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Saturday, 25 May 2013 12:22 pm
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Banks celebrate a decade of nonpayment
KARACHI - The commercial banks for over a decade have not surrendered to the State Bank any amounts pertaining to the federal and provincial governments and their affiliated institutions. “No payment has been made in respect thereof for a period of ten years from the date of issue,” said an SBP circular. The central bank, therefore, has asked the banks to immediately surrender the amounts they have been retaining with themselves from more than a decade. The banks hold these amounts by way of financial instrument like cheques, draft, Bill of Exchange, Pay Slips, Pay Orders, D.Ds, T.Ts and M.Ts, payable in any currency. “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… payable in any currency,” the circular said. The State Bank has advised the banks to, henceforth, surrender an amount equal to the amount of the aforesaid instruments as of 29th June 2012 to it at the earliest after the completion of legal formalities.
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