Please refer to our letters No. BSD (RU-51)/47/ECL/17913/2001 dated December 07, 2001 & No. BPRD/SLD-1/2010/Policy/1952 dated May 12, 2010 on the captioned subject (copies enclosed).

2. It is informed that the policy for placement of the names of defaulters on ECL has been reviewed in the light of Lahore High Court Order dated 29-07-2010 in Writ Petition No. 6003/2010. Consequently, it has been decided that the instructions issued vide above-mentioned letters are hereby withdrawn.

3. For fresh recommendations of names of bank loan defaulters & bank’s employees/staff involved in fraud/forgeries etc. for placement on ECL, Financial Institutions may avail remedy under Exit from Pakistan (Control) Rules 2010.

4. It is further advised to update the existing list of loan defaulters of your respective Financial Institutions, previously forwarded to SBP for placement on ECL. The alphabetically arranged updated list in duplicate must be submitted to this department within 30 days of the issuance of this circular along with soft copy using MS OFFICE EXCEL via email to [email protected]. Any non-compliance will attract supervisory action under the provisions of the Banking Companies Ordinance, 1962.

Please acknowledge receipt.

Encl: as above