Daily Times

ISLAMABAD: Chief Justice Mian Saqib Nisar on Tuesday remarked that the apex court wanted to assist the government in bringing back funds taken out of the country and parked in the foreign bank accounts. While heading a three-member bench hearing a suo motu case related to foreign bank accounts held by Pakistanis, the chief justice observed that the court will not rush the case as it seeks to see how the capital taken abroad can be brought back to the country. Justice Umar Ata Bandial remarked that money is taken out through illegal channels and brought back legally, adding that dollars are bought from the open market and everything stands ‘purified’. Justice Ijazul Ahsan observed that if money changers are given a decent percentage, they can arrange the much-needed foreign exchange. State Bank of Pakistan (SBP) Governor Tariq Bajwa informed the court that the National Accountability Bureau (NAB) has requested countries for assistance in this regard. He added that it will take time to verify assets of Pakistanis parked in foreign bank accounts. He further said that a law is needed to strictly control the operations of foreign currency exchange companies in the country. During the hearing, the chief justice observed that it can call the richest 100 Pakistanis in the court and ask them to provide details of their assets. He observed that the court is accused of exceeding its jurisdiction, adding that it does not wish to create a fear that will have an adverse impact on the economy. “We will not run away from Pakistan. We intend to leave a country for our children where they can be happy and satisfied,” he observed. On February 1, the Supreme Court had taken suo motu notice of funds deposited in foreign bank accounts and foreign assets held by Pakistani citizens.

Published in Daily Times, March 21^st 2018.