BPD
Circular Letter No.21 of 2004 |
June 12, 2004 |
All
Banks / DFIs
Dear Sirs / Madam,
UNCLAIMED
DEPOSITS – SECTION 31 OF BCO, 1962
Please refer to BRD Circular No.21 dated the 23rd December,
1992 on the above subject.
2. In terms of section 31 of Banking Companies Ordinance,
1962 all banking companies in Pakistan are required to surrender
to SBP, unclaimed deposits, which have not been operated for
the last ten years except a deposit in the name of a minor
or a Government or a court of law.
3. Some
of the banks have sought clarification as to whether the
payslips/ payorders/ DDs/ TTs/ MTs issued in the name of
Government agencies lying with the branches under bills
payable account for over 10 years are also required to be
surrendered to SBP under Section 31 of BCO, 1962.
4. In this regard, it is clarified that clause (a) of sub-section
(1) of section 31 of Banking Companies Ordinance, 1962 clearly
indicates that the procedure provided for the banking companies
in sub-section (1) is to be followed in cases of deposits.
Such deposit may be any deposit as referred to in clauses
(a) to (d) of sub-section (1). The exemption referred to
in clause (a) of sub-section (1) of Section 31 of Banking
Companies Ordinance, 1962 is equally applicable if beneficiary
of a cheque, draft or bill of exchange or any other instrument
is a minor or a government or a court of law. However, the
banks/DFIs would be required to intimate, in writing, the
government agencies, minors and court of law for settlement
of their deposits/instruments lying with them for more than
ten years.
5.
Please acknowledge receipt.
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Yours
faithfully
Sd/-
(Mohammad
Kamran Shehzad)
Director
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