The State Bank of Pakistan (SBP) has asked banks for enhancement of security features in cheques. In view of certain difficulties expressed by the stakeholders and to facilitate smooth transition of the industry to the newly-prescribed security features, the SBP on Tuesday directed that all cheques shall carry bank's logo or name as a Watermark.
However, the banks using printer's logo or name as Watermark may continue to do so till December 31, 2016, thereafter all banks regardless of their size shall only issue cheques with their own logo. While, the usage of bleed through technology on any other field of the cheque is optional for banks, it must be ensured that at least the Magnetic Ink Character Recognition (MICR) code line is printed using the bleed through technology preferably by using impact printing techniques. However, banks may use laser printing for the same.
According to SBP in terms of para 8 of CPD Circular No 1 dated January 30, 2014, banks are required to formulate the Standard Operating Procedures (SOPs) relating to requisition, procurement and transmission of security stationery with the approval of the Board of Directors. It has been clarified that if some banks get such policies approved from the senior management they may follow the same for the said SOPs. All other instructions issued earlier will remain unchanged, the SBP concluded.
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