ISLAMABAD – The Senate Standing Committee on Finance and Revenue on Wednesday called for rationalisation of remittances framework to bring transaction costs to a reasonable level. The committee, chaired by Senator Saleem Mandviwalla, met at Parliament House to deliberate on key financial and regulatory matters. The committee considered the Government Bill titled “The Virtual Assets Bill, 2025”, referred by the House on August 15, 2025. While the matter had been taken up in the previous sitting, members once again underscored the need for further clarity from the concerned authorities. Therefore, the committee decided to postpone further consideration until the head of the proposed regulatory authority is available to brief the members directly.
The Committee then received a briefing on the Pakistan Remittances Initiative (PRI), with particular focus on changes to incentive schemes over the years, including applicable rates and their financial implications. Chairman Senator Saleem Mandviwalla observed that while the initiative was established to support overseas Pakistanis, the benefits were in many cases being absorbed by banks and money transfer operators rather than the remitters themselves. He emphasized the importance of rationalizing costs to ensure that beneficiaries in Pakistan receive the maximum value of remittances. The committee recommended that the policy framework be revisited to bring transaction costs to a reasonable level and directed that a detailed breakdown of expenditures and reversals over the past three to four years be provided.
The minister of state for finance and revenue assured members that the matter would be reviewed with the State Bank and relevant stakeholders to simplify the mechanism and safeguard against misuse. The committee also held a briefing from the Chairman FBR on the non-implementation of the Presidential Order dated 16th July, 2025. It was informed that the matter had been challenged before the Sindh High Court, raising questions of constitutional interpretation and statutory compliance. In this regard, the chairman FBR stated that the opinion of the attorney general has been sought, and the committee will be apprised accordingly. After discussion, it was agreed that the committee would take up the matter again once the legal position is clarified.
In attendance were Senators Dilawar Khan, Fesal Vawda, Abdul Qadir, Ahmed Khan, Minister of State for Finance and Revenue, chairman FBR, secretary Ministry of Law and Justice, and senior officials from the departments concerned.
