Quote:
Originally Posted by Warraich
I request the senior members to solve the following different scenarios
.
1.
Mr. Iqbal Ahmed has recently come to Pakistan. He is a Pakistani-born
US national. He does not have Pakistan government's issued Identity
Card. Before coming to Pakistan he had applied for an NICOP but has
not received it yet. Mr. Ahmed wants to open a US dollar and a Pak
Rupee account. What will be the documentation requirements?
.
2
You are holding standing instructions from one of your clients authorizing you to remit Rs. 4,000 to Modern Children Academy as monthly tuition fee by debit to his account on 5th of every month. On 5th you received a cheque in inward clearing drawn by the customer in favour of M/s Karachi Electric Supply Corporation for Rs. 12,000 and the customer’s account currently has a credit balance of Rs. 14,000 only. How will you manage this situation ensuring to protect the best interest of the customer?
.
3
A walk-in-customer has purchased a Payment Order for Rs. 5,000 in favour of
University of Karachi. After a few days’ interval he approached the issuing bank for cancellation of instrument. List the steps to be observed for cancellation of such type of instruments.
.
I shall be highly obliged if any senior give time from his/her precious time to solve these.
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Dear Bro, This will be helpful..
Answr 1:
Mr. Iqbal is required to submit his Valid Passport copy and valid Us National Identity card copy with the bank, and after obtaining NICOP he will submit it to the bank..
Answer 2:
The cheque will be returned due to insufficeint of funds, as the bank has already a instruction to remitt the sum of Rs 4000 on 5th of every month. so the account stands at 10,000 now.
Asnwer 3:
A payorder can only be cancelled by the person/party for whom it is made. a formal request /application for cancellation of the payorder from univeristy of karachi will be needed. and the valid CNIC of the authorized perosn of Univeristy of karachi may also be required.
Note: The payoder can not be cancelled by the person who is paying or making the payoder in favor of other party. It can only be canclled by the Party for whom it was made.
I hope you will find this helful.
Muhammad Asghar (JAIBP Stage-2 )
Executive Officer - Compliance
Pak Brunei Inevetsment Co. Ltd