Islamabad: The Senate Standing Committee on Finance and Revenue criticise after lawmakers condemned commercial banks for charging citizens for SMS alerts and grilled the government over financial privacy concerns linked to tax related SMS messages sent by the Federal Board of Revenue (FBR), warning that unchecked practices risk eroding public trust in the financial system.
The meeting, held under the chairmanship of Saleem Mandviwala, saw senators direct the State Bank of Pakistan to take immediate notice of banks imposing SMS charges on account holders, calling the practice unjustified and exploitative. The committee recommended that such fees be discontinued altogether, instructing the SBP governor to return with a compliance briefing in the next session. Senators warned that charging customers for basic account notifications amounted to monetizing essential banking transparency.
Equally contentious was the issue of FBR issued SMS messages, which some members described as bordering on financial surveillance. The Federal Minister for Finance and Revenue told the committee that the messages were sent only to registered bank account holders and had contributed to improved tax collection, categorically denying any breach of financial privacy. Senators, however, remained unconvinced, arguing that unsolicited tax messaging raised serious questions about data protection, consent, and misuse of financial information.
Beyond privacy and banking fees, the committee reviewed the budgetary allocations and PSDP performance of the Ministry of Finance, where dissatisfaction was expressed over slow implementation of several projects, particularly those linked to women’s financial inclusion. Officials disclosed that more than Rs 20 billion has been disbursed to women through microfinance institutions, but members criticized the pace and demanded a separate, detailed briefing to assess impact and accountability.
The committee was also briefed on ongoing projects including the upgradation of Pakistan Mint and the Audit Information Management System (AIMS), aimed at strengthening federal audit quality. Members were informed that coins remain in circulation and have not been phased out, countering circulating public speculation.
Raising concerns of economic pressure on businesses, senators urged the government to adopt business-friendly policies, while the finance minister assured full facilitation and reiterated the government’s commitment to easing the business environment. The issue of super tax was also discussed, with FBR officials promising case-to-case facilitation for affected taxpayers.
During the session, Senator Danesh Kumar, mover of Starred Question No. 128, flagged the late submission of official details, requesting additional time to review the data. Separately, concerns were raised over the under representation of smaller provinces in regulatory and institutional appointments. Chairman Mandviwala directed that the Law Division be consulted and that comprehensive details be submitted to address the imbalance.
On monetary security, the Governor SBP informed the committee that new currency notes with enhanced security features have been designed, vetted by the SBP Board, and forwarded to the Cabinet for approval. The chairman welcomed the update, recalling the committee’s long standing push to combat counterfeit currency.
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Senate tells banks to stop SMS fees, flags financial privacy – Minute Mirror
