Please refer to BPD Circular No.07 dated 21st July, 2006
on the captioned subject.
SBP is in receipt of various queries from banks regarding
the status of the amounts of traveler cheques lying with
them for the period exceeding ten years. The issue has
been examined and it is clarified that traveler cheques,
like any other ‘financial instrument’, as
described in Para 2 (i) of the afore-said circular, also
fall under the provisions of Section 31 of the Banking
Companies Ordinance, 1962. Therefore, the funds on account
of traveler cheques (unclaimed) for a period exceeding
ten years are required to be surrendered to SBP, after
completing the prescribed formalities as per provision
Please acknowledge receipt.