Written-off loans case: SBP submits new circular in Supreme Court

The State Bank of Pakistan (SBP) on Friday submitted a new circular in the apex court, asking the banks/DFIs to submit entire record of loan transactions ie, written off, remitted, reversed and/or waived off loans/ advances/ finances of Rs 2.5 million and above from 1971 to 1991 whereas Rs 25 million and above from 1992 onward.
All the details would be submitted to the commission, which has been formed by the Supreme Court on March 14, 2011, being headed by former supreme court judge, justice Jamshed Ali.
Advocate on the Record, Raja Ghafoor, submitted the circular on behalf of SBP to a three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani in the pursuance of a suo motu case pertaining to Rs 256 billion written-off loans by commercial banks from 1971 to 2009. Further hearing of the case was adjourned, as court time was over.