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040712
STATE BANK OF PAKISTAN - BANKING POLICY DEPARTMENT
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.
Yours faithfully
Sd/-
(Mohammad Kamran Shehzad)
Director
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