2. Power of Attorney
• A Power of Attorney is a legal document that gives
someone else the right to act on your behalf
• The term “attorney” refers to the person or persons
you have chosen to act on your behalf.
• Properly stamped
• Properly executed
• Clear not ambiguous (to supervise & deal)
• Unconditional (conditional revocation in case of cease
of employment )conditional revocation leads to
legal/operational risk
3. Power of Attorney Importance
• Revocation in newspaper
• limited powers to donor
• Donors POA/board resolution
• Expiry
• Fresh power of attorney change of ownership
4. SBP Remittances Scheme
• For facilitating the movement of funds on behalf of Banks, Govt.
institutions and own employees from one place to another place
in Pakistan.
Types
1. Online Transfers (O.T. previously TT)
2. Government Drafts (G. D)
3. Bank Drafts (B.D.)
4. MT
5. ONLINE TRANSFER (TELEGRAPHIC TRANSFER)
Who is entitled
• A scheduled bank
• Micro Finance Bank
• maintaining account with SBP BSC
Request accompanied by cheque
6. Online transfer…..
• Application is on prescribed form
• All particulars are properly filled in
• Scrutiny of cheque
• Debiting of account
• Process of transaction
• Authorization
• Amount will be credited in the account of the
beneficiary bank.
• Commission @1000 per transaction
7. Transfer of govt funds
• SBP BSC –SBP BSC
• SBP BSC-NBP
• NBP-NBP
• NBP-TREASURY
8. Government Draft
ISSUANCE AGAINST CASH ,ON BSC OFFICES
• Written request on prescribed form
• Purpose of remittance
• Signature verification and scrutiny of the application
• Affixing ACCEPT CASH Stamp on application
• Duly stamped CASH RECEIVED by cash division
• Up-dation in the system
• Authorization
• Printing
• The serial running number to drafts will be allotted 67/1...
• Signature
9.
10. Govt.Draft cont...
Issuance of draft on NBP
• GD issued on NBP is in same way like GD issued on SBP
BSC offices.
• only difference is that in case of issuance on BSC office
credit is afforded to that office. Where as in case of
issuance on NBP credit is afforded to BSC HOK.
• Advice to be issued
• NBP Branches make payments on the basis of advice
received from BSC Office
• Submit paid drafts to BSCHOK through their Head Office
• Our HOK after verifying the genuineness reimburse the
amount to NBP
11. Govt. Drafts Encashment
The draft is properly issued, viz:
• It is dated and has not become stale;
• It has been drawn on the office of the Bank at which it has been
presented;
• The amounts in words and figures agree;
• It bears the serial issue number in addition to the printed number;
• It has been signed by an officer of the issuing office who has been
authorized to sign such drafts;
• There is no notice given to the Bank stopping payment of the draft;
• A discharge receipt is given on its back by the payee whose identity
should be established to the satisfaction of the passing officer.
• the payee’s banker who should certify that the amount will be
placed to the payee’s credit on realization
• Matching particulars with system
12. Revalidation of GD/BD
• GD/BD are valid for six months and requires revalidation after six
months
• GD/BD not paid before the end of the third accounting year, after
that, in which they are issued shall be treated as cancelled
• Such drafts are not revalidated
• Presenter is directed to approach the remitter for issuance of new
draft
• New draft is issued on the production of NPC from the drawee
office .
• Duplicate must be drawn in exactly in the same terms as the
original instrument
13. Issuance of duplicate GD
• No need for fresh application
• Duplicate is issued only to the applicant or the
payee or to the legal representative of either
• If lost draft has been endorsed to payees banker
then then endorsee must apply through the original
payee
• Duplicate draft should not be issued without NPC
from drawee office.
• Duplicate must be drawn in exactly in the same
terms as the original instrument
• If the period of currency of the lost draft has expired,
the duplicate issued in lieu of the lost one should be
revalidated
14. Issuance of Duplicate BD
• Duplicate Bank draft will be issued to person not other then who apply for the
original
• A letter of indemnity
• Indemnity should be signed by the purchaser and ordinarily by two sureties
each good for the amount of the draft
• Letter of indemnity should be stamped as an agreement in accordance with
the stamp act of the province
• When ever duplicate draft is issued the word "Duplicate issued in lieu of draft
No….dated…..should be prominently subscribed in red ink under the
signature of the issuing officer
• Completed letter of indemnity should be retained on record at the issuing
office under the personal custody of officer-in-charge
15. Payment Order Account
• All local payments, on behalf of the Bank either to
the service providers or bank’s own employees are
required to be made by means of payment orders.
• The Payment Orders Account maintained in the
Globus Banking System is credited by debit to the
relevant head of account.
• Duplicate payment orders will be issued after
obtaining Indemnity Bond and Rs. 200/ will be
charged and credited to 591004…(Miscellaneous
Income)
• PO needs revalidation after six months
