Pension thru banks approved

ISLAMABAD: In pursuance of Supreme Court’s Order, the government has approved disbursement of pension, on the lines of salary payment, by direct credit to pensioner’s account maintained in any scheduled bank. According to a statement issued by the AGPR here on Thursday, the new procedure has been formulated to mitigate the problems being faced by pensioner – especially elderly pensioners.

“All pensioners have the option to opt for the new procedure or to continue drawing pension under existing arrangements”, the statement added.
It said that an option form has been devised for the pensioner, who wants to draw his/her pension through any bank.
The option form can be obtained from Accountant General Offices or downloaded from the following websites: www.cga.gov.pk; www.agpr.gov.pk; www.agsindh.gov.pk; www.agkyberpakhtunkhwa.gov.pk, and www.agpunjab.gov.pk. This option form will be sent by the pensioner to the Accounts Office form where his/her original PPO was issued, before submission of Option form to Accounts Offices, the Pensioner shall open the Account with the Bank from where he/she wants to draw his/her pension. The Pensioner is also required to produce an indemnity bound for aggregate amount equal to six months pension or authorize the bank to mark lien on his/her account to the extent of six month pension. Until completion of registration process by the Accounts Officers, the Pensioner will continue to draw his/her pension from existing system.
On completion of registration, the Accounts Office will call for original PPO through concerned bank and intimate the date for which pension would be credited to bank account of the pensioner. The Controller General of Accounts has issued necessary instructions to all Accounts Office to start implementation of new procedure with effect from 1st January. -Agencies

Read more »

Posted in: Accounts Office,Accounts Officers,bank,banks,draw,form,General,Islamabad,payment,PPO,Supreme Court Order,The Controller

SBP rewrites credits rules

Banks/ DFIs told to ensure loan limit

Staff Reporter

KARACHI: State Bank of Pakistan has amended certain provisions of Prudential Regulations for Consumer Financing with immediate effect. According to a Circular (BPRD Circular No 1) issued here on Thursday, State Bank has revised Regulation R-7 pertaining to Maximum Card Limit.

Under the revised regulation, banks/ DFIs shall ensure that overall credit card and personal loan limit, both on secured as well as on unsecured basis, availed by one person from all banks/DFIs in aggregate should not exceed Rs5,000,000, at any point in time, subject to the condition that the overall unsecured/ clean facilities on account of credit card and personal loan of that individual do not exceed Rs2,000,000.
Similarly, in Regulation R-23, a new paragraph has been added as under:
“Banks/DFIs shall ensure that overall personal loan limits and credit card limits, both on secured as well as on unsecured basis, availed by one person from all banks/DFIs in aggregate should not exceed Rs5,000,000, at any point in time, subject to the condition that the overall unsecured/ clean facilities on account of personal loan and credit card of that individual do not exceed Rs2,000,000.” Following the above-mentioned amendment, instruction concerning secured personal loans (other than secured against liquid assets) mentioned in Regulation R-23 stands withdrawn, the circular added. The State Bank has also amended Regulation R-3 by adding a new provision which states as under:  “Banks/DFIs may waive the requirement of 50 per cent debt burden in case a credit card and personal loan is properly secured through liquid assets (as defined in prudential regulations) with minimum 30 per cent margin.”

Read more »

Posted in: banks,card,cent,condition,consumer,credit,HR,loan,loans,SBP,Service Rules,State Bank

Iran, India oil payment-row heats up

Central bankers of both nations meet today

NEW DELHI: A payments dispute between India and Iran escalated after Tehran refused to sell oil to India under New Delhi’s prohibitive new rules, sources on both sides said on Wednesday.

The Indian sources said officials from the central banks of the two countries will meet on Friday (today) as Iran seeks to rescue trade worth around $12 billion (£7.7 billion) a year, at risk from rising US pressure on countries trading with Iran to abandon all dealings.
Last week, the Reserve Bank of India said deals with Iran must be settled outside the Asian Clearing Union (ACU) system, used by central banks of member nations to settle bilateral trades.

Read more »

Posted in: ACU,banks,India,Indian,Iran,Iranian,NIOC,nuclear,payment,US

Rs500 banknote ceases to be legal from Oct 1, 2011

ISLAMABAD: The Federal Government has declared that the old-design banknote of Rs500, which was introduced in April 1986, shall cease to be legal tender with effect from 1st October, 2011 and hence cannot be exchangeable from this date.

Accordingly, State Bank has asked the general public to exchange the old-design banknote of Rs500 from the field offices of SBP Banking Services Corporation and the branches of all commercial banks throughout the country up to 30th September, 2011.
It may be pointed out here that the State Bank has already completed the issuance of new design banknote series of all denominations (including Rs 500), which started with the launching of Rs20 denomination banknote in 2005, to improve the security features, durability and aesthetic quality of banknotes. -Online

Read more »

Posted in: April,Banking Services Corporation,banks,commercial banks,Corporation,Federal,Government,Islamabad,security,State Bank,that,The Federal Government