Overview
- The central bank amended SOPs this week to require all commercial banks to report Premium Prize Bond sales through the prescribed DAP system and settle proceeds with SBP Banking Services Corporation Karachi on the same day.
- SBP BSC Karachi will debit each bank’s account daily based on the amounts reported and post a corresponding credit to the Central (Non-Food) Account No. I under Account Head C02247.
- Banks that delay settlement will incur use-of-funds charges calculated at the SBP Overnight Reverse Repo (Ceiling) rate for each day of the delay, and SBP BSC is authorised to recover those charges automatically.
- If profit or prize money is paid erroneously because of non‑reporting, delayed reporting, or misreporting of sales, encashment or transfer transactions, the commercial bank involved will be liable for the gross amount subject to possible income-tax adjustment.
- The change is operational in scope and will tighten banks’ back-office controls, affect same‑day liquidity management, raise compliance risk for branch staff, and leave other PPB instructions unchanged.