Law:

Section:

(a) Banking Companies Ordinance (LVI of 1962) S. 25 Circular issued by State Bank of Pakistan ¬Validity State Bank could issue instructions to financial institutions including enhancement of interest Such circular would have prospective and not retrospective effect. Hashwani Hotels Limited v. Federation of Pakistan and others PLD 1997 SC 315; Federation of Pakistan and others v. Shaukat Ali Mian and others PLD 1999 SC 1026 and Pakistan through Secretary, Ministry of Commerce and 2 others v. Salahuddin and 3 others PLD 1991 SC 546 rel. (b) Interpretation of statutes Instructions issued by authorities would always have prospective and not retrospective effect Law framed by Legislature could not be taken to have retrospective effect, unless so mentioned specifically in the law itself by Legislature. Pakistan through Secretary, Ministry of Commerce and 2 others v. Salahuddin and 3 others PLD 1991 SC 546 and Messrs Army Welfare Sugar Mills Ltd. v. Federation of Pakistan 1992 SCMR 1652 rel. (c) Administration of justice Duty of Court Courts are duty bound to decide controversy between parties after judicial application of mind. Mollah Ejahar Ali v. Government of East Pakistan and others PLD 1970 SC 1739 rel. (d) General Clauses Act (X of 1897) S. 24 A Provisions of S.24 A of General Clauses Act, 1897 Nature of Such provisions are procedural in character, thus, have retrospective effect Duty of public functionaries under S.24 A of General Clauses Act, 1897; is to decide controversy between parties after application of judicial mind with reasons. Messrs Airport Support Services v. The Airport Manager; Quaid e Azam International Airport Karachi and others 1998 SCMR 2268 and Zain Yar Khan v. The Chief Engineer, C.R.B.C., WAPDA, D.I. Khan 1998 SCMR 2419 rel. ORDER The brief facts out of which present appeal arises are that the appellants secured loan from the respondent Bank for purchase of Tractor. An agreement was also executed between the parties. Appellants filed suit for rendition of accounts before the Judge Banking Court, Sargodha on 4 3 2003. The contents of the plaint reveal that respondent Bank issued demand notice to the appellants regarding recovery of…

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