SECP’s directive to investment banks for use of word ‘bank’

ISLAMABAD (Staff Reporter): Securities and Exchange Commission of Pakistan (SECP) has directed all investment banks to use their complete and legal names, e.g. “ABC Investment Bank Limited” instead of abridged names, e.g. “ABC Bank” as the use of abridged name can incorrectly portray them as commercial banks in the eyes of the general public. The SECP’s direction is based on the rationale that the nature of business and regulatory framework for commercial banks and investment banks are totally different. Therefore, all the investment banks are directed not to use such logos and names.

All investment banks have been advised to alter their websites, billboards, letterheads, deposit certificates and other communication tools  to eliminate this ambiguity within four weeks and a compliance report in this regard has to be submitted to the SECP, by August 15, 2014.

No gas loadshedding for Punjab CNG stations on Eid days

LAHORE (Staff Reporter): The CNG outlets in Punjab will remain open from Monday, July 28, to Saturday, August 2, for five days. The CNG Association stated that the notification had been issued by the Ministry of Petroleum and Natural Recourses in this regard.  “There will be no gas load-shedding across the province on Eid days,” said the association supreme council chairman Ghayas Paracha.  According to the schedule, the gas will be supplied from 6AM on Monday till 6AM on Saturday without any suspension. The decision will provide relief to the CNG consumers on the eve of Eidul Fitr as a large number of people would be travelling on these days.

Delivery for new Corolla Altis begins

LAHORE (Staff Reporter): Following the announcement for booking of the new Toyota Corolla Altis Grand earlier in July, Indus Motor Company Limited (IMC) has started delivering the vehicles to its customers, ahead of the Eid holidays.  The new version of the Toyota’s immensely popular Sedan Corolla was introduced by IMC on 15th of July with orders being accepted at the nationwide dealership network. As committed earlier, IMC started delivering the vehicles against orders from the21st of July. Sources close to the company have confirmed that the new model has received an overwhelmingly positive response, with buyers rushing to Toyota showrooms to book their vehicles in advance, given that demand for vehicles is typically subdued in the month of Ramadan.

SBP issues new notes of Rs157b

ISLAMABAD (APP):  The State Bank of Pakistan has issued Rs. 157 billion fresh currency notes during Eid-ul-Fitr 2014 which is higher by Rs. 17.0 billion as compared to Eid-ul-Fitr, 2013. The State Bank of Pakistan had set up special counters at 150 designated branches of the commercial banks to facilitate issuance of fresh currency notes to the public.Issuance of fresh notes from these branches had commenced from July 16. During Ramadan of 2013, only 91 branches were designated for this purpose, a step that helped the SBP to provide fresh currency notes in a more effecve manner and in greater quantity both in value and pieces.

The 150 designated branches will be in addition to the large network of commercial bank branches for which additional fresh currency notes of small denomination will be issued by the field offices of the SBP BSC.

It will be the responsibility of the main branches of the commercial banks in the cities where SBP BSC has offices to lift the fresh bank notes of small denomination and distribute among their branches across the country keeping in view the business and size of the same.

For this purpose, the SBP BSC has issued detailed guidelines to the banks and has also put in place a mechanism for monitoring of bank branches to ensure distribution of fresh notes as per plans to be submitted to field offices of SBP BSC.

The branches of commercial banks/microfinance banks will issue one packet each of Rs.10/-, Rs.20/-, Rs.50/- and Rs .100/- to the visiting general public/account holders. To ensure efficient and transparent issuance by commercial bank branches, issuance to general public / account holders will be made on presentation of original Computerized National Identity Card (CNIC) and a copy to be provided for bank’s record.

With a view to address the public complaints, if any, in obtaining fresh currency notes from commercial bank branches, the SBP BSC has also established a Help Desk in SBP BSC which may be contacted at the telephone numbers 021-32455470 and 021-32455454.

Complaints may also be lodged at the following email address: freshnotes@sbp.org.pk or with the Chief Spokesman, State Bank of Pakistan, at his email address: chief.spokesperson@sbp.org.pk.

Waseem appointed P&D secretary

LAHORE (Staff Reporter): A newly appointed Secretary, Planning and Development Department Punjab Waseem Ajmal Chaudhry on Friday assumed the charge of the post of Secretary P&D. Waseem Ajmal Chaudhry belongs to the Pakistan Administrative Service (PAS) and he is a senior government officer of Grade BPS-20. New incumbent Waseem Ajmal, Secretary P&D, before joining his new assignment, has served the Lahore Waste Management Company as a Managing Director. After assuming his charge of Secretary P&D, Waseem Ajmal Chaudhry met the Chairman P&D Muhammad Irfan Elahi in his Office Chamber. They discussed, during the meeting, the administrative affairs of P&D Department as well as matters relating to development projects / schemes.

Waseem Ajmal, Secretary P&D also met the senior development sectors chiefs of P&D Department and administrative Officials in his Office Chamber. Secretary P&D during the discussion said that the merit is his top priority during the work. He also said that the system of monitoring for ongoing development projects would especially be strengthened and upgraded in appropriate manners.