921011
STATE BANK OF PAKISTAN NBFIs REGULATION & SUPERVISION DEPARTMENT CENTRAL DERECTORATE KARACHI
NBFIs Circular No. 8
11th October, 1992
Chief Executives of DFIs, Investment Banks, Leasing Companies, Modarabas & Housing Finance Companies
Please refer to NBFIs Circular No. 1 dated 5th December, 1991 and subsequent circulars on the subject.
A question has arisen with regard to the applicability of the rules contained in these circulars to the proposals approved by the Board of Directors of NBFIs for which sanction letters had been issued prior to 1st July, 1992 and whose sanctions were valid on 30-6-1992.
It is clarified that the rules contained in the above referred circulars are not applicable to valid outstanding commitments of NBFIs as on 30th June, 1992. Such business shall, however, be brought in conformity with the rules, if not already so, within reasonable time as provided for in the above referred circulars.
Yours faithfully,
(I.A. FAROOQ)
Director
