Law: State Bank of Pakistan Act, 1956

Section: 23

Keywords: Order, Provisions, Objections, Payment, Loan, Contract, Change, Procedure, Financial Institution, Removal Of Doubts, Parties, Office, Repayment, Exchange, Suit For Recovery, Foreign Currency, Dispute, Removal, Recovery, Loans, Conversion, Intra-Court Appeal, Notice, Commencement Result: Held that the decree need not be prepared and signed. ORDER Naim-ud-din, J.-1. The plaintiff brought this suit for recovery of Rs. 38,96,374.50, under Order XXXIV, C.P.C. The suit was partly decreed by the judgment dated 12-8-1979, and it was held that the foreign loan was repayable at the rate of exchange prevailing on the date when the loan became due or payable and not at the rate of exchange prevailing on the date of actual payment or the date of filing of the suit or on the date of passing of the decree. An Intra-Court Appeal was preferred against the judgment, which was dismissed. 2. Thereafter, on 6-4-1982, the office submitted the decree for signature, but on 17-4-1982, before signing the decree I ordered notice to the counsel for the parties to provide them an opportunity to see the draft decree and prefer objections, if any, to the same. 3. Pursuant to the notice the learned counsel for the parties are present. 4. Mr. Khalid Anwar has pointed out that on 27-2-1982, the President of Pakistan has promulgated an Order called "The Foreign Currency Loans (Rate of Exchange) Order, 1982 (President's Order No. 3 of 1982)'', which in Clause 4, sub-clause (2) provides that any order, writ, judgment, decision or decree of any Court, made, given, issued or passed before or after the commencement of the Order, which is inconsistent with the provisions of the Order, shall be null and void and of no effect. 5. On the basis of the said provisions Mr. Khalid Anwar submits that since the judgment delivered in the suit is inconsistent with the provisions of Clause 3 of the Order, the judgment is null and void. The provisions of Clause 3 read as follows :- "3. Rate of exchange applicable to foreign currency loans.-For the removal of doubts, it is hereby declared that, notwithstanding anything contained in any other law for the time being in force, the judgment, of any Court or…

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