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Article: Surrendering of Unclaimed FCY Deposits, Funds of Unclaimed FCY Instruments by Banks to SBP.

Article from:
PPI - Pakistan Press International
Article date:
September 5, 2007
Copyright

Karachi, September 05 (PPI) : State Bank of Pakistan Wednesday issued guidelines, procedure in order to facilitate management and accounting of funds surrendered by banks under unclaimed Foreign Currency (FCY) Deposits and Funds of Unclaimed FCY Instruments. Unclaimed FCY Deposits( Frozen in 1998) i. In case of Frozen Unclaimed FCY Deposits, banks would transfer equivalent PKR (in r/o four currencies, i.e. US$, GBP, Euro & Yen) to SBP by way of separate cheque or debit authority for each currency involved, at exchange rate as fixed lastly under Exchange Rate Cover Scheme with SBP for that deposit.ii. At time of surrender of Frozen Unclaimed FCY Deposits to SBP, ...

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