Islamabad, May 14,2026: The Senate Standing Committee on Finance and Revenue met at the Parliament House on Thursday under the chairmanship of Saleem Mandviwalla to deliberate on key financial regulatory and administrative matters, including the Pakistan Sovereign Wealth Fund (Amendment) Bill, 2026, issues related to State-Owned Enterprises (SOEs), customs enforcement, and asset declaration reforms.
The meeting was attended by Senators Muhammad Talha Mahmood, Mohammed Abdul Qadir, with Senators Danesh Kumar and Jan Muhammad participating as movers of agenda items, while Senator Afnan Ullah Khan attended as a special invitee.
The committee received a briefing from the Pakistan Banks Association on a proposed non-binding Memorandum of Understanding with the Senate aimed at enhancing structured engagement, legislative research support, and capacity development.
The proposed mechanism would assist the Senate Finance Committee in analyzing complex financial legislation, including emerging areas such as digital currency and cybersecurity. The Chairman appreciated the initiative, noting that it could strengthen institutional capacity and informed decision-making.
The committee expressed serious concern over alleged irregularities in the seizure and auction of 2,000 bags of skimmed milk by Customs Enforcement in Karachi.
Members were informed that while 2,000 bags were reportedly confiscated, only 1,750 were recorded in the FIR, leaving 250 bags unaccounted for. Customs officials stated that the goods were seized on the basis of a tampered Goods Declaration and that perishable items were auctioned to prevent spoilage. The matter is currently pending before the Customs Court.
The Chairman directed the Federal Board of Revenue to conduct a detailed investigation and submit a report within one week.
The committee also reviewed a case involving missing silver during transport after confiscation in Balochistan. Members were informed that out of approximately 698 kilograms seized, only 298 kilograms were accounted for upon verification, while 400 kilograms were allegedly replaced with lead.
Officials described the incident as a possible insider-related case, with an inquiry already initiated by the Federal Investigation Agency. The committee directed authorities to ensure recovery of the missing silver and identify those responsible.
Members also discussed concerns related to the Super Tax and its impact on business confidence and economic activity. Issues of alleged mismanagement of confiscated goods under FBR custody and reported fire incidents in warehouses were also raised.
The committee further examined a starred question regarding appointments, benefits, and emoluments of heads of State-Owned Enterprises and regulatory bodies, expressing concern over reported perks exceeding Rs. 2 billion. The Ministry was directed to provide complete details, failing which a privilege motion may be initiated.
The committee was briefed on reforms related to asset declarations of government servants. The Establishment Division informed members that asset declaration systems were being digitized through the FBR platform and would be made publicly accessible in redacted form to ensure transparency while protecting privacy.
The Chairman appreciated the reforms and directed that revised conduct rules be shared with the committee for review.
The committee also took up the Pakistan Sovereign Wealth Fund (Amendment) Bill, 2026, but deferred further consideration.
Members raised concerns over the timing of the proposed amendments amid budget preparations. Officials clarified that the amendments aimed to improve governance and efficiency of SOEs and were not directly linked to the federal budget.
The Chairman directed the ministry to submit a clause-wise justification before the next meeting for further deliberation.
