Table of contents
The 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.
(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.
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, sub-pay-office or any place of business at which deposits are received, cheques cashed or moneys lent.
(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.
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 from as the circumstances in the particular case admit, namely:–
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Area
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Name of Office of the State Bank
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1
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2
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| 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
(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
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 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.
(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.
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 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.
(2) The value of each security deposited under sub-rule (1) shall be estimated at its market rate, ex-dividend.
(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.
(3) Securities shall be duly transferred to the State Bank by the 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.
(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.
(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.
(2) The value of each security deposited under sub-rule (1) shall be estimated at its market rate, ex-dividend.
(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.
(3) Securities shall be duly transferred to the State Bank by the 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.
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 deposits 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.
(2) When the form or amount of deposits 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.
9. Interest on deposits
(1) 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 on securities subject to the usual charges.
(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.
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.
(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 newplace 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.
(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.
12. 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.
13. 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.
(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 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.
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.
15. 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.
16. 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.
17
The return under Sections 22,24,29,30,31, and 32 of the Ordinance shall be submitted in Forms, II, III, IX, X, XI respectively
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