KARACHI: The State Bank of Pakistan (SBP) on Friday directed all the banks and the development finance institutions (DFIs) to immediately submit the entire record of all the written-off, remitted, reversed, or waived off loans, advances and finances of Rs2.5 million and above, for the period from 1971 to 1991, and Rs25 million and above from 1992 onward, to the commission constituted by the Supreme Court of Pakistan.
The commission, in Suo Moto case No.26 of 2007, will examine and consider as to whether they were allowed without validity and justification, or because of political reasons or considerations other than law or bona fide business considerations.
The SBP has also directed the banks and DFIs to ensure compliance of the above instructions and provide any and all assistance and co-operation in the work of the commission as well as comply with any general or special instructions of the commission.
These instructions and directives have been issued by the SBP on the advice of the Supreme Court of Pakistan to the presidents and chief executives of all the banks and DFIs.
Copyright PPI (Pakistan Press International), 2011
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