Section 87: Restriction on acceptance of deposits withdrawable by cheques
The Banking Companies Ordinance, 1962 · Federal Acts · V · in_force
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87. Restriction on acceptance of deposits withdrawable by cheques.-- No person other than a banking company, the State Bank, the National Bank of Pakistan or any other banking institution notified by the 3[Federal Government] in this behalf shall accept from the public deposits of money withdrawable by cheque: Provided that nothing contained in this Section shall apply to any savings bank scheme run by the Government.
Effective date: 1962-06-07
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