November 7, 2001	Wednesday	Shaba’an 20, 1422

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ISLAMABAD, Nov 6: The Supreme Court on Tuesday directed the State Bank of Pakistan to issue duplicate Foreign Currency Bearer Certificates (FCBCs) to a person who had stated that his certificates, worth bonds 100,000, were eaten up by termites.

The State Bank, despite having the record of the purchase of bonds, had refused to issue him duplicate of the cerificates on the grounds that there was no provision for it in rules governing FCBC.

The man had challenged the SBP decision in LHC, which directed the bank to issue him duplicate FCBC and also pay him profit which was due.

The SC bench, which heard the appeal, comprised Justice Bashir Jehangiri, Justice Munir A. Shaikh and Justice Rana Bhagwandas.

The SC dismissed the appeal of the State Bank and upheld the LHC decision on the question of issuance of duplicate Foreign Currency Bearer Certificates.