Business banks proceed to shut accounts

The federal government issued a process to all federal authorities companies to shut accounts in business banks.

The Finance Division has issued a code of conduct for closing accounts and transferring funds to a single treasury account.

Directions have been issued below Money Administration and Single Treasury Account Guidelines 2020. In line with the Finance Division, it has directed to not preserve accounts in any business financial institution besides single treasury account.

Authorities companies will deposit and withdraw cash used for the general public within the central account below the SBP.

Authorities companies are utilizing a lot of accounts in business banks to deposit and withdraw cash. Many of the cash used for the general public is in business financial institution accounts which must be in single treasury accounts.

The principle objective of single treasury accounts is to make use of cash simply and in a well timed method. To make sure monetary operations, private ledger accounts, spell drawing accounts and revolving fund accounts will probably be closed.

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