It
has come to the notice of State Bank of Pakistan that some
banks follow the practice of crediting their “CDS Miscellaneous”
or “Suspense Accounts” with the proceeds of erroneously received
cheques. This is against the banking practice and makes the
bonafide parties/ payees to suffer.
2.
All banks are, therefore, advised to ensure collection of
cheques on behalf of their customers only and in cases of
erroneously received cheques, redirect the same either to
the drawee bank or to the drawer immediately, but not later
than 72 hours from the date of receipt of such cheques in
the bank.
3.
Failure to comply with the above instructions shall attract
penal provisions under Banking Companies Ordinance, 1962.
4.
Please acknowledge receipt.
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