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Summary CJP has said that a trend to set the loans written off is on the rise that needed to be discouraged.
A three-member Supreme Court bench, headed by Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry, heard the case of written off loans on Tuesday.The counsel for the Allied Bank, Dr Pervez Hassan, told the court that there was no defect in the law of writing off loans but it was being misused.He added that if the court would invalidate the law, it would affect every borrower.The CJP remarked that criminals were caught to end the crime, they were not offered a safe passage.He said that the law was manipulated to benefit the rich but no poor had been given any relief.The CJP said that the court would review the circular 29 of the State Bank of Pakistan.
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