Summary The recommendation will be reviewed by National Assembly's (NA) standing committee for finance
ISLAMABAD (Dunya News) – Government has decided to bring amendment in Banking Recovery Ordinance 2001 pertaining to forgiving loans, Dunya News reported Monday.
The government has recommended three-year imprisonment for culprits who do not return loans. The amendment will allow the authorities to try whoever does not return debts at any point in time. Those who fail to pay the debts, either foreign or local would have to face legal cases.
Expanding financial limit for banking courts from Rs 5 crore to Rs 10 crore is also under consideration.
The recommendation will be reviewed by National Assembly’s (NA) standing committee for finance in next session.
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