CDC issues rules for securities’ transfer

KARACHI: The Central Depository Company (CDC) of Pakistan Limited will facilitate transfer of book entry securities in the Central Depository System against declaration of assets under the tax amnesty scheme by way of the Voluntary Declaration of Domestic Assets Act, 2018 and the Foreign Assets (Declaration and Repatriation) Act, 2018, a statement said on Thursday.

CDC, with the prior approval of the Securities and Exchange Commission of Pakistan (SECP), has issued necessary circular detailing the requirements and procedures of such securities’ transfers. The circular has been made available on CDC’s website for ready reference, it said.

CDC believes that this initiative will help the declarants avail the benefits offered by the government of Pakistan in the tax amnesty scheme. CDC is the sole depository of Pakistan, holding custody of securities worth Rs5.3 trillion (equivalent to $44 billion) in electronic format, it added.