In
the recent judgement delivered by the Honorable Supreme Court
of Pakistan against National Accountability Bureau Ordinance,
1999, the Hon’ble Supreme Court held that before initiating
any action against the willful defaulters, the authorities
should give 30 days demand notice to the defaulter to pay
up failing which the matter can be brought to the notice of
the Governor State Bank of Pakistan, who will then issue a
7 days notice to the defaulter.
2.
The procedure to be adopted by the banks/DFIs and financial
institutions in issuing the afore-said notices along with
specimen draft notice are enclosed herewith. Banks, DFIs and
financial institutions are advised to follow afore-mentioned
procedure.
3.
All cases referred either directly to NAB or to State
Bank in the past and under process should be dealt with afresh
as per above procedure.
4.
This supercedes the instructions contained in Circular
Letter No. 29 dated 12th October 2000 and Circular
Letter No. 01 dated 05th January 2001 of this Department.
See
the Enclosure.
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