VERY GOOD STEP TAKEN BY SUPREME COURT:
DEFAULTERS RETURN THE LOANS:
Every once in a while the news gives us a bulletin that tends to make the general public happy. Any one who even remotely follows the news would know that the Chief Justice of Pakistan is Iftikhar Mohammad Chaudhry.
Recently, Chief Justice Iftikhar Mohammad Chaudhry had taken notice that the Central Bank had allowed Commercial Banks to write off loans totalling Rs 54 Billion under a scheme introduced by former President Pervez Musharraf. Now if you know anything about money and figures you would realise that Rs. 54 Billion is no small amount, for the benefit of convenience, Rs. 54 Billion is about 631,948,530.47 USD to be exact.
The Apex Court had asked the State Bank Of Pakistan to direct all Banks to serve notices to major borrowers who had got their loans written off. This action was taken when the Central Bank of Pakistan informed the Apex Court that a number of Businessmen had managed to get over Rs 47 Billion of Loans written Off, on a stand alone basis, by Commercial Banks between 1996 and 2008. Since I have already given you an idea of how huge of an amount we are talking about, I am sure you have realised that this is no joking matter.
Banks give loans, to help the people with their respective requirements, however, this does not mean that loans of huge amounts such as Rs. 47 Billion should be waived off. This is a major crisis, which needs all the attention it can possibly get. After all for how long will the country suffer at the mercy of other nations, while drowning in debt?
I believe that if all the Banks stop Waiving off the Loans, and the Defaulters return the loans, the economy of the Country will boost up ending in Pakistan eventually becoming debt free altogether.