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The National Assembly Standing Committee on Finance and Revenue unanimously recommended that “The Corporate Restructuring Companies (Amendment) Bill, 2020,” maybe passed by the National Assembly.
The 54th meeting of the National Assembly Standing Committee on Finance and Revenue was held under the chairmanship of MNA, Faiz Ullah.
The Committee discussed “The Corporate Restructuring Companies (Amendment) Bill, 2020).” Deputy Governor State Bank of Pakistan (SBP), Jameel Ahmed, and President Bankers Association, Muhammad Aurangzeb, briefed the Committee about the requirements of the Bill. The Committee members have expressed their apprehensions regarding the implementation of this Act.
According to the objects and reasons of the proposed legislation, the existing institutional arrangements and legal processes for the revival and rehabilitation of distressed entities are time-consuming and inadequate, making the rehabilitation of distressed entities challenging.
By Adesina Wahab
The ban placed on cryptocurrency by the Central Bank of Nigeria (CBN) on the grounds that it encourages money laundering and terrorism has continued to generate ripples.
Youths, especially, say trading in cryptocurrency gives them the opportunity to be gainfully employed and suggested that instead of banning trading in it, government can evolve means of regulating it. They that outright ban would be like throwing away the baby with the bathwater.
A cross-section of the youths told our correspondent that government should take a cue from countries such as Australia where a regulatory platform had been created to ensure that things are done in accordance with the laws of the land.