"The number of pending cases will reduce and harassment of the people will lessen with the enforcement of the amended laws of Registration Act 1908 and Transfer of Property Act 1882 and other related laws," he observed while exchanging views with chairmen and managing directors of 12 banks at the Secretariat in Dhaka.

The meeting was arranged to discuss how the government can enforce the amended laws for the betterment of the people and whether they may face any problems in this regard.

The newly amended laws will be made effective from July 1, 2005.

Lauding the efforts of bankers to implement the laws relating to Artho Rin Adalot successfully, Moudud said they were able to recover Tk1,760 crore in the last one and a half years under these laws.

Even two percent of this amount could not be recovered in the last 30 years, he said adding that the borrowers are running after the banks as the banks now have the authority to sell the mortgaged property before the loan case is taken to the court.

Denouncing the practice of mortgaging the same property to different banks, Moudud said compulsory mortgage registration provision in the amended laws will help reduce this tendency. The banks and the country will not face financial loss now, he hoped.

Shajahan Omar, state minister for law, juste and parliamentary affairs ministry, and Alauddin Sardar, secretary of ministry, were also present at the meeting. Chairmen and managing directors of Agrani Bank, Shilpa Bank, Janata Bank, Commerce Bank, Mercantile Bank, Premier Bank, UCBL, Uttara Bank, IFIC Bank, Exim Bank and Shahjalal Bank also attended the meeting.