Branches of all commercial banks in the country are finalising accounts of their clients, including government and autonomous bodies for the closing on June 30, 2005. The last date for the reconciliation of accounts is June 30, 2005 for advances made to clients and various instalments for repayment of loans under agreements by defaulters.
Since, it is also the closing of the financial year of the federal and provincial governments, the clearance of all government account cheques have also to be effected by or before June 30, 2005.
As a result, there is a great rush of payment cheques from the Sindh accountant general and the Pakistan AG office.
There is reportedly big demand for cash for clearance and reconciliation of accounts by the private sector account holders. Most small facility holders with bankers are hopeful that their facilities would be renewed for the next half year and are, therefore, borrowing from the market to clear their accounts and help concerned bank branches to reconcile the same.
The profit on the PLS accounts would also be announced in July 2005 for the six-month period ending June 30, 2005. In this connection, senior officials' meetings in different commercial banks have been held.
The bank closing for the six-month accounting period will be on July 1, 2005. Meanwhile, individuals and private sector organisations, who have to send foreign remittances before June 30, 2005, are also reported to be active in the market to complete arrangements for their remittances abroad by June 30, 2005.
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