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Supreme Court reserves verdict of foreign accounts, assets, amnesty scheme

Supreme Court reserves verdict of foreign accounts, assets, amnesty scheme

LAHORE: Supreme Court of Pakistan on Tuesday reserved verdict in case pertaining to foreign assets, foreign accounts, and amnesty scheme.

A three-member bench of the Supreme Court, led by Chief Justice of Pakistan (CJP) Justice Mian Saqib Nisar, Justice Umar Atta Bandial, and Justice Ejaz-ul-Ahsan, was hearing the case.

During the proceedings, the CJP remarked that Justice Bandial will announce the verdict pertaining to foreign accounts, foreign assets and amnesty scheme and asked what we are leaving for our future generations.

Justice Bandial remarked that Supreme Court would not likely to interfere into amnesty scheme as apparently the same got flopped due to government’s inability.

In pursuance of court’s order, Governor State Bank, Tariq Bajwa, appeared before the court and stated that due to lacunas in Pakistani laws, they are facing difficulties in getting access to accounts of Pakistanis in foreign countries. He pointed out that international treaties with other countries are the main impediments in their way.

Justice Saqib Nisar questioned federal finance secretary whether the amount allocated for water, education and health was enough to which the secretary admitted that the amount was not enough.

He told the court that process of penning down contacts with 103 countries, including Switzerland, is underway, as it would help get access to foreign accounts and assets of Pakistanis.

The State Bank Governor while admitting said that the contaminated water is the root cause of more than 60 percent diseases.

The CJP remarked that the nation was ready to give money when the apex court talked about construction of dams, adding that loans were being taken to pay loans but no one knows who would return the money.

“We have plundered the resources of next five generations by obtaining heavy foreign loans.  No steps have been taken to increase country’s resources and exports, CJP added.

State Bank Governor told the court that steps have been taken to stop currency flight, adding that restriction was imposed on the movement of more than US$10,000.

Justice Saqib Nisar observed that the Central Bank wants to establish its monopoly over the foreign currency and asked if the Bank’s policy is compatible with our culture.

CJP asked Governor State Bank and Finance secretary to devise a comprehensive plan to revive country’s economy and dig out accounts of Pakistanis in foreign countries.