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SBP to assist bank account opening of mentally challenged people

SBP to assist bank account opening of mentally challenged people

SBP to assist bank account opening of mentally challenged people

KARACHI: The State Bank of Pakistan (SBP) on Tuesday announced assistance to stop the process of opening a court manager and account for the mentally handicapped.

The announcement of the development was made in a circular issued by the central bank earlier today, according to which the process was in consultation with all stakeholders.

SBP allows all bankers to open a bank account and avoid pain with the help of a manager based on applicable mental health laws. It is advisable to provide facilities to the mentally handicapped.

Includes NADRA’s offer of valid identification documents and biometric verification of the mentally handicapped person and the court-appointed manager.

In addition, the bank certifies a certified genuine copy of the court order for the appointed manager’s authenticity coat. To meet the requirements, both must meet all the requirements of the Customer Delegation (CDD).

Read more: SECP amendment eases conditions for REITs to increase investments

ISLAMABAD: The Security Exchange Commission of Pakistan (SECP) on Tuesday announced amendments to the Real Estate Investment Trust (RET) Regulations 2015, reversing the conditions for issuing new investment schemes to trusts.

REIT – Companies that own, operate and finance their own revenue-generating properties – can now invest in any real estate project without mandatory ownership of the project, the SECP said after the amendment. Said

The SECP said the change would be a welcome step for investors to encourage REITs to launch new schemes so the real estate market could see growth.

With the amendment, REITs will be able to invest in immovable property anywhere in the country by participating in government projects.

In addition, leverage and performance fee limits have been relaxed for REITs, which means they can charge their clients without any caps according to the returns they receive.

REITs can also be used to cover expenses from their advance funds, which they could not do officially before.

Earlier last week, the State Bank of Pakistan (SBP) amended the Orientation Rules in Capital to ease the investment of banks and development finance in REITs to boost the housing and construction sector. Reduced from 200% to 100%.

With these favorable changes for both REITs and financial institutions, investment in real estate is likely to increase as REITs are companies that raise funds from the general public and institutions and use these funds to invest in real estate property.

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