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Summary The chief justice says billions of rupees cannot be given for personal benefits.
Chief Justice of Pakistan Justice Iftikhar Muhammad Chaudhry has said that the State Bank of Pakistan (SBP) has ostensibly misused Circular No 29. It appears as if the bank doesn’t want to use its authority against loan defaulters, he said.A three-member bench of the Supreme Court, headed by chief justice of Pakistan, resumed the hearing of Rs 250 billion written off loans case on Wednesday.The CJP said that he was hearing the case on the call of Altaf Hussain. There was a need to give equal rights to everyone to improve the economy, he said, adding that billions of rupees could not be given for personal benefits.He said that according to Section 25 of the Banking Ordinance, a loan write off case should be sent to parliament but this section has been ignored.The chief justice said that there was a need to enact new laws to give big loans against small assets.
