Serious
questions have arisen with respect to the written-off,
remitted, reversed, and / or waived off loans/advances/finances
under BPD Circular No. 29 dated October 15, 2002 or otherwise
from 1971 onward.
The
State Bank of Pakistan (SBP) considered these questions
against the possibility that the written-off, remitted,
reversed, and/or waived off loans/advances/ finances may
have been allowed without validity and justification,
or because of political reasons or considerations other
than law or bona fide business considerations.
In
this context, the following instructions are being issued:
1.
The banks/DFIs are directed to immediately submit the
entire record of all the written-off, remitted, reversed,
and or waived off loans/advances/finances of Rs. 2.500
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 Hon'ble 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.