SBP: Warning against black marketing issued

KARACHI: The State Bank of Pakistan (SBP) has on Monday warned banks of hefty fines if it finds that its issued bundles of fresh currency notes are being sold on the black market. A bundle holds 10 packets of fresh currency notes in serial. The warning comes to avert the practice of black marketing of fresh notes ahead of Eid demand. The SBP has said it will impose fines of Rs100,000 per wrapped bundle of fresh currency notes found on sale in the market, and Rs50,000 per five packets (in serial). SBP has advised banks not to issue the bundles of small denominations of fresh currency notes (Rs10 to Rs100), issued to them by field offices of the SBP Banking Services Corporation (SBP BSC). SBP said teams from field offices of SBP BSC have been constituted to monitor the supply of fresh currency notes to the general public.

Published in The Express Tribune, August 14^th, 2012.