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.