People will get three packets of Rs10, one packet each of Rs50 and Rs100 notes. PHOTO: FILE
KARACHI: The State Bank of Pakistan (SBP) has announced that it will re-launch mobile phone messaging service to facilitate people in acquiring limited amount of new currency notes in exchange for old ones ahead of Eidul Fitr in mid-June.
The issuance of fresh currency through mobile SMS (short messaging service) will commence from June 1 and will remain available till June 14, according to a central bank statement issued on Wednesday.
People who want to acquire fresh currency notes may send SMS to 8877. Charges for the service would be Rs1.50 plus tax per SMS, the bank said.
An individual can obtain three packets of Rs10 and one packet each of Rs50 and Rs100 as per availability of stock.
Last year, the central bank issued new currency notes worth Rs342 billion during Ramazan which included Rs25 billion worth of notes issued against the receipt of SMS.
SBP issues Rs342b worth of fresh currency notes
Earlier in 2016, it issued notes worth Rs237 billion including Rs16 billion to SMS senders.
Fresh currency notes would be available from designated commercial bank branches called e-branches and 16 field offices of the SBP BSC, it said.
The branch ID for e-branch is different from the existing branch/SWIFT code of banks.
"The branch IDs of designated e-branches are available at the SBP, Pakistan Banks Association and commercial banks' websites and will also be displayed prominently outside designated e-branches," the SBP said.
Under this facility, a person may send an SMS message comprising his/her 13-digit CNIC/Smart Card number along with the desired e-branch ID (eg 3130205839863(space)KHI005) to short code 8877.
'Need for new currency notes increases'
In return, the person will receive an SMS containing a redemption code, e-branch address and code validity period.
The redemption code will be valid for two working days as per mentioned dates in the SMS. The customer may then approach the concerned e-branch along with his/her original CNIC/Smart Card, their photocopy and transaction code received from 8877 to obtain fresh currency notes.
Each CNIC/Smart Card number or mobile phone number can only be used once. No transaction code will be issued to the sender in case he/she sends the same CNIC/Smart Card number from different mobile numbers or sends different CNIC/Smart Card numbers from the same mobile number.
The service will be provided through 1,535 e-branches in 132 cities across Pakistan to ensure maximum geographical coverage.
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