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Srinagar: The J&K High Court on Wednesday sought response from government authorities to a litigation seeking introduction of Islamic Banking in Jammu and Kashmir.
Chief Justice Pankaj Mithal and Justice Sindhu Sharma while hearing the matter granted three weeks to Chief Secretary of J&K Government and Principal Secretary Finance to respond to the contents of the PIL.
Advocate Zaffar Shah representing the J&K Bank informed the court that already a response has been filed by the bank with respect to the litigation.
The PIL was filed by an NGO (Peoples Forum) through its advocate Altaf Haqani seeking direction from the court that Union Ministry of Finance be directed to file response and issue necessary notification for introduction of Sharia-compliant windows in banks as recommended by Deepak Mohanty Committee and Report of the Inter- Departmental Group of RBI.
The petitioner organisation had further prayed that the Reserve Bank of India be commanded to take immediate steps in constituent banks including the Jammu and Kashmir Bank to facilitate Shariah-compliant windows.
“The Jammu and Kashmir Bank Limited be directed to place the entire details of Non Performing Accounts (NPAs) before this court and the steps taken for recovery of the outstanding amount in NPAs as the same is public money which cannot be allowed to be misappropriated either by the account holders or by the management of the said bank,” the plea reads.
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source https://earn8online.com/index.php/236755/hc-seeks-govt-response-to-pil-on-islamic-banking-kashmir-reader/
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