Rising import bills: Senate body seeks ban on imported cars, cosmetics, luxury items

ISLAMABAD: The Senate Standing Committee on Finance and Revenues has recommended to the government for imposing a ban on the import of cars, cosmetics, and other luxury items for a limited timeframe in order to curb rising import bills.

The Senate panel also summoned Chairman National Accountability Bureau (NAB) in its next meeting. Senator Sherry Rehman objected to the wording of Chairman Panel Senator Talha Mehmood when he demanded banning the import of “Surkhi-Powder” (Cosmetics) related products after which she boycotted and walked out of the meeting.

Earlier, Senator Sherry Rehman exchanged harsh words with treasury member Faisal Rehman when said that on the IMF’s dictation the government was bringing a mini-budget. Faisal Rehman replied that the people of Pakistan were still paying the heavy price because of wrong decisions made during the tenure of the PPP regime so there was no need to do point scoring while sitting here in this committee.

The Senate Standing Committee on Finance and Revenues held its meeting under the Chairmanship of Senator Talha Mehmood here at the Parliament House on Wednesday.

Senator Saadia Abbasi belonging to PMLN took up the issue that the NAB officials were allegedly harassing her family members by securitising bank accounts details. The NAB had sought details of her late mother who died five years ago, she added. The committee decided to summon the NAB chairman in next meeting.

The Senate panel decided to defer important agenda items including getting briefing on Saudi Arabia deposits with its terms and conditions, current state of economy in light of current inflation, increasing trade deficit, depreciating exchange rate, rising debt and liabilities and uncertainty in the markets because of absent of Prime Minister’s Advisor on Finance Shaukat Tarin from the important meeting.

After deciding to defer all other important agenda, the chairman of Senate panel took up the agenda of mini-budget for the current fiscal year. Federal Secretary Finance informed the committee that the work on introducing Tax Laws Amendment Bill was underway and it would be introduced in the Parliament after seeking approval of the federal cabinet.

The chairman of the committee was of the view that the non-essential or luxury items imports must be banned for certain timeframe when the country was in dire need to curtail import bill. He said that the import duty on life savings drugs should be reduced but the luxury items imports should be banned. “All such items which are luxury should be banned.

There is need to increase exports. The duty on life saving medicines should be reduced. All such steps should be taken which are aimed at avoiding eruption of financial crisis in the country” he concluded.