It has been observed that some of the banks are following a general practice of crediting amount of wheat bills (issued by the provincial governments) into the accounts of third parties (instrument bearers) instead of crediting the accounts of real beneficiaries (growers). For instance, funds are transferred to a person in possession of a wheat bill (mostly commission agent of the grain markets) despite the fact that “NON-TRANSFERRABLE” is clearly mentioned on the face of such wheat bill. This non-customary practice being adopted by some bank branches has been viewed seriously.

2.       All banks are henceforth advised to strictly ensure the payment of all types of non-transferrable bills / receipts (including wheat bills) to real beneficiaries instead of third parties (instrument bearers).

3.       Any violation of the above instructions shall attract penal action under the relevant provisions of the Banking Companies Ordinance, 1962.

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