Please
refer to our BPD Circular No. 29 dated October 15, 2002 regarding
guidelines on write-off of irrecoverable loans and advances.
2.
In this regard it has been noted from the implementation
status reported by the Banks/DFIs that despite lapse of more
than one month no tangible headway has been achieved by them
in implementation of the Scheme. In order to give borrowers
maximum possible time to reach agreements with the Banks/DFIs
to settle their liabilities, all the Banks/DFIs are once again
advised to expeditiously formulate their write-off policies
in the light of SBP guidelines and implement the same on urgent
basis after getting necessary approval from their respective
Board of Directors as the scheme is a one-time opportunity,
which will expire on April 14, 2003.
3.
The Banks/DFIs are further advised to submit the compliance
report of above instructions to the Banking Policy Department
upto December 10, 2002 positively.
4.
Please acknowledge receipt.
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