| Citation(s) |
|---|
| 2016 SLG 2456 2016 SLD 2456 2016 SCMR 2026 |
Supreme Court of Pakistan
Civil Appeals Nos. 1359, 1360, 1446, 1447, 1448 and 1511 of 2013, decided on 2nd June, 2016. Date of hearing: 2nd June, 2016. (On appeal against the judgment Dated 4.7.2013 passed by the Peshawar High Court, Mingora Bench (Dar-ul-Qaza) Swat, in Writ Petit
ANWAR ZAHEER, JAMALI, C.J., AMIR HANI MUSLIM AND FAISAL ARAB, JJ
Kh. Azhar Rasheed, Advocate Supreme Court and Ahmed Nawaz Ch., Advocate-on-Record (Absent) for Appellants (in C.As. 1359-1360 and 1447-1448 of 2013). Z.K. Malooka, Advocate Supreme Court for Appellants (in C.A. 1511 of 2013). Haji M. Zahir Shah, Advocat
Civil Appeals Nos. 1359, 1360, 1446, 1447, 1448 and 1511 of 2013, decided on 2nd June, 2016. Date of hearing: 2nd June, 2016. (On appeal against the judgment Dated 4.7.2013 passed by the Peshawar High Court, Mingora Bench (Dar-ul-Qaza) Swat, in Writ Petit
ANWAR ZAHEER, JAMALI, C.J., AMIR HANI MUSLIM AND FAISAL ARAB, JJ
Kh. Azhar Rasheed, Advocate Supreme Court and Ahmed Nawaz Ch., Advocate-on-Record (Absent) for Appellants (in C.As. 1359-1360 and 1447-1448 of 2013). Z.K. Malooka, Advocate Supreme Court for Appellants (in C.A. 1511 of 2013). Haji M. Zahir Shah, Advocat
AKBAR ALI AND others
VS
STATE BANK OF PAKISTAN AND OTHERS
Law:
Section:
(a) Banking Companies Ordinance (LVII of 1962)--- ----Ss. 25 & 41---State Bank of Pakistan SMEFD Circular No. 1/2011 dated 02.02.2011---Write off of loans in certain areas affected by terrorism---Beneficiaries of such scheme---Scope---In order to rehabilitate business and industrial activities severely affected by the acts of terrorism in certain parts of the country, the Federal Government announced a relief package for such areas---Pursuant to such announcement, the State Bank of Pakistan issued SMEFD Circular No. 1/2011 dated 02.02.2011 ("the Circular")---In terms of said Circular, loans that were extended by financial institutions for their utilization in certain areas and had remained outstanding as of 31.12.2009 were to be written-off on certain conditions---Impact of such right-off on the financial institutions was to be borne by the Federal Government in the shape of providing subsidy to the affected financial institutions---Employees of the financial institutions located in the areas covered by the Circular claimed that they be also extended the benefit of the write-off scheme as they were also working in the areas to which benefit of the scheme had been extended---Validity---Circular of State Bank was followed by a clarificatory letter describing the scope of its application---Said letter provided that the loans extended by the financial institutions to their employees were not eligible for write-off under the Circular---Any category of persons who were excluded from the grant of benefit could not seek a write-off of its financial liability even if it related to the period or the areas covered under the scheme---Write-off package was intended to rehabilitate the business and industrial community of certain specified areas that were badly affected by terrorism, possibly for the reason that they may not close their businesses and shift to other areas, as such shifting might result in a decrease in commercial and industrial activities and an increase in unemployment ratio in the affected areas---Thus the whole purpose of the write-off scheme was to encourage business and industrial activities in such affected areas---Employee of a financial…
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