Students not to pay bank charges

The State Bank has asked all banks to stop collecting service charges from students depositing fees in account of educational institutions.

A circular issued on Tuesday said that banks had been instructed not to levy any service charge on such deposits.

The circular said that charges for pay order, demand draft or any other instrument for payment of fee or dues of educational institutions, HEC, board, etc., may not exceed 0.5 per cent of the amount of fee or dues or Rs25 per instrument whichever is less.

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ACCA and Lahore Stock Exchange join hands

ACCA (Association of Chartered Certified Accountants) awarded Lahore Stock Pakistan Ltd with Platinum Approved Employer Status and Continuous Professional Development (CPD) Approved Employer Status in recognition of their commitment towards training and development of ACCA trainees and members.

ACCA’s Approved Employer Scheme plays a pivotal role in the recruitment, development and retention of the ACCA trainees and members. As a benefit of being an approved employer, all ACCA trainees and members working for Lahore Stock Exchange will have an access to ACCA’s specialist resources customized for learning and development of finance and accountancy professionals. This close relationship will indeed attract talented human capital and demonstrate the organizations’ commitment towards development of employees –in turn leading to talent retention.

During the award presentation ceremony Mr Mian Shakeel Aslam, Managing Director, Lahore Stock Exchange, said that

“The growing economy of our country is in dire need of appropriately skilled and qualified professionals who have high moral and ethical values. It is through organizations such as ACCA, that we expect to meet the rising need of accounting and finance professionals”.

Speaking at the occasion Mr Arif Masud Mirza, Head of ACCA Pakistan said that, “The ACCA Approved Employer Programme supports organizations in reaching global best practice in the provision of learning and development opportunities for ACCA trainees and members. Employers like Lahore Stock Exchange have great impact on society and ACCA is proud to be associated with them.

Ch. Afzal Rahat – Member Director, Lahore Stock Exchange, Mr Jawwad Ahmad – Head of Internal Audit, Lahore Stock Exchange, Mr Shah Hussain – Head of Marketing and PR, Lahore Stock Exchange and Mr Muhammad Shahid Khan – Business Development Executive, ACCA Pakistan were also present at the ceremony.

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SBP issues guidelines for loan recovery

KARACHI: In order to address citizens’ complaints, the State Bank of Pakistan issued guidelines for loan recovery, under which the domain of the recovery officer has been determined.

SBP spokesman Sayed Wasimuddin told Geo News that only the guidelines for the recovery of consumer have been declared as ‘fair date collection guidelines’, which would apply on credit cards, housing loans, auto, personal and other consumer loans.

He said the guidelines were introduced to facilitate banks and the consumers getting loans form banks.Before beginning operation for recovery of loans, banks and the financing institutions are bound to provide their customers all information regarding their dues, under the SBP guidelines.

Besides, recovery officers in the first phase will give the customers a 14-day notice through SMS, e-mail or letter, for recovery of loans after which they can contact on appropriate time at the address given by the customer.This has also been cleared in these guidelines that for the recovery of the loans, the recovery officers cannot contact the customer at addresses or phone numbers other than those given by the customer.

Source: Geo News (http://www.geo.tv/)

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