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The National Assembly on Thursday adopted a motion authorizing the Speaker to constitute a Parliamentary Committee to prepare Terms of Reference to probe Panama Papers issue in consultation with Chairman Senate, Leader of the Opposition and leaders of the parliamentary parties.

The motion was moved by Minister for Law and Justice Zahid Hamid.  

The motion said the committee will consider various options to inquire important issues raised in controversy over Panama Papers , media reports about offshore companies, transfer of funds from Pakistan originating from corruption, commissions, kickback and written off bank loans.

The committee will formulate the TORs and determine the timeline for submission of the report.

The committee will be constituted of eight nominees of government and eight from the opposition in both the Houses of Parliament.

The committee will submit its report to Parliament within two weeks.

Earlier, the House suspended the question hour to take up legislative business.

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