Where are our dam funds? SC finally told

NBP re-invested Rs12bn collected as dam fund, SC told.

For the construction of Diamer Bhasha and Mohmand Dams, then Chief Justice of the Supreme Court of Pakistan Saqib Nisar established a Supreme Court of Pakistan Diamer Bhasha and Mohmand Dams Fund on 10th July 2018.

On Thursday the Supreme Court updated that an amount of Rs12 billion, which was collected as the Diamer-Bhasha dam fund, was re-invested by the National Bank of Pakistan (NBP).

A five-judge bench of the Supreme Court, while hearing the case, was informed by a representative of the NBP that the amount had been re-invested on Nov 21 and profit on the amount was due by Feb 27, 2020.

To facilitate the collection of donations within and outside Pakistan, State Bank of Pakistan made elaborative arrangements providing a variety of channels with the help of banks.

However, the court, while pointing towards the complaints of non-collection of the fund, directed the State Bank of Pakistan (SBP) to “remove obstacles” caused wile transferring donations by overseas Pakistanis for the dam fund and submit a report on the matter.

Justice Ijazul Ahsan said, “Overseas Pakistanis want to contribute to the dam fund but banks are not collecting [donations].”

The court reported, “All Pakistanis should be able to donate towards the dam fund.”

According to Justice Gulzar Ahmed, the fund had been confirmed on the orders of the Supreme Court and asked as to which banks were disobeying the apex court’s orders.

He stated that reports of a “huge amount” of money were present – which had been donated to the dam fund but not been transferred to Pakistan. He said, “All Pakistani banks should resolve issues in the transfer of funds.”

Despite the fact that it was a direct order from the Supreme Court, Justice Ahsan observed that there were reports that private banks were not collecting donations for the dam fund.

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