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A panel will accelerate trials of financial offenders under provisions of a decree styled Bank Resolution Ordinance the interim cabinet approved Thursday "to protect depositors' interests through better governance".
The interim government in its meeting of the council of advisers also approved another ordinance to bifurcate the National Board of Revenue into two entities, in tune with longstanding recommendations from think-tanks and foreign financiers, including the IMF.
The meeting, with Chief Adviser of the interim government Prof Muhammad Yunus in the chair, also in principle endorsed a proposal amending the Audit Ordinance to ensure international standards in audit, and an amendment to the existing Civil Penal Code (CPC) to expedite delivery of justice.
"We have seen how a single business group has siphoned off a huge amount of money from the country through establishing control over several banks. So, we have approved the Bank Resolution Ordinance to ensure governance in the corporate sector, and accountability in the banking sector so that such things cannot happen in future and the depositors' interests can be protected," said adviser Syeda Rizwana Hasan while briefing the press on the decisions of the council meeting.
Previously the central bank's power was not clearly defined in ensuring depositor interests and in ensuring accountability in the banking sector, she said, adding that a set of rules have been decided in the Ordinance entrusting specific powers to the central bank.
Regarding the Ordinance on revenue policy and management, she said it was done in line with the recommendations of the reform commission on the public administration.
The ordinance proposes dividing the revenue-authority body into two separate authorities - one will be responsible for determining revenue policy and another one for administering revenue collection.
The council of advisers also decided to form a committee to initiate trial for those involved in financial crimes.
This panel will be responsible for investigation and trial process of the pecuniary crimes-as a taskforce has already dug out many cases of offence and frozen bank accounts and assets of suspects.
"We have done the preliminary works and now we are going to form the committee to complete the trial," said Ms Rizwana, in an indication of quick trials of umpteen cases being instituted and arrests of high-profile suspects being made.
The proposed amendment of the Civil Penal Code envisages rules to shorten the trial process so that the public can get justice quickly.
This set of rules includes provisions for sending summons through mobile- phone short message service.
There will also be provisions so that the lawyers of any side cannot drag the trial process through seeking time several times as there will be specific number for time petition.
The advisory council also approved an amendment so that the public auditing can be made more transparent.
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