lowest in the region. The minister said that there is not any link of prices of petroleum with Financial Action Task Force (FATF). He said that the oil prices are reviewed keeping in view the trend in international market. He said that as the prices are now going up; they have no option but to increase the domestic prices. Prices of petroleum products are low as compared to India, Sri Lanka and other neighboring countries, he added.
The minister said that the prices will be reduced as these come down in the international market. He said that they have managed to keep the inflation rate below four percent. He said that the price of diesel is higher than other products of oil because the government collects more taxation on it. He said that the government does this to avoid giving subsidy on the petroleum products.
But on the other hand, Parliamentary Secretary on Cabinet Secretariat Raja Javed Ikhlas told the House that the government is giving Rs 4.2 billion subsidy on diesel oil. He said that the price of petroleum is not in the hand of government and Oil and Gas Regulatory Authority (OGRA) fixes the price according to international market. He said that the OGRA sent a summary in which it recommended to increase Rs 31 in diesel but the Prime Minister did not approve it and now "we are giving Rs 4.2 billion subsidy on diesel under the directions of the Prime Minister."
"Ex-refinery price of petroleum is Rs 56.89 while customs duty on it is Rs 6.96, general sales tax (GST) is Rs 20, commission of dealer is Rs 2.67 and freight charges are Rs 1.52," he said. He further said that prices of petroleum product in international market have increased by 10 percent. Earlier, the opposition members criticized the government on increasing prices of petroleum products and urged the government to withdraw the recent increase in the prices of oil and reduce the general sales tax on the petroleum products.
Dr Nafisa Shah said that the government has increased the price of petroleum products in last two months for the third time. She said that the government has increased prices of petroleum products by 20 to 25 percent which is a big jump. She said why 25 percent tax is being imposed on diesel while 17 percent is being collected on other products. Meanwhile, speaking on the floor of the House, Minister for Climate Change Mushahidullah Khan said, "If the judges take our work in their hands then we have to make legislation."
He said, "There is no importance of the Parliament and their members cannot take decisions. The Parliament is the mother of all institutions and it has to think about it, he added. The minister said that the working within constitutional ambit will ensure good governance. He said that the Parliament which frames laws is the mother of all institutions and it should be allowed to perform its functions.
He pointed out that Panama Papers contained the names of 456 people but it is regrettable that only one family is being targeted in the name of accountability. MNA Sher Akbar Khan pointed out the quorum during the speech of Federal Minister for Kashmir Affairs and Gilgit-Baltistan, Chaudhry Muhammad Birjees Tahir on the floor of House. The deputy speaker read prorogation orders after sensing that quorum was not complete.