The State Bank of Pakistan (SBP) has issued Rs157 billion fresh currency notes during Eidul Fitr 2014, which is higher by Rs17 billion as compared to Eidul Fitr, 2013.
The SBP had set up special counters at 150 designated branches of the commercial banks to facilitate issuance of fresh currency notes. Issuance of fresh notes from these branches had commenced from July 16. During Ramazan previous year, only 91 branches were designated for this purpose.
SBP has issued detailed guidelines to the banks and has also put in place a mechanism for monitoring bank branches to ensure distribution of fresh notes as per plans to be submitted to field offices of SBP.
The branches of commercial banks/microfinance banks will issue one packet each of Rs10, Rs20, Rs50 and Rs100 to the visiting general public/account holders. It will be the responsibility of the main branches of the commercial banks in the cities where the SBP has offices to lift the fresh bank notes of small denomination and distribute among their branches across the country keeping in view the business and size are the same. To ensure efficient and transparent issuance by commercial bank branches, issuance to general public/account holders will be made on presentation of the original Computerized National Identity Card and a copy to be provided for bank’s record.
With a view to address the public complaints, if any, in obtaining fresh currency notes from commercial bank branches, the SBP has established a help desk. Complaints may also be lodged to the chief spokesman of the SBP.
Published in The Express Tribune, July 26th, 2014.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ