SBP puts limit on refund
KARACHI:
The State Bank of Pakistan has announced that it will not entertain any requests for refund of fines after the expiry of three years from the date of recovery of fine on account of various violations under the Export Finance Scheme (EFS).
According to a circular issued on Tuesday, the SBP said the move is aimed at ensuring the timely disposal of cases and avoiding difficulties in processing of refund claims.
The SBP said it has noticed that sometimes banks and exporters submit such claims when the record of loans is not readily available and the period of preservation of record has also got expired.
Fines are imposed on banks and exporters against various violations under the EFS. Subsequently, banks and exporters submit claims for refund of the fine already charged.
Primary dealers
Separately, the State Bank announced that it has appointed 11 primary dealers for the next financial year.
According to a circular, the SBP said applications were invited for the selection of primary dealers from all banks, investment banks, development financial institutions and brokerage houses and upon evaluation of each applicant’s performance, 11 institutions have been selected to act as primary dealers for financial year 2010-11.
Published in The Express Tribune, June 30th, 2010.
The State Bank of Pakistan has announced that it will not entertain any requests for refund of fines after the expiry of three years from the date of recovery of fine on account of various violations under the Export Finance Scheme (EFS).
According to a circular issued on Tuesday, the SBP said the move is aimed at ensuring the timely disposal of cases and avoiding difficulties in processing of refund claims.
The SBP said it has noticed that sometimes banks and exporters submit such claims when the record of loans is not readily available and the period of preservation of record has also got expired.
Fines are imposed on banks and exporters against various violations under the EFS. Subsequently, banks and exporters submit claims for refund of the fine already charged.
Primary dealers
Separately, the State Bank announced that it has appointed 11 primary dealers for the next financial year.
According to a circular, the SBP said applications were invited for the selection of primary dealers from all banks, investment banks, development financial institutions and brokerage houses and upon evaluation of each applicant’s performance, 11 institutions have been selected to act as primary dealers for financial year 2010-11.
Published in The Express Tribune, June 30th, 2010.