i) DEFINITION OF UNCLAIMED DEPOSIT / INSTRUMENT
A debt payable either in Pakistani currency or any other (foreign) currency is owing by a banking company by reason of a deposit (time/demand deposit, or any other kind of deposit) or a financial instrument (pay slips / pay orders / D.Ds / T.Ts / M.Ts, or any other financial instrument), not being recorded in the name of a minor or a government or a court of law, in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of ten years as reckoned under Subsection(1) of Section 31 of BCO 1962, will be classified as unclaimed deposit/instrument
ii) REPORTING OF UNCLAIMED DEPOSITS/ INSTRUMENTS
All Banks/DFIs will submit branch wise list of unclaimed deposits / instruments separately for Pak Rupee (PKR) and in foreign currency (FCY) on Form-XI (enclosed as Annexure-A) through soft copy (in MS-Excel format) as well as authenticated hard copy of the same within thirty days after the close of each calendar year.
iii) SURRENDER OF UNCLAIMED DEPOSIT
a) The amount of unclaimed PKR & FCY deposits/instruments will be surrendered during the first week of April of each calendar year along with a list of unclaimed deposits/instruments, which have been refunded by Banks/DFIs during the period i.e. from the date of reporting the unclaimed PKR & FCY deposits/instruments at the end of each calendar year and date of surrender of the outstanding amount thereof to SBP.
b) The Banks/DFIs will surrender the outstanding amount of the unclaimed FCY deposits / instruments through SBP nostro accounts maintained in any one of the six currencies namely US dollar-USD, Japan Yen-JPY, Euro-Eur, British Pound-GBP, Swiss Franc-CHF, United Arab Emirates Darham-AED.
iv) NOTICE TO THE HOLDER OF UNCLAIMED DEPOSIT/INSTRUMENT
a) All Banks/DFIs upon completion of a ten-year time period as stipulated in relevant provision of BCO, shall serve a three-month notice in writing by registered post acknowledgement due to the creditor or the beneficiary of the deposit/instrument on his/her address last made known to the banking company.
b) Banks/DFIs are required to maintain complete record of letter/envelope etc. posted at the address of the unclaimed deposit/instrument holder, at their respective branches as per the format enclosed (Annexure-B).
c) Apart from giving a notice to the respective account holder at the end of ten year period, Banks/DFIs should also make cognizable effort from time to time to contact such account holders where there has been no activity in the respective accounts for a considerable period.
v) PRESERVATION OF DOCUMENTS
Banks/DFIs shall continue to preserve all signature cards and documents indicating “signing authorities” given to them and other documents relating to the debt or instrument until it is informed by SBP in writing that they need not be preserved any longer.
vi) INFORMATION IN ACCOUNT OPENING FORM (AOF)
Banks/DFIs shall insert a clause in “bold words” in their respective AOF indicating that a deposit/instrument, which remains inoperative for a period of ten years, shall become unclaimed and will be surrendered to SBP as per the provisions of BCO. The existing account holders should also be informed about the same through a letter to be sent with the bi-annual statement of account or any other methods as deem feasible by the Bank/DFI.
vii) PROCEDURE FOR REFUND OF UNCLAIMED DEPOSIT SURRENDERED TO SBP
Banks/DFIs while forwarding any claim for refund will provide legible and duly attested, copies of the following documents
i. Original application for refund along with verification of attested signature/thumb impression of the claimant by the concerned branch manager with name and stamp. Claimant’s address and contact number (if any) should be ensured in the application.
ii. Copy of three months notice served by the Banks/DFIs on the holder of the unclaimed deposit/instrument.
iii. Attested copy of Computerized National Identity Card (CNIC) of the claimant.
iv. Certificate as per enclosed format (Annexure-C).
v. Copy of relevant page of record furnished to SBP.
vi. Succession certificate in case of deceased customer
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