ISLAMABAD, June 26: Salaries of chairman and deputy chairman of the Senate and speaker and deputy speaker of the National Assembly have been increased by 100 per cent.

The decision to revise salaries of the custodians of the two houses of the parliament was taken at a meeting of the federal cabinet, presided over by President Gen Pervez Musharraf.

The salaries of Senate chairman and deputy chairman have been increased from Rs20,250 per month to Rs40,000 and those of the National Assembly speaker and deputy speaker have been revised to Rs37,000 a month from Rs18,000.

The cabinet, which also approved a package of constitutional reforms, noted that the revision of the salaries of the custodians of houses of parliament was stipulated in the Salaries, Allowances and Privileges Act 1975.

It approved signing by the country of the Organization of Islamic Conference’s Convention on Combating International Terrorism. The convention was adopted at the 26th Islamic conference of foreign ministers in 1999 and the OIC ministerial meeting in last November had asked the member states to become parties to it.

Under the OIC convention, the contracting states are committed not to execute, initiate or participate in organizing, financing, committing, instigating or supporting terrorist acts, directly or indirectly.

The contracting states are committed to prevent and combat terrorist crimes in conformity with the provisions of the convention and their domestic rules and regulations.

The convention, however, excludes people’s struggle, including armed struggle, against foreign occupation, aggression, colonialism and hegemony, aimed at liberation and self-determination in accordance with the principles of international law, from being considered terrorism.

The cabinet approved accession by Pakistan to the United Nations Convention on Suppression of Terrorist Bombings. Pakistan is signatory to nine other international anti-terrorism conventions.

An amendment to the Foreign Exchange Regulations Act to prevent undocumented business of sale and purchase of foreign currencies was upheld.

The amendment provides for a regulatory framework allowing formation of the exchange companies, which will provide a proper corporate culture to the money-changing and remittance business while ensuring that risks associated with the business are addressed.

In addition to requiring full documentation of the business, the amended Act will curb any clandestine dealings in the foreign exchange market. Initially, the exchange companies will run alongside money-changers for two years, after which the business of the later will be discontinued.

The cabinet approved the draft ordinance for the establishment of Small and Medium Enterprises Development Authority (Smeda), which would function as an independent corporate body for facilitating growth of small and medium enterprises. Smeda will have a board comprising 12 members, including a chairman, federal secretaries of finance, industries and commerce, Central Board of revenue chairman and the authority’s chief executive officer. The remaining six members will represent the private sector, with due representation to all the provinces.

The cabinet approved amendment to the Zakat and Ushr Ordinance, allowing the budget of the district Zakat committees to be supplemented from the central Zakat fund.

However, it decided to reduce the provision of 10 per cent of the funds approved in the budget to meet additional expenditure of a local committee to two per cent.

Earlier, the cabinet offered condolences over the demise of former federal minister Omar Asghar Khan and offered Fateha for the departed soul. Paying rich tribute to the late Omar Asghar, the president described him as a man with a clean heart and a clear mind.

He said Omar Asghar was a widely loved person, who contributed immensely to the welfare of the labour and earned their admiration and gratitude. He said there were not many people of the qualities of Omar Asghar.

“I have no words to express my shocked condolence,” said the president, who described Omar Asghar as a wonderful person and an honest politician, who would be remembered with great fondness by all those who knew him.