Supreme Court accepts Bank of Azad Kashmir's appeal
Saturday 14 December 2024
Muzaffarabad (News International/ Pakistan Point News - NNI. December 14, 2024) The last obstacle in the way of granting the status of a scheduled bank to the Bank of Azad Jammu and Kashmir has been removed. The Supreme Court of Azad Jammu and Kashmir, while accepting the appeal of the Bank of Azad Kashmir, declared the tendering process issued for the purchase of software valid. Yesterday, the full bench of the Supreme Court heard the appeal filed by the Secretary Finance of the Bank of Azad Jammu and Kashmir against the High Court’s decision regarding the tendering process for the purchase of bank software.
A full court headed by Chief Justice of the Supreme Court Justice Raja Saeed Akram and comprising Justice Khawaja Muhammad Naseem and Justice Raza Ali Khan, after hearing the arguments of the lawyers, declared the tendering process issued for the installation of new software in the bank correct and wrote in its decision that the procurement of software is within the jurisdiction of the bank's board of directors, therefore, the High Court's order to present the matter to the cabinet and the Public Accounts Committee's orders were interpreted as interference in the affairs of the bank.
Tenders were issued for the installation of software in Kashmir Bank. Before the work order was issued based on the successful tenders, Formost Empire Private Limited and Aamir Jalil Abbasi, the company providing temporary and old software services to the bank, filed a writ petition in the Supreme Court, raising questions about the transparency of the tendering process and expressing the possibility of damage to the national exchequer. On this, the larger bench of the Supreme Court, while hearing the case, issued orders to seek approval for the tendering process for the software from the cabinet. The Bank of Azad Jammu and Kashmir and the Finance Department had filed an appeal in the Supreme Court against the High Court’s decision. The matter of purchasing the software was pending due to litigation. Therefore, efforts to get the status of a scheduled bank to the Bank of Azad Jammu and Kashmir were stalled. It is worth mentioning here that under the policy of the State Bank, to grant the status of a scheduled bank to any bank, a deposit of up to the prescribed limit as per the prevailing law is required. Presence, branches and a computerized system compatible with the requirements of the modern era, which is run through software, are necessary. For the hearing of the appeal in the Supreme Court of Azad Jammu and Kashmir, Khawaja Ansar Ahmed Advocate, Aamir Jalil etc., Syed Zulqarnain Naqvi Advocate, Waheed Bashir on behalf of the bank, Formost Empire Private Limited, while Raja Mazhar Waheed Khan Additional Advocate General on behalf of other government officials appeared in the court.
After the decision issued by the Supreme Court, the last obstacle has been removed in terms of giving the status of scheduled bank to Bank of Azad Jammu and Kashmir. Now, according to the tenders issued, AJK Bank will become scheduled as soon as the software installation process is completed. The demand for making Kashmir Bank a scheduled bank is also included in the charter of demand of the Joint Public Action Committee, while this has been a long-standing demand of the business community of Azad Kashmir in addition to the diaspora.
The Bank of Azad Jammu and Kashmir currently has deposits worth over Rs 39 billion and more than 100 branches where hundreds of people are employed. After being granted the status of a scheduled bank, the Bank of Azad Kashmir will also establish currency exchange and branches abroad where thousands of people will have employment opportunities, while the government of Azad Kashmir is also expected to earn billions of rupees in foreign exchange.
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