Clarification about load defaulters
Islamabad, the 5th April, 2013.- It has been observed that some of the borrowers contesting elections have adjusted their over dues/ defaults on or after February 28, 2013 but the financial institution have not reported these adjustments to the State Bank of Pakistan.
In this regard, the ECP is receiving complaints from such borrowers/ contesting candidates that the clearance certificates issued by the financial institutions are not being entertained by the concerned Returning Officers on the ground that the latter have received information from State Bank of Pakistan through ECP, according to which these candidates are defaulters of loans.
The SBP has been consulted on this issue and it is clarified that the database from where the information of loan defaulters is being provided to ECP for onward transmission to Returning Officers in respect of candidates is updated only till 28th February, 2013. Therefore, if a candidate produces a certificate of a Bank regarding repayment of overdue loans, the Returning Officer, after seeking confirmation from the concerned bank in that regard, may take into consideration such certificate for accepting or rejecting the nomination papers.