ISLAMABAD: The National Assembly on Wednesday passed three bills The Islamabad Subordinate Judiciary Service Tribunal Bill, 2015, The Civil Servants (Amendment) Bill, 2013 and The Credit Bureau Bill, 2015.
The bills were moved by Minister for Law, Justice and Human Rights Pervaiz Rashid.
According to the statement of objects and reasons of the establishment of Islamabad Subordinate Judiciary Service Tribunal Bill, 2015, The Islamabad High Court was established under IHC Act, 2010.
Since its establishment, there is no subordinate judiciary service tribunal at Islamabad through which relief against the order of competent authority of Islamabad High Court could be sought.
The Chief Justice IHC had desired for appropriate legislation for the establishment of Islamabad Subordinate Judiciary Tribunal.
Statement of objects and reasons of The Civil Servants(Amendment) Bill, 2013, the bill seeks to provide legal cover to the process of absorption/ adjustment of servants belonging to the devolved ministries/divisions/departments/offices/organizations by an Act of Parliament.
According to statement of objects and reasons of The Credit Bureau Bill, 2015, the draft law will regulate the business of private credit bureaus. It provides comprehensive legal and regulatory framework for incorporation and functioning of credit bureaus in Pakistan.
The law provides a platform for accuracy in risk prediction. This would create rapid business benefits including increased array of credit products, improved collection rates, reduced net bad debts and low operating costs.
The strong credit risk management culture would result in healthy growth of credit, reduce risks of default and enable lending to new segments of borrowers.
These measures would stabilize financial system and contribute to sustainable economic growth in the country.