KARACHI: State Bank of Pakistan has decided that FE-25 Deposits in the form of Foreign Direct Investment and funds received for social and economic uplift through international donor agencies / welfare organisations may be excluded, by the banks / DFIs, from the calculation of limit on FE-25 Deposits.
The central bank has taken this decision to promote Foreign Direct Investment and facilitate social and economic uplift through donor agencies / welfare organizations.
This will, however, be subject to the condition that the banks / DFIs will obtain an undertaking from the Account Holder that such funds are remitted from abroad and would be used for poverty alleviation and socio-economic uplift.
The genuineness of all such exclusions will be verified by the SBP Inspectors during the subsequent inspections.
All such FE-25 deposits excluded from the calculation of limit under Prudential Regulation O-5 shall be reported in the footnote to FE-25 Deposits (Note # 10) in the Weekly Statement of Position, says an SBP communique.
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