our correspondent
ISLAMABAD: The Chief Justice of Pakistan, Justice Iftikhar Muhammad Chaudhry, Monday observed that court has to examine the State Bank of Pakistan circular 29 whether it was constitutional and legal, regarding the written-off loans and adjourned the hearing till May 12.
Three-member bench of the apex court, comprising Chief Justice Iftikhar Muhammad Cjhaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabani, was hearing a sou moto case of write off Rs256 billion loans by banks between 1971to 2009. Additional Attorney General KK Agha submitted that they had already sent a letter to the federal government but not has received any reply yet. Khawaja Haris, amicus curiae, submitted that the State Bank of Pakistan circular 29 is constitutional and legal but was being misused for a long time.
The chief justice observed that court just wanted to ensure that in future loans must not be written off through political means. AAG KK Agha suggested the court to constitute a new commission with the help of experts in dealing with the white-collar crime.
The court welcomed his suggestion and observed that chairman of that commission will be allowed to hire experts in this regard. The AAG further submitted that the commission also be directed to submit its report within 90 days instead of 180 days.
He submitted that they had already sent the recommendations regarding the constitution of a new commission to the government and now waiting for their response.
The chief justice observed that court will not interfere in the proceedings of the commission, and they will be free to investigate these matters freely. Justice Sair Ali observed that it was not an easy case, and number of people were associated with this case.
ISLAMABAD: The Chief Justice of Pakistan, Justice Iftikhar Muhammad Chaudhry, Monday observed that court has to examine the State Bank of Pakistan circular 29 whether it was constitutional and legal, regarding the written-off loans and adjourned the hearing till May 12.
Three-member bench of the apex court, comprising Chief Justice Iftikhar Muhammad Cjhaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabani, was hearing a sou moto case of write off Rs256 billion loans by banks between 1971to 2009. Additional Attorney General KK Agha submitted that they had already sent a letter to the federal government but not has received any reply yet. Khawaja Haris, amicus curiae, submitted that the State Bank of Pakistan circular 29 is constitutional and legal but was being misused for a long time.
The chief justice observed that court just wanted to ensure that in future loans must not be written off through political means. AAG KK Agha suggested the court to constitute a new commission with the help of experts in dealing with the white-collar crime.
The court welcomed his suggestion and observed that chairman of that commission will be allowed to hire experts in this regard. The AAG further submitted that the commission also be directed to submit its report within 90 days instead of 180 days.
He submitted that they had already sent the recommendations regarding the constitution of a new commission to the government and now waiting for their response.
The chief justice observed that court will not interfere in the proceedings of the commission, and they will be free to investigate these matters freely. Justice Sair Ali observed that it was not an easy case, and number of people were associated with this case.
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