The State Bank of Pakistan (SBP) on Friday directed all the banks and the development finance institutions (DFIs) to immediately submit the entire record of all the written-off, remitted, reversed, and /or waived off loans/advances/finances of Rs. 2.5 million and above, for the period from 1971 to 1991, and Rs. 25 million and above from 1992 onward, to the Commission constituted by the Supreme Court of Pakistan in Suo Moto case No. 26 of 2007 for its examination and consideration as to whether they were allowed without validity and justification, or because of political reasons or considerations other than law or bona fide business considerations.
The SBP has also directed the banks/DFIs to ensure compliance of the above instructions and provide any and all assistance and co-operation in the work of the Commission as well as comply with any general or special instructions of the Commission, according to BPRD Circular No. 08 of June 03, 2011.
These instructions/directives have been issued by the State Bank on the advice of Honorable Supreme Court of Pakistan to the Presidents/Chief Executives of all the banks/DFIs.
