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Micro Finance

In Section 6 Sub Section(2) new clause (pa) is being inserted which allows receipt of remittances from abroad, payable only in Pakistan Rupees to beneficiaries in Pakistan subject to rules and regulations and authorization issued by State Bank of Pakistan from time to time.
 
Section 10, sub-section (1) is being substituted, which is being reproduced as under.

Power to prescribe paid-up capital requirements for microfinance banks shall vest in State Bank of Pakistan and no microfinance bank shall operate unless it has a minimum paid-up capital as State Bank may, from time to time, prescribe. The State Bank may prescribe varying minimum paid-up capital requirements for microfinance banks operating at district, regional, provincial, and national level.

Explanation. – For the purpose of this sub-section the expression “district” shall include the Islamabad Capital Territory and such other territories as the Federal Government may, by notification in official Gazette, specify.

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