03-22-2011, 05:15 PM
My heartiest congratulations to all those poor elite businessmen, rulers, ex-rulers, politicians and family members of all of them who had at any time got their bank loans written off due to their poverty. It had become a rhetoric fashion for cheap popularity after intervals to remind the nation about written off loans. These had always been in fact empty slogans as none in the helm of affairs actually wanted ever really to recover any bad loans from the poor elite disturbing their peaceful lives. It had always been known that even the banks themselves never wish to recover these loans. The latest example of it is the argument the other day of present State Bank Governor that due to such written off loans the account holders investment had never got lost.
When I was young there used to be a rich famous businessmen political family in Gujrat popularly known as Paganwalla. I vividly remember that then in late 60s there was only one night club in Karachi called the Taj Club behind PIDC House owned by the Paganwalas. The Choudharies of Gujrat were not then known at leas to me as so famous. Once I had a chance to enter the main gate of Paganwala House in PECHS Karachi to meet some one. I don't remember till then having seen such a big green plush open space of any bungalow. Having a sea hut in Hawaksbay was then pride of the rich. The paganwalas elder took a loan for purchase of a hut. As the big loan takers have always intended never to repay back he did the same. Such loans are written off to special people who in return make someone in the Bank "pleased". So for completing the file requirement the NBP filed a suit for recovery of this loan but as since it lacked any honest intent it did not seriously followed the case. When the banking court in clear words remarked that it appeared the NBP was not serious in recovery of its loan as during the last 18 years the Bank's advocate did not appear, perforce the NBP had humbly to ask its distinguished poor client to please once honour the court by his presence. The total amount outstanding inclusive of the compound interest was Rs. 60,000 to the best of memories of this senior citizen. Mr. Paganwala appeared, took an oath and told the court that he was a retired life having no personal income of his own and that his children sometime when they so wished paid him a little pocket money hence he was unable to pay back. Narrating his no-income-pocket misery with his stick neck walked out of the court, sat in chauffeur driver Mercedes and went away.
The apex court of any country is the last venue of any accountability. Beyond this point there is no real accountability. Whenever slogan of loans recovery is raised these elite though knew well these are just political type political rehotrics nevertheless these for a while temporarily create of bad water in the mouths. They would I am confident would be relived of any future such bad tasting mouth reason being now the written off loans have been handed over to a Commission. And it is well known a fact that in our Pakistan so far unpublished and un-compiled Dictionary handing over a matter to a Committee or to a Commission means burying it never ever to hear it again. There are dozens and dozens of example. Take e.g missing persons. Of and on daily and weekly one heard of it but since having it to be assigned to a Commission one can not remember when he/she heard the word missing persons (missing persons mean that original case of 2007 fame and not 11 recently missing from jail). No Ansar Barni, no Rauf Klasra have ever time to disclose how much the nation spends on any Commission or Committee on members visits, hoteling, tickets, TD/DA etc etc. This week I have been levied two new charges one 2 percent electricity and the other new levy indirectly I will proportionately on the establishment and running of this new Commission. My heartiest congratulation loan defaulter Raymonddaviss.
When I was young there used to be a rich famous businessmen political family in Gujrat popularly known as Paganwalla. I vividly remember that then in late 60s there was only one night club in Karachi called the Taj Club behind PIDC House owned by the Paganwalas. The Choudharies of Gujrat were not then known at leas to me as so famous. Once I had a chance to enter the main gate of Paganwala House in PECHS Karachi to meet some one. I don't remember till then having seen such a big green plush open space of any bungalow. Having a sea hut in Hawaksbay was then pride of the rich. The paganwalas elder took a loan for purchase of a hut. As the big loan takers have always intended never to repay back he did the same. Such loans are written off to special people who in return make someone in the Bank "pleased". So for completing the file requirement the NBP filed a suit for recovery of this loan but as since it lacked any honest intent it did not seriously followed the case. When the banking court in clear words remarked that it appeared the NBP was not serious in recovery of its loan as during the last 18 years the Bank's advocate did not appear, perforce the NBP had humbly to ask its distinguished poor client to please once honour the court by his presence. The total amount outstanding inclusive of the compound interest was Rs. 60,000 to the best of memories of this senior citizen. Mr. Paganwala appeared, took an oath and told the court that he was a retired life having no personal income of his own and that his children sometime when they so wished paid him a little pocket money hence he was unable to pay back. Narrating his no-income-pocket misery with his stick neck walked out of the court, sat in chauffeur driver Mercedes and went away.
The apex court of any country is the last venue of any accountability. Beyond this point there is no real accountability. Whenever slogan of loans recovery is raised these elite though knew well these are just political type political rehotrics nevertheless these for a while temporarily create of bad water in the mouths. They would I am confident would be relived of any future such bad tasting mouth reason being now the written off loans have been handed over to a Commission. And it is well known a fact that in our Pakistan so far unpublished and un-compiled Dictionary handing over a matter to a Committee or to a Commission means burying it never ever to hear it again. There are dozens and dozens of example. Take e.g missing persons. Of and on daily and weekly one heard of it but since having it to be assigned to a Commission one can not remember when he/she heard the word missing persons (missing persons mean that original case of 2007 fame and not 11 recently missing from jail). No Ansar Barni, no Rauf Klasra have ever time to disclose how much the nation spends on any Commission or Committee on members visits, hoteling, tickets, TD/DA etc etc. This week I have been levied two new charges one 2 percent electricity and the other new levy indirectly I will proportionately on the establishment and running of this new Commission. My heartiest congratulation loan defaulter Raymonddaviss.