Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 28
October 22, 2001  

The Chief Executives,

All Banks / NBFIs 

Dear Sirs / Madam, 

PRUDENTIAL REGULATION-VII / RULE-13(iv) OF THE RULES OF BUSINESS FOR NBFIs

 

Please refer to Prudential Regulation-VII and Rule-13(iv) of the Rules of Business for NBFIs in terms of which Banks / NBFIs are prohibited to enter into leasing, renting and sale / purchase of any kind, without the prior approval in writing of the State Bank of Pakistan, with their directors, officers, employees or persons who either individually or in concert with family members beneficially own 10% or more of the equity of the Bank / NBFI. 

2.         It has henceforth been decided to withdraw the requirement of obtaining prior written approval of State Bank in respect of purchase of vehicles by the directors, officers or employees of Banks / NBFIs which remained in their own use for a period of not less than three years provided that such sale is covered under the employees service rules and is effected by the Bank / NBFI at book value at the date of such transaction.  

3.         Failure to comply with these instructions will render the Banks / NBFIs and officials concerned liable to fines under the provisions of Banking Companies Ordinance, 1962. 

Please acknowledge receipt.



Yours faithfully,
(Kazi Abdul Muktadir)
Director
       
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