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Draft Banking Act 2006

Draft Banking Act 2006



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Published by maeconomics
Pakistani banking rules
Pakistani banking rules

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Published by: maeconomics on Jan 02, 2009
Copyright:Attribution Non-commercial


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2Contents of the revised Banking Act 2005
Arrangement of SectionsPart I - Preliminary
Section 1 - Short Title and Date of Operation.Section 2 - Definitions.Section 3 - Application of Companies Ordinance, 1984.Section 4 - General powers, functions and duties of State Bank.Section 5 - This Act to override constituent documents, memorandum, articlesetc.Section 6 - Reports by State Bank to Federal Government.Section 7 - Power of State Bank to specify form and manner of keeping ormaintaining book, accounts and records.Section 8 - Electronic filing of information, documents or returns.Section 9 - Amendment of Schedules.
Part II - Licensing of banks
Section 10 - Prohibition to carry on banking business without license and dis-application.Section 11 - Provisions in relation to banking licenses.Section 12 - Application for banking license.Section 13 - Requirement for supplemental information relating to anapplication made under Section 12.Section 14 - Approval or rejection of application.
3Section 15 - Power to impose new restrictions or conditions and to vary orrevoke restrictions or conditions imposed on license.Section 16 - Cancellation of licenseSection 17 - Publication of list of banks.Section 18 - Annual license fees.
Part III - Business of Banks
Section 19 - Forms of business which banks may engage in.Section 20 - Prohibition of the words “bank” , “banking”, banker”, “Islamicbank”, or any of their derivatives.Section 21 - Changes of memorandum or articles of banks.Section 22 - Restrictions on carrying on of trade and dis-application.Section 23 - Advertisement for deposits.Section 24 - Unsolicited calls.Section 25 - Fraudulent inducement in relation to deposits.Section 26 - Co-operation and co-ordination between State Bank and Securitiesand Exchange Commission of Pakistan.
Part IV - Provisions in relation to banks carrying on business based onShariah Principles
Section 27 - Requirements on banks for carrying on business that conforms toShariah principles.Section 28 - Report of Shariah adviser.Section 29 - Shariah Board.Section 30 - Relationship between a bank and its customers in relation totransactions or arrangements that are in conformity with Shariahprinciples.

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