{1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 5.—-Order.)
DECLARATION OF APPROVED SECURITIES
S.R.O. 310 (R)| 65, dated the 4th December, 1965.—In exercise of the powers conferred by clause (a) of Section 5 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Central Government is pleased to declare Dollar Securities of the Federal Government of the United States of America and the Bonds of the International Bank for Reconstruction and Development as approved securities for the purpose of sub-section (3) of Section 13 of the said Ordinance.
{See Gazette of Pakistan, 1965, Ext., page 1471.}
S.R.O. 8 (R)| 66, dated the 1st February, 1966.—In exercise of the powers conferred by clause (a) of Section 5 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Central Government is pleased to declare Bonds of the Government of Federal Republic of Germany in Deutsche Marks as approved securities for the purpose of sub-section (3) of Section 13 of the said Ordinance.
{See Gazette of Pakistan, 1966, Extra., p. 40, dated 1st February, 1966}
THE BANKING COMPANIES RULES, 1963
S.R.O. 28 (R)|63, dated the 4th July, 1963.—In exercise of the powers conferred by Section 92 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Federal Government after consultation with the State Bank, is pleased to make the following rules, namely:—
1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 5-Order)
1. Short title, extent and commencement.—(1) These rules may be called the Banking Companies Rules, 1963.
(2) They extend to the whole of Pakistan.
(3) They shall come into force on such date1 as the Federal Government may, by notification in the official Gazette, specify in this behalf.
2. Interpretation.—In these rules,
(a) "Ordinance" means the Banking Companies Ordinance, 1962 (LVII of 1962):
(b) "principal office of the State Bank" means the office of the State Bank to which the returns required under the Ordinance or these rules are to be submitted;
(c) “principal office of the banking company” means the office of the banking company which shall be responsible for the submission of returns under the Ordinance or these rules:
(d) “ quarter” means a period of three months ending on the last day of March, June, September and December of any year ; and
(e) “ Place of business” of a banking company includes any sub-office, pay-office, sub-pay-office or any place of business at which deposits are received, cheques cashed or moneys lent.
{1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 92— Banking Companies Rules)
(Under Section 92.—Banking Companies Rules.)
3. Submission of returns.—(1) A banking company having its principal office in any area specified below shall submit all the returns required under the Ordinance or these rules to the office of the State Bank shown against that area in the form prescribed for such returns or as nearly in that form as the circumstances in the particular case admit, namely:--
Area Name of Office of the State Bank 1 2
1. Province of Punjab; State Bank of Pakistan, Post Box No. 40. Lahore.
2. Province of Sindh; State Bank of Pakistan, Post Box No. 4713, Karachi.
3. North West Frontier Province; State Bank of Pakistan, Post Box No. 28, Peshawar.
4. Province of Balochistan; State Bank of Pakistan, Kimberly Road, Quetta,
5. Islamabad Capital Territory; State Bank of Pakistan, Post Box No. 1062, Islamabad.1
(2) Where any such return relates to a particular day or date, on which any office of the banking company, is closed on account of a holiday the return in respect of that office shall be prepared on the basis of the figures of
Substituted vide notification No. SRO. 980 (I)/80 dt. 27-9-1980 the Gazette of Pakistan Extraordinary Part II, dt. 28-9-1980, Page 1739.
the day preceding the holiday.
(3) A banking company shall, within one month of the commencement of these rules or of the commencement of its business, whichever is later, intimate to the principal office of the State Bank the address of its principal office and shall also from time to time inform that office of any change in the address within one month of the change.
1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 92— Banking Companies Rules)
4. List of Officers.—(1) (i) A banking company shall, within one month of the commencement of these rules or of the commencement of its business, whichever is later, send to the principal office of the State Bank a written statement containing a list of –
(a) the names, the official designations and specimen signatures of the officers authorised to sign on behalf of the banking company returns required under the Ordinance or these rules; and
(b) the names and addresses of the directors of the banking company.
(ii) Any change in the list referred to in clause (i) shall be intimated to the principal office of the State Bank within one month of such change.
(2) A banking company incorporated outside Pakistan, which at the commencement of these rules has a place of business in Pakistan, and every such company which after the commencement of these rules establishes a place of business in Pakistan, shall, within one month of the commencement of these rules or of the establishment of such place of business, as the case may be, furnish to the principal office of the State Bank the full address of the principal place of business declared in terms of clause (e) of sub-section (1) of Section 277 of the Companies Act, 1913 and the name and address of one or more persons resident in Pakistan authorised to accept on behalf of the company any notice or order required to be served on the company under the Ordinance or these rules and shall intimate the principal office of the State Bank any change in such name or address within one month of such change:
RP—1/82
STATUTORY RULES AND ORDERS 1962: Ord. LVII]
(Under Section 92.— Banking Companies Rules)
Provided that information furnished by a banking company under rule 4 of the Banking Companies (Control) Rules, 1949, shall be deemed to have been furnished under this rule.
1[5. Deposits.—(1) The deposit specified in sub-section (3) of section 13 of the Ordinance shall be maintained at the principal office of the State Bank.
(1A) Where a banking company desires to make deposit in a freely convertible approved foreign exchange, it may, with the permission of the State Bank, make the deposit either in United States dollars or in the currency of the country of its incorporation. The deposit for each year shall be made by such banking company not later than the 31st March of the year and no substitution on that account shall be allowed during the remaining part of that
2
year.
(IB) Any banking company desiring to make deposit in, or make changes in the currency or quantum of deposit already made in, any freely
1 The original Rules 5, 7 and 9 substituted by Notification No. SRO 312(R)/65, dated the 6th December 1965. Gazette of Pakistan 1965, Extraordinary Pages 1482 – 1484.
Rule 5 again substituted by Notification No. SRO 431(1)/74 dated 4th April, 1974. Gazette of Pakistan, Extra Part-II dated 4-4-1974 and BCD Circular No. 8, dated 30-5-1974.
In rule 5 after sub-rule(1) sub-rule(1A) and (1B) and after sub-rule(2) sub-rule (2A) inserted. Reference Finance Division Notification S.R.O. 41(1)82 dated 16-1-1982, Gazette of Pakistan, Extraordinary Part II, dated 19-11982 Page. 64.
convertible approved foreign exchange may make a written application, not later than the 15th February of the year, to the State Bank for permission to make such deposit or to make such changes to the extent proposed in the application, and the State Bank may, at its discretion, grant or refuse to grant such permission.2
(2) The value of each security deposited under sub-rule (1) shall be estimated at its market rate, ex-dividend.
RP—1/82
1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92—Banking Companies Rules)
(2A) For the purpose of valuation of deposit made in a freely convertible approved foreign exchange on any day—
(a) United States dollar shall be valued at the parity rate of Pakistan rupee to the United States dollar; and
(b) other freely convertible approved foreign exchange shall be valued at the parity equivalent in Pakistan rupee of the United States dollars arrived at on the basis of closing buying rate of such freely convertible approved foreign exchange in terms of United States dollars in the New York market on the day preceding that day or, if such day is a holiday or not a business day at New York, on the first business day counted backward from such day.1
(3) Securities shall be duly transferred to the State Bank by the
In rule 5 after sub-rule(1) sub-rule(1A) and (1B) and after sub-rule(2) sub-rule (2A) inserted. Reference Finance Division Notification S.R.O. 41(1)82 dated 16-1-1982, Gazette of Pakistan, Extraordinary Part II, dated 19-11982 Page. 64.
banking company.
(4) Upon receipt of a deposit under sub-rule (1) the principal office of the State Bank shall, as soon as possible, send to the principal office of the banking company a certificate in Form 1.]
6. Withdrawals of Deposits.— The principal office of the State Bank shall not be bound to return securities actually deposited, but may substitute therefor new scrip of securities of the same description and amount.
RP—1/82
STATUTORY RULES AND ORDERS [1962: Ord. LVII
(Under Section 92—Banking Companies Rules)
1[7. Changes in deposits.—(1) The office of the National Bank of Pakistan holding securities under sub-rule (1) of rule 5 shall permit the withdrawal of foreign approved securities only under instructions from the principal office of the State Bank.
(2) When the form or amount of deposit is changed by reason of a subsequent deposit or withdrawal, the principal office of the State Bank of Pakistan shall, as soon as possible, send to the principal office of the banking company a fresh certificate in Form 1.]
8. Maturing of security deposits.—When a security in deposit matures or when any yield on such a security ceases to accrue, the principal office of the State Bank shall not be bound to inform the banking company; but upon the receipt of a requisition in writing from the banking company, the principal office of the State Bank shall, as soon as possible, collect the discharge value and hold the amount in deposit for purposes of sub-section (3) of section 13 of the Ordinance.
1[9. Interest on deposits. —(1) No interest shall be payable on cash
Substituted for the original Rule 7 and 9 by Notification No. SRO 312 (R) 65, dated the 6th December 1965, See Gazette of Pakistan 1965, Extraordinary Page 1482-83.
deposits.
(2) The principal office of the State Bank shall credit, as soon as possible, the current account of the banking company maintained with it with the interest realised on securities subject to the usual charges.]
RP—1/82
1962:Ord.LVII]
STATUTORY RULES AND ORDERS
(Under Section 92—Banking Companies Rules)
10. Licensing of banking companies. —A company desiring to have a licence under section 27 of the Ordinance shall apply to the Director, Banking Control Department, State Bank of Pakistan, Central Directorate, Karachi.—
(a) in Form IV in the case of a company incorporated in Pakistan and desiring to commence banking business;
(b) in Form V in the case of a company incorporated in Pakistan and in existence at the commencement of the Ordinance;
(c) in Form VI in the case of a company incorporated outside Pakistan and desiring to commence or carry on banking business in Pakistan.
11. Opening of new places of business.— An application by a banking company for permission to open a new place of business or change the location of an existing place of business under Section 28 of the Ordinance shall be submitted in form VII to–
(a) the Director, Banking Control Department, State Bank of Pakistan,
Central Directorate, Karachi in the case of banking companies having their principal offices in West Pakistan, and
(b) the Deputy Chief Officer, Banking Control Department; State Bank of Pakistan, Dacca, in the case of banking companies having their principal offices in East Pakistan.
[1962: Ord. LVII RP—1/82
STATUTORY RULES AND ORDERS
(Under Section 92.---Banking Companies Rules)
1 List of offices.—A banking company shall, within a period of one month from the close of every quarter, send to the principal office of the State Bank a list in Form VIII of all its offices in Pakistan at which it was doing business during that quarter.
2 Publication of approved currencies and securities.—(1) The State Bank shall, not later than one month from the commencement of these rules, by a notification in the official Gazette, publish for the purpose of section 30 of the Ordinance a list of currencies in which export bills drawn in, and import bills drawn on and payable in Pakistan may be expressed.
(2). The State Bank may, by notification in the official Gazette, publish for the purpose of section 30 of the Ordinance, a list of securities approved by
it.
(3) Any alteration in the lists referred to in sub-rules (1) and
(2) shall also be published in the Official Gazette.
(4) An alteration adding a currency or security to the list shall take
effect from date of publication of the alteration and an alteration omitting a
currency or security from the list shall take effect at the expiry of the three months from the date of publication of the alteration.
14. Manner of publication of accounts and balance-sheet.—The balance-sheet and profit and loss account prepared in terms of Section 34 of the Ordinance together with the auditor’s report shall be published within a period of six months from the end of the period to which they relate in a
RP—1/82
[1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 92.---Banking Companies Rules)
newspaper which is in circulation at the place where the banking company has its principal office.
Explanation.—For the purposes of this rule, the expression “newspaper” means any newspaper or journal published at least once a week, but does not include a journal other than a banking, commercial, financial or economic journal.
1 List of Debtors.—The list of debtors under Section 63 of the Ordinance shall be in Form XIII or as near thereto as circumstances permit.
2 Power to exempt in certain cases.—The Federal Government may, on the recommendation of the State Bank, declare by notification in the Official Gazette that any or all of the provisions of these rules shall not apply to any banking company or to any class of banking companies either generally or for such period as may be specified.
3 The return under Sections 22,24,29,30,31, and 32 of the Ordinance shall be submitted in Forms, II, III, IX, X, XI and XII respectively.
[1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 92.---Banking Companies Rules)
THE BANKING COMPANIES ORDINANCE, 1962
Form I (See rule 5 and 7)1
(Section 13)
State Bank of Pakistan
No.______________ Place_________________ Date__________________
Certified that the State Bank of Pakistan of Pakistan held on behalf of______ the under noted deposits in terms of Section 13 (3) of the Banking Companies ordinance, 1962, as at the close of business on______________
Sr. Cash Approved securities Market Amount of freely Total Remarks
No. value convertible approved deposit
foreign exchange under
deposit (Name of section
currency) 13(3)
Form 1 substitued—Referecne Finance Division Notification S.R.O. 41(1)/82 dated 16-1-1982. The Gazette of Pakistan, Extraordinary, part II, dated 19-1-1982 Page. 64.
133 Note:- The issue of this certificate renders any previous certificate issued by the State Bank null and void.
Particulars Face Amount Parity
Value of equivalent
foreign in Pak
exchange rupees
1 2 3 4 5 6 7 8 9
[1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 92.---Banking Companies Rules)
THE BANKING COMPANIES ORDINANCE, 1962
From II (See rule 17)
(Section 22)
Name of the banking company ________________________________
Name and Designation of the officer submitting the return
Statement of cash reserve as at the close of business on the following days of the month of _____________________________________________ (To be filed in triplicate with State Bank before the fifteenth day of the month
succeeding that to which the return relates.)
(Rounded off to the nearest thousand) 1st 2nd 3rd 4th 5th Thursday Thursday Thursday Thursday Thursday
1 1 1 1 1
A. Liabilities:
1 Demand Liabilities.
2 Time Liabilities.
3 Total Demand and Time Liabilities _______________________
Give dates.
B. Minimum amount of cash reserve required to be held under Section 22 of the Ordinance:
1 Five per cent. of A (1).
2 Two per cent of A (2).
3 Total of B (1) and B (2). _______________________
1962: Ord. LVII
STATUTORY RULES AND ORDERS:
(Under Section 92.—Banking Companies Rules).
C. Cash reserve:
1. Cash1
(a) Notes
(b) Rupee coin (including one rupee notes)
(c) Subsidiary coin
1 Balances with the State Bank. _______________________
2 Balances with the agent of the State Bank2
3
Total of C(1) C(2) and C(3)2
Date……………… Signature…………………….
THE BANKING COMPANIES ORDINANCE, 1962
FORM III (See rule 17) (Section 24)
Name of the banking Company………………………………………………………………………
Name and designation of the officer submitting the return…………………...
Statement for the month of………19…….of unsecured loans and advances
1
Cash must not include balances at other banks or any item other than currency notes, rupee coin (including one rupee notes) and subsidiary coin.
2
Item 3, substituted and item 4 added vide Notification SRO 285 (1)/70 dated 21-11-1970 Gazette of Pakistan, Extra.
(including bills purchased and discounted) granted (in Pakistan) to companies in which the banking company or any of its directors is interested as director, managing agent or guarantor.1 (To be submitted to the State Bank before the close of the month succeeding that to which the return relates.)
1962: Ord. LVII
STATUTORY RULES AND ORDERS:
(Under Section 92.—Banking Companies Rules).
A.— Statement of unsecured loans and advances (including bills purchased and discounted) granted to public companies in which the banking company is interested as director, managing agent or guarantor and to private companies in which the banking company is interested as director or guarantor.
(Rounded off to the nearest thousand.)
Name of the company to which the advance has been made Nature of interest in the company (whether director, managing agent, guarantor, etc.) Date of advance Date of repayment Amount outstanding on the last working day of the month Highest outstanding during the month Lowest outstanding during the month Rate of interest Nature of advance (whether loan, overdraft cash Credit, purchase or discount of bills, etc.) Remarks
1 2 3 4 5 6 7 8 9 10
________ Total of column 5 ________
1
The statement should include loans and advances (including bills purchased and discounted) granted during the month or previously and repaid during the month or outstanding on the last working day of the month.
STATUTORY RULES AND ORDERS: 1962: Ord. LVII
(Under Section 92.—Banking Companies Rules).
B.— Statement of unsecured loans and advances (including bills purchased and discounted) granted to public companies in which any of directors of the banking company is interested as director, managing agent or guarantor and to private companies in which any of the directors of the banking company is interested as director.
(Rounded off to the nearest thousand)
Name of the director of the banking company who is interested Name of the company to which the advance has been made Relation of the director of the banking company to the company (whether director, managing agent, guarantor, etc. Date of advance Date of repayment Amount outstanding on the last working day of the month Highest outstanding during the month Lowest outstanding during the month Rate of interest Nature of advance (whether loan, overdraft, cash credit, purchase or discount of bills, etc.) Remarks
1 2 3 4 5 6 7 8 9 10 11
Total of column 6 ________
Date---------------------------- Signature---------------------------------
Note- In case a banking company has no loans or advances to report the fact may be reported in a letter.
[1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 92.---Banking Companies Rules)
THE BANKING COMPANIES ORDINANCE, 1962
Form IV (See rule 10) (Section 27)
Form of application for a license to commence banking business by a company incorporated in Pakistan and desiring to commence banking business.
Address……………………………………
Date……………………….………………… The Director Banking Control Department, State Bank of Pakistan, Central Directorate, Karachi.
Dear Sir,
Application for a license to commence banking business.
We hereby apply for a license to commence banking business in terms of Section 27 of the Banking Companies Ordinance, 1962. We give below the necessary information for the purpose.
Yours faithfully,
Signature……………………
1 Name of the company. ………………………………
2. Place of location of the registered
office of the company. ………………………………
2 State whether the company is public or private. ……………………………..
1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.— Banking Companies Rules.)
1 Date of incorporation. ………………………………
2 Previous application ……………………………… Given particulars of any application previously made to the State Bank in this connection. ……………………………
3 Management:
(a) Give names, business and addresses of directors, the amount of shares held by each and the names of the bankers of each of them. …………………………
(b) Give the name of the proposed Chief executive officer, his qualifications, experience, age and the proposed remuneration. …………………………
7. State detailed reasons for the floatation of the company and give statistical and other data, as under, which may have been collected in respect of the area which the company intends to serve. …………………………
(i) The population of the area of operation
of the proposed place of business. ……………….………
[1962: Ord, LVII
STATUTORY RULES AND ORDERS
(Under Section 92.__Banking Companies Rules.)
(ii) The volume and value of agricultural,
mineral and industrial production and
imports and exports of the area of operation
of the proposed place of business as under:-
Commodity Production Imports Exports Volume Value Volume Value Volume Value
1 2 3 4 5 6 7
(iii)If there are any schemes for
agricultural, mineral or industrial
development give details of the
same and their probable effects on
the volume and value of the present
production, imports and exports. …………………………
(iv)If the existing banking facilities are considered inadequate, give reasons. ………………………
(v) Prospects.__ Give as under an
estimate of the minimum business
which the company expects to attract
[1962: Ord, LVII
STATUTORY RULES AND ORDERS
(Under Section 92.__Banking Companies Rules.)
at the proposed place of business
within 12 month. ………………………………
1.Deposits Amount in thousands of rupees Rates proposed to be allowed on various types of deposits
Minimum Maximum
ii.Advances Amount in thousands of rupees Rates proposed to be charged on various types of advances
Minimum Maximum
___________________________________________________________________
1 Forward an up-to-date copy of the Memorandum and Articles of Association and a copy of the prospectus (with certified translation in English if not in that language.) ……………………….
2 State whether the company fulfils the conditions laid down in sub-section (2) of Section 13 of the
Ordinance, and whether it is
agreeable to permit the State Bank
to satisfy itself by an inspection
of the books of the company or
1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.__Banking Companies Rules.)
otherwise that the prescribed conditions are being fulfilled by the company. ……………………….
10. Any additional facts which the
company may wish to adduce in
support of its application.
N.B1
THE BANKING COMPANIES ORDINANCE, 1962
FORM V (See rule 10)
(Section 27)
Form of application for a license to carry on banking business by a company incorporated in Pakistan and in existence on the commencement of the Ordinance.
Address……………………………………..
Date …………………………………….. The Director,
N.B (1) If an application is for commencing banking business at Karachi or Lahore the details asked for under item 7 (i) , (ii) and (iii) need not be supplied.
(2) If a company is unable or unwilling to supply full details in respect of any of the items, reasons for the omission may be given.
(3) If an application has been submitted to the State Bank in the past, information under items 2,3,4,6,7 and 8 need not be supplied unless there is any change since the last application.
Banking Control Department,
State Bank of Pakistan,
Central Directorate,
Karachi.
Dear Sir,
[1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 92.— Banking Companies Rules.)
Application for a license to carry on a banking business
We hereby apply for a license to carry on banking business in terms of Section 27 of the Banking Companies Ordinance, 1962. We give below the necessary information for the purpose.
Yours faithfully, Signature ……………………….
1 Name of the banking company .......................................
2 Place of location of the registered office of the banking company and of its head office. .......................................
3.State whether the banking company is public or private. .......................................
1 Date of incorporation. .......................................
2 Date of commencement of business .......................................
3 Previous applications: Give particulars of any application Previously made to the State Bank in this connection. ……………………….
7.Management:
(a) Give names, business and addresses of directors. ......................................
1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.---Banking Companies Rules.)
(b) Give the name of the chief executive officer, his qualifications, experience, age and the remuneration paid .......................................
1 Existing Offices 1: Give the number of offices1 in Pakistan and a brief description of the system of supervision and control over the branches. ........................................
2 Give details regarding the authorised, subscribed and paid-up capital and reserves of the banking company as on the date of the application. ........................................
3 Forward an up-to-date copy of the Memorandum and Articles of Association and copies of the balance-sheets together with profit and loss account statements for the last five years (with certified translations in English, if not in that language.) ........................................
4 State whether the banking company fulfills
Includes the registered office and all places of business at which deposits are received, cheques cashed or moneys lent.
the conditions laid down in sub-section (3)
of Section 27 of the Ordinance, and whether
it is agreeable to permit the State Bank to
1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.---Banking Companies Rules.)
satisfy itself by an inspection of the books of the company or otherwise that the prescribed conditions are being fulfilled by the company. --------------------------
12. Any additional facts which the banking company may wish to adduce in support of its application. ........................................
N.B—1
THE BANKING COMPANIES ORDINANCE, 1962
Form VI (See rule 10)
(Section 27)
Form of application for a licence to 2 commence / carry on banking business in Pakistan by a banking company incorporated outside Pakistan.
Address .................................................
Date ....................................................... The Director, Banking Control Department, State Bank of Pakistan,
1
(1) If a banking company is unable or unwilling to supply full details in respect of any of the items, reasons for the omission may be given.
(2) If an application has been submitted to the State Bank in the past, information under items 2,3,4,5,7,8,9
and 10 need not be supplied unless there is any change since the last application. 2
The portion not applicable to be struck off.
Central Directorate,
Karachi.
Dear Sir.
[1962: Ord. LVII
STATUTOY RULES AND ORDERS
(Under Section 92.---Banking Companies Rules.)
Application to 1commence / carry on banking business in Pakistan.
We hereby apply for a license to 1commence / carry on banking
business in terms of Section 27 of the Banking Companies Ordinance,
1962. We give below the necessary information for the purpose.
Yours faithfully, Signature ..............................................
1 Name of the banking company ..........................................................…
2 Place of location of the registered office of the banking company and of its head office. ...............................................................
3 State whether the banking company is public or private. ..............................................................
4 Date of incorporation. ..........................................................…
5 Country or State in which the banking company is incorporated. .......................................................…..
6 Previous applications: Give particulars of any application previously made to the State Bank in this connection. ........................................................…
The portion not applicable to be struck off.
146
1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.—Banking Companies Rules.)
7. Management:
(a) Give names, business and addresses of directors in Pakistan ...........................................................
(b) Give the name of the chief
executive officer or the proposed chief
executive officer in Pakistan, his
qualifications, experience, age, and
the remuneration paid or proposed
to be paid.
8. (a)For a banking company already carrying on banking business in Pakistan:
Existing Offices:1 Give the number of offices1 in Pakistan and a brief description of the system of supervision and control over the offices1 ........................................
(b) For a company desiring to
commence banking business in
Pakistan:
State detailed reasons for an office1 in
Includes all places of business at which deposits are received, cheques cashed or moneys lent.
147
Pakistan and give statistical and other data, as under, which may have been
1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.—Banking Companies Rules.)
collected in respect of the area
which the company intends to
serve.
(i) The population of the area
of operation of the proposed
place of business. ..................................................
(ii) The volume and value of
agricultural, mineral and industrial,
production and imports and exports of
the area of operation of
the proposed place of
business as under:-
Production Imports Exports Commodity ________________ _________________ ______________ Volume Value Volume Value Volume Value
1 2 3 4 5 6 7
(iii) If there are any schemes for agricultural, mineral or industrial development give details of the same on the volume and value of and their probable effects the present production, imports
and exports.
(iv) If the existing banking facilities are considered inadequate, give reasons.
[1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 92.--- Banking Companies Rules.)
(v)Prospects: Give as under an estimate of the minimum business which the company expects to attract at the proposed place of business within 12 months.
1. Deposits Amount in thousands of rupees Rates proposed to be allowed on various types of deposits
Minimum Maximum
ii.Advances Amount in thousands of rupees Rates proposed to be charged on various types of advances
Minimum Maximum
iii. Exports and Amount in thousands of rupees Imports Bills.
1 State what arrangements have been made to ensure compliance with the provisions of sub-section (3) of Section 13 of the Ordinance.
2 Forward an upto-to-date copy of the Memorandum and Articles of Association and copies of the
149
Balance-sheets together with profit and loss account statements for
[1962: Ord. LVII
STATUTORY RULES AND ORDERS
(Under Section 92.--- Banking Companies Rules.)
the last five years (with certified
translations in English, if not in
that language).
1 State whether the banking company
fulfils the conditions laid down in
sub-section (3) of Section 27 of the
Ordinance, and whether it is agreeable
to permit the State Bank to satisfy
itself by an inspection of the books
of the company or otherwise that the
prescribed conditions are being
fulfilled by the company.
2 Any additional facts which the
banking company may wish to
adduce in support of its
application.
N.B. (1) If an application is for commencing banking business at Karachi or Lahore the details asked for under item 8 (b) (i), (ii) and (iii) need not be supplied.
(2) If a company is unable or unwilling to supply full details in respect of any of the items, reasons for the omission may be given.
(3) If an application has been submitted to the State Bank in the past, information under items 2,3,4,5,7,8, and 10 need not be supplied unless there is any change since the last application.
1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--Banking Companies Rules.)
THE BANKING COMPANIES ORDINANCE,1962
Form VII (See rule II) (Section 28)
Form of application for permission to open a new place of business or change the location (otherwise than within the same city, town or village) of an existing place of business under Section 28 of the Ordinance.
Address …..…………………
Date . ………..…………… Banking Control Department, State Bank of Pakistan, Karachi.
Dear Sir,
We hereby apply for permission to open a new place of usiness/change the location of an existing place of business in terms of Section 28 of the Banking Companies Ordinance, 1962. We give below the necessary information for the purpose.
Yours faithfully,
Signature………………………………. __________________
151
[1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--- Banking Companies Rules.)
1 Name of the banking company
2 Place of location of the registered office of the banking company and of its head office.
3 State whether the banking company is public or private
4 Date of incorporation
5 Date of commencement of business
6 Previous applications: Give particulars of any application previously made to the State Bank in this connection
7. Management:
(a) Give names, business and addresses of directors.
(b) Give the name of the officer- in-charge of the proposed office, his qualifications,
…………………………
…………………………
…………………...…… ...……………………… ……….……………….
----------------------------
..…………………….
experience, age, and remuneration and also particulars about the local Advisory Board (or local directors), if any, .…………………….
[1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--- Banking Companies Rules.)
8. Existing offices:
(a) Give the number of offices in Pakistan. In the case of offices making losses, also give details as in Table ‘A’ …………………………….
(b) In the case of offices which have been in existence for less than three years on the date of application also give details as in Table ‘B’. ……………………………..
9. Proposed office:
(a) Give the location of the proposed office ………………………………
(b) Reasons for the proposed office ……………………………
State detailed reasons for the proposed office and give statistical and other data, as under, which may have been collected for the proposed office. ……………………………….
[1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--- Banking Companies Rules.)
(i) The population of the area of operation of the proposed office. ………………………………..
(ii) The volume and value of agricultural, mineral and industrial
production, and imports and exports of the area of operation of the proposed office as under:
Production Imports Exports Commodity_________________________________________________________ Volume Value Volume Value Volume Value
(iii)If there are any schemes
for agricultural, mineral or
industrial development give
details of the same and
their probable effects on the
volume and value of the
present production, imports
and exports. …………………………...
(iv)If the existing banking facilities are considered inadequate, give reasons ……………………………….
[1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--Banking Companies Rules.)
(v) Prospects:
Give as under an estimate
of the minimum business
which the banking company
expects to attract at
the proposed office within
12 months.
I. Deposits Amount in thousands of rupees Rates proposed to be allowed on various types of deposits.
Minimum Maximum
II. Advances Amount in thousands of rupees Rates proposed to be charged on various types of advances
Minimum Maximum
10. Change of location of an existing office:
Give the exact location of the
office which is proposed to be
closed and of the place to
which it is proposed to shift
it, giving particulars of the new
location as in No. 9 (b).
[1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--Banking Companies Rules.)
1 System of supervision and control
over the proposed office:
Give a brief description of the
system of supervision and
control which will be exercised
over the proposed office and
the authority of the officials at
the proposed office regarding
advances (including bills purchased
and discounted).
2 Capital and Reserves:
Give details regarding the authorised,
subscribed and paid-up
capital and reserves of the
banking company as on the
date of the application.
13.Expenditure:
State the amount already spent or proposed to be spent on staff, premises,
[1962. : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--- Banking Companies Rules.)
furniture, stationery,
advertising, etc., in connection
with the proposed office. Also
state the minimum income
which the banking company
expects to earn at the proposed
office in 12 months.
1 Forward an up-to-date copy of the Memorandum and Articles of Association and copies of balance-sheets together with profit and loss account statements for the last five years (with certified translations in English, if not in that language).
2 Other particulars:
Any additional facts which the
banking company may wish to
a adduce in support
of its application.
N.B.
(1) The words ‘office’ and ‘offices’ wherever they occur in this form include a place or places of business at which deposits are received, cheques cashed or moneys lent.
(2) No.9 (a) and (b). To be replied to if the application if for opening a new office. If an application is for opening a place of business at Karachi or Lahore, the details asked for under item 9 (b) (i), (ii) and (iii) need not be supplied.
(3) No. 10. To be replied to if the application is for changing the location of an existing place of business.
(4) If a banking company is unable or unwilling to supply full details in respect of any of the items reasons for the omission may be given.
(5) If an application has been submitted to the State Bank in the past, information under items 2,3,4,5,7,8,11,12, and 14 need not be supplied unless there is any change since the last application.
(6) The information asked for in items 7 (b), 9,10 and 13 is to be given separately for each office where the application relates to the opening of or changing the location of more than one office.
[1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.—Banking Companies Rules.)
TABLE A Name of the Banking company------------------------------------------------------- Number of existing offices making losses ------------------------------------------
Name of Place Description i.e., whether branch, sub-office, pay-office, sub-payoffice,etc. Date of Opening Amount of loss during the preceding year DEPOSITS ADVANCES Remarks
As on the date of the last balance-sheet
1 2 3 4 5 6 7
TABLE ‘B’
Particulars regarding offices which have been in existence for less than three years on the date
of application.
As on the date of the last balance sheet
(Rounded off to the neartest and thousand)
Name of Place Description i.e., whether branch, sub-Office, pay-office, sub-pay-office,etc. Date of opening DEPOSITS ADVANCES
Current Savings Others Total Secured Unsecure d Doubtful or bad Total Remarks
1 2 3 4 5 6 7 8 9 10 11 12
[1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.—Banking Companies Rules.)
THE BANKING COMPANIES ORDINANCE, 1962
From VIII (See rule 12)
(Section 28) (To be submitted within one month after the end of the quarter to which it relates.)
Name of the banking company……………………………………………
Name and designation of the officer submitting the return……………………
………………………………………………………………………………
(a) Statement of offices1 in Pakistan as on the last day of the quarter ended…………………………………………………………………………..
Name of place where the banking company District and Province has an office (may be arranged in alphabetical order)
1 2
(b) Statement of offices1 opened in Pakistan during the quarter ended……………………………………………………..
Name of the place District and Province Date of opening the office
1 2 3
Includes the registered office and all places of business at which deposits are received, cheques cashed or moneys lent.
[1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.—Banking Companies Rules.)
(c) Statement of offices1 in Pakistan closed during the quarter
ended…………………………………………..
Name of the place District and Province Date of closing the office
1 2 3
Date…………………. Signature……………………………
THE BANKING COMPANIES ORDINANCE, 1962
Form IX (See rule 17)
(Section29) Name of the banking company…………………………………………….. Name and designation of the officer submitting the return………………... ……………………………………………………………………………… Statement of demand and time liabilities and cash, gold and unencumbered approved securities for the month of ……………………………………… (To be sent to the State Bank of Pakistan before the close of the month succeeding that to which it relates).
(Rounded off to the nearest thousand)
As at the close of business on 1st 2nd 3rd 4th 5th Thurs- Thurs- Thurs- Thurs- Thurs-
Day day day day day
2 2 2 2 2
1
Includes the registered office and all places of business at which deposits are received, cheques cashed or moneys lent.
2
Give date (where Thursday is a holiday under the Negotiable Instruments Act, the preceding working day).
[1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.—Banking Companies Rules.)
A. Liabilities in Pakistan:
1. Demand Liabilities:
(a) Demand Liabilities (General) ………………………………
(b) Deposits from banks. ………………………………
(c) Borrowings from banks. ………………………………
2. Time Liabilities:
(a) Time liabilities (General) ………………………………
(b) Deposits from banks. ………………………………
(c) Borrowings from banks. ………………………………
3. Total Demand and Time Liabilities
in Pakistan. …….…………………..…… ….…………………..………
B. Liquid Assets:
1 Cash in hand ……….………………….…
2 Balances with the State Bank.
3 Balances with the agent of the ……..……………………… State Bank. …………………..…………
4 Gold (valued at a price not exceeding current market price). …………..…………………
5 Unencumbered approved securities (valued at a price not exceeding current market price) ..…………………………….
6 Deposit with the State Bank
RP—I/82
1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.—Banking Companies Rules.)
under sub-section (3) of Section 13 of the
Ordinance—
(i) Cash. ………………………………
(ii) Unencumbered approved
securities (valued at a price
not exceeding current
market price).
1(iii) Foreign currency deposits
held abroad on account of
the State Bank.
_________________________ ………………………… (Name of the Currency) ____________________
7. Total of the above assets. …………………………. ____________________
C. Minimum amount of assets required to be held under Section 29 of the Ordinance. …………………………. [20 per cent of A (3)]
Signature………………………… Designation……………………… Address…………………………
In entry 6 in Form IX a new clause (iii) inserted. Reference Finance Division Notification S.R.O. 41(1)/82 dated 16-1-1982. Gazette of Pakistan Extra ordinary, Part II, dated 19-1-1982 Page 64.
RP—I/82
[1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.—Banking Companies Rules.)
Certified that the minimum percentage of liquid assets as required under Section 29 of the Banking Companies Ordinance, 1962, was maintained on all days of the above mentioned month except on the dates mentioned below:
[Defaults (if any] Amount of default Reasons
Date ………………………… Signature…………………………
THE BANKING COMPANIES ORDINANCE, 1962
Form X (See rule 17)
(Section 30) Name of the banking company……..……………………………………….. Name and designation of the officer submitting the return…………………….………...………………………………………… Statement of assets and liabilities in Pakistan for the month of …………….
(To be sent to the State Bank of Pakistan before the close of the month succeeding that to which it relates). (Rounded off to the nearest thousand) As at the close of business on
1st 2nd 3rd 4th 5th
Thurs- Thurs- Thrus- Thrus- Thrus-day day day day day
1 1 1 1 1
Give date (where Thursday is a holiday under the Negotiable Instruments Act, the preceding working day). 164
[1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--Banking Companies Rules)
A. Liabilities in Pakistan:
1. Demand Liabilities
(a) Demand Liabilities (General) ………………………
(b) Deposits from banks. ………………………
(c) Borrowings from banks. ………………………
2. Time Liabilities:
(a) Time Liabilities (General) ………………………
(b) Deposits from banks. ………………………
(c) Borrowings from banks. ……………………… ________________________
3. Total Demand and Time Liabilities in Pakistan …………..…………….
________________________
B. Assets in Pakistan:
1 Cash in hand ………………………
2 Balances with the State Bank. ………………………
3 Balances with the agent of the State Bank. ………………………
4 Balances with other banking companies in current account and money at call and short notice. ………..……………
5 Inland bills purchased. ………..……………
6 Inland bills discounted. ………..……………
7 Export bills drawn in Pakistan (in approved currencies). ………..……………
[1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--Banking Companies Rules)
1 Import bills drawn on and payable in Pakistan (expressed in approved currencies). …………….………
2 Investments:
(a) Federal and Provincial Governments Securities including Treasury Bills………………………..
(b) Other securities, shares debentures, etc……………………
(c) Other investments. ….…………………………
1 Loans, advances, cash credits and overdrafts (excluding those referred to in items II). ……………………………
2 Due from banking companies. ……………………
3 Securities approved by the State Bank under Section 30 (3) (a) of the Ordinance and not included in any of the above items. ..……………………
4 Premises, Furniture, Fixtures and other fixed assets. ..……………………
[1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92.--Banking Companies Rules)
14. Other assets. …..………………… _____________________________ Total :
_____________________________
C. Minimum amount of assets required to be held in Pakistan under Section 30 of the Ordinance. …………………...
_____________________________
Signature…………………………… Designation………………………… Address……………………………
Certified that the minimum percentage of assets in Pakistan as required under Section 30 of the Banking Companies Ordinance, 1962 was maintained on all days of the above mentioned month except on the dates mentioned below:
[Defaults (if any)] Date Amount of Default Reasons
Date……………………….. Signature……………………
1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92. –- Banking Companies Rules.)
THE BANKING COMPANIES ORDINANCE, 1962
FORM XI (See rule 17) (SECTION 31)
Name of the banking company…………………..……………….. Name and designation of the officer submitting the return ……………… Return of unclaimed accounts in Pakistan which have not been operated upon for 10 years or more as on the date of the return.
As on the 31st December, …………………………. (To be submitted to the State Bank within thirty days after the close of each calender year).
Name of Name and Balance Nature of account Date of last Reasons, if Remarks
office or address of outstanding (whether current, deposit or any why not
branch of the savings, fixed or withdrawal operated
the depositor other accounts of upon
banking the nature of
company deposits)
(1) (2) (3) (4) (5) (6) (7)
Balance brought
forward from the
previous return 1 .
Inserest allowed, if any, during the year1 . Total:
Additions since the date Total:
of the last return 2
Withdrawals since the Total:
date of the last return 2
Balance as at the close of the year
Date……………….. Signature……………..
1 Only totals may be given under column 3.
2 Particulars to be given under all columns.
N.B.- The particulars required by this form should be given to the extent to which they are available. 168
1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92. –- Banking Companies Rules.)
THE BANKING COMPANIES ORDINANCE, 1962
FORM XII (See rule 17) (Section 32) Name of the banking company ……………………………………………
Name and designation of the officer submitting the return ………………
Statement showing the assets and liabilities in Pakistan as at the close of business on 30th June/31st December, 19__________
(To be submitted to the State Bank before the close of the month succeeding that to which the return relates).
(Rounded off to the nearest thousand)
A. Liabilities in Pakistan: B Assets in Pakistan:
1. Paid-up capital.1 ………… 1. Cash in hand ………….
2. Balances with the State Bank………
2. Reserve Fund and other reserves ……… 3. Balance with the Agent of the
State Bank ....………
3. Demand Deposits and contingency 4. Balance with other banking
(unadjusted) accounts: companies in current
account………………
5. Money at call and
short notice. …………
6. Bills purchased …………
(a) Demand Deposits from banking 7. Bills discounted…………
companies …………. 8. Investments:
In the case of banking companies incorporated outside Pakistan the amount of deposit kept with the State Bank under sub-section (3) of Section 13 of the Ordinance should be shown under this head but excluded from the total.
1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92. –- Banking Companies Rules.)
(b) Demand Deposits from others (1) In Government securities and contingency (unadjusted) (including Treasury accounts. ……….…. Bills)--.
(I) Government Securities—
(a) Central Government. ……….
(b) Provincial Governments ……………
4. Time Deposits:
(a) From banking companies…………. (ii) Treasury Bills
(a) Central Government …………
(b) Provincial Governments …………
(b) From others.
(2) Other Investments
5. Borrowing from other (a) Securities of
banking companies ……….. local authorities
(e.g. municipalities, port trust, etc.) …………
1 Bills payable. ………… (b) Shares, debentures, etc. ……….
2 Branch Adjustments. ………… (c) Others. ……….
3 Other liabilites1 (give ………… 9. Loans, advances, cash credits
details). and overdraft (excluding
due from banks)
1 Due from banking companies ……
2 Premises, furniture, fixture and other fixed assets. …………
The balance of Profit and Loss Account, if any, should be included in items A8 and B13 as the case may
be.
[1962: Ord. LVII
STATUTORY RULES AND ORDERS (Under Section 92.—Banking Companies Rules.)
12.Branch Adjustments. ……….…
13. Capitalised expenses, including
preliminary expenses,
organisation expenses, share
selling commission, brokerage
amounts of losses incurred and any
other item of expenditure not represented by tangible assets1 …...
14. Other tangible assets (give
details) …………
_____________
Total . . Total . .
___________
Date…………………….. Signature…………………………
The balance of Profit and Loss Account, if any, should be included in items A8 and B13 as the case may
be.
1962: Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 92. –- Banking Companies Rules.)
THE BANKING COMPANIES ORDINANCE, 1962
FORM XIII 1(See rule 15) [Section 63(2)]
In the High Court of Judicature at …………………………Jurisdiction No…………of 19…………..In the matter of the Companies Ordinance, 1984 And in the matter of the banking Companies Ordinance, 1962 And in the matter of …………………………….a Banking Company List of Debtors of …………..ordered to be wound up on ……………
Serial No.
Name and address of debtor
If the original debtor is dead, give names and addresses ofhis legal representatives, (If the original debtor dies after this list is filed in Court but before it is settled, substitute the names and addresses of his legal representatives.)
If the original debtor is an insolvent, give the name and address of the assignee or receiver of his estate. If the original debtor is adjudged insolvent after this list is filed inCourt but before it is settled, the name of such assignee orreceiver shall be added.
Amount of debt due.
Rate of interest, if any, and the date up to which such interest has been calculated.
Description of papers, writings and documents if any,relating to the debt.
Whether in respect of the debt the banking company holds personal security only or no security.
Whether in respect of the debt the Banking company holdssecurity other than personal security, if so, give the natureand particulars of the security including the estimated value of the security, names and addresses of persons havinginterest in such security or a right of redemption therein.
Particulars of guarantee where debt is guaranteed including names and addresses of guarantors and extent of guarantee.
Description of papers, writings and documents in support of the guarantee where debt is guaranteed.
Relief or reliefs claimed.
Remarks.
1 2 3 4 5 6
7
8 9 10 11 12 13
Dated this……………………day of ……………….19……….at ………….. (See Gazette of Pakistan, 1963, Extraordinary, Pages 440 a –440ae).
1
STATUTORY RULES AND ORDERS [1962 : Ord. LVII
(Under Section 93.—Order.)
EXEMPTION OF CERTAIN SCHEDULED BANKS FROM THE OPERATION OF SECTION 8.
S.R.0. 125 (K)/64, dated the 11the February, 1964.—In exercise of the powers conferred by Section 93 of the Banking Companies Ordinance, 1962 (LVII of 1962), and on the recommendation of the State Bank, the Central Government is pleased to declare that the provisions of Section 8 of the said Ordinance shall not apply to the following scheduled banks, namely:—
(1) Netherlands Trading Society, and
(2) American Express Company, Inc. [ See Gazette of Pakistan, 1964, Extra., page 139].
EXEMPTION OF THE NATIONAL BANK FROM THE
OPERATION OF SECTION 23.
S.R.O. 282 (K)/65, dated the 26th April, 1965.—In exercise of the powers conferred by Section 93 of the Banking Companies Ordinance, 1962 (LVII of 1962), and on the recommendation of the State Bank of Pakistan, the Central Government is pleased to declare that the provisions of sub-section (2) of Section 23 of the said Ordinance, shall not apply to the National Bank of Pakistan, Karachi in so far as they relate to the purchase of shares of the Bank of Bahawalpur Limited by the National Bank of Pakistan, Karachi.
[ See Gazette of Pakistan, 1965, Extra., p. 155, dated 27 the April, 1965].
1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 93.—Order.)
DATE OF ENFORCEMENT OF THE RULES
No. 6 (7) IFIV/62, dated the 5th August, 1963.—In exercise of the powers conferred by sub-rule (3) of rule I of the Banking Companies Rules, 1963, the Central Government is pleased to specify the first day of September, 1963, as the date on which the said Rules shall come into force.
[See Gazette of Pakistan, 1963, Extra., page 614a]
NON-APPLICABILITY OF SECTION 36 TO BANKING COMPANIES INCORPORATED OUTSIDE PAKISTAN
S.R.O. 35 (R), dated the 27th August, 1963.—In exercise of the powers conferred by Section 93 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Central Government, on the recommendation of the State Bank is pleased to declare that the provisions of Section 36 of the said Ordinance shall not apply to banking companies incorporated outside Pakistan in so far as the said provisions require banking companies to get their accounts and balance-sheets passed in the Annual General Meeting.
(See Gazette of Pakistan, 1963, Extra., page 640C)
NON-APPLICABILITY OF PROVISIONS OF SECTION 26
S.R.O. 40 (R) 65, dated the 8th May, 1965.—In exercise of the powers conferred by Section 93 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Central Government is pleased, on the recommendation of the
1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 93.—Order.)
State Bank of Pakistan, to declare that the provisions of Section 26 of the said Ordinance shall not apply to banking companies incorporated outside Pakistan.
(See Gazette of Pakistan, 1965, Extra., Page 221-222)
EXEMPTION OF BANKING COMPANIES
S.R.O. 92 (R) /65, dated the 22nd July, 1965.—In exercise of the powers conferred by Section 93 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Central Government is pleased, on the recommendation of the State Bank of Pakistan to exempt the banking companies which were under liquidation prior to the 7th June, 1962 from the operation of Section 54,55, 57 and 58 of the said Ordinance.
(See Gazette of Pakistan, 1965, Extraordinary, page 606).
NON-APPLICABILITY OF SECTION 14 TO THE BANK OF
BAHAWALPUR
S.R.O.104 (R)/65, dated the 17thAugust, 1965.—In exercise of the powers conferred by Section 93 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Central Government is pleased, on the recommendation of the State Bank of Pakistan to declare that the provisions of clause (iv) of subsection (I) of Section 14 of the said Ordinance shall not apply to the Bank of Bahawalpur Limited so far as they relate to the exercise of voting rights by the National Bank of Pakistan in respect of its shareholding of the Bank of Bahawalpur Limited.
(See Gazette of Pakistan, 1965, Extra., p.754)
1962 : Ord. LVII]
STATUTORY RULES AND ORDERS
(Under Section 93.—Order.)
MAINTENANCE OF LIQUID ASSETS
S.RO. 141 (R) /67.— In exercise of the powers conferred by the proviso to sub-section (I) of Section 29 of the Banking Companies Ordinance, 1962, (LVII of 1962), the Central Government is pleased to direct that with effect on and from the 1st September, 1967, the amount which a banking company shall maintain in Pakistan shall be not less than twenty-five per cent of the total of its time and demand liabilities in Pakistan.
(See Gazette of Pakistan, 1967, Extra., page, 786)
STATE BANK OF PAKISTAN
(Central Directorate)
Karachi, the 3rd October, 1966.
Notification
No. ED.13.— In exercise of the powers conferred by section 84 of the Banking Companies Ordinance, 1962 the Central Board at its meeting held on the 22nd August 1966 has been pleased to authorize the incumbents of the posts of Chief Officer, Senior Deputy Chief Officers, Deputy Chief Officers, Assistant Chief Officers, and Banking Officers of the Banking Control Department and Managers of the Offices of the State Bank of Pakistan to file complaints in courts of competent jurisdiction for trial of offences punishable under section 83 of the said Ordinance.
Sd./-
(Abdul Latif)
Deputy Governor
(Ref: The Gazette of Pakistan, Part V dated 14-10-1966.)
STATE BANK OF PAKISTAN
(Central Directorate)
Karachi, the 4th November, 1969.
Notification
No. BCD 2/69.— In exercise of the powers conferred by sub-section 4 of Section 34 of the Banking Companies Ordinance, 1962 (LVII of 1962), the State Bank of Pakistan, on the expiry of three months’ notice provided in Notification No. BCD 1/69 dated the 28th July, 1969, is pleased to direct that the following amendments shall be made in Form ‘A’ (Form of Balance Sheet) and Form ‘B’ Form of Profit & Loss Account) of the Second Schedule to the said Ordinance:-
In the aforesaid Second Schedule,
I. in Form ‘A’ (Form of balance Sheet)
(a) for the existing Note (C) (ii) of the Notes to Form ‘A’ the following shall be substituted, namely:-
“(C) (ii) (A) Money for which the banking company is contingently liable showing separately the amount of any guarantee given by the banking company on behalf of directors or officers.
(B) Money for which the banking company is contingently liable showing separately the amount of guarantees given by the banking company favouring:-
(I) Government
(2) Banks and other financial institutions.
(3) Others”;
(b) for the existing Note (g) of the Notes to Form ‘A’ the following shall be substituted, namely:-
“(g). These should be classified under the following Categories:
(i) Investment in shares of subsidiary companies.
(ii) Stationery and stamps on hand.
(iii) Interest accrued on investment but not collected, commission and brokerage on shares and debentures and other income receivable.
(iv) Advance deposit and advance rent.
(v) Preliminary, formation and organisation expenses, renovation/ development expenses, and prepaid expenses.
(vi) Branch Adjustments.
(vii) Suspense Account.
(viii) Others,”;
(2) in Form ‘B’ (Form of Profit & Loss Account)
(a) Item No. 5 under the head Income reading as:
“5. Net Profit on revaluation of investments, gold and silver, land, premises and other assets (not credited to Reserve or any particular Fund or Account)”, shall be omitted;
(c) the existing items Nos. 5, 6, 7, & 8 under the head Income after the deletion of item No. 5 as aforesaid, shall be numbered as item Nos. 5, 6 and 7 respectively.
Sd-/-
(S.A. MEENAI) Deputy Governor.
Ref:— Gazette of Pakistan, Part V dated 14-11-1969, Page 564—BCD Circular No. 26 dated 27-11-1969.
AMENDMENTS IN BANKING COMPANIES
RULES, 1963—FORM II.
Notification
Islamabad, the 21st November, 1970.
S.R.O. 285(I) 70.—In exercise of the powers conferred by Section 92 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Central Government, after consultation with the State Bank of Pakistan, is pleased to direct that following further amendments shall be made in the Banking Companies Rules, 1963, the same having been previously published as required by sub-section (3) of that section namely:-
In the aforesaid Rules, in Form II, under the heading “C. Cash reserve”,
(1) for item 3 the following shall be substituted, namely:- “3. Balances with the agent of the State Bank”; and
(2) after item 3 amended as aforesaid, the following new item shall be added namely:- “4. Total of C (I), C (2) and C (3)”.
(F.I (5)—IFI /70)
S. A. A. SHAH, TQA, CSS, Deputy Secretary
(See Gazette of Pakistan, Extra., dated 26-11-1970 BCD Circular No. I3 dated 21-6-1971).
STATE BANK OF PAKISTAN (Central Directorate)
(ADMINISTRATION DEPARTMENT)
Karachi the 20th January 1972
No. A.D. 2.— The Central Board at its meeting held on the 30th December 1971 was pleased to approve the changes in designations of Officers Class II and above as per Annexure ‘A’.
The Central Board further decided that the above Officers with the new designations will continue to exercise the same signing powers as hitherto been exercised by them under the old designations.
S.A. MEENAI, Deputy Governor.
ANNEXURE ‘A’
CHANGE IN DESIGNATIONS OF OFFICERS CLASS II
AND ABOVE
SI. Department Existing Designation Proposed No. Designation
1 2 1. Administration Deptt. (Old Personnel Deptt.) 3 Deputy Director of Personnel Asstt. Director of Personnel Staff Officer (Staff Section) 4 Deputy Director. Asstt. Director. Administrative Officer.
Personnel Officer Administrative Officer.
Accounts Officer (General/ Medical Sections). Administrative Officer.
Asstt. Personnel Officer, Asstt. Staff Officer, Asstt. Accounts Officer (General/ Medical Sec.) and Duty Officer. Asstt. Administrative Officer.
2. Accounts Department Chief Accountant’s Department). Senior Deputy Chief Accountant Deputy Chief Accountant Asstt. Chief Accountant Senior Auditor Audit Officer Senior Deputy (Old Director. Deputy Director. Assistant Director. Deputy Director. Accounts Officer.
1 2 3 4
Assistant Audit Officer. Assistant Accounts Officer
3. Exchange Control Deputy Controller Senior Deputy Department Director.
Senior Assistant Controller Deputy Director. Asstt. Controller Asstt. Director.
4. Banking Control Senior Deputy Chief Officer Senior Deputy Department Director.
Deputy Chief Officer DeputyDirector. Asstt. Chief Officer Asstt. Director.
5. Agricultural Credit Senior Deputy Chief Officer Senior Deputy
Department Director. Deputy Chief Officer Deputy Director. Assit. Chief Officer Asstt. Director.
2 Audit Department Inspecting Officer Audit Officer. Old Inspection Department)
Assistant Inspecting Officer Assistant Audit Officer.
Note.— The designations of Officers working at other Offices will also be changed wherever necessary to fall in line with the above changes.
Ref: The Gazette of Pakistan, Part VII dated 18-2-1972 Page.—17.
STATE BANK OF PAKISTAN (Central Directorate)
(ADMINISTRATION DEPARTMENT)
Karachi, the 2nd October, 1972
A.D. 15.— In terms of Regulation 35 of State Bank of Pakistan, General Regulations, the Central Board at its meeting held on 25th January 1972, has been pleased to authorize the incumbent of the post of Director, Banking Inspection Department to exercise following signing powers on behalf of the Bank with effect from 5th November 1971:—
“To endorse and transfer promissory notes, stock receipts, stock debentures, shares, securities and documents of title to goods, standing in the name of or held by the Bank, and to draw, accept and endorse bills of exchange and other instruments in the current and authorized business of the Bank and to sign all other accounts, receipts and documents connected with such business.”
No. AD. 16.— The Central Board at its meeting held on the 30th December 1971, was pleased to approve of the changes designations of the Heads of Departments in Central Directorate, and additional heads as per Annexure ‘A’ with effect from 5th November 1971.
The Central Board further decided that the above Officers with the new designations will continue to exercise the same signing powers as hitherto exercised by them under the old designations.
S.A. MEENAI, Deputy Governor.
ANNEXURE ‘A’
S1. Old designation Changed designation
No.
1. Chief Accountant Director, Accounts Department
2. Controller of Foreign Exchange Director, Exchange Control
Department.
3. Chief Officer, Banking Control Director, Banking Control
Department. Department
4. Director of Inspection Director, Audit Department.
5. Director of Personnel Director, Administration
Department.
6. Chief Officer, Agricultural Director, Agricultural Credit
Credit. Department
7. Director of Research Director, Research Department.
8. Director of Statistics Director, Statistics Department.
9. Director of Training, Department Director, Training Department.
of Banking Education and Training.
10. Director of Public Relations and Director, Public Relations
Bank’s Archives Department.
11. Additional Chief Accountant Additional Director, Accounts
(Central Directorate). Department(Central Directorate)
1 Additional Controller of Foreign Additional Director, Exchange Exchange Control Department.
2 Additional Chief Officer, Additional Director, Banking Banking Control Department Control Department.
3 Additional Chief Officer, Additional Director, Credit Agricultural Department Agricultural Department.
Ref: The Gazette of Pakistan, Part VI dated 20-10-1972.
(Finance Division)
INTERNAL FINANCE WING
Islamabad, the 15th August, 1973
S.R.O. 1205(1)/73.—In exercise of the powers conferred by the proviso to sub-section (I) of section 29 of the Banking Companies Ordinance, 1962 (LVII of I962), and in supersession of this Division’s Notification No.
S.R.O. 353(I)/72, dated the 6th June, 1972, the Federal Government is pleased to direct that, on and from the 16th day of August, 1973, the amount which a banking company shall maintain in Pakistan in cash, gold or unencumbered approved securities shall not be less than thirty five per cent of the total of its time and demand liabilities in Pakistan at the close of business on any day.
(F. No. I (29)-IFI/72).
S.A.A. SHAH,
Deputy Secretary. Ref: The Gazette of Pakistan, Extra., Part II dated 16-8-1973—Page 1748.
FINANCE DIVISION
Islamabad, the 4th April, 1974
S.R.O. 431(I)/74.— In exercise of the powers conferred by clause (a) of section 5 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Federal Government is pleased to rescind its Notifications Nos. S.R.O. 310 (R) /65, dated the 4th December, 1965, and S.R.O. 8 (R) /66, dated the 1st February, 1966.
S.R.O. 432(I)/74.— In exercise of the powers conferred by section 92 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Federal Government, after consultation with the State Bank of Pakistan, is pleased to direct that the following further amendments shall be made in the Banking Companies Rules, 1963, the same having been previously published as required by sub-section (3) of the said section, namely:-
In the aforesaid Rules,—
(a) for rule 5 the following shall be substituted, namely:-
“5. Deposits.— (1) The deposit specified in sub-section (3) of section 13 of the Ordinance shall be maintained at the principal office of the State Bank.
(2) The value of each security deposited under sub-rule (I) shall be estimated at its market rate, ex-dividend.
(3) Securities shall be duly transferred to the State Bank by the banking company.
(4) Upon receipt of a deposit under sub-rule (I) the principal office of the State Bank shall, as soon as possible, send to the principal office of the banking company a certificate in Form I.”; and
(b) for rule 9 the following shall be substituted, namely:
“9. Interest on deposits.— (I) No interest shall be payable on cash deposits.
(2) The principal office of the State Bank shall credit, as soon as possible, the current account of the banking company maintained with it with the interest realised in securities subject to the usual charges.”
(F. No.I (5)IFI/70).
IHSANUL HAQ. DEPUTY SECRETARY.
Ref: Gazette of Pakistan, Extra., Part II dated 4-4-1974 Page. 572 BCD circular No. 8 dated 30-5-1974.
MINISTRY OF INTERIOR, STATES AND FRONTIER REGIONS (Interior Division)
Islamabad, the 24th May, 1977
S.R.O. 449(I)/77.— In pursuance of the Explanation to section 25 of the Negotiable Instruments Act, 1881 (XXVI of 1881), as amended, the Federal Government is pleased to declare Friday instead of Sunday as a weekly closed holiday with effect from 1st July, 1977.
MOHAMMAD AKBER. Deputy Secretary.
Ref: The Gazette of Pakistan, Extra, Part II, dated 24-5-1977 page. 863
STATE BANK OF PAKISTAN
Central Directorate
Karachi
No. AD. 9 30TH December, 1979
Notification
In exercise of the powers conferred by Section 84 of Banking Companies Ordinance, 1962, the Central Board at its meeting held on the 3rd December, 1979 has been pleased to authorize the incumbents of the posts of Director, Senior Deputy Director, Deputy Directors, Assistant Directors and Inspecting Officers of the Banking Inspection Department of the State Bank of Pakistan to file complaints in courts of competent jurisdiction for trial of offences punishable under Section 83 of the said Ordinance.
(I.H. QARNI) EXECUTIVE DIRECTOR.
GOVERNMENT OF PAKISTAN MINISTRY OF FINANCE
Notifications
Islamabad, the 27th September, 1980
S.R.O 980(I)/80.— In exercise of the powers conferred by section 92 of the Banking Companies Ordinance, 1962(LVII of 1962), the Federal Government, after consultation with the State Bank of Pakistan, is pleased to direct that the following further amendments shall be made in the Banking Companies Rules, 1963, the same having been previously published as
required by sub-section (3) of that section, namely:-
In the aforesaid Rules, in rule 3, for sub-rule (I) the following shall be substituted namely:-
“(I) A banking company having its principal office in any area specified below shall submit all the returns required under the Ordinance or these rules to the office of the State Bank shown against that area in the form prescribed for such returns or as nearly in that form as the circumstances in the particular case admit, namely:-
Area Name of office of the State Bank
1 2
1. Province of Punjab: State Bank of Pakistan, Post Box No. 40 Lahore.
2. Province of Sind: State Bank of Pakistan, Post Box No. 4713, Karachi.
3. North West Frontier Province. State Bank of Pakistan, Post Box No. 28, Peshawar.
4. Province of Balochistan. State Bank of Pakistan, Kimberly Road, Quetta.
5. Islamabad Capital Territory. Sate Bank of Pakistan, Post Box No. 1062, Islamabad.
(No. F.1 (31)— BKG. IV/79— 1500.)
Ref: The Gazette of Pakistan, Extraordinary, Part II, September 28, 1980 Page 1739. BCD, circular No.1 dated 7-1-1981.
FINANCE DIVISION (Internal Finance and Banking Wing)
Islamabad, the 24th December, 1980
S.R.O 1285(I)/80.— In exercise of the powers conferred by sub-clause
(ii) of clause (a) of section 5 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Federal Government is pleased to declare that, on and from the 1st day of January, 1981, the following shall constitute approved securities for the purpose of sub-section (I) of section 29 of the said Ordinance to the extent of thirty per cent of the profit and loss sharing liabilities of the banking company concerned:--
(i) Pakistan rupee obligations of the Federal Government or a Provincial Government to a banking company on account of their commodity operations.
(ii) Pakistan rupee obligations guaranteed by the Federal Government of the following Corporations to a banking company on account of commodity operations:--
(1) Rice Export Corporation of Pakistan.
(2) Trading Corporation of Pakistan.
(3) Pakistan Agricultural Storage and Services Corporation.
(4) Sind Agricultural Supplies Organisation.
(5) Punjab Seeds Corporation.
(6) Punjab Agricultural Development and Supplies Corporation.
(7) Federal Directorate of Fertilizer Imports.
(iii)Pakistan rupee obligations guaranteed by the Federal Government of the Rice Export Corporation of Pakistan, Cotton Export Corporation and Trading Corporation of Pakistan to a banking company on account of their trading operations:
Provided that the amount of counter-finance or refinance, if any, obtained by the banking company from State Bank of Pakistan against such obligations shall be deducted from the amount of such obligations for the purpose of computing the amount of approved security.
Provided further that any obligation where interest is payable by the obliger shall not constitute approved security.
(No.F2 IFCRGS/80-81-I060).
S. FAROGH NAVEED, Deputy Secretary.
Ref: The Gazette of Pakistan, Extra., Part II, dated 24-12-1980 Page 2516.
GOVERNMENT OF PAKISTAN
FINANCE DIVISION
(Internal Finance Wing)
NOTIFICATIONS
Islamabad, the 30th May 1981
S.R.O. 498(I)81.– The following draft of certain further amendments in the Banking Companies Rules, 1963, which the Federal Government, after consultation with the State Bank of Pakistan, proposes to make in exercise of the powers conferred by section 92 of the Banking Companies Ordinance, 1962, (LVII of 1962), is hereby published, as required by sub-section (3) of the said section, for the information of all persons likely to be affected thereby, and notice is hereby given that the said draft will be taken into consideration on or after the 31st day of December, 1981.
Any objection or suggestion which may be received from any person with respect to the said draft before the date specified will be taken into consideration by the Federal Government.
DRAFT AMENDMENTS
In the aforesaid Rules,—
(I) in rule 5,—
(a) after sub-rule (I), the following new sub-rules shall be inserted, namely:—
“(IA) Where a banking company desires to make deposit in a freely convertible approved foreign exchange, it may, with the permission of the State Bank, make the deposit either in United States dollars or in the currency of the country of its incorporation. The deposit for each year shall be made by such banking company not later than the 31st March of the year and no substitution on that account shall be allowed during the remaining part of that year.
(IB) Any banking company desiring to make deposit in, or make changes in the currency or quantum of deposit already made in, any freely convertible approved foreign exchange may make a written application, not later than the 15th February of the year, to the State Bank for permission to make such deposit or to make such changes to the extent proposed in the application, and the State Bank may, at its discretion, grant or refuse to grant such permission,”; and
(b) after sub-rule (2) , the following new sub-rule shall be inserted, namely:—
“(2A) For the purpose of valuation of deposit made in a freely convertible approved foreign exchange on any day:—
(a) United States dollar shall be valued at the parity rate of Pakistan rupee to the United States dollar ; and
(b) Other freely convertible approved foreign exchange shall be valued at the parity equivalent in Pakistan rupee of the United States dollars arrived at on the basis of closing buying rate of such freely convertible approved foreign exchange in terms of United States dollars in the New York market on the day preceding that day or, if such day is a holiday or not a business day at New York, on the first business day counted backward from such day.”,
(2) for Form I the following shall be substituted, namely:— (Under section 92—Banking Companies Rules) THE BANKING COMPANIES ORDINANCE, 1962
FORM I (SEE RULES 5 AND 7) (SECTION 13)
STATE BANK OF PAKISTAN No________________________Place _____________________________ Date ______________________________________
Certified that the State Bank of Pakistan held on behalf of_____________ the under noted deposits in terms of section 13(3) of the Banking Companies Ordinance 1962, as at the close of business on
Sr. No. Cash Approved Securities Market Value Amount of freely convertible approved foreign exchange deposit (Name of currency) Total deposit under section 13(3) Remarks
Particulars Face Value Amount of foreign exchange Parity equivale nt in Pak rupees
1 2 3 4 5 6 7 8 9
RP— ½
(3) in Form IX, under the heading “B. Liquid Assets”, in entry 6, after clause (ii), the following new clause shall be inserted, namely:-
“(iii) Foreign currency deposits held abroad on account of the State Bank.
(Name of the currency)
(No. F. 1(51)---BKG.IV/80-765.)
MIRZA MOHAMMAD ISHAQ, Section Officer.
Ref: Gazette of Pakistan, Extra, Part II, dated 31-5-1981 Page, 959.
STATE BANK OF PAKISTAN
CENTRAL DIRECTORATE
KARACHI
No. BCD. 2/ 81 13th December, 1981.
NOTIFICATION
In exercise of the powers conferred by sub-Section (4) of Section 34 of the Banking Companies Ordinance, 1962 (LVII of 1962), the State Bank of Pakistan, on the expiry of period provided for in Notification No. BCD. 1/81 dated the 17th November, 1981, published in the Gazette of Pakistan, Extra-
P— ½
Ordinary Part III dated the 18th November, 1981, is pleased to direct that the following amendments shall be made in Form ‘B’ (form of Profit and Loss Account) of the Second Schedule to the said Ordinance:
(j) Item I on the “Expenditure” side may be substituted by the
following:
“I. Interest on deposits, borrowings etc. and or Return”.
(ii) Item I on the “Income” side my be substituted by the following:
“I. Interest and Discount and or Return”.
‘Return’ means income from, or as the case may, be, paid on, non interest bearing accounts.
Sd/-(ZIAUDDIN AHMAD) DEPUTY GOVERNOR
Ref: Gazette of Pakistan, Extraordinary, Part III dated December 19, 1981— Page 446 and ERRATA in Gazette of Pakistan, Extraordinary, Part III dated January 18, 1982 Page 14 and dated Feb. 7, 1982 Page 30.
GOVERNMENT OF PAKISTAN
FINANCE DIVISION
INTERNAL FINANCE WING
Islamabad, the 16th January, 1982.
NOTIFICATION
S.R.O. 41(I) /82.-----In exercise of the powers conferred by section 92 of the Banking Companies Ordinance, 1962 (LVII of 1962), the Federal Government, after consultation with the State Bank of Pakistan, is pleased to direct that the following further amendments shall be made in the Banking Companies Rules, 1963, the same having been previously published as required by sub-section (3) of that section, namely:—
In the aforesaid Rules:—
(I) in rule 5 –
(a) after sub-rule (I), the following new sub-rule shall be inserted, namely:-
“(IA) Where a banking company desires to make deposit in a freely convertible approved foreign exchange, it may, with the permission of the State Bank, make the deposit either in United States dollars or in the currency of the country of its incorporation. The deposit for each year shall be made by such banking company not later than the 31st March of the year and no substitution on that account shall be allowed during the remaining part of that year.
(IB)Any banking company desiring to make deposit in, or make changes in the currency or quantum of deposit already made in, any freely convertible approved foreign exchange may make a written application, not later than the 15th February of the year, to the State Bank for permission to make such deposit or to make such changes to the extent proposed in the application, and the State Bank may, at its discretion, grant or refuse to grant such permission.”; and
(b) after sub-rule(2), the following new sub-rule shall be inserted, namely:-
“(2A) For the purpose of valuation of deposit made in a freely convertible approved foreign exchange on any day—
(a) United States dollar shall be valued at the parity rate of Pakistan rupee to the United States dollar; and
(b) other freely convertible approved foreign exchange shall be valued at the parity equivalent in Pakistan rupee of the United States dollars arrived at on the basis of closing buying rate of such freely convertible approved foreign exchange in terms of United States dollars in the New York market on the day preceding that day or, if such day is a holiday or not a business day at New York, on the first business day counted backward from such day.”; and
(2) for Form—I the following shall be substituted, namely:-
THE BANKING COMPANIES ORDINANCE, 1962
FORM I (SEE RULES 5 AND 7)
(SECTION 13)
STATE BANK OF PAKISTAN
No.__________________________ Place ________________________
Date __________________________________
Certified that the State Bank of Pakistan held on behalf of_____________ the under noted deposits in terms of section 13(3) of the Banking Companies Ordinance 1962, as at the close of business on ________
Sr. No. Cash Approved Securities Market Value Amount of freely convertible approved foreign exchange deposit (name of currency) Total deposit under section 13(3)n Remarks
Particulars Face Value Amount of foreign exchange Parity equivalent in Pak. rupees
1 2 3 4 5 6 7 8 9”; and
(3) in Form IX, under the heading “B. Liquid Assets”, in entry 6, after clause (ii), the following new clause shall be inserted, namely:-
“(iii) Foreign currency deposits held abroad on account of the State Bank. __________________ (Name of the currency)
Sd/-MIRZA MOHAMMAD ISHAQ, Section Officer. (No F. 1(51) BKG.IV/80)
FINANCE DIVISION
(Internal Finance Wing) Islamabad, the 17th July, 1984
S.R.O. 64I(I) /84.—In exercise of the powers conferred by section 3A of the Banking Companies Ordinance, 1962 (LVII of 1962), the Federal Government is pleased to specify the following corporations and companies for the purposes of the said section, namely:--
1 National Development Finance Corporation.
2 The Bankers Equity Limited.
3 The Pak-Libya Holding Company Limited.
4 The Pakistan Kuwait Investment Company Limited.
5 The Saudi-Pak Industrial & Agricultural Investment Company Limited.
6 The Small Business Finance Corporation.
Sd/-(MOHAMMAD BASHIR) No. F.2 (I) IF (R&S)/83). Deputy Secretary (Bkg.)
RECORD OF AMENDMENTS
Reference of Ordinance/Act and
Brief Description of Amendments Date of Gazette ________
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