The Chief Executives,
All Banks/DFIs

Dear Sirs/Madam,

AMENDMENT IN REGULATION M-1 OF PRUDENTIAL REGULATION
FOR CORPORATE AND COMMERCIAL BANKING.

Please refer to BCD Circular No. 29 of 1968 and 5 of 1989 with regard to opening of government account in personal names of government official (s) on behalf of government.
2. The instructions have been reviewed and have been substituted and added as para 5(a) in the Regulation No. M-1 (Know your Customer) of PR for Corporate and Commercial Banking.
“5(a)Banks/DFIs shall ensure that government accounts are not opened in the personal names of the government official(s). Any such account, which is to be operated by an officer of the Federal/Provincial/Local Government in his/her official capacity, shall be opened only on production of a special resolution/authority from the concerned administrative department duly endorsed by the Ministry of Finance or Finance Department of the concerned Provincial or Local Government.”
3. Accordingly BCD Circular No. 29 of 1968 and 5 of 1989 stands cancelled with immediate effect.