CPD
Circular No. 3 of 2012 |
June 30, 2012 |
The Presidents/Chief Executive Officers
All Banks
Dear Sir/Madam,
Instruments in Favour of Federal/Provincial Governments
Please refer to BPD Circular No.07 dated 21st July 2006.
It has been observed that the banks are retaining with themselves, even after elapse of more than ten years period, the amounts pertaining / favoring to the Federal Government, the Provincial Governments, or any agency/department/corporation of the Federal/Provincial Governments, by way of any financial instrument (cheques, draft, bill of exchange, pay slips /pay orders /D.Ds /T.Ts /M.Ts) payable in any currency where no payment has been made in respect thereof for a period of ten years from the date of issue.
All banks are advised, henceforth, to surrender an amount equal to the amount of the aforesaid instruments as of 29th June 2012 to the State Bank of Pakistan at the earliest after completing all the legal formalities. The reporting of the same may also be made as per attached format.
Please acknowledge receipt..
Encl. As above
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Yours sincerely,
-Sd-
(Mohsin Rasheed)
Head
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