The Finance Division has directed all the federal government ministries,divisions, attached departments and subordinate offices (MDAS) to closetheir bank accounts with the commercial banks/financial institutions andtransfer the balance funds to the federal government’s central account withthe State Bank of Pakistan (SBP).
In this regard, the SBP issued a circular on Wednesday to all the chiefexecutives/presidents of commercial banks regarding Government TreasurySingle Account (TSA) Closure of Government Accounts Maintained withCommercial Banks/DFIs.
The SBP has also issued separate performa for the banks’ centralizedtreasuries for reporting to the chief manager SBP Banking ServicesCorporation, Karachi.
The performa for banks said:
Repatriation of Funds the Central Account I (non-Food) of the FederalGovernment in SBP in line with the directives of account holder’sinstitutions, through their authorized signatories, bank’s branches haveclosed the following government accounts and surrendered the availablebalances for onward credit to the Central Account I (non-Food) of theFederal Government with SBP.
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In order to ensure closure of all the accounts and transfer of theirbalances to SBP through a standardized procedure, banks were hereby advisedto develop their internal applications and processes to keep track of the
– Receipt of directives by the authorized signatories; – Closure of accounts by banks’ branches and transfer of available balances to their centralized treasury – Transfer of the consolidated amount by the centralized treasury to the SBP through RTGS.
Upon receipt of the account closure request, the respective branches willinitiate the closure of accounts and transfer the available balances totheir centralized treasuries within seven (07) days through their internalapplication.
