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Banks and DFIs to report Revenue Board over Rs 10,000 profit paid to clients

KARACHI (July 01 2003) : The State Bank on Monday decided that all banks, development financial institutions (DFIs) are required to report the profit or return paid to their clients to CBR.

The SBP in a circular has directed all banks and DFIs to provide information to CBR, on biannual basis, with immediate effect, in respect of those accounts where banks and DFIs pay any profit or return in excess of Rs 10,000 per annum in an account or on deposit maintained with the bank or DFI.

The information will be provided under following parameters:

The information in respect of non-remunerative accounts will not be provided.

Only the following information will be supplied to CBR:

a) Name of Account.

(b) Address of Account.

(c) NIC/NTN Number.

(d) Amount of profit/return paid.

The banks/DFIs will provide information on the basis of actual payments made to an account holder or depositor.

Banks/DFIs will provide information in respect of profit/return to be declared and paid for the period ending 30th June, 2003 by 30th September, 2003 and thereafter within 60 days after the end of reporting half year.

In case of joint accounts, mentioned at (ii) above, account/depositors' account.

Banks/DFIs will provide details, as only for the lead name in the account and depositors' account.

Head offices of the bank/DFIs will provide the hard copies of the above data in consolidated form directly to CBR at Islamabad.

The information provided by the banks/DFIs under the above arrangements will be absolute and final.

Officials of CBR will not ask for any further information from banks/DFIs, directly or indirectly, said the circular.

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