| Citation(s) |
|---|
| 2023 SLG 2068 2023 SLD 2068 = 2023 PLD 392 |
Write Petition No. 1026 of 2018, heard on 26th September, 2022.
Before Jawad Hassan, J
Salman Ajaib along with Raza Mohsin Qazilbash, Director Legal and Muhammad Nazir Rana, Law Officer for State Bank of Pakistan for Petitioner. Muhammad Sajid Khan Tanoli, Deputy Attorney General along with Asif Ikram, Assistant Attorney General for
Respondents. Waqar-ul-Haq Sheikh, Advocate Supreme Court along with Ch. Muhammad Yaqoob, Advocate Supreme Court for
Respondents. Date of hearing: 26th September, 2022. "As Justice Oliver Wendell Holmes put it: "We do not inquire what the legislature meant; we ask only what the statute means."1 (Justice Antonin Scalia, Judge, US Supreme Court)
STATE BANK OF PAKISTAN---Petitioner
VERSUS
FEDERATION OF PAKISTAN and 4 others---Respondents
Law: State Bank of Pakistan Act, 1956
Section: 4(3) , 4B , 4C , 17H , 37 , 5 , 60 , 99(2)(f) , 165
(a) State Bank of Pakistan Act (XXXIII of 1956)---
----Ss. 4(3), 4B, 4C, 17H & 37---SBP Banking Services Corporation Ordinance (XVII of 2001), S. 5---Cantonments Act (II of 1924), Ss. 60 & 99(2)(f)--Constitution of Pakistan, Art. 165---Property tax, exemption from---State Bank of Pakistan ("SBP"), properties of---Levy of property tax by Cantonment Board--Legality---Whether properties of SBP in the record of Cantonment Board were exempted from payment of property tax by virtue of Art. 165 of the Constitution read with S. 99(2)(f) of the Cantonments Act, 1924---Held, that functions of the State Bank of Pakistan ("SBP") are indeed functions of the Federal Government, and the "SBP" is a statutory corporation under the control of Federal Government--Title of the subject property in occupation of the State Bank of Pakistan ("SBP") indeed vests in the Federal Government and the Cantonment Board has no authority to levy and demand property tax from the "SBP".
Subject premises owned by the State Bank of Pakistan ("SBP") are occupied by the SBP-Banking Services Corporation ("SBP Corporation"), which is a wholly owned subsidiary of "SBP" and functions under the SBP Banking Services Corporation Ordinance, 2001 (the "SBP Ordinance"). The "SBP Corporation" performs only those functions which are delegated by the "SBP" and the "SBP Corporation" is fully owned by the "SBP".
After looking at the regulatory regime of the "SBP" under provisions of the respective law, it can be safely concluded that the functions of the "SBP" are indeed functions of the Federal Government because the regulatory powers conferred on the "SBP", through the State Bank of Pakistan Act, 1956 ("SBP Act") as well as other enactment, covers a broad range of areas which play a vital role in the country's economy. Functions being performed by the "SBP" are in relation to affairs of the Federation.