- For---Indigenous
Bankers, Non-Scheduled Banks, Co-operative Banks and Societies:-
I.—For
Indigenous Bankers and Non-Scheduled Banks.—For remittances
favoring: (a) themselves and (b) others, the rates of exchange
will be as laid down in items 2(a) and 2(b), respectively,
for the Scheduled Banks.
II.—For
Co-operative Banks and Societies.---(a) As laid down for the
Scheduled Banks in item 2(a), except that the minimum exchange
for amounts upto Rs. 5,000/00 will be Re. 0/25 only.
(b)
In addition, Provincial Co-operative Banks undertaking to maintain
with the State Bank balances which shall not at the close of
business on any day be less than 21/2 per cent of their demand
liabilities and 1 per cent of their time liabilities and accepting
other conditions prescribed by the State Bank, will be entitled
to the same facilities as are allowed to the Scheduled Banks
for remittances between accounts with the State Bank and its
agencies (other than Treasury Agencies).For the purpose of this
concession, Central and Industrial Co-operative Banks affiliated
to a Provincial Co-operative Bank will be treated as branches
of the latter. Various conditions laid down by the State Bank
in this behalf can be ascertained from the Agricultural Credit
Department, State Bank of Pakistan, Central Directorate, Karachi.
- For
the State Bank’s domestic purposes:--
(1)
Security Deposit Interest Drafts—at par.
(2) Dividend Warrant Payment Orders—at par.
- On
Government Account:--
(a)
State Bank of Pakistan Government Drafts will be used for
transfers to and from places where the State Bank is represented
by Treasury Agencies. Government Drafts will be issued at
par and at a premium for a minimum amount of Rs. 25/- except
in special circumstances, such as Sepoy’s remittances,
etc.
(c)
Paragraph 4 of Appendix 8 of the Federal Government Compilation
of the Treasury Rules, Vol. II, enumerates the cases in which
remittances are at present granted at par. Each province has
discretion to lay down the cases in which these facilities
shall be granted. Until
such
time as this discretion is exercised, the provisions of the
afore-mentioned articles will continue to apply, with the
exception of remittances on behalf of Co-operative Banks and
Societies, for which provision has been made in paragraph
1-C above. The terms on which Local Funds remittances for
boedfide public and for investment purposes will be granted
are set forth in paragraph I-E(1) (f) below:
(c)
Remittances at par will only be granted for transfers of funds
within the province of the office of issue, Extra-Provincial
transfers in the cases referred to in the aforementioned articles
will be subject to the following exchange charges:--
| Upto
Rs. 5,000/00 |
00.03% |
|
(minimum
Rs. 0/25 in case of |
|
Government
Drafts, Re. 1/00 in |
|
case
of Telegraphic Transfers). |
|
|
| Over
Rs. 5,000/00 . . |
00.02% |
|
(minimum
Rs. 1/50 in the cases of |
|
both
Government Drafts and |
|
Telegraphic
Transfers). |
In
addition, telegram charges will be charged.
Note:--(1)
In cases where Provincial Government desire Extra-Provincial
transfers to be made at par they will themselves pay to the
office of issue exchange at these rates.
Note:--(2)
These charges will not apply to remittances granted to the Federal
Government (including the Military Department) which will continue
to be effected at par, as heretofore, and will be treated as
Intra-Provincial remittances.
Note:--(3)
Remittances on Government Account will ordinarily be made by
means of Government Drafts but in cases of extreme urgency the
State Bank or where the State Bank does not conduct Government
business the National Bank or Treasury Agencies will arrange
for remittances by Telegraphic Transfer at par within the province
on payment of the cost of telegrams.
Extra-Provincial
remittances by Telegraphic Transfer will be
Charged at the following rates:
| Upto
Rs. 5,000/00 . . |
00.06% |
|
(minimum
Re. 1/00) |
|
|
| Over
Rs. 5,000/00 . . |
00.03% |
|
(minimum
Rs. 3/00) |
In
addition, telegram charges will be charged.
(d)
The maximum drawings on any one day which may not be exceeded
without the express sanction of the Currency Officer will be
as follows:
| At
or on a Sub-Treasury . . |
Rs.
25,000/00 |
|
|
| At
or on a Treasury (not being |
|
| a
Sub-Treasury) except on the |
|
| State
Bank. . . |
Rs.
1,00,000/00 |
| At
a Treasury on the State Bank . . |
Without
limit. |
(e)
Remittances at a premium in such cases as Provincial Government
may direct, will be made by means of Bank Drafts, vide paragraph
1-A(1) and (2) above.
(f)
Local Funds:
The
expression ‘Local Fund’ is defined in Rule 652 of
the Federal Government Compilation of the Treasury Rules Vol.
I. All Local Funds remittances, both Intra and Extra-provincial,
will be subject to the following exchange charges:
| Upto
Rs. 5,000/00 . . |
00.06 |
|
(minimum:
T.Ts. Re 1/- |
|
Drafts
25 Paisa). |
|
|
| Over
Rs. 5,000/00 . . |
00.03% |
|
(minimum
Rs. 3/00) |
with
the exception of the Intra-provincial remittances granted at
par by the Local Provincial Government. Until such exceptions
have been incorporated in the Provincial Financial Codes, the
Provisions of the Federal Government Compilation of the Treasury
Rules will apply, and Intra-Provincial remittances at par within
the home province will be limited to:
|
