Wednesday, January 06, 2010
KARACHI: State Bank of Pakistani (SBP) in order to overcome problems relating to collection, sorting and replacement of soiled notes and to provide better services to the general public, has introduced a self-assessment compliance program for banks with regard to Clean Note Policy (CNP).
According to a circular (BPRD Circular No.1) issued here on Tuesday, the Chief Compliance Officers of the banks shall issue a certificate on a standard format with regard to implementation of Clean Note Policy by their banks in letter and spirit.
The banks shall submit this compliance certificate within fifteen days from the commencement of each calendar year to the department of the Director Currency Management, State Bank of Pakistan and the Head Office of Banking Service Corporation in Karachi.
The compliance certificate for the calendar year ended 2009 should reach at the given address latest by January 15, 2010, the circular added.
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