Latest news with #OverseasPropertyAct
Express Tribune
23-03-2025
- Business
- Express Tribune
Courts for expats
Listen to article Overseas Pakistanis play a crucial role in the country's economy, besides contributing to various fields like IT, science, technology and healthcare, and serving as informal ambassadors of their country of origin. In particular, the $30 billion or so they remit annually to a dollar-starved Pakistan help a great deal in financing the imports, thereby maintaining the current account balance and helping to stabilise the external sector. But despite their significant contributions, they face a myriad of issues including devaluation of their investments, exclusion from the country's electoral process and endless legal disputes. But one of the biggest challenges they face is the illegal occupation of their properties back home. Many expats invest in real estate or inherit family properties only to find out that local mafias or even distant relatives have unlawfully taken control of their assets. While the distance makes it difficult for them to fight a legal battle and be awarded justice, the pace at which property disputes proceed in courts makes it entirely impossible. It is thus commendable that at least somebody in the position of authority has realised the problems facing the overseas Pakistanis as regards illegal occupation of their properties. The acting Chief Justice of Islamabad High Court has directed the formation of special courts in Islamabad to address property disputes involving overseas Pakistanis, under the Overseas Property Act, 2024. These special courts are designed to expedite the long and arduous process of resolving property disputes, with the mentioned act mandating that cases be settled within 90 days. Finance Minister Muhammad Aurangzeb, in recent remarks, called overseas Pakistanis the "backbone of our economy", highlighting the significance of their contributions. Given their vital role, it is imperative to ensure proper and sustained implementation of these courts, allowing expatriates to reclaim their legal assets and voice out their concerns.
Express Tribune
17-03-2025
- Business
- Express Tribune
Special courts to be set up for overseas Pakistanis' property disputes
Listen to article Special courts will be established in Islamabad to address property disputes involving overseas Pakistanis, under the Overseas Property Act 2024, According to Express News, these courts are aimed at expediting the resolution of property disputes for Pakistanis living abroad. The acting Chief Justice of the Islamabad High Court has directed the formation of these special courts. The acting Chief Justice has granted the authority of appointing judges to the session judges. In this regard, the Registrar of the Islamabad High Court has written a letter to the Secretary of Law and Justice, stating that the session judges for East and West Overseas Special Courts will be nominated. The letter further specifies that pending cases and the judicial officers' experience should be considered when nominating judges for the session courts. The letter also mentioned that under the Overseas Property Act, the Ministry of Law will issue the necessary notifications for the East and West Sessions Courts. Additionally, a special bench has been formed in the Islamabad High Court under the Overseas Property Act 2024 to hear cases related to the property of overseas Pakistanis. Justice Khadim Hussain Soomro will hear cases and appeals related to overseas Pakistanis' property. The notification in this regard has been issued by the Deputy Registrar, with approval from the acting Chief Justice. Previously in October Pakistan's Senate approved a bill to establish special courts for resolving property disputes of overseas Pakistanis. The bill, presented by Chaudhry Salik Hussain, mandates that these courts settle cases within 90 day. Earlier, Minister for Finance and Revenue Senator Muhammad Aurangzeb provided a comprehensive update on the country's economic progress, highlighting increased remittance inflows, growing investor confidence, and improved outcomes from institutional reforms. "The record-breaking remittance inflow for February 2025 reached an impressive $3.1 billion. We estimate an all-time high remittance inflow of $36 billion by the end of the fiscal year," he said at a news conference alongside Minister for Information, Broadcasting, National Heritage, and Culture Attaullah Tarar. Expressing gratitude to the Pakistani diaspora, whom he described as "the lifeline of our country," Aurangzeb acknowledged their invaluable contribution to the economy.
