The apex court on Tuesday issued notice to Attorney General for Pakistan (AGP) in response to plea of Zari Taraqiati Bank Limited against Peshawar High Court, Mingora Bench Swat order for implementation of Prime Minister relief package 2009 to write off agricultural loans in Malakand Division and FATA.
According to the State Bank of Pakistan circular notification SMEFD No 01 of February 4,2011, “In pursuance of Prime Minister’s announcement of Relief Package and subsequent release of budgetary allocation by the Ministry of Finance on account of total write off of loans in Malakand, Swat, Buner and Chitral Districts, following procedure has been devised for reimbursement of write off loans outstanding as of December 31,2009 of said districts”.
Appearing before a three-member bench of Chief Justice Anwar Zaheer Jamali, the ZTBL counsel Salman Akram Raja pleaded that the SBP loan write off policy has affected the financial institutions of the country. To which bench decided to issue notice to the Attorney General for Pakistan due to the nature of the case which it termed as a policy matter. Issuing notice to the AGP in the matter, the bench adjourned the hearing till first week of June.
Source: Business Recorder