It has been decided that all banks/DFIs are required to report
the profit/return paid to their clients to CBR. SBP, therefore,
in exercise of powers conferred to it under Banking Companies
Ordinance, 1962, directs all banks/DFIs to provide information
to CBR on biannual basis, with immediate effect, in respect
of those accounts where bank/DFI pays any profit/return in excess
of Rs 10,000 per annum in an account or on deposit maintained
with the bank/DFI. The information will be provided under the
following parameters:- -
i).
The information in respect of non-remunerative accounts will
not be provided.
ii)
Only the following information will be supplied to CBR:
a)
Name of Account. (b) Address of Account.
c)
NIC/NTN Number. (d) Amount of profit/return paid.
iii)
The banks/DFIs will provide information on the basis of actual
payments made to an account holder or depositor.
iv)
Banks/DFIs will provide information in respect of profit/return
to be declared and paid for the period ending 30th June, 2003
by 30th September, 2003 and thereafter within 60 days after
the end of reporting half year.
v)
In case of joint accounts, banks/DFIs will provide details,
as mentioned at (ii) above, only for the lead name in the
account/depositors’ account.
vi)
Head offices of the banks/DFIs will provide the hard copies
of the above data in consolidated form directly to CBR at
Islamabad.
vii)
The information provided by the banks/DFIs under the above
arrangements shall be absolute and final. Officials of CBR
will not ask for any further information from banks/DFIs,
directly or indirectly.
Please acknowledge receipt. |
