SBP turns down FBR request for data of account-holders

[Abdussamad]

Central bank refuses to give FBR data about bank account holders. It told them to go ask commercial banks but they have also refused to share the data!

“The existing legal framework provides constraints on procuring and sharing of privilege/confidential information relating to the affairs of the banks’ customers”, the SBP wrote to the FBR on Monday.
...
It is not the central bank alone that is refusing to cooperate, the commercial banks have also long been refusing to fulfil their statutory obligations by sharing certain types of information with the FBR.

Source

In a country like Pakistan this data is like manna from heaven for criminals. Criminals can use it to extort money from people. The FBR's own people are corrupt and will start extorting bribes from people. The central bank and the commercial banks know this which is why they are hesitant.

 

[Mrc]

Call the bank owners to parade ground in pindi and tell them they will b shot in their fuking heads of they donot cooperate...

The whole country is becoming a joke

 

[Murgah]

Change the chairman of sbp if he is not cooperate and cancel the licences of all private banks who refused

 

[Abdussamad]

Call the bank owners to parade ground in pindi and tell them they will b shot in their fuking heads of they donot cooperate...

The whole country is becoming a joke

But the people who are in charge benefit from this posture of theirs. Why would they work against their own self interest?

Change the chairman of sbp if he is not cooperate and cancel the licences of all private banks who refused

Independent central bank is important for the economy of the country.

Actually the problem is that you guys and the FBR don't want to do things properly. As the SBP points out the law does not permit them to disclose this information. The correct way would be to get parliament to change the law. Unfortunately that'll never happen because the people sitting in parliament benefit from this law.

 

[Mrc]

They can bring an presidential ordinance and make required changes to get info....

But the people who are in charge benefit from this posture of theirs. Why would they work against their own self interest?



Independent central bank is important for the economy of the country.

Actually the problem is that you guys and the FBR don't want to do things properly. As the SBP points out the law does not permit them to disclose this information. The correct way would be to get parliament to change the law. Unfortunately that'll never happen because the people sitting in parliament benefit from this law.

 

[Murgah]

But the people who are in charge benefit from this posture of theirs. Why would they work against their own self interest?



Independent central bank is important for the economy of the country.

Actually the problem is that you guys and the FBR don't want to do things properly. As the SBP points out the law does not permit them to disclose this information. The correct way would be to get parliament to change the law. Unfortunately that'll never happen because the people sitting in parliament benefit from this law.

Country like pakistan cannot tolerate independent state Bank because of black money
I known your Patwari *** is burn but tolerate it

 

[Abdussamad]

Country like pakistan cannot tolerate independent state Bank because of black money

Central bank has to be independent for the following reasons:

- It controls the creation of new money and the issuance of credit. If it is not independent it can't say no to the government when the government demands more money. Unrestricted issuance of new money results in currency debasement and eventually leads to hyper inflation

- Central bank sets the interest rate at which commercial banks borrow money from and what they earn for deposits with the CB. This affects interest rates in the whole economy. The government is the biggest borrower in the country so it is most affected by changes in interest rate. If the central bank is not independent it can't set a suitable interest rate based on the need to control inflation, reduce unemployment and promote growth. Instead it'll have to set one that the government likes. This is another conflict of interest.

- The central bank decides, broadly, who commercial banks can lend money to and what they can accept as collateral. The government may force it to set policies that encourage lending for various white elephant projects or accept collateral that is not sound. This could lead to bad debts piling up at commercial banks which would hurt savers in the country.

I known your Patwari *** is burn but tolerate it

It seems there's some confusion here among the posters. One guy wants to murder bankers because they don't listen to him. Another thinks this is about politics. This is not the fascist wet dream or political bullshit forum. It's the economics forum.

 

[ziaulislam]

Central bank refuses to give FBR data about bank account holders. It told them to go ask commercial banks but they have also refused to share the data!



Source

In a country like Pakistan this data is like manna from heaven for criminals. Criminals can use it to extort money from people. The FBR's own people are corrupt and will start extorting bribes from people. The central bank and the commercial banks know this which is why they are hesitant.

If this is not fake news its slap on face of govt

If they cant legislate they can still pass a presidential ordinance ..by 2021 they will be able to do legislation once senate re adjusts

 

[Hakikat ve Hikmet]

All data collection need to be automated and kept in the ultra secured database with extremely restricted access!!! Hence, possibility of corruption, blackmailing etc. can be curtailed. It will further tax collection and reduce corruption...