Section 30: Assets in Pakistan

30. Assets in Pakistan.--(1) At the close of business on any day the assets in Pakistan of every banking company shall not be less in value than an amount representing such percentage of its time and demand liabilities in Pakistan as may be 1[specified] by the State Bank from time to time provided that the percentage so 1[specified] shall not exceed eighty five per cent. (2) Every banking company shall, before the close of the month succeeding that to which the return relates, furnish to the State Bank, in the prescribed form and manner a monthly return showing particulars of the company's assets maintained in accordance with this section and its time and demand liabilities in Pakistan at the close of business on every 2[Thursday] or if any 2[Thursday] is a public holiday under the Negotiable Instruments Act, 1881 (XXVI of 1881), at the close of business, on the preceding working day. (3) For the purposes of this section-- (a) "assets in Pakistan" shall be deemed to include export bills drawn in, and import bills drawn on and payable in, Pakistan and expressed in such currencies as the State Bank may from time to time approve in this behalf and also such securities as the State Bank may approve in this behalf notwithstanding that all or any of the said bills or securities are held outside Pakistan, but shall exclude such assets as in the opinion of the State Bank cannot properly be regarded as assets; (b) "liabilities in Pakistan" shall not include the paid-up capital or the reserves or any credit balance in the profit and loss account of the banking company.

Effective date: 1962-06-07

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