Excelsior Correspondent
SRINAGAR, Nov 3: High Court today granted the Government one month’s time for filing response to the plea seeking the introduction of Islamic Banking in Jammu and Kashmir.
A Division Bench of Chief Justice Justice Ali Mohammad Magrey and Justice Sanjay Dhar granted four weeks time to appearing counsel on behalf of Government of J&K after making a request for the same by the counsel.
The petitioner counsel Shakir Haqani submitted before the bench that much time has been taken by the Government for reply and till date the same has not been filed as such the matter be heard and considered without reply.
The court on these submissions observed that the matter involves public importance as such the reply of the Government is necessary. Assistant Solicitor General of India (ASGI) Shamshi submitted that the counter affidavit on behalf of Reserve Bank of India has already been filed and the same is on record. He also submitted that the affidavit be treated to be filed on behalf of Finance Ministry also.
Jammu and Kashmir People’s Forum, a non-government organization, filed the PIL. The Forum also seeks direction to the J&K Bank to take immediate steps for the opening of Shariah-compliant windows to accomplish the objective of mass level participation in Shariah Banking.
It also seeks direction to J&K Bank Limited to place before the court the entire details of NPAs and the steps taken for the recovery of the outstanding amount in NPAs, saying the same is public money which cannot be allowed to be misappropriated either by the account holders or by the management of the bank.
In 2013, Ministry of Finance had requested RBI to give its considered opinion regarding feasibility of introducing Islamic banking in India after examining all the legal, technical and regulatory issues relating to the matter.
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