Senate Finance Committee Recommends Ban on SMS Charges by Commercial Banks
Islamabad : The Senate Standing Committee on Finance expressed strong displeasure over commercial banks charging customers for SMS alert services and recommended that the State Bank of Pakistan take immediate steps to stop the practice.
The committee meeting, chaired by Senator Saleem Mandviwalla, was held at the Parliament House and attended by Finance Minister Muhammad Aurangzeb, Chairman Federal Board of Revenue, and the Governor of the State Bank of Pakistan. During the session, committee members raised serious concerns over SMS service charges imposed by commercial banks.
Chairman of the committee, Senator Saleem Mandviwalla, said banks were collecting additional charges from customers under the pretext of providing convenience, terming the practice unjustified. Following the discussion, the committee formally recommended that the State Bank prohibit banks from charging customers for SMS alerts.
The meeting also reviewed the issue of tax-related SMS messages sent by the Federal Board of Revenue to filers. The Chairman FBR clarified that the messages do not compromise financial privacy and have contributed to an increase in the number of tax filers. Both the Finance Minister and the Secretary Finance confirmed receiving such messages, after which the matter was settled.
During deliberations on super tax, Senators Sherry Rehman and Abdul Qadir raised concerns about the additional burden on the public and the business community. In response, the Finance Minister stated that technology-driven tax reforms were producing positive results and that no segment was being treated unfairly.
The Governor of the State Bank briefed the committee on newly designed currency notes, clarifying that there is no proposal to discontinue the Rs5,000 note. He added that the final decision regarding the issuance of new currency notes rests with the federal cabinet.
The committee was informed that the redesigned banknotes include enhanced security features and will be issued following cabinet approval, as the matter is currently under consideration.
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