KARACHI: Appraisement-West Collector Muhammad Saleem has issued final notice regarding the release/encashment of pending securities in Bank Guarantee (BG) Cell.
According to details, it has been observed that a large number of financial securities like bank guarantees, pay orders, post-dated cheques and indemnity bonds are pending in the BG Cell.
In this regard, the authorities concerned of the collectorate have taken a number of actions in order to release the pending securities.
Now, where required documentations are furnished by the importers or clearing agents then financial instruments will be released.
Scrutiny by the collectorate has transpired that the importers have not fulfilled the conditions laid down in the notification under which securities were furnished and accordingly such security instruments are liable to be enchased.
Despite stated position the importers or authorised clearing agents are being provided an opportunity to establish that the conditions laid down in the relevant SRO have been fulfilled and securities are liable to be released.
In this regard, Appraisement-West Collector Muhammad Saleem has suggested all authorities concerned of the collectorate to review – on their own – all pending financial securities deposited in the collectorate which still have not been released.
They were further requested to intimate the current status regarding the fulfilment of conditions laid down in the relevant SRO.
It was stated that in case the conditions/formalities laid down in the relevant notification under which security was deposited have already been fulfilled and intimated to the section concerned, proof of such intimation may be provided afresh to BG Cell for release of the security.
In case there is any change in particulars of an importer, like address, bank account details, ownership, etc, the same should be intimated to the BG Cell immediately.
The BG Cell has been issuing/dispatching notices on the available addresses and in case of return or non-delivery of notices, the security instruments shall be enchased without further notice.
The collector further asked the authorities concerned to ensure that a sufficient amount – not less than the amount of security instruments deposited in BG Cell – is available in their given bank accounts.
In case securities/cheques are dishonoured due to insufficient balance or any other invalid excuse, this collectorate would initiate penal proceedings as prescribed under the law.
Collector Muhammad Saleem further directed that all information is to be furnished to Appraisement-West before March 31, failing which all related processes including encashment of security instruments shall be initiated as per available record and without any further notice from the collectorate.
