ISLAMABAD, May 22 (APP): Securities and Exchange Commission of Pakistan (SECP) here Thursday inked an agreement with Muslim Commercial Bank (MCB) for paying collection service.

Under the agreement, 500 branches of MCB across the country will accept the payments to be made by the public and corporate entities to the SECP.

Agreement to this effect was signed here by Rashid I Malik, Commissioner SECP on behalf of his organization while Muhtashim Ashai, Senior Vice President/Group head wholesale banking of MCB inked the agreement on behalf of the bank here Thursday.

Chairman SECP Razi-ur-Rehman Khan, Commissioners Salman Sheikh and Tariq Hussain, Executive Directors of the Commission Javed Siddiqui and Nazxir Shaheen, Head of Internal and External Affairs of the Commission Imran Ghaznavi, Aali Shafi Executive Vice President and Divisional head cash management of the MCB, Naeem Saigol Vice President/National Sales Head of the Bank, and Sobia Iftikhar and Mariam Pervaiz also present and witnessed the ceremony.

Rashid I Malik speaking on the occasion said that the selecting of the MCB has two reasons and the one was the presence of large nextwork of the bank to facilitate the payments of public and corporate entities to SECP through MCB.

He added that SECP has eight regional companies across the country and the public and corporate entities were facing problems in submitting their payments through these companies.

“Now these companies can fill a form electronically and the payment will be made through the bank”, he remarked.

The Commissioner SECP said that under the agreement, general public and corporate entities will no longer have to obtain bank challan forms from or other sources , while these will be available on the web site of SECP www.secp.gov.pk and can be printed from the desktop.

The payments, he said against these forms can be deposited in any of the 500 MCB Bank branches.

He added that as part of the government initiative of introducing the e-governance and the SECP has started this initiative.

Chairman SECP Rizur Rehman speaking on the occasion said that De-mutualization act has yet to be passed.

He added that Capital Gain Tax on holdings is also levied in the foreign countries and its should also be imposed in the country.