Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No. 23
July 2, 1998   

All Banks/NBFIs

Dear Sirs,

SELECTIVE CREDIT CONTROL.

 

P1ease refer to Section A(III)2 of BCD Circular No..5 dated the 5th July, 1987 read with Section (2) of BCD Circular Letter No.7/121-00-92 dated the ,4th June, 1992 and Rule 10(iii) Of Rules of Business for NBFI regarding margin requirement, prescribed for advances against bank deposits and deposit certificates. It has been decided that encumbrance or lien of any kind upon any foreign currency deposit I foreign currency certificate as e. oover against any direct or indirect liability of the depositors must be removed by July 31st 1998 through set off or direct liquidation of the liabilities so covered by the borrowers.

2. No new encumbrance or lien should there after be created against foreign currency deposits/certificates held on May,8, 1998.

3 All banks/NBFIS are further directed to give a compliance report to the State Bank within 3 days of the expiry or the deadline.

Please acknowledge receipt.



Yours faithfully,
Sd/-(Mansur-ur-Rehman Khan)
Director

       
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