SBP for strict steps against cheque wash

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GMT - 3 Hours SBP for strict steps against cheque wash

Post by εﺓз• » ιη∂αġι яσ¢χ « • on Wed Sep 14, 2011 1:25 pm

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KARACHI: State Bank of Pakistan (SBP) has directed the administration of banks to have its staff trained on lines to effectively tackle the problem of cheque wash, Geo News reported.

The SBP in its circular issued on Saturday also directed to scrutinize the cheques presented to the banks under ultra violet lamps to check their authenticity.

It said some unscrupulous elements using chemicals wash off the amounts mentioned on cheques as well as the name of the payee and put a different figure and name. It said only a special kind of lamps can detect this kind of forgery.

The circular further said that acts like cheque wash were damaging the reputation of banks and stressed on taking necessary steps to deal with the issue.
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