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.
|