Law: State Bank of Pakistan Act, 1956

Section: Preamble

(a) State Bank of Pakistan Act (XXXII of 1956)---Preamble & S.3---Establishment of State Bank of Pakistan---Object---State Bank is national monetary policy maker of the State---State Bank was created as an independent agency to do such national job having no concern with law enforcement or revenue collection for the Administration---Principles. State Bank is not only the national policy maker of monetary policies of the State, but it was created as an independent agency to do this national job. In particular, this institution has no connection with either law enforcement or revenue collection for the Administration, for which by statutes other agencies exist. State Bank of Pakistan was created on the pattern of the Reserve Bank of India. The independent nature of any Federal Reserve Bank is the sine qua non for its existence as only then it can ensure the Government's adherence to an expert body's neutral evaluation of how it is best to regulate such national fiscal and monetary policies in the country. (b) Banking Companies Ordinance (LVII of 1962)--- ----Ss. 33, 33-A [as added by Banking Companies (Amendment) Act (XIV of 1997)], 41(1) & 41-A---State Bank of Pakistan Circular No.22, dated 30-6-2003--State Bank of Pakistan Act (XXXII of 1956), S.3---Constitution of Pakistan (1973), Arts.4, 9; 14, 25 & 199---Constitutional petition--­Direction of State Bank of Pakistan requiring Banks/ Financial Institutions to supply to Central Board of Revenue information regarding profit/return in excess of Rs. 10,000 paid to account-holders/depositors along with their names, addresses, National Tax Numbers and National Identity Card Numbers---Validity---Seeking of such financial information, though privileged by normal banking practices, in respect of private accounts of ordinary depositors, would be in nature of "fishing expeditions" about anyone without any specific suspicion of any wrong doing of any specific person---Such measure would destroy public confidence and normal banking practices recognized world over in civilized countries---Such direction had been issued under assumed powers of State Bank under Banking Companies Ordinance, 1962 without citing any…

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