ISLAMABAD: Parliamentarians have suggested changes to the competition laws to impose criminal penalties and increase punishment to those sectors which form cartels.

Officials of the Competition Commission told newsmen here on Thursday that some of the parliamentarians have suggested increase in penalty for cartels from 10 to 15 per cent.

However, National Assembly Standing Committee deferred decision on validation of the Competition Ordinance, 2007 as well as Industrial Development Bank of Pakistan (IDBP) (re-organisation and conversion) Ordinance, 2007.

The committee, which met in the parliament house with Aftab Shaban Mirani in the chair, was supposed to consider the two ordinances, but Bushra Gohar, a member of the committee, pointed out that copies of the draft bills were not provided to members in advance. The point was acknowledged by Hina Rabbani Khar, minister of state for finance. Mr Mirani, after getting the opinion of the members, deferred the matter for next meeting.

The bill was presented in the committee for approval prior to its laying in the parliament. It was in pursuant to the brief judgment of the Supreme Court. The court has ordered that all ordinances promulgated by the President before Nov 3, 2007, which were given permanence by the PCO No 1 of 2007, may be placed before the parliament within a period of 120 days, starting from July 31.

After approval by the parliament under Article 89 of the constitution, the Competition Ordinance, 2007, would become Competition Act, 2009.

After approval of the parliament, the existing Competition Ordinance, 2007 would be brought to the statute book as Competition Act, 2009.

CCP officials also gave copies of brief overview and performance of the commission.

The Deputy Governor State Bank informed the committee that Industrial Development Bank of Pakistan (re-organisation and conversion) Ordinance, 2007 was promulgated for repealing the Industrial Development Bank of Pakistan Ordinance, 1961, under which this entity was established.

The bill, he said, would allow the IDBP to be converted into a company, leading to establishing of corporate culture in it and its rehabilitation as a profitable entity.