The central bank has decided to obtain from the banks and development finance institutions (DFIs) their unclaimed deposits data in the database format (DBF).
The data would be obtained through Data Acquisition Portal 4 (DAP4), primary gateway for data acquisition for the State Bank which Tuesday asked banks and DFIs to submit their data in DBF to streamline the process of acquisition of unclaimed deposits data.
“The banks and DFIs are advised to ensure submission of unclaimed deposits data in DBF format through DAP4 by April 07, 2012 or by next working day, if the due date happened to be a holiday, each year,” said an SBP circular issued Tuesday.
Further, it said, the banks and DFIs may deposit cheques and debit advices of equal amount of unclaimed deposits on the next working day, if the data is being submitted on last due date.
The central on March 7 arranged a comprehensive training session to help the banks and DFIs smoothly transmit the requisite data for the year 2011.
“Keeping in view the constraints faced by Banks/DFIs in conversion of MS Excel data in DBF format, a DBF Generator along with DAP4 Users Manual and User Guide for preparing the data files has also been issued,” it said.
In terms of Section 31 of the Banking Companies Ordinance, 1962, all the banks and DFIs are required to surrender to the central bank all those deposits which have not been operated upon during the last 10 years, except deposits in the name of a minor or a government entity or a court of law, as stipulated under Subsection (1) of Section 31 of BCO, 1962.
The amount of unclaimed deposits and instruments in Pak Rupee and in foreign currencies are required to be surrendered during the first week of April of each calendar year along-with a list of unclaimed deposits/instruments.
