| Case ID |
2b0f9106-140b-48fb-a4e1-b5350f0b4410 |
| Body |
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| Case Number |
Writ Petition No. 3090 of 2011 |
| Decision Date |
May 27, 2013 |
| Hearing Date |
|
| Decision |
The Lahore High Court ruled in favor of the petitioner, ordering the respondent banks to return the petitioner's foreign currency deposits in Pakistani Rupees at the existing interbank exchange rate, along with interest at the rates initially agreed upon. The court noted that the banks failed to inform the petitioner about the changes in legislation affecting his accounts and the lack of notice served to him constituted a breach of duty. The decision emphasized the banks' responsibility to communicate with account holders, especially concerning significant changes in policy due to economic emergencies. The court instructed that the payment be made in a timely and honorable manner, ensuring the petitioner's rights were upheld. |
| Summary |
In the case of Writ Petition No. 3090 of 2011, the Lahore High Court addressed a significant issue regarding the seizure of foreign currency accounts under the Foreign Exchange (Temporary Restriction) Act, 1998. The petitioner, a dual national, contested the actions of United Bank Limited and Habib Bank Limited, arguing that he was not informed of the legislative changes that affected his accounts. The court found that the banks had a duty to notify the petitioner and that their failure to do so resulted in a violation of his rights. The ruling reinforced the importance of transparency and communication from financial institutions, especially in times of economic crisis. The decision highlights the court's role in protecting the rights of depositors and ensuring that banks adhere to their obligations under the law. The keywords related to this case include 'Foreign Exchange Act', 'banking rights', 'legal decision', 'economic emergency', 'foreign currency accounts', and 'financial institutions'. This case serves as a precedent for similar cases involving banking disputes and the responsibilities of banks towards their customers. |
| Court |
Lahore High Court
|
| Entities Involved |
Not available
|
| Judges |
IJAZ AHMAD, J
|
| Lawyers |
Zafar Mahmood Mughal for Petitioner,
Habib Ahmad Bhatti for Respondents Nos. 1 and 2,
Masood Raza for Respondents Nos. 3 and 4
|
| Petitioners |
ATHAR MEHMOOD KHAN
|
| Respondents |
UNITED BANK LIMITED through Regional Manager and others
|
| Citations |
2014 SLD 2301,
2014 PLD 203
|
| Other Citations |
Federation of Pakistan and others v. Shaukat Ali Mian and others PLD 1999 SC 1026,
PAKCOM Limited and others v. Federation of Pakistan and others PLD 2011 SC 44,
Zonal Manager, UBL and another v. Mst. Perveen Akhtar, PLD 2007 SC 298,
S.M. Ismail v. Capital Development Authority, Islamabad through Chairman and 5 others 2006 CLC 131,
Messrs Airport Support Services v. The Airport Manager, Quaid-e-Azam International Airport, Karachi and others 1998 SCMR 2268,
State Bank of Pakistan through Governor and another v. Imtiaz Ali Khan and others 2012 SCMR 280
|
| Laws Involved |
Foreign Exchange (Temporary Restriction) Act, 1998,
Constitution of Pakistan, 1973
|
| Sections |
2,
199
|