Business
The first directors have the right to hold office until the election of directors in the first annual general meeting. A proforma statement of account showing net balance payable/receivable signed by the manager or an authorised officer of the applicant company duly confirmed by the beneficiary. Documentary evidence regarding payment made to the overseas suppliers in respect of goods purchased in replacement shall be submitted to the State Bank. The amount of the claims will be utilized only to the extent required for replacement of the goods damaged/lost in transit and any amount un-utilised will be repatriated to Pakistan through the medium of an Authorised Dealer in foreign exchange. Imports into Pakistan are required compulsorily to be insured in Pakistan with companies operating in Pakistan. It is not permissible to issue marine policies covering imports into the country in currencies other than Rupees. Sbp Fines Four Banks Rs 108mn Over Aml, Operational Violations The progra