Finance Ministry, sources said, in its summary to the cabinet stated that in the exercise of the powers delegated by the Federal Cabinet to the Prime Minister and Finance Minister, two Deputy Governors Jameel Ahmed and Shamsul Hasan were appointed as Deputy Governors in State Bank of Pakistan (SBP) under Sub-section (4) of the Section 10 of the State Bank of Pakistan Act, 1956 on 11.4.2017 and 22.12.2017 respectively.
The Federal Cabinet in its meeting held on October 4, 2018 terminated all the appointments made by the Finance Minister with the approval of the Prime Minister in terms of powers delegated by the Cabinet and has directed to initiate process for the appointment of new Presidents/ CEOs, Deputy Governors of State Bank and Chairperson/ Members, Comp-etition Commission of Pakistan immediately.
Notifications for termination of the appointments of Jameel Ahmed and Shamsul Hasan were issued accordingly. The appointment of Deputy Governors, SBP is made under sub-section (4) of the Section 10 of the State Bank of Pakistan Act, 1956, which states as under:
Finance Ministry claimed that one or more Deputy Governors may be appointed by the Federal Government for such period (not exceeding five years) and on such salary and such terms and conditions of service as the [Federal Government] may determine, except that neither the salary of a Deputy Governor nor his other terms and conditions of service shall be varied to his disadvantage after his appointment. As per sub section 9 of section 10 of the SBP Act, 1956, the Governor and a Deputy Governor shall on the expiry of their terms of office be eligible for reappointment."
The Ministry contended that the officers already working in the SBP can efficiently and properly perform the duty of Deputy Governor as the job is of a very technical nature. Jameel Ahmed is the senior officer of SBP having illustrious career and experience.
After explaining the scenario of his termination, Finance Ministry approved the reappointment of Executive Director Jameel Ahmed as Deputy Governor, SBP for 2nd term for a period of three years.