Senate body finds NAB failed to deposit whopping Rs815 billion

Summons NAB DG, SBP Governor: Seeks explanation from governor Baqir over high policy rate, appreciation of dollar, hot money business

By: News Desk
Published: 04:23 PM, 3 Nov, 2021
Senate body finds NAB failed to deposit whopping Rs815 billion
Caption: File photo.
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The Senate Standing Committee on Finance has found a mammoth anomaly in the deposited amount of money which the NAB has recovered. The anti-graft watchdog has put back just a paltry amount of it i.e. Rs6.50 billion out of recovered amount of Rs821 billion in the national kitty, reported 24NewsHD TV channel.

A meeting of the Senate Standing Committee on Finance under the chair of Senator Talha Mehmood was held at Parliament House, Islamabad on Wednesday. 

While briefing the committee, the Finance Ministry divulged that since its inception, the NAB had recovered Rs821 billion so far. However, the anti-corruption body deposited only a trifling Rs6.50 billion in the Finance Ministry account under the head of non-taxable income. The ministry showed its ignorance regarding the trail of the rest of the recovered money amounting to a whopping Rs815 billion retrieved by the NAB

Senator Salim Mandviwalla and other members of the committee summoned the director general of NAB and governor of State Bank of Pakistan regarding the inquiry of Rs815 billion irregularity. 

The committee members hammered the government over the rising prices. They were of the view that high rate of dollar had unleashed a tsunami of inflation on the country. They lamented the unwise statement made by the SBP governor regarding appreciation in the value of the greenback. 

The committee also sought an explanation over the reckless remark of SBP Governor Reza Baqir. They demanded of the State Bank to explain the mechanism of intervention in the exchange rate. 

While briefing the committee, deputy governor of the State Bank said that the bank did not hike the policy rate for amassing the hot money. 

“At that time, the rate of inflation was so high and the foreign exchange reserves were historic low. Besides this, the current account deficit was astounding,” he explained.

However, the committee sought details regarding increase in the interest rate and list of those investors who put their assets in the hot money business. 

Reporter Waqas Azeem