Law and Justice Commission Approves Constitutional Amendment for International Commercial Court
Islamabad: The Law and Justice Commission of Pakistan, during its 49th meeting, approved a landmark recommendation to establish the International Commercial Court of Pakistan to promote foreign investment, international trade and economic activity in the country.
A proposal to insert a new article into the Constitution of Pakistan has been forwarded to the federal government for final approval and parliamentary proceedings.
Proposal to Add New Article 212A to the Constitution Approved
According to an official statement issued after the meeting held at the Supreme Court of Pakistan, it was decided to establish a modern judicial framework for the swift, transparent and effective resolution of international commercial disputes.
Independent federal superior court: The proposed International Commercial Court of Pakistan will function as a fully independent federal superior court.
Purpose and benefits: The initiative is primarily intended to restore the confidence of international investors, ensure the speedy resolution of cross-border commercial disputes and stimulate economic activity in Pakistan.
Forwarded to the federal government: After preparation of the proposed constitutional amendment, the draft has been sent to the federal government for final approval and parliamentary action.
Major Relief for Microfinance Customers: Amendment to Banking Companies Ordinance
The commission also approved recommendations for important amendments to the Banking Companies Ordinance, 1962, to provide greater legal protection to ordinary citizens and small businesses.
Expansion of Banking Ombudsman’s Jurisdiction
The commission recommended extending the jurisdiction of the Banking Ombudsman to cover all customers of microfinance banks.
The proposed measure would provide millions of microfinance customers across the country with a quick, accessible and free mechanism for resolving financial complaints and disputes.
Senior Legal and Judicial Leadership Attends Meeting
The 49th meeting of the Law and Justice Commission was attended by senior members of Pakistan’s legal and judicial leadership, including:
- Attorney General for Pakistan
- Federal Minister for Law and Justice
- Chief justices of all provincial high courts