The government has decided to clip wings of investigation agencies-NAB and FIA to protect the foreign director investment and investors under new proposed national industrial policy.
The government is going to empower the prime minister’s office to issue necessary directions to protect foreign investors.Ogra Timeline Sparks Industry Objections
Sources told Newztodays that no coercive action shall be initiated against any foreign investor in respect of any regulated activity or regulated securities activity without prior approval from the Prime Minister’s Office under new industrial policy.
The objective is aimed at halting undue interference of NAB and FIA to avoid incidents of harassment by investigation agencies.
The government will also set up A National Industrial Revival Commission (NIRC). NAB and FIA will not be authorized to initiate action against those investors or companies which cases would be going on in this commission.
Sources said that government would ensure in new industrial policy that the Prime Minister’s Office may issue directions, as deemed necessary, for the protection of direct foreign investment and investors. For clarity, a foreign investor includes a foreign company or any natural person who is not a citizen of Pakistan, and also a person holding a National Identity Card for Overseas Pakistanis (NICOP).
A legally secure framework for operations should be provided, and the Prime Minister’s Office should be empowered to issue directions for the protection of FDI and investors,” sources said adding that the amendments have already been prepared and agreed with SECP and aim to prevent undue interference by authorities such as FBR, NAB, and FIA.
No coercive action shall be initiated against any foreign investor in respect of any regulated activity or regulated securities activity without prior approval from the Prime Minister’s Office or any other office, organization, or agency notified in this regard.
New provisions are supplemental to existing laws, rules, or regulations relating to the protection of foreign investment.
Sources said that the proposed amendment will prevent harassment of regulated persons and foreign investors engaged in legitimate business, thereby encouraging capital market development.
A penal provision has been incorporated in new industrial policy to ensure compliance and enforceability, deterring unauthorized or unlawful interference in matters that fall within the exclusive domain of the Commission.
No authority may take any action that impairs or is likely to impair or disrupt regulated activities or business operations of entities mentioned in subsection (1), including seizure of property or records, sealing of premises, or arrest of personnel. Cases pending before any court having jurisdiction prior to the commencement of this Amendment Act shall continue to be prosecuted without reference from the Commission,” sources said adding that any person who contravenes this section shall be guilty of an offence punishable with simple imprisonment of thirty days or a fine of up to one million rupees by the Court.
