02-26-2007, 10:01 PM
Mumtaz Ali Abbasi of Karachi (DAWN 8 February 2007) Commenting on increasing bank service charges have criticized the role of State bank of Pakistan. He says SBP has a monitoring agency has taken a strange stand that Banks are free to charge any charges which the Bank has included in its Schedule of charges.
He is dismayed that the banking Mohtasib has not been given powers to entertainment complaints against service charges. He should not be surprised over it because he should remember the Banking Mohtasib has not been appointed under any act of Parliament but by the same SBP who is never interested to safeguards interests of domestic savers.Mid Mid 1990s when the then Federal Ombudsman came from a tour of China he stated that his Chinese counter part had been given so much powers that he can even remove a Minister. On this the very senior and realistic columnist Muno Bhai wrote a master piece column titled âFra****ay do not need powerâ stated that everything cannot be done with powers along. He quoted if the power was the solution to every problem then MQM problem could had long been solved.
The Federal Ombudsman was established in 1982 under a Presidential Order. Under it a Government Department was given the right of revision appeal before the Ombudsman if it was not satisfied with the decision. No right of revision was given to the complainant. The man sitting on the chair at that time was a public spirited person named Mr. Justice Sardar Mohammad Iqbal. He said he does not recognize such a provision of law written on a sheet of paper as it was unfair. Observing if one party has been given right of appeal the other party should also had the same right and he started accepting revision appeals from the unsatisfied complainants. He did not say I have no powers to entertain revision appeals from the complainants. It is rightly said that these are not the laws or procedures which deliver justice but it is the man sitting on the chair.
Till today no body has given me answer to a very genuine question that when these banks were not charging service charges they used to give 6 to 8% profit to saving account holder irrespective of their minimum balance. Today when they charge service charges, deduct heavy amount on minimum balance, they are hardly provide 3-4 percent profits only to those who have enough balance. A Bank Bank came to me from abroad. It was issued by UBL from abroad and was drawn on UBL in Karachi. The UBL charges Rs. 40/- as service charges plus Rs. 80 as courier charges. There is no courier service involved within Karachi. All banking transactions are done centrally through Clearing House. TCS at that charged Rs. 25/- from ordinary man for delivery within Karachi while from bulk customers like banks, it charges Rs. 4 an item. But I was charged Rs. 80 as courier charges whereas the bank never used courier service. The Federal Ombudsman did not find anything wrong in charging me separately and above actual, rather when I made some comments I got a a sort of âkeep your mouth shutâ letter.
It is said that huge foreign investment is coming on in Pakistan. The nation recently saw the fire in a factory in SITE Karachi and National Shipping Building. In a country where some of the fire stations closed their shutter 04.00 afternoon would people invest? The investment is coming in Banks, mobile companies but only because Pakistan is perhaps the only country where these foreigner investors under the words free market, free economy, SBP production regulations etc can do whatsoever they want. They in a very limited period can fetch huge profits from pockets of public and repatriate back covering up their initial capital investment in a very short time. During 1975-77 at 09.45 pm news bulletin on Radio Pakistan every alternate day there used to be an item that Sardar ABC Baloch with his 4000 tribesmen have come down from the mountains and showing his confidence on Chairman Bhutto has joined PPP. After two days the Bulletin told now Sardar XYZ with his 5000 men came down and did the same. If figures of all those who came down from mountains during 1975-77 is calculated it crossed the whole population of Pakistan. The figures of foreign investments we keep on listening TV/Radio if are calculated the grand total will cross even the whole budget of Asia. Many people on Radio, TV, in their statements raise a question if the economy is rapidly boosting then why there no good affect on common man. But my puzzle is if so much foreign investment is continously coming in then our foreign reverse figure glued since last 3 years to 12 point something billion is not coming to 13 billion. No body removes my very logical and natural puzzle that is it âinvestmentâ which is coming or it is just sale proceeds of sale of our national assets. Last months a Minister was telling on TV there was surplus electricity with Karachi Electric Supply Corporation and that load shedding was due to defective distribution system. The Minister told to upgrade this faulty system the Government was going to provide funds. It was a good figure which I do not remember. I do remember some time back KESC was privatized in hands of a foreign investor (Saudi?). I am neither a businessman or highly educated. As a common man I do not understand when the KESC has been privatized to a foreign investor then why should the Government put funds from national exchequer and why not by foreign investor?
He is dismayed that the banking Mohtasib has not been given powers to entertainment complaints against service charges. He should not be surprised over it because he should remember the Banking Mohtasib has not been appointed under any act of Parliament but by the same SBP who is never interested to safeguards interests of domestic savers.Mid Mid 1990s when the then Federal Ombudsman came from a tour of China he stated that his Chinese counter part had been given so much powers that he can even remove a Minister. On this the very senior and realistic columnist Muno Bhai wrote a master piece column titled âFra****ay do not need powerâ stated that everything cannot be done with powers along. He quoted if the power was the solution to every problem then MQM problem could had long been solved.
The Federal Ombudsman was established in 1982 under a Presidential Order. Under it a Government Department was given the right of revision appeal before the Ombudsman if it was not satisfied with the decision. No right of revision was given to the complainant. The man sitting on the chair at that time was a public spirited person named Mr. Justice Sardar Mohammad Iqbal. He said he does not recognize such a provision of law written on a sheet of paper as it was unfair. Observing if one party has been given right of appeal the other party should also had the same right and he started accepting revision appeals from the unsatisfied complainants. He did not say I have no powers to entertain revision appeals from the complainants. It is rightly said that these are not the laws or procedures which deliver justice but it is the man sitting on the chair.
Till today no body has given me answer to a very genuine question that when these banks were not charging service charges they used to give 6 to 8% profit to saving account holder irrespective of their minimum balance. Today when they charge service charges, deduct heavy amount on minimum balance, they are hardly provide 3-4 percent profits only to those who have enough balance. A Bank Bank came to me from abroad. It was issued by UBL from abroad and was drawn on UBL in Karachi. The UBL charges Rs. 40/- as service charges plus Rs. 80 as courier charges. There is no courier service involved within Karachi. All banking transactions are done centrally through Clearing House. TCS at that charged Rs. 25/- from ordinary man for delivery within Karachi while from bulk customers like banks, it charges Rs. 4 an item. But I was charged Rs. 80 as courier charges whereas the bank never used courier service. The Federal Ombudsman did not find anything wrong in charging me separately and above actual, rather when I made some comments I got a a sort of âkeep your mouth shutâ letter.
It is said that huge foreign investment is coming on in Pakistan. The nation recently saw the fire in a factory in SITE Karachi and National Shipping Building. In a country where some of the fire stations closed their shutter 04.00 afternoon would people invest? The investment is coming in Banks, mobile companies but only because Pakistan is perhaps the only country where these foreigner investors under the words free market, free economy, SBP production regulations etc can do whatsoever they want. They in a very limited period can fetch huge profits from pockets of public and repatriate back covering up their initial capital investment in a very short time. During 1975-77 at 09.45 pm news bulletin on Radio Pakistan every alternate day there used to be an item that Sardar ABC Baloch with his 4000 tribesmen have come down from the mountains and showing his confidence on Chairman Bhutto has joined PPP. After two days the Bulletin told now Sardar XYZ with his 5000 men came down and did the same. If figures of all those who came down from mountains during 1975-77 is calculated it crossed the whole population of Pakistan. The figures of foreign investments we keep on listening TV/Radio if are calculated the grand total will cross even the whole budget of Asia. Many people on Radio, TV, in their statements raise a question if the economy is rapidly boosting then why there no good affect on common man. But my puzzle is if so much foreign investment is continously coming in then our foreign reverse figure glued since last 3 years to 12 point something billion is not coming to 13 billion. No body removes my very logical and natural puzzle that is it âinvestmentâ which is coming or it is just sale proceeds of sale of our national assets. Last months a Minister was telling on TV there was surplus electricity with Karachi Electric Supply Corporation and that load shedding was due to defective distribution system. The Minister told to upgrade this faulty system the Government was going to provide funds. It was a good figure which I do not remember. I do remember some time back KESC was privatized in hands of a foreign investor (Saudi?). I am neither a businessman or highly educated. As a common man I do not understand when the KESC has been privatized to a foreign investor then why should the Government put funds from national exchequer and why not by foreign investor?