KARACHI, July 9: The Central District Registrar Karachi has made arrangements with the National Bank of Pakistan to designate four more branches to collect Capital Value Tax (CVT) on property transactions from July 1, 2011, officials at the registrar office said on Saturday.

The new NBP branches designated to collect CVT on property are in Clifton, Defence, Civic Centre, Bara Board (Nazimabad), Quaidabad and New Karachi.

Earlier, only two NBP branches at City Court and Passport Office were allowed to collect CVT.

The new branches to collect CVT were designated on the request of Defence Clifton Association of Real Estate Agents following their meeting with Central District Registrar Agha Nasir.

Senior vice-president of the association Raja Mazhar told Dawn that the estate agents faced risk of looting while carrying cash from different areas to deposit at the NBP branches at the City Court and Saddar near Passport Office.

Raja Mzhar expressed concern over deteriorating law and order situation in the city since last one year which has adversely affected property rates in Clifton and Defence areas.