MUHAMMAD JAVAID ANJUM versus INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN
Article 199 The Contract Act (IX of 1872), the Section 62 Constitution Banker and the Customer Bank, created a scheme called the Mahanna Profit Certificate, which was held on Friday against the promise of a fixed rate of profit / return each month to collectors / consumers. Invites for a fixed period. The Mahna Manfa certificates issued by the applicant contain the deposits and the agreed terms of the Fixed Deposit Bank, in the present case, through a circular, informing the applicant that due to the reduction in loan rates Was to reduce the rate of profit on bank depositors The applicant's position was that the bank under a contract could not unilaterally reduce the rate of profit on the certificate, which the State Bank of Pakistan has Failed to place on notification or circular record issued from. Enable the court to examine the change in lending / borrowing rates so that rate changes may be applicable or retro specifically and whether the State Bank of Pakistan's notification and circular already have deposits in the bank. No laws have been introduced on the schemes that can be applied to show that the alleged circular and notification issued by the State Bank of Pakistan can be legally fixed. As a basis for adjusting the terms and conditions of the contractual deposit, the loss of the depositors was a vague and common argument that the State Bank of Pakistan was able to unilaterally reduce the existing schemes by changing the rates of the State Bank of Pakistan. With the exception of profit rates and the like, there can be neither material harm to our customers nor
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