Instances
have been noted during the recent past that paper used in
printing of cheque books & security stationery do not
conform to CBS-1 specifications resulting in its misuse for
fraudulent purposes.
2.
In order to protect the interest of the depositors
and public at large and to avoid printing of spurious cheques
by unauthorized printers on sub-standard paper, it has been
decided that the banks shall
take following measures immediately.
(a)
Cheque books & security stationery shall be printed
on CBS-1 paper which must conform to International Standards
& CBS-1 specifications to have protection against
alteration & fraudulent attacks on the vulnerable parts
of the cheques by having chemical sensitivity to following
chemicals: -
i) |
Oxalic
Acid 5% |
xi). |
Phenol |
|
ii) |
Sulphuric
Acid 2.5% |
xii) |
Oxitol
|
|
iii) |
Hydrochloric
Acid 2N |
xiii) |
Petroleum
Ether |
|
iv) |
Sodium
Hydroxide 5% |
xiv) |
Acetone
|
|
v) |
Calcium
Hypochlorite |
xv). |
French
Corrector |
|
vi) |
Peliken
Eradicator |
xvi) |
Acetic
Acid |
|
vii) |
Toluene
|
xvii) |
Trichloroethylene
|
|
viii) |
Ethanol
(Alcohol) |
xviii) |
Carbon
Tetra Chloride |
|
ix) |
Benzene
|
xix) |
Chloroform
|
|
x) |
Petrol
|
xx) |
Butyl
Acetate |
|
|
|
|
|
|
(b)
The paper of Cheque books and other security stationery
if printed by licenced Security Printing Agencies (other than
Pakistan Security Printing Corporation
(Pvt) Limited (PSPC)) shall require to be tested from
PSPC, before printing of cheque books and other security stationery.
(c)
Banks shall be required to submit a certificate each
year to the effect that all cheques books & security stationery
printed conforms to the above specifications to Director,
Accounts Department, State Bank of Pakistan within 15 days
from the end of each financial year (July/June).
3. State Bank of Pakistan
during its normal course of inspection of the banks shall
check the compliance of specifications & report of the
laboratory tests, where applicable. SBP shall also on sample
basis may carry out occasional laboratory tests for the cheques
books & security stationery to ensure that the same are
in conformity with the International Standards and as per
above specifications.
4.
Banks are directed to comply with the above instructions
within a period of six months i.e. by 31-12-2003. Any violation
of above measures after said date shall attract the penal
provisions under Banking Companies Ordinance, 1962.
5.
Please acknowledge receipt.
|