Banks asked to complete IRS registration
The News - 2nd May 2014
The State Bank of Pakistan (SBP), last month, directed all banks to complete the registration process with the Internal Revenue Service (IRS) as participating foreign financial institutions. The aim of this registration was to avoid negative repercussions of non-compliance with the Foreign Account Tax Compliance Act (FACTA) regulations and maintain continuity of international business and trade in the public interest.
SBP releases prudential regulations for housing & mortgage financing
The News - 10th May 2014
The State Bank of Pakistan released a fresh set of prudential regulations for regulating financing in housing and mortgage. House Building Finance Company (HBFCL) which in its opinion, would go a long way to regulate house finance activities properly and according to their requirements while also encouraging the flow of finance in the sector.
New security features for bank cheques
The News - 21st May 2014
The SBP has enhanced the security features of bank cheques in order to facilitate smooth transition of the industry, according to a circular. All cheques will now carry a banks logo or name as a watermark.