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ICCI for balanced Bankruptcy Law to facilitate rehabilitation of businesses May 17, 2014
Meeting at ICCI
 
Islamabad Chamber of Commerce & Industry has called upon the State Bank of Pakistan to urgently formulate a balanced bankruptcy law which will facilitate businesses to flourish, new firms to enter and allow respectable exit to genuine business failures.
 
Shaban Khalid, President, Islamabad Chamber of Commerce & Industry has said that the non-existence of a bankruptcy law in Pakistan is a serious problem for the private sector and a discouraging factor for growth of businesses, especially the small and medium sector, which should remain the priority sector for the government. He was addressing a seminar on Banking Consumers Rights at Chamber House, which was organized by the ICCI in collaboration with the State Bank of Pakistan.
 
He said that the current financial system favors the banks unilaterally and unfairly, and there is an urgent need for a balanced bankruptcy law that allows for a respectable exit for genuine business failures. He stressed that SBP in consultation with stakeholders should strive for formulation of a bankruptcy law, which will provide a sound legal framework and facilitate in rehabilitating viable business entities as well as help in smooth growth of business activities. He said current laws are unfavorable for an entrepreneur and force him to give up his last remaining personal asset, including his home that he may share with his family.
 
He said ICCI would carry on undertaking initiatives to organize seminars and workshops in collaboration with various institutions to educate its members on key business related matters and hoped that today’s event would create awareness in them about banking consumers rights and help them in promoting their business interests.
 
Mr. Waqar Ali, Deputy Chief Manager of SBP gave a detailed presentation on banking consumer protection laws. He said that improving regulatory regime is a continuous process at SBP and it has made many laws for banking consumers’ rights, but due to lack of awareness, consumers could not get proper remedies from them. 
 
He said SBP has established Customer Facilitation Centers and Help Desks where customers could lodge complaints about utility bills collection, pension issues, ATM related problems, disputed transactions, misbehavior of bank staff, non-observance of branch timings, non-approval of loans, delayed local fund transfers & credits in accounts etc. He said businessmen should take benefit of these laws to get timely remedies of complaints.
 
Many businessmen expressed strong reservations about the bureaucratic approach and unsatisfactory service of National Bank of Pakistan and stressed that SBP should direct NBP to improve its service quality. They said the monopoly of certain branches of NBP on collection of passport fee has become a source of corruption and great inconvenience for the people and stressed that government should allow all branches of NBP to collect passport fee or allow others banks to provide this service, which will greatly facilitate people and rid them of standing in long queues. 

 
 
 
 
   
 
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