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.