Loans worth Rs 4,653 waived off in 7 years

[Dawood Ibrahim]

• National

2 HOURS AGO BY PAKISTANTODAY

Minister for Law and Justice Zahid Hamid Tuesday informed the Senate that under the laid down guidelines of State Bank of Pakistan (SBP), 19 banks have written off principle amount of Rs 4,653 million since March 2010.

Responding to various supplementary questions during Question Hour, the Minister clarified that the loans were waived off by the banks and the government had nothing to do it.

Giving the breaks up, he said Al Baraka Islamic Bank waived off Rs 3.250 million, Allied Bank Rs 271.583 million, Askari Bank Limited Rs 1.027 million, Bank Al Habib Limited Rs 0.255 million, Bank Al-Falah Rs 230 million, Bank Islami (Ex-KASAB Bank) Rs 540 million, Faysal Bank Rs 110.570 million, First Women Bank Rs 0.065 million, Habib Metropolitan Bank Rs 3.086 million, JS Bank Rs 10.833 million, NIB Bank Rs 440.177 million, SAMBA Bank Rs 0.165 million, Silk Bank Rs 50.212 million, Summit Bank Rs.12.480 million, Standard Chartered Bank (Pakistan) Rs 819.947 million, Soneri Bank Rs 0.248 million, The Bank of Punjab Rs 0.460 million, United Bank Limited Rs 971.080 million and Zarai Taraqiyati Bank Rs 1.187.365 million.

To another question, Zahid Hamid said efforts are underway to gradually adopt Islamic mode of financing in the country. He said SBP has allowed three types of Islamic banking whereas every bank operating in the country has its own Shariah Board to seek guidance for Islamic banking.

The minister said over 2,000 branches of 21 banks were operating across the country to provide Islamic banking to customers in addition to other services.

To a question, he said general sales tax (GST) on gas and industrial sector has not been increased. He said 17 per cent standard rate of GST on supply of gas to industrial sector was being charged.

Zahid Hamid said Federal Board of Revenue (FBR) collected a sum of Rs 208.153 million from marriage halls and marquees in Islamabad under income tax and GST heads during fiscal year 2016-17.


http://www.pakistantoday.com.pk/2017/02/14/loans-worth-rs-4653-waived-off-in-7-years/

@LA se Karachi @war&peace

 

[Aawish]

*Rs 4,653 million

 

[war&peace]

That how the elite robs the country. It is incomplete information, the list of beneficiaries / defaulters must also be made public and these ugly faces be unmasked publicly.

 

[S.Y.A]

That how the elite robs the country. It is incomplete information, the list of beneficiaries / defaulters must also be made public and these ugly faces be unmasked publicly.

As the article states:

the loans were waived off by the banks and the government had nothing to do it.

 

[RangeMaster]

And still no idea where the hell all this money is gone....

 

[war&peace]

As the article states:

But still we want to see who are the benefiting customers...and why? and also want to know how they (banks) will make up for these losses? This should be thoroughly investigated. Because these banks operate on the public money, they do not have unlimited resources and/or authorities and the govt is bound to protect the people against the extortion and fraud by the such banks/companies etc.

 

[somebozo]

That how the elite robs the country. It is incomplete information, the list of beneficiaries / defaulters must also be made public and these ugly faces be unmasked publicly.

How come people who have defaulted are able to get away without assets seizure and confiscation ?


What about the biggest heist of private property by Pakistani govt under bhutto? who is going to repatriate for all the assets confiscated and industries destroyed? Something has to be done...many of these people are simply trying to get even with the state for generations of hard work stolen..

 

[war&peace]

How come people who have defaulted are able to get away without assets seizure and confiscation ?

Well I'm as clueless as you about it...But I think as we see, no name has been mentioned.
I'm pretty sure that 90%, if not more, of these benefiters will be from the ruling elite..
The poor guy never gets relief in this country