KARACHI, Oct 11: The State Bank of Pakistan has decided that the requirement of reconciliation/clearance within 30 days will not be applicable to the premium on Crop Loan Insurance Scheme (CLIS) receivable from Government of Pakistan (GoP).

The outstanding amount will, however, be reconciled/cleared immediately on reimbursement of premium amount from the GoP.

The State Bank, in its circular addressed to the chiefs of all banks here on Saturday, has advised the banks to refer to Regulation O-3 of Prudential Regulations for Corporate/Commercial banking, in terms of which banks/DFIs are required to reconcile/clear outstanding entries in Inter Branch Accounts and Suspense Account within 30 days from the date the entry is made in the said accounts. All other instructions on the subject shall, however, remain unchanged, the SBP circular said.—APP