HC seeks response on Islamic banking

Excelsior Correspondent
SRINAGAR, May 22: High Court today sought response from the authorities to the PIL seeking feasibility of introducing Islamic banking in the State.
The Division Bench of Acting Chief Justice Aloke Aradhe and Justice M K Hanjura today granted four weeks time to Union Ministry of Finance, Reserve Bank of India, Chief Secretary of State, Principal Secretary Finance and Jammu and Kashmir Bank for filing their response to the PIL.
Union Ministry and Reserve Bank was represented by their counsel Tashir Shamsi and J&K Bank was represented by their counsel Senior Advocate Z A Shah. However none appeared on behalf of State today.
DB granted time to respondents after union counsel submitted that reply in opposition to the PIL is under process as such some time may be granted for submitting the same. Counsel representing J&K Bank has also sought time from the court, which the court on request by the counsels granted.
The PIL has been filed by an NGO (People’s Forum) through its advocate Altaf Haqani pleading that Union Ministry of Finance be directed to file response and issue necessary notification for introduction of Sharia Complaint windows as recommended by Deepak Mohanty Committee and Report of the Inter- Departmental Group of RBI & its Feasibility of Introducing Islamic Banking in India.
Petitioner NGO further prays that Reserve Bank of India be commanded to take immediate steps in this constituent banks including the Jammu and Kashmir Bank Limited so as 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”, reads the petition.