HC seeks Government response on feasibility of Islamic Banking

High Court has recently sought response from the authorities to the PIL seeking feasibility of introducing Islamic Banking in J&K UT. The Division Bench of Acting Chief Justice Pankaj Mithal and Justice Sindhu Sharma granted three weeks time to Chief Secretary of UT, Principal Secretary Finance for filing of their response in opposition to the PIL.

Union Ministry and RBI were represented by their counsels Tashir Shamsi and J&K Bank was represented by their counsel Senior Advocate Z A Shah and they informed the court that the response on their behalf has been filed however the counsel appearing for JK Government sought some time to respond to the contentions raised in the plea.

The DB granted 3 weeks time to him for the same. The PIL has been filed by an NGO (Peoples Forum) through its advocate Altaf Haqani seeking direction from the court 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.