KARACHI: The government asked banks through a circular on Wednesday to provide information about the claims of fixed and financial assets against India and Bangladesh.
The circular circulated by the State Bank of Pakistan (SBP) said the government wants to consolidate the claims of Pakistani entities against the government of India, Reserve Bank of India (RBI) and assets held up in former East Pakistan. Pakistan has been making claims against India since 1947. The SBP also shows gold held by the RBI on its balance sheet every year.
However, collecting data about the losses suffered in 1971 following the creation of Bangladesh will be interesting for Pakistani banks. The five biggest banks – Habib Bank, United Bank, Allied Bank, MCB Bank and National Bank – had large networks in formerly East Pakistan pre-1971 with dozens of branches and assets worth hundreds of millions.
The SBP asked banks to furnish the updated status of such claims latest by Nov 24. Banks have been asked to provide details about fixed assets, like the cost of land, building, furniture and fixtures, office equipment and vehicles, and financial assets, like government papers or securities, investments and loans and advances.