Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No.28
October 02, 2000  

All Banks/NBFls,

DIRECTIVE UNDER SECTION 41 OF BCO-REPO TRANSACTIONS

 

Please refer to our Circular No.20 dated 4th August,2000 on the captioned subject.

In terms of the above referred Circular banks/NBFIs were, interalia, required to enter into Master Repo Agreement (MRA) with the counter party by 15th January,2000. It has been observed that some banks/NBFIs have not yet entered into Master Repo Agreement with counter parties. However keeping in view the fact that MRA is new for money market in Pakistan as well as a comprehensive legal document, it has been decided to further extend the time up to 31st December, 2000 for entering into Master Repo Agreement with the counter party. Thereafter if any bank/NBFI will undertake REPO/REVERSE REPO transaction without having entered into Master Repo Agreement with the counter party, the same will attract penal action under the provisions of BCO,1962.

All banks/NBFIs are therefore advised to ensure the meticulous compliance with the instructions within extended time positively.

Please acknowledge receipt.



Yours faithfully,
Sd/-
(Kazi Abdul Muktadir)
Director

       
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