Banks must print cheque books, security stationery on CBS-1 paper: SBP

The State Bank of Pakistan (SBP) Friday asked banks to submit certificate conforming to Clearing Bank Standard (CBS)-1 paper standard to the Consumer Protection Department instead of Accounts Department. In order to protect the interest of depositors and public at large and to avoid printing of spurious cheques by unauthorised printers on sub-standard paper, SBP has already directed banks to print cheque books and security stationery on CBS-1 paper which must conform to international standards.
As per pervious directives, banks were required to submit a certificate each year, to the effect that all cheques books and security stationery printed conforms to the SBP specifications, to Director, Accounts Department, State Bank of Pakistan within 15 days from the end of each financial year (July/June).
However, according to a circular issued on Friday, SBP has decided to shift these responsibilities from Accounts Department to Consumer Protection Department. "In order to centralise the monitoring of security features of cheques, the requirement of submission of certificate by banks as per clause 2(c) of BPD Circular No 19 dated June 25, 2003 is replaced from Accounts Department to Consumer Protection Department," the circular said. All other instructions issued earlier will remain unchanged, it added.