Dams Bank Account - BY: Col. Riaz Jafri (Retd)

Letter to Editor

July 5th, 2018

Dams Bank Account

Sometime back I had floated the idea of building Kalabagh Dam on Self Help basis by raising the needed funds through public donation. I am glad that the Honourable CJP has ordered construction of Diameer Bhasha and Dasu dams and also appealed to the people to donate in a bank account opened for this purpose. Since the amount contributed is likely to be substantial its fund management could be prone to certain malpractices. Mainly it is the banks who in order to grab huge deposits offer illegal temptations such as;

Interest rates above the normal bank rate are offered (under the table) and the profit thus accrued is deposited in another covert account of the beneficiary negotiating the deal.
Setting aside of amounts in Fixed Term Deposit account(s) of various durations and the profits accruing from them are again credited to the covert account.
Payments are not released in time to the contractors due to the non-availability of the funds which are deposited in Fixed Term Deposits.
This was allegedly reported to have had happened while making compensation to many affectees of the Marghala Towers Islamabad, that had collapsed in the earthquake.

The best way to thwart away such a possibility is :-

To safe guard against the above mentioned malpractices by appointing a committee for the selection of the bank.
The account should be opened in the name of at least three judges as the signatories and operated jointly by any two of them.
This shall raise the measure of confidence of the public further who would come forward more confidently to contribute towards the fund.

Col. Riaz Jafri (Retd)

Posted on Jul 07, 18 | 6:11 am