ISLAMABAD On Thursday, the Senate unanimously passed two important bills: the Deposit Protection Corporation (Amendment) Bill, 2024, and the Establishment of Special Court (Overseas Pakistanis Property) Bill, 2024.
The Minister for Finance and Revenue presented the Deposit Protection Corporation (Amendment) Bill, 2024, which seeks to amend the Deposit Protection Corporation Act, 2016. The bill’s objectives focus on enhancing the stability of Pakistan’s financial system by strengthening the bank resolution and recovery framework. A key part of resolving non-viable financial institutions is ensuring a sound funding mechanism, enabling the Resolution Authority to effectively bridge any gaps between a failing bank’s assets and liabilities. The deposit protection agency’s role in protecting depositors’ interests, especially in cases of bank failures, is vital for financial stability. The amendments aim to expand the Corporation’s mandate from a ‘pay-box-only’ model to a ‘pay-box-plus’ model, enabling it to participate more actively in resolving issues within member institutions.
Additionally, the Minister for Overseas Pakistanis and Human Resources Development introduced the Establishment of Special Court (Overseas Pakistanis Property) Bill, 2024. This bill aims to establish special courts to handle petitions related to immovable property owned by overseas Pakistanis. Senator Saalik Hussain, commenting on the bill, noted that it was introduced in response to significant demand from overseas Pakistanis, ensuring a secure and efficient online process for land purchases, which would spare overseas citizens the need to travel for property matters. Both Senator Syed Ali Zafar, the Leader of the House, and Senator Danish Kumar praised the bill, highlighting the importance of protecting the property rights of Pakistanis living abroad.
Senator Irfan Ul Haq Siddiqui added that the bill had already passed through committee review. The Senate approved both bills following a clause-by-clause vote.
Meanwhile, the Minister for Finance, Muhammad Aurangzeb, on behalf of the Minister for Interior, Syed Mohsin Raza Naqvi, introduced the National Forensics Agency Bill, 2024 in the Senate.