The President/Chief Executive,

All Banks/DFIs

Dear Sirs/Madam,

MASTER CIRCULAR -UNCLAIMED DEPOSITS

Please refer to BPD Circular No.07 dated 21st July, 2006 on the captioned subject.

SBP is in receipt of various queries from banks regarding the status of the amounts of traveler cheques lying with them for the period exceeding ten years. The issue has been examined and it is clarified that traveler cheques, like any other ‘financial instrument’, as described in Para 2 (i) of the afore-said circular, also fall under the provisions of Section 31 of the Banking Companies Ordinance, 1962. Therefore, the funds on account of traveler cheques (unclaimed) for a period exceeding ten years are required to be surrendered to SBP, after completing the prescribed formalities as per provision of law.

Please acknowledge receipt.