SBP to inject fresh currency before Eid

10,000 commercial bank branches to be utilised .


Ppi July 30, 2012

KARACHI: The State Bank of Pakistan (SBP), anticipating huge demand before Eid, has on Monday decided to utilise a network of over 10,000 commercial bank branches for the distribution of fresh currency notes to the general public during the month of Ramazan.

The SBP Banking Services Corporation (SBP BSC) has made arrangements for the supply of an adequate quantity of fresh currency notes, particularly of small denominations (Rs10 to Rs100), to commercial banks.

Commercial banks’ branches will issue only one packet each of Rs10 and Rs20 notes per person to the general public and account holders from August 1, 2012, till the last working day before Eidul Fitr (or until stock ends). Customers will be required to present their original Computerized National Identity Card, along with its photocopy for record.

Banks’ branches, however, may also issue a maximum of five packets each of Rs10 and Rs20 denomination fresh notes to corporate clients, on receipt of request on the company’s letter head, signed by an authorised representative.

With a view to redress grievances of general public, if any, SBP BSC has established a Help Desk which may be contacted telephone numbers 021-32455470 and 021-32455454. Banks have been warned that a penalty will be imposed on those violating SBP instructions on the issuance of notes.

Published in The Express Tribune, July 31st, 2012.

 

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