ISLAMABAD-In consultation with the Securities and Exchange Commission of Pakistan (SECP), the government is contemplating a law to regulate INGOs/NGOs and individuals desirous of receiving and utilizing foreign contribution.
The proposed law came under discussion in a meeting held under the Chairmanship of Secretary Law, Ministry of Law, Justice and Human Rights.
The main objective of the law is to regulate the receipt and utilization of foreign contributions for the declared purposes is as intimated by the management to the concerned authorities. Under this proposed law, INGOs shall be required to seek registration with the Economic Affairs Division (EAD) and sign a Memorandum of Understanding, the validity of which shall be upto five years but renewable for a further period, whereas local NGOs shall be required to obtain a registration certificate from the SECP.
The representatives of the SECP, Economic Affairs Division, Ministry of Finance, State Bank of Pakistan (SBP) and the Federal Board of Revenue (FBR) attended the meeting.
The representatives of the SECP apprised the participants on the registration procedures for ‘not for profit organizations’ and gave presentation of salient features of the proposed draft law. In the light of discussion, the Ministry of Law proposed some amendments to the draft Law and the same will be incorporated by the SECP.