The Senate today passed the Banking Companies Amendment Bill 2024.

It was moved by Finance Minister Muhammad Aurangzeb.

Sharing its main features, the Finance Minister said that the legal framework has been strengthened under the bill to provide support for Islamic banking business. 

He said the regulatory role of State Bank of Pakistan has also been strengthened to promote financial inclusion.

The Finance Minister said the procedure of lodging complaints with Banking Mohtasib has also been simplified. 

Talking about country’s economy, the Finance Minister said that the country’s foreign exchange reserves are sufficient to cover two and a half months of imports.

He emphasized that macroeconomic stability has been achieved and expressed a commitment to maintaining this trajectory. He said the non-filer category will be abolished. Legislation in this regard will be brought before both the houses and in-depth discussions will also be held on it in the relevant standing committees.

The Finance Minister, however, clarified that categories such as students and housewives will not face any issues. 

Later, the House was adjourned to meet again at 03:00 pm this afternoon.