Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 07
April 23, 2003 


The Presidents/Chief Executives
All Banks/ DFIs

Dear Sirs/Madam, 

Cash Reserve Requirement for Deposits raised under FE Circular 25 of 1998

Please refer to our BSD Circular No.18 dated 31st March, 2001 on the captioned subject.

           In order to streamline / rationalize the rate of penalty in respect of default in meeting reserve requirement against FE-25 deposits, it has been decided that penalty scale prescribed in Prudential Regulation-XXV for Rupee cash reserve requirement will henceforth be applied on defaults in FE-25 deposit reserve requirements i.e. 5% Cash Reserve Account (CRA) and 15% Special Cash Reserve Account (SCRA), after converting into rupees.

Accordingly, the amount of default in US$ of 5% CRA and 15% SCRA of FE-25 deposits will be converted into PKR at the SBP mid-rate on the date of default and penalty will be calculated at scale of Rs.69 per Rs.100,000/- or part thereof and will be recovered from the defaulting bank.  

            Please acknowledge receipt.

 

Yours faithfully,
(Jameel Ahmad)
Director
       
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