ISLAMABAD, Jan 3: The National Assembly Standing Committee on Commerce on Thursday criticised the ministry for reducing the age limit of used cars import from five to three years.

The committee, headed by its Chairman MNA Khurram Dastgir Khan, proposed to hold a joint sitting with the standing committee on finance to discuss the issue of import policy for used cars shortly.

Mr Khan raised concerns over the import policy of used cars and observed that serious procedural, technical and legal irregularities and flaws have been committed in devising the import policy.

The representative of the Federal Board of Revenue told the meeting that the new policy had caused a loss of Rs40 billion to the national exchequer.

The officials of the commerce ministry defended their decision and stated that the ministry was bound to follow the direction of the highest forum, like ECC.

However, the committee recorded their reservations on the haste in which policy maker approved the new policy.

About the Marine Insurance bill 2012, the committee directed the ministry of commerce to put up the copy of British Marine Insurance Act, 1906 and Indian Insurance Marine Act, 1963 and the proposed marine insurance act along with comparative statement. The standing committee passed the National Tariff Commission (Amendment Bill) 2012 unanimously without any amendment.