Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 2(c)(d), 7, 9 & 22---Suit for recovery of amount and damage--- "Customer" and "Finance"--- Definition---Jurisdiction of Banking Court---Scope---Plaintiffs had alleged in their plaints that they were maintaining account in the defendant Bank, which account was not properly maintained and the Bank had failed to perform its liabilities; that they had deposited various amounts in cash as well as through cheques and other negotiable instruments, but Bank had failed to credit said amount in their accounts and that the Bank had illegally detained the amount and was not ready to pay it to the plaintiffs---Maintainability of suit filed by the plaintiffs was objected to by the Bank alleging that Banking Court had no jurisdiction in the matter as plaintiffs did not come within the definition of "customer" and their claim also did not come within the definition of 'finance" as defined in S.2(c)(d) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Banking Court accepting objection of defendant Bank, returned both the plaints to the plaintiffs---Validity---Word 'customer' in S.2(c) of Financial Institutions (Recovery of Finances) Ordinance, 2001 was limited to a person on whom finance had been extended and it included a person on whose behalf a guarantee or letter of assurance had been issued by the financial institution and person, other than defined in said section would not come within the definition of a 'customer'---Mere being an account-holder of the Bank, plaintiffs could not be considered as 'customers'; and amount allegedly deposited by the plaintiffs also would not come within the purview of finance'---Opening of an account and depositing of amount by an account-holder would not be considered as finance'---All claims relating to advancement of 'loan' or default in fulfilment of an obligation pertaining to any finance' was triable by the Banking Court---Law had not permitted any other claim to be tried by a Banking Court---Plaintiffs in the present case had claimed that they had deposited their amount with the defendant Bank, but had not been credited in their…

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