News Detail
Event Title: Senator Saleem Mandviwalla, Chairman Senate Standing Committee on Finance and Revenue presiding over a meeting of the committee at Parliament House, Islamabad.
Event Date: 2026-02-04
The Senate Standing Committee on Finance and Revenue met under the Chairmanship of Senator Saleem Mandviwala to review matters related to SEOs and regulatory bodies’ heads, financial privacy concerns arising from FBR's SMS messages, budgetary allocations and PSDP of the Ministry of Finance, introduction of new currency notes by the State Bank of Pakistan (SBP), and the charging of SMS fees by banks. The meeting was attended by Senator Sherry Rehman and Senator Muhammad Abdul Qadir, while Senator Danesh Kumar participated as mover of the starred question.
The Federal Minister for Finance and Revenue briefed the committee that SMS messages were sent only to registered bank account holders and resulted in improved tax collection, categorically denying any breach of financial privacy. The committee was also informed that budget releases are now being made on a quarterly basis and utilization is progressing satisfactorily. However, concerns were raised over delays in several projects, particularly those related to women’s financial inclusion. It was informed that over Rs. 20 billion has been disbursed to women through microfinance institutions. The committee expressed dissatisfaction over the pace of progress and directed that a separate, detailed briefing be arranged. Briefings were also given on projects including the upgradation of Pakistan Mint and AIMS, aimed at improving federal audit quality. The committee was informed that coins remain in circulation and have not been discontinued.
Highlighting challenges faced by the business community, the committee recommended the adoption of business-friendly policies. The Finance Minister assured full facilitation to businesses and reaffirmed the government’s commitment in this regard. The issue of super tax was also discussed, with FBR assuring case-to-case facilitation for taxpayers.
The mover of the starred question No.128 Senator Danesh Kumar highlighted the late submission of details and asked for time to overview the details. On concerns regarding under-representation of smaller provinces, the Chairman directed that the Law Division be consulted and comprehensive details be submitted. The Governor, State Bank of Pakistan, briefed the committee that new currency notes with enhanced security features have been designed and forwarded to the Cabinet for approval after vetting by the SBP Board. The Chairman appreciated the progress, recalling the committee’s longstanding recommendation to curb counterfeit currency.
The committee strongly criticized the practice of commercial banks charging additional fees for SMS alerts and other customer services, recommending that such charges be discontinued. The Chairman directed the Governor SBP to take immediate notice of the matter and brief the committee in its next meeting.