Pakistan Tehreek-e-Insaf (PTI) government has introduced "The SBP Banking Services Corporation (Amendment) Bill, 2020" in the National Assembly, which states that any action done in good faith of the State Bank and its directors or officers cannot be challenged in any court.
The bill provides that pensions, gratuity and provident fund of the executives and other employees or pensioners shall not be liable to seizure, attachment or sequestration by process of any court order.
Minister of State for Parliamentary Affairs Ali Muhammad Khan on Friday introduced that "The SBP Banking Services Corporation (Amendment) Bill, 2020" in the Lower House of the Parliament. The speaker National Assembly referred the Bill to relevant standing committee of the House for furthers deliberation. Actually this bill aims to further amend the SBP Banking Services Corporation Ordinance, 2001.
The clause 7 of the bill says, "Protection of action taken in good faith.- No suit or other legal proceedings shall lie against the State Bank and the Bank or any director or officer of the State Bank and the Bank for anything which is in good faith done or intended to be done in pursuance of this law or of any rules, regulations or orders made there under."
According to clause 2 (2) of the Bill, for sub-section (2) shall be substituted, namely:-"The State Bank shall not transfer or delegate any of functions specified in section 9A of the State Bank of Pakistan Act, 1956 including (a) formation and monitoring of monetary and credit polices; (b) regulation and supervision of the financial sector; (c) foreign exchange region and exchange rate policy; and (d) payment and settlement system."
The clause 5 of the Bill described as pension, gratuity and provident fund of bank employees to be exempt from attachments, etc. - Notwithstanding anything contained in any law for the time being in force, pensions, gratuity and provident fund of the executives and other employees or pensioners shall not be liable to seizure, attachment or sequestration by process of any court order at the instance of a creditor, decree holder etc, for any demand against the executives, employees or pensioners or in satisfaction of a decree or order of any court."
According to clause 3 of the Bill, "At any time when the office of the Managing Director is vacant, the Governor may appoint any officer of the State Bank or from the Bank as Acting Director within a period of sixty days from the date of vacancy: Provided that the Managing Director shall be appointed under sub-section (1) within a period of three months of the occurrence of vacancy."
According to clause 6 of the Bill, "24A, Act or proceeding of the Board not to be questioned.- No act or proceeding of the Board or the committees of the Board shall be questioned on the ground only on the existence of any vacancy in or any defect in the constitution of such Board or committee thereof."
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