NBP to brief NA body on new promotion policy

The National Assembly's Standing Committee on Finance, Revenue, Economic Affairs would be thoroughly briefed today by the management of National Bank of Pakistan (NBP) on the new appointment and promotion policy of the bank.

The NA body during its last meeting held on December 19 had directed the bank management to present a detailed report of recruitment made under this policy, as it had expressed serious reservation over the new merit policy of the bank.

Under the new policy, the weight-age of interview for any post of senior level had been enhanced up to 50 percent, which the committee opined would compromise merit-based appointments in the bank.

The committee which is scheduled to meet under the chairmanship of Qaiser Ahmad Sheikh would be provided details of recently promoted officials and officers of the bank along with the breakup of marks, performance, ACR, length of service and interviews.

The bank would also present details of composition and qualification of the heads of members of the HR Committee for all the categories on which appointments have been made.

The committee during its last meeting had expressed the view that the NBP should consider other qualifications including experience and performance for promoting any of its employees and was of the view that the new policy should be revisited for the better national interest.

In addition, the NA body is also scheduled to be briefed by the Secretary Economic Affairs Division on the working and functioning of the division also with the details of foreign loans and funding, according to NA Secretariat notice.

The Securities and Exchange Commission of Pakistan (SECP) would brief the committee on insider trading in stock exchange, role of SECP and preventive measures taken by the government in this regard.

The committee would also consider 'An Eradication of Riba Bill 2015 and 'the Controller General of Accounts (Appointments, Functions and Powers)(Amendment Bill 2017, it added.

Moreover, The Federal Board of Revenue (FBR) would brief the Senate Standing Committee on Finance, Revenue, Economic Affairs and Narcotics Control here today on the anomaly of withholding tax deducted on bonus share issue in respect of mutual funds. The committee, which is scheduled to meet under the chairmanship of Senator Saleem Mandviwalla would also discuss with the FBR the rules made under Benami Act 2017.