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Act No Act No. XXII of 1948 Banking Companies (Control) Act. 1948. An Act to Provide for the control of banking companies by the State Bank of Pakistan, Whereas it is expedient to provide for the control of banking companies by the State Bank of Pakistan ; It is hereby enacted as follows : 8. Maintenance of Liquid Assets -(1) After the expiry of three months from the commencement of this Act, every banking company shall maintain within the Provinces in cash, gold, or unencumbered approved securities valued at a price not exceeding the current market price, an amount Which shall not at the close of business on any day be less than twenty per cent, of the total of its time and demand liabilities within the Provinces. Explanation:-For the purposes of this section liabilities shall be deemed not to include the paid-up capital or the reserve or any credit balance in the profit and loss account of the company or the amount of any loan taken from the State Bank. (2) In computing the amount provided for in sub-section (l) any balance maintained by a banking company with the State Bank, including, in the case of a scheduled bank, the balance required to be so maintained under sub clause (1) of clause 26 of the State Bank of Pakistan Order, 1948, shall be deemed to be cash maintained. (3) Every banking company shall, not later than fifteen days after the end of the month to which the return relates, furnish to the State Bank a monthly return in the prescribed form and manner showing particulars of the company's assets maintained in accordance with this section and its time and demand liabilities in the Provinces at the close of business on every Friday, or if any Friday is a public holiday under the Negotiable Instruments Act, 1881, at the close of business on the preceding working day.