Paid up Capital of Credit Bureaus in Private Sector in terms of Section 6 of the Credit Bureaus Act, 2015
Karachi, May 14, 2018 (PPI-OT): The Honourable High Court of Sindh (SHC) in a petition CP No. D-250 of 2017, declared the minimum paid up capital of Rs.250.00 million mentioned in Section 6 of the Credit Bureaus Act, 2015 as ultra vires. The Honourable Court directed State Bank of Pakistan to decide upon and declare the minimum paid up capital required for the purpose of Section 6 through a reasoned order in consistent with the judgment.
In compliance with the direction of the Honourable Court, State Bank of Pakistan has issued the requisite order dated May 11, 2018 prescribing the minimum paid up capital at Rs.225.00 million to be fully subscribed and deposited as paid up capital of the company. The said order is also available at SBP’s website and is also being published hereunder:- http://www.sbp.org.pk/warnings/pdf/2018/Minimum-PaidUp-Capital-CB.pdf
For more information, contact:
State Bank of Pakistan (SBP)
I.I. Chundrigar Road, Karachi, Pakistan
Fax: +92-21-39212433 – 39212436
Category: General Business News