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Banking Companies Rules, 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:—

 

  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) The shall come into force on such date 1 as the Federal Government may, by notification in the official Gazette, specify in this behalf.

 

  1. 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, sub-pay-office or any place of business at which deposits are received, cheques cashed or moneys lent.

 

  1. 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 from 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.

 

(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 the that office shall be prepared on the basis of the figures of 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

 

  1. List of Officers.—

(1) (i) a banking company shall, within one month of the commencement of these rules or of the commencement of its bushiness, 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 sig- natures 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 bank- ing 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:

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. 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 year.

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